Lloyds Engineering Works is a full-service Indian engineering house that designs, makes and installs customised heavy equipment and turnkey infrastructure - the kind of massive, one-off steel structures and systems that keep refineries, steel mills, power plants and naval warships running. It was born from a 1974 engineering business, but the company as it exists today was reinvented after a change of control in 2021, when new management infused fresh purpose, investment and a debt-free balance sheet into an organisation that had been fabricating industrial equipment for decades. The recurring approach is to find under-penetrated, specialised niches inside large downstream industries - places with less competition and less commodity-driven price swings - and then dominate them through deep domain expertise, exclusive global technology partnerships, and a growing network of acquired fabrication plants that turn a pure equipment maker into a single-point, concept-to-commissioning provider.
Business segments
Five engines at different stages - a heavy-fabrication cash cow, two specialised industrial platforms, a defence-and-marine bet built on global tech tie-ups, and an electrical-and-infrastructure arm being folded in - each built with the cash flows and capabilities of the one before.
1. Heavy fabrication and process equipment: the factory that builds the factories
A cluster of owned and acquired fabrication workshops - now spanning Maharashtra, Chhattisgarh and beyond - produces the giant pressure vessels, columns, heat exchangers and steel-plant components that capital-intensive industries cannot operate without.
- Customised, not catalogue - the company designs, engineers, fabricates and installs heavy equipment for hydrocarbon plants, steel mills, power stations and nuclear facilities, taking single-point turnkey responsibility for complete plants such as DRI (direct reduced iron) installations.
- Deep machining sets it apart - a CNC tubesheet drilling machine that can bore through steel up to one metre thick lets LEWL build large, heavy-duty heat exchangers that generic fabrication shops cannot handle, lifting it out of the mid-segment crowd.
- Bought, not just built - three acquisitions have multiplied capacity: Metalfab in Nagpur adds 24,000 tonnes per year of fabrication and the ability to handle 60-tonne single pieces; Bhilai Engineering’s 1960-vintage plant adds exotic-material capability and 2.4 times the production area; and SISCOL, once closed, has six production facilities and 100,000 tonnes of annual capacity.
- Certified for the critical - the workshops hold ASME ‘U’, ‘U2’ and ‘S’ stamps, IBR boiler certifications, and are approved by authorities like the Industrial Boiler Regulatory Authority, SGS UK, and the Petroleum and Explosives Safety Organisation, which is the entry ticket for supplying refineries, power plants and the nuclear programme.
2. Steel-sector systems and eco-pickling: from iron ore to acid-free steel
The company supplies entire production chains for steelmakers - beneficiation plants, DRI kilns, pellet plants - and holds an exclusive global licence for a pickling technology that cleans steel with water and grit instead of acid.
- Turnkey steel-plant packages - LEWL has built components for iron-ore processing, iron-making, steel-making and casting lines, including India’s largest tower mill for ore beneficiation and a biochar facility that substitutes coal in DRI production.
- The pellet-plant consortium win - alongside Primetals, the company is executing a 4.2 million-tonne-per-year pellet plant for SAIL at Burnpur, a \~₹613 crore Indian-scope contract that cements its credentials in large steel-infrastructure projects.
- A replacement market of 150 lines - there are roughly 150 acid-pickling lines in India that could eventually be swapped for the cleaner technology, and the company has already secured over ₹50 crore in EPS system orders.
3. Boilers and power-plant equipment: the steam engine, modernised
A dedicated boiler vertical designs and builds the fluidised-bed boilers and waste-heat recovery systems that turn fuel into steam for refineries, chemical plants, steel mills and thermal power stations.
- Burning what others throw away - the CFBC (circulating fluidised bed combustion) boilers can efficiently burn Dolochar, a waste by-product from kilns that makes up about 30% of kiln output, turning a disposal problem into fuel.
- Automated for scale - an eight-torch panel welding line and CNC tube-bending machines have been installed, and a new fabrication shed with a 15-metre crane-hook height was built, with production capacity enhanced by over 125% through the strategic acquisition and leasing of manufacturing units.
