India Ratings and Research has reviewed and assigned credit ratings for Lloyds Metals and Energy Limited (LMEL) and its debt instruments as of March 17, 2026. The Issuer Rating and multiple Bank Loan facilities have been Affirmed at IND AA/Stable. Furthermore, the rating for Non-convertible debentures/bonds was also Affirmed at IND AA/Stable, while a new rating of IND A1+ was Assigned to a portion of the facilities.
Credit Rating Review by India Ratings
Lloyds Metals and Energy Limited (LMEL) has received updated credit ratings from India Ratings and Research Private Limited, effective March 17, 2026. The company announced that the rating agency has taken various rating actions across its debt instruments following a review, as mandated by listing regulations.
Summary of Rating Actions
The following table summarizes the key rating actions taken by India Ratings on the instruments:
- Issuer Rating (IND AA/Stable) and Bank Loan facilities (totaling INR 1,000 crore) were Affirmed at IND AA/Stable (Long Term Rating).
- Additional Bank Loan facilities of INR 7,503 crore were assigned a rating of IND AA/Stable/IND A1+.
- Non-convertible debentures/bonds worth INR 2,500 crore were Affirmed at IND AA/Stable (Long Term Rating).
Detailed Instrument Breakup
Bank Loan Facilities
The breakup reveals significant term loan exposure across several major banks. The largest component is a Proposed Term loan rated IND AA/Stable totaling INR 43,680 million. Existing facilities include term loans with ICICI Bank (INR 7,500 million) and EXIM Bank (multiple facilities totaling INR 8,900 million). Working capital facilities, primarily with Axis Bank and ICICI Bank, carry the IND A1+ short-term rating component.
Non-Convertible Debentures (NCDs)
The existing Non-convertible debentures (ISIN: INE281B07013) with a coupon rate of 9.20% due on January 30, 2031, were Affirmed at IND AA/Stable, reflecting an outstanding amount of INR 6,000 million. Furthermore, Proposed non-convertible debentures/bonds totaling INR 19,000 million were also assigned the IND AA/Stable rating.
Company Compliance
The company confirmed that the official rating letter has been enclosed and that this information is also made available on the company’s website, www.lloyds.in, for wider dissemination to all stakeholders.
Source: BSE
