Shyam Metalics & Energy Ltd(SHYAMMETL)

NSE: SHYAMMETLBSE: 543299

₹ 1,133.95+0.16%refreshed 26 Oct, 10:14 am ISTMarket cap: ₹ 31,652 crNext results: 31 Oct 2026Website: www.shyammetalics.comUpdated: 24 Oct 2026

About

Shyam Metalics & Energy Ltd is an integrated iron and steel manufacturer headquartered in Kolkata, producing ferro alloys, pellets, sponge iron, pig iron, billets, long products, cold-rolled coils, stainless steel, and aluminium foil across plants in West Bengal, Odisha, Madhya Pradesh and Jharkhand. The group reported revenue of ₹18,552 crores in FY26 and sold 4.94 million tonnes in the same year, growing volumes 26% YoY. In Q1 FY27, consolidated revenue reached ₹5,455 crores on sales of 13.83 lakh tonnes, up 23.3% YoY.^[1][2][3]

Business segments

The group operates as a single reportable segment - iron and steel - encompassing ferro alloys, pellets, sponge iron, pig iron, billets, long products, CR coils, stainless steel, aluminium foil and power generation.^[4]
Steel products contributed approximately 75% of total revenue in both Q4 FY26 and full-year FY26; the remainder comes from aluminium, stainless steel, ferro alloys and pellets.^[2]
High-value-added products accounted for 28.5% of H1 FY26 revenue, up from 25% in H1 FY25, reflecting a deliberate downstream pivot.^[5]

Products and portfolio

Product portfolio spans: Power, Ferro Alloys, Pellets, Pig Iron, Billets, Sponge Iron, Wire Rod, Wire, TMT & Structurals, Aluminium Foil, Roofing Products, Stainless Steel and DI Pipes.^[6]
Aluminium foil plant operated above 90% capacity utilisation in Q2 FY26, with more than 60% of output exported including to defence and specialised packaging industries, and a 5 - 6 month forward sales book.^[5]
Battery-grade aluminium foil facility of 0.005 MTPA commissioned in FY25 at a capital outlay of approximately ₹26 crores; formal collaborations with domestic battery producers established.^[4]
Stainless steel volume grew 13% YoY to 27,287 tonnes in Q4 FY26; realisation was Rs. 1,49,034/t in Q4 FY26, up 17% YoY.^[2]
CR coil/sheet volume surged approximately 200% YoY to 50,344 tonnes in Q4 FY26 following CRM complex ramp-up at Jamuria.^[2]

Operations and capacity

Manufacturing facilities are located in Odisha, West Bengal, Madhya Pradesh and Jharkhand; registered office in Kolkata.^[4][6]
Cold rolling capacity at Jamuria increased 60% from 0.25 MTPA to 0.40 MTPA following commissioning of the colour-coated plant in April 2026.^[3]
Phase I blast furnace (0.45 MT) at Kharagpur (Ramsarup) commissioned and started commercial production in Q3 FY26; Phase I sinter plant and oxygen unit also commissioned.^[7][3]
Captive power supplied 79% of total power consumed in Q1 FY27 and 81% in FY26; total captive power capacity targeted at 697 MW (current 467 MW) including 109 MW additional renewable capacity under development.^[3][2][4]
Aluminium foil facility at Odisha commissioned in July 2026; aluminium flat rolled products (FRP) facility (0.10 MTPA caster mill + 0.06 MTPA FRP) on track for commissioning in Q2 FY27.^[3]
Credit rating stands at CRISIL AA+ (Stable), upgraded from CRISIL AA (Positive) in November 2025, described as the highest among metals peers.^[7][5]

