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Dossier · SHAH METACORP LIMITED · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
SHAH METACORP LIMITED NSE: SHAH · BSE: 533275
Industrials › Capital Goods › Industrial Products › Iron & Steel Products
SHAH METACORP LIMITED
StateQ1 FY27 filed
Last close · 27 Oct 2026₹2.81
Market cap₹0.3k cr
TTM P/E · P/B · EV/EBITDA15.6 · 0.89 · 18.5
Operates in the iron and steel products industry with two reported business segments. Steel accounted for 78.6% of segment revenue and Agriculture 21.4% in the most recent segment disclosure for the year ended March 2024. FY26 revenue was 207.99 crore with an EBITDA margin of 10.47% and net profit of 12.14 crore. The business is asset-heavy with total assets of 565.66 crore at FY26. Raw materials are the largest cost driver at 70.2% of revenue, followed by other operating expenses at 15.3% and depreciation at 2.0%. The company was formerly known as Gyscoal Alloys Limited, and three prior insolvency petitions filed against it were resolved in its favour. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel (79%), Agriculture (21%). Asset-heavy iron and steel products with a smaller agriculture segment
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
20
40
97
176
208
EBITDA (ex other income)
2
(4)
4
36
2
margin %
8.4
(10.1)
3.7
20.4
0.8
Owners' profit
(6)
2
4
33
12
EPS, as reported (₹)
(0.35)
0.06
0.11
0.61
0.15
ROE % · ROCE %
17.9 · 2.0
9.4 · 0.0
7.4 · 4.7
19.7 · 19.3
3.9 · 3.2
Debt / equity (x)
(2.51)
3.83
0.64
0.11
0.78
Cash from operations
(21)
(0)
(32)
(47)
(58)
Capex
(0)
(7)
0
(10)
(2)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SHAH METACORP LIMITED · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
49
40
41
29
96
50
62
57
Profit before tax
2
3
2
3
4
1
10
5
Net profit
2
3
4
2
3
1
8
4
EPS (₹)
0.10
0.06
0.07
0.04
0.04
0.01
0.09
0.04
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
WELSPUN CORP LIMITED
65,982
28.6
7.01
28.1
17.2
14.9
21.1
18.5
APL APOLLO TUBES LTD
61,480
50.0
11.61
32.0
22.7
26.1
22.1
8.0
SHYAM METALICS AND ENGY L
32,069
28.6
2.60
13.0
8.6
11.4
24.1
14.9
RATNAMANI MET & TUB LTD.
16,437
38.0
3.91
19.2
12.7
15.6
14.4
18.5
JINDAL SAW LIMITED
15,732
24.0
1.28
8.7
7.5
6.8
10.9
9.4
USHA MARTIN LTD.
14,523
28.6
4.40
19.1
14.1
17.7
12.0
21.0
GALLANTT ISPAT LIMITED
13,114
30.2
3.95
17.5
14.6
16.8
34.4
17.8
GODAWARI POW & ISP LTD
12,641
14.8
2.16
9.6
13.7
17.0
5.7
21.0
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
15.6
15.6
52 of 105
51%
P/B
0.9
1.4
27 of 101
73%
ROCE
2.8
9.1
90 of 115
22%
ROE
3.9
8.6
73 of 103
29%
Debt / Equity
0.8
0.2
91 of 101
10%
EBITDA margin
10.4
11.0
52 of 100
49%
Revenue growth
97.9
13.7
10 of 97
91%
Profit growth
41.2
29.3
45 of 105
58%
Market cap
276
210
56 of 122
55%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · SHAH METACORP LIMITED · 28 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
19 Oct 2026 · NSE waives fine on Shah Metacorp over shareholding pattern filing delay
regulatory legal
low
—
—
12 Oct 2026 · SDD compliance certificate filed for quarter ended September 30, 2026
compliance
minimal
—
—
8 Oct 2026 · Routine RTA compliance filing on share dematerialisation for Q2 FY26
compliance
minimal
—
—
1 Oct 2026 · Rectification of wrongly categorised disclosure filed on Sept 30, 2026
compliance
minimal
—
—
30 Sept 2026 · AGM outcome: 5 resolutions passed; new statutory and secretarial auditors appointed
management changes
medium
—
—
30 Sept 2026 · 27th AGM: All 5 resolutions passed, new statutory auditor appointed
management changes
medium
—
—
30 Sept 2026 · 27th AGM concludes; 5 resolutions passed including new statutory auditor
management changes
medium
—
—
30 Sept 2026 · 27th AGM held on Sept 30 2026; all 5 resolutions passed including auditor changes
board shareholder meetings
medium
—
—
30 Sept 2026 · 27th AGM held; all 5 resolutions passed with over 99.97 percent approval
board shareholder meetings
low
—
—
28 Sept 2026 · Postal Ballot Results: All 17 Resolutions Passed with Over 99.9% Approval
board shareholder meetings
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Estimate years marked E
More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
