NSE: SHYAMMETL · BSE: 543299
SHYAM METALICS AND ENGY L
Operates an integrated iron, steel and aluminium value chain with total installed metal capacity of 16.93 MTPA. In FY26, the company sold 4.94 million tonnes of metal products (up 26% YoY) and posted revenue of INR 18,552 cr at an EBITDA margin of 13.67%. Products span pig iron, sponge iron, iron ore pellets, hot rolled and cold rolled coils, stainless steel, colour-coated steel, structural products, aluminium foil and aluminium flat rolled products, sold to infrastructure, construction, automotive, packaging and industrial customers. Recent capacity additions include a 1.5 MTPA iron ore beneficiation plant at Sambalpur commissioned in July 2026 at INR 150 cr cost, an 18,000 TPA aluminium foil line in Odisha, a colour-coated plant (April 2026) that lifted cold rolling capacity 60% to 0.4 MT, and an 8.90 MWp captive solar project at Jamuria. Forward projects include a specialty wire/bar mill at Kharagpur (INR 900 cr) and a stainless steel downstream facility at Sambalpur (INR 1,800 cr), both due March 2029, plus a 60,000 TPA aluminium flat rolled line targeted for September 2026. Q1 FY27 revenue rose 23% YoY to INR 5,455 cr with EBITDA margin expanding to 14.9%, and the business is shifting from commodity steel toward value-added metals under a Vision 2031 roadmap. Raw materials are the largest cost at 73.7% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron and steel (100%), Aluminium downstream. Capital-intensive integrated metals producer moving from commodity steel to value-added products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,394 | 12,610 | 13,195 | 15,138 | 18,552 |
| EBITDA (ex other income) | 2,600 | 1,486 | 1,570 | 1,866 | 2,333 |
| margin % | 25.0 | 11.8 | 11.9 | 12.3 | 12.6 |
| Owners' profit | 1,724 | 858 | 1,035 | 908 | 1,070 |
| EPS, as reported (₹) | 68.91 | 33.26 | 39.54 | 32.70 | 38.10 |
| ROE % · ROCE % | 29.5 · 38.0 | 11.2 · 13.8 | 10.0 · 10.0 | 8.1 · 11.8 | 8.6 · 12.9 |
| Debt / equity (x) | 0.09 | 0.15 | 0.06 | 0.07 | 0.08 |
| Cash from operations | 1,690 | 1,507 | 1,794 | 1,964 | 2,024 |
| Capex | (1,071) | (1,579) | (1,888) | (2,148) | (2,637) |
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 | 3,634 | 3,753 | 4,139 | 4,419 | 4,457 | 4,421 | 5,240 | 5,455 |
| Profit before tax | 307 | 263 | 297 | 389 | 347 | 270 | 456 | 469 |
| Net profit | 216 | 197 | 220 | 291 | 260 | 198 | 312 | 351 |
| EPS (₹) | 7.76 | 7.10 | 7.92 | 10.45 | 9.36 | 7.10 | 11.20 | 12.60 |
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 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.6 | 15.6 | 73 of 105 | 31% |
| P/B | 2.6 | 1.4 | 72 of 101 | 29% |
| ROCE | 11.4 | 9.1 | 47 of 115 | 60% |
| ROE | 8.6 | 8.6 | 53 of 103 | 49% |
| Debt / Equity | 0.1 | 0.2 | 38 of 101 | 63% |
| EBITDA margin | 14.9 | 11.0 | 36 of 100 | 65% |
| Revenue growth | 23.4 | 13.7 | 34 of 97 | 66% |
| Profit growth | 20.7 | 29.3 | 60 of 105 | 43% |
| Market cap | 32069 | 210 | 3 of 122 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Share capital audit reports no quarterly change in issued shares | compliance | minimal | — | — |
| 23 Oct 2026 · Tribunal approves Electrocast merger into Shyam Metalics subsidiary | compliance | minimal | — | — |
| 22 Oct 2026 · Board meeting set for Q2 and half-year results | results | low | — | — |
| 22 Oct 2026 · Tribunal approves merger of wholly owned electrocast unit into Shyam Sel and Power | strategic transactions | medium | — | — |
| 14 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY27 demat details | compliance | minimal | — | — |
| 13 Oct 2026 · Shyam Metalics secures Phutamura Coal Block mining rights for backward integration | general | low | — | — |
| 6 Oct 2026 · Shyam Metalics Sep 2026 Sales: Strong YoY Volumes in Carbon Steel Flat and Stainless Steel | business updates | medium | — | — |
| 5 Oct 2026 · Shyam Metalics signs MoU with Maharashtra for Rs 50,000 Cr steel complex | strategic transactions | high | — | — |
| 2 Oct 2026 · Signs MoU with Maharashtra govt for Rs 50,000 Cr steel complex | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Q2 FY26-27 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.