Key operating metrics

Sales volumes in Q1 FY27: 13.83 lakh tonnes, up 14% YoY. Full-year FY26 sales volume: 4.94 million tonnes, up 26% YoY.^[3][2]
September 2026 monthly sales volume: 3,14,238 MT, up 54.89% YoY; Q2 FY27 volumes up 11.13% QoQ while realisations fell 9.26% QoQ.^[8]
Operating EBITDA margin: 14.0% in Q1 FY27 (vs 13.1% in Q1 FY26); 13.9% in Q4 FY26 (vs 12.4% in Q4 FY25); 12.6% in full-year FY26.^[3][2]
EBITDA per tonne in Q1 FY27: Carbon Steel ₹7,688/t; CR Coil/Sheet ₹8,444/t; Stainless Steel ₹10,194/t; Aluminium ₹53,661/t.^[3]
Aluminium EBITDA/tonne rose from Rs. 36,562/t in Q4 FY26 to Rs. 53,661/t in Q1 FY27, driven by LME price benefit and improving product mix.^[3][2]
Working capital days compressed from 22 days (FY25) to 9 days (FY26); net cash positive position of Rs. 378 crores at March 2026; gross debt/equity at 0.08x.^[2]

Customers and distribution

Export revenues were ₹1,609.50 crores in FY25, up from ₹1,317.17 crores in FY24; group sells in both domestic and overseas markets.^[4]
Aluminium foil exports exceed 60% of output; customers include defence and specialised packaging industries; battery foil qualified with 2 - 3 customers under NDA.^[5][2]

Expansion and capex

Remaining announced capex of approximately Rs. 9,580 crores to be deployed over FY27 - FY30, funded primarily from internal accruals; capex incurred in Q1 FY27 was Rs. 575 crores.^[3]
Board approved Rs. 900 crores for a 0.8 MTPA long/specialty SBQ wire rod and bar mill at Kharagpur, targeting commissioning by March 2029.^[2]
Board approved Rs. 1,800 crores to expand stainless steel capacity to 0.6 MTPA with downstream CRM, PCRM, HRAP and bright annealing line at Sambalpur, targeting March 2029.^[2]
Hot rolling mill (1.58 MTPA, CSP technology) at Jamuria approved at Rs. 5,400 crores, targeting commissioning by September 2029.^[7]
Railway wagon manufacturing Phase I (2,400 wagons) at Kharagpur targeting commencement in September 2026; total capex Rs. 200 crores for Phase I & II (4,800 units).^[7][5]
Board seeking shareholder approval to raise up to ₹4,500 crores through QIP, preferential allotment, rights issue or other permitted modes to fund organic/inorganic growth, capex and working capital.^[6]
Signed non-binding MoU with Maharashtra government in October 2026 for a proposed ₹50,000 crore, 9 MTPA greenfield integrated steel complex at Chandrapur, with commencement proposed in FY26-27.^[9][10]

Recent developments

Colour-coated CRM plant at Jamuria commissioned April 2026, lifting cold rolling capacity from 0.25 MTPA to 0.40 MTPA.^[3]
Aluminium foil facility at Odisha commissioned July 2026; aluminium FRP plant expected in Q2 FY27 with meaningful revenue contribution from Q3 FY27.^[3]
Shyam Metalics acquired a 26% equity stake in Emerge Green Power Private Limited in Q1 FY27, shifting solar energy strategy from direct capex to a JV/opex model with long-term power purchase agreements.^[3]
Vision 2031 roadmap unveiled: targets revenue of ~Rs. 42,500+ crores and EBITDA of ~Rs. 6,200+ crores by FY31 (~18% revenue CAGR, ~22% EBITDA CAGR from FY26 base), with RoE of 20% and RoCE of 22%.^[3]
India imposed a 12% provisional safeguard duty on specific steel imports in April 2025, providing temporary relief from low-cost imports from China, South Korea and Japan.^[4]

Market Cap

₹31,652 Cr

High / Low

₹1,240 / 746

Stock P/E

36.7

Price / Book

2.7

Book Value

₹413

EPS

₹38.3

No. of Shares

27.91 Cr

ROCE

12.9%

ROE

9.7%

OPM

8.8%

Debt / Equity

0.09

Sales

₹18,552 Cr

Net Profit

₹1,060 Cr

Promoter holding

74.6%

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Shyam Metalics & Energy Ltd(SHYAMMETL)

About

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Products and portfolio

Operations and capacity

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

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