Shyam Metalics' value-added expansion to help deliver on its long-term goals

Shyam Metalics & Energy outlined a growth roadmap targeting a revenue CAGR of about 18% over FY26-FY31 to ₹42,500 crore and an Ebitda CAGR of 22% to ₹6,200 crore, backed by an ongoing capex of around ₹16,100 crore (with ₹8,630 crore already incurred by FY26-end) and ₹2,700 crore in new capex for value-added products and downstream expansion. The company expects stainless steel revenue and Ebitda growth at 55% and 70% CAGRs respectively, with its share in overall revenue rising from 7% to 28%, while also expanding into aluminium foil stock and battery foil. Nuvama maintained a 'Hold' rating and raised its target price to ₹1,014 from ₹884, citing balance-sheet flexibility with a net debt-to-Ebitda ratio of around 0.3x in FY28.