- End-to-end, multi-site - the boiler team handles marketing, design, engineering, procurement and execution, using tools like Caesar II and SolidWorks, and has opened regional offices in Chennai, Kolkata and Delhi while bidding for international work.
- Nuclear registration - the company is registered with BARC and NPCIL to supply equipment based on basic design engineering from the nuclear authorities, with further detailed engineering done in-house.
4. Defence and naval systems: arming the fleet with global technology
More than 35 years of supplying steering gear and fin stabilisers to 116 Indian Navy ships has been parlayed into a dedicated defence subsidiary and a web of partnerships with European specialists covering drones, radar, underwater systems and advanced propulsion.
- The navy’s trusted vendor - LEWL is empanelled with the Indian Navy and shipyards, has a factory near the Western Naval Command, and runs service networks in Mumbai, Vizag and Port Blair, turning one-off equipment sales into annuity spares-and-service engagements.
- Fincantieri brings the propulsion - a strategic partnership with the 230-year-old Italian shipbuilder covers joint design and production of advanced steering gear, fin stabilisers, azimuthal thrusters and controllable-pitch propellers, with over ₹127 crore in orders already secured.
- Drones, radar and underwater gear - Polish partner FlyFocus is co-developing the Defender SIGINT UAV and FPV drones with exclusive Indian rights and a path to over 50% local content; Italy’s Virtualabs is building next-gen radar for drones and coastal security; and Kliver Polska is developing towed reels and test stands for underwater platforms.
- A dedicated defence subsidiary - Lloyds Advance Defence Systems Limited was incorporated in December 2025 to consolidate all defence technology tie-ups, with objects spanning weapons, drones, marine equipment, communication systems, radar, sensors, and command-and-control systems.
5. Electrical engineering and vertical transportation: motors, pumps and elevators at scale
The wholly owned subsidiary Techno Industries manufactures industrial motors up to 3.5 MW, pumps, elevators and escalators, generating recurring income from annual maintenance contracts and railway orders.
- Motors registered with the giants - Techno’s motors in the 100 kW to 500 kW range are already registered with NTPC, and it is building an advanced assembly line capable of producing 400 motors a day.
- Escalators for the railways - recent orders include ₹43 crore from Mumbai Railway Vikas Corporation for escalators at Central and Western Railway stations, covering design, supply, installation and warranty maintenance.
- Recurring revenue baked in - annual maintenance contracts on lifts and escalators, plus outright elevator-kit sales to third-party vendors, create a stream of income that outlasts the initial installation.
Group structure and partners
A holding company, a merger in progress, and a web of exclusive global technology licences turn a standalone fabricator into a vertically integrated infrastructure group.
- The parent and the merger - Shree Global Tradefin Ltd has been the controlling shareholder since 2021; a Scheme of Merger now underway will absorb the infrastructure EPC arm LICL, the Nagpur fabricator Metalfab, and the electrical subsidiary Techno Industries into LEWL, creating a single entity that designs, manufactures and executes projects from concept to commissioning.
- LICL: the EPC engine - Lloyds Infrastructure & Construction, an associate with a ₹5,692 crore order book and FY26 turnover of ₹1,916 crore, builds roads, bridges, railways, townships and slurry pipelines, and is the vehicle that lets the merged group bid for multi-disciplinary contracts.
- Global technology moats - exclusive licences and partnerships with The Material Works (eco-pickling, worldwide except China), TB Global Technologies of Japan (marine loading arms under the ‘LLOYDS TB-NIIGATA’ brand), Fincantieri (naval propulsion), FlyFocus (drones), Virtualabs (radar) and BARC (desalination) give LEWL proprietary access to technologies its domestic competitors cannot offer.
- SISCOL: the next capacity leap - a share-purchase agreement signed in June 2026 will give LEWL a 52% stake in Steel Infra Solutions, a 100,000-tonne-per-year heavy fabricator with six plants and FY26 turnover of ₹817 crore, with a commitment to list SISCOL within 30 months.