Bring water, lard, and salt to a boil in a saucepan. Stir in flour vigorously until it forms a ball, about 1 minute. Allow mixture to cool slightly. Beat the eggs in a bowl and slowly add to the saucepan (on medium heat) stirring until a ball forms and the dough comes off the sides of the pan. Heat a 12-inch skillet that is at least 2 inches deep with 1-inch of oil to 325 degrees. Using a piping bag fitted with a medium star tip, pipe dough into 8 to 10-inch strips onto a parchment-lined tray. Fry until amber brown. Sprinkle sugar and cinnamon mixture on churros immediately. Serve warm.