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Shah Metacorp Limited (SHAH)

₹2.99 -1.64% last close, 16 Oct

📊 NSE: SHAH 🏢 Steel - Medium / Small 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Shah Metacorp's revenue was ₹57.2 Cr (+97.9% year on year, -8.2% on the previous quarter), and net profit ₹3.5 Cr (+41.5% year on year); the operating margin was 8.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹57.2	+97.9%	-8.2%
Operating profit	₹4.7	+49.8%	from loss
Net profit	₹3.5	+41.5%	-56.7%
EPS (₹)	0.04	+33.3%	-50.0%
Operating margin	8.3%	—	—

Full quarterly financials → Results calendar →

SHAH delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 78.89% of the SHAH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.3%. That is higher than usual for this stock. Turnover was only ₹17 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.

78.89%Delivery, 16 Oct

68.3%Own 20-session average

0.4×Volume vs its average

₹2.99NSE close · -1.64%

Delivery in the last 5 sessions: 81.0% · 78.1% · 47.8% · 90.2% · 78.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Shah Metacorp Submits Demat Certificate Under Reg 74(5) for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 12:32 AM

Shah Metacorp Limited has submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation during the quarter were duly processed, accepted or rejected, and cancelled. This is a routine quarterly compliance filing indicating no operational disruptions in share transfer activities.

Compliance certificate filed for the quarter ended September 30, 2026
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Certificate received from RTA MUFG Intime India dated October 03, 2026
Company filing submitted to exchanges on October 07, 2026

💡 No action is required as this is a standard quarterly compliance update; investors should instead monitor upcoming Q2 financial results.

Shah Metacorp Shareholders Approve All AGM Resolutions with Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 08:04 PM

Shah Metacorp Limited announced the completion and proceedings of its 27th Annual General Meeting held on September 30, 2026. All 5 resolutions, including the adoption of FY26 annual accounts, the reappointment of director Ms. Mona Viral Shah, and the appointment of M/s Shivam Soni & Co. as Statutory Auditors, were approved with over 99.97% voting majority. Secretarial and Cost Auditor appointments/remunerations were also ratified.

All resolutions passed with over 99.97% remote e-voting approval
Adoption of standalone and consolidated financial statements for FY ended March 31, 2026
Appointment of M/s. Shivam Soni & Co., Chartered Accountants, as Statutory Auditors approved (68,88,67,157 votes in favor vs 1,85,449 against)
Appointment of M/s Murtuza Mandorwala & Associates as Secretarial Auditors for a 5-year term approved

💡 Track the upcoming Q2 FY27 financial results and operational performance following inorganic expansions.

Shah Metacorp Shareholders Approve All AGM Resolutions with Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 08:02 PM

All resolutions passed with over 99.97% remote e-voting approval
Adoption of standalone and consolidated financial statements for FY ended March 31, 2026
Appointment of M/s. Shivam Soni & Co., Chartered Accountants, as Statutory Auditors approved (68,88,67,157 votes in favor vs 1,85,449 against)
Appointment of M/s Murtuza Mandorwala & Associates as Secretarial Auditors for a 5-year term approved

💡 Track the upcoming Q2 FY27 financial results and operational performance following inorganic expansions.

Shah Metacorp Shareholders Approve All AGM Resolutions with Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 07:58 PM

All resolutions passed with over 99.97% remote e-voting approval
Adoption of standalone and consolidated financial statements for FY ended March 31, 2026
Appointment of M/s. Shivam Soni & Co., Chartered Accountants, as Statutory Auditors approved (68,88,67,157 votes in favor vs 1,85,449 against)
Appointment of M/s Murtuza Mandorwala & Associates as Secretarial Auditors for a 5-year term approved

💡 Track the upcoming Q2 FY27 financial results and operational performance following inorganic expansions.

Shah Metacorp Shareholders Approve All AGM Resolutions with Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 07:53 PM

All resolutions passed with over 99.97% remote e-voting approval
Adoption of standalone and consolidated financial statements for FY ended March 31, 2026
Appointment of M/s. Shivam Soni & Co., Chartered Accountants, as Statutory Auditors approved (68,88,67,157 votes in favor vs 1,85,449 against)
Appointment of M/s Murtuza Mandorwala & Associates as Secretarial Auditors for a 5-year term approved

💡 Track the upcoming Q2 FY27 financial results and operational performance following inorganic expansions.

Shah Metacorp Shareholders Approve 17 Resolutions Including Borrowing Limits and Related Party Deals

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 08:22 PM

Shah Metacorp Limited announced the results of its Postal Ballot concluded on September 26, 2026, wherein all 17 proposed ordinary and special resolutions were passed with requisite majority. The approvals cover enabling powers including loans and guarantees under Section 185 and 186, an increase in borrowing limits under Section 180(1)(c), creation of asset charges under Section 180(1)(a), and multiple material related party transactions. A total of 111,897 shareholders were eligible on the record date of August 21, 2026, with over 72% of total shares voting.

All 17 resolutions passed with over 99.9% approval of polled votes
Record date of August 21, 2026, had 111,897 eligible shareholders
Promoter e-voting participation stood at 99.83% (28,91,73,824 votes polled)
Approved multiple material related party transactions, including entities like Shah Metacorp Holding USA Inc and Sampati Securities
In Resolution 17, 22,02,96,118 promoter votes were excluded/treated as invalid due to related party status

💡 Track subsequent disclosures for specific borrowing increments or terms of execution regarding the approved material related-party transactions.

Shah Metacorp: Trading Window Closes from October 01, 2026 for Q2/H1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 06:11 PM

Shah Metacorp Limited has announced the closure of its trading window starting October 01, 2026, ahead of its Q2 and H1 financial results for the period ending September 30, 2026. The restriction applies to designated persons and their immediate relatives under SEBI Insider Trading regulations. The window will reopen 48 hours after the declaration of the unaudited financial results. The specific date for the board meeting to review and approve the results will be intimated later.

Trading window closure commences on October 01, 2026
Closure covers the quarter and half year ending September 30, 2026
Reopening scheduled 48 hours after financial results announcement
Board meeting date for result consideration to be announced in due course

💡 Track the upcoming corporate announcement regarding the exact date of the board meeting for the declaration of Q2/H1 FY27 financial results.

Shah Metacorp Allots 65 Lakh Equity Shares on Warrant Conversion to Promoter, Raising ₹2.30 Cr

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 16 Sep 2026, 07:28 PM

Shah Metacorp Limited approved the allotment of 65,00,000 equity shares of face value Re. 1 each to promoter and director Ms. Mona Viral Shah upon conversion of remaining convertible warrants. The conversion was done at an issue price of Rs. 4.71 per share (including a premium of Rs. 3.71), receipting the balance 75% consideration amounting to ₹2.296 crore. This brings outstanding convertible warrants from the June 26, 2025 allotment down to zero. Consequently, the company's paid-up equity share capital expands slightly from ₹101.99 crore to ₹102.64 crore.

Allotment of 65,00,000 fully paid-up equity shares of face value Re. 1 each to promoter Ms. Mona Viral Shah
Shares issued at Rs. 4.71 per share upon receipt of balance 75% consideration totaling ₹2,29,61,250
Zero convertible warrants remain outstanding out of the 2,40,00,000 warrants allotted on June 26, 2025
Paid-up share capital increases from ₹1,01,98,74,228 to ₹1,02,63,74,228

💡 Track the upcoming quarterly shareholding patterns to verify changes in promoter stake, and monitor the utilization of infused warrant proceeds.

Shah Metacorp Allots 65 Lakh Equity Shares on Warrant Conversion; Receives ₹2.30 Cr

🟢 POSITIVE ⭐ 4/10

FUNDRAISE 📅 16 Sep 2026, 07:19 PM

Shah Metacorp has approved the allotment of 65,00,000 equity shares of face value ₹1 each at an issue price of ₹4.71 per share upon conversion of warrants. The allotment was made to promoter and director Ms. Mona Viral Shah following the receipt of the balance 75% consideration totaling ₹2,29,61,250. This conversion exhausts the remaining pending convertible warrants from the June 26, 2025 preferential allotment, expanding the total paid-up equity base to 102.64 crore shares.

Allotment of 65,00,000 equity shares of face value ₹1 at ₹4.71 per share (₹3.71 premium).
Received balance 75% consideration of ₹3.5325 per warrant aggregating to ₹2,29,61,250.
Total paid-up equity capital increased from ₹1,01,98,74,228 to ₹1,02,63,74,228.
Zero warrants remain outstanding for conversion from the prior 2.40 crore warrant tranche allotted on June 26, 2025.

💡 Track the updated shareholding pattern in upcoming quarters to monitor the exact increase in promoter holding resulting from this warrant conversion.

Shah Metacorp allots 2.75 cr shares to promoter on warrant conversion, receives ₹9.71 cr

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 10 Sep 2026, 08:29 PM

Shah Metacorp has approved the allotment of 2,75,00,000 equity shares to promoter and director Ms. Mona Viral Shah upon the exercise of convertible warrants. The company received the remaining 75% consideration amounting to ₹9.71 crore (at ₹3.5325 per warrant) against the total issue price of ₹4.71 per share. Consequently, the company's paid-up equity share capital increased from 99.24 crore shares to 101.99 crore shares. A total of 65,00,000 warrants remain outstanding for conversion.

Allotment of 2,75,00,000 fully paid-up equity shares of face value Re. 1/- at an issue price of Rs. 4.71/- per share
Received balance 75% consideration of ₹9,71,43,750/- from promoter Ms. Mona Viral Shah
Paid-up share capital increased from ₹99,23,74,228 to ₹1,01,98,74,228
65,00,000 convertible warrants remain outstanding for conversion

💡 Track the conversion status of the remaining 65,00,000 warrants before their expiry period and monitor upcoming shareholding pattern filings to observe the change in promoter stake.

Shah Metacorp receives ₹9.71 Cr via promoter warrant conversion into 2.75 Cr equity shares

🟢 POSITIVE ⭐ 5/10

FUNDRAISE 📅 10 Sep 2026, 08:26 PM

Shah Metacorp's Board has approved the allotment of 2.75 crore equity shares of face value Re. 1/- to promoter-director Ms. Mona Viral Shah at an issue price of Rs. 4.71 per share (including a premium of Rs. 3.71). This follows the conversion of warrants and the receipt of the balance 75% consideration totaling ₹9.71 crore. Following this allotment, the company's paid-up equity share capital increases from ₹99.24 crore to ₹101.99 crore. About 65 lakh convertible warrants remain outstanding for conversion.

Allotment of 2,75,00,000 equity shares at an issue price of Rs. 4.71 per share (including Rs. 3.71 premium)
Receipt of balance 75% consideration of Rs. 3.5325 per warrant, totaling ₹9,71,43,750
Paid-up equity share capital expanded from ₹99,23,74,228 to ₹1,01,98,74,228
Allottee is promoter and director Ms. Mona Viral Shah, with 65,00,000 warrants still pending conversion

💡 Track the upcoming quarterly shareholding pattern to observe the exact increase in promoter stake and monitor conversion of the remaining 65 lakh warrants before expiration.

Shah Metacorp Dispatches 27th AGM Notice and FY26 Annual Report Access Details

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 06:34 PM

Shah Metacorp Limited has issued notice regarding the dispatch of physical letters for its 27th Annual General Meeting (AGM) scheduled for September 30, 2026. The communication provides access links to the Integrated Annual Report for FY2025-26 to shareholders without registered email addresses. The remote e-voting window begins on September 26, 2026, and ends on September 29, 2026, with the cut-off date fixed as September 23, 2026. This is a standard statutory compliance filing with no operational or financial impact.

27th AGM scheduled for September 30, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting and AGM attendance set as September 23, 2026
Remote e-voting opens at 09:00 AM on September 26, 2026, and closes at 05:00 PM on September 29, 2026
Notice issued under Regulation 30 and 36(1)(b) of SEBI LODR Regulations

💡 Eligible shareholders should complete their KYC details with the RTA and exercise their voting rights during the remote e-voting period from September 26 to September 29, 2026.

Shah Metacorp Sets September 23, 2026 Record Date for 27th AGM & FY26 Integrated Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 09:47 PM

Shah Metacorp Limited has submitted its Integrated Annual Report for FY 2025-26 and scheduled its 27th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The company established September 23, 2026, as the cut-off and record date for e-voting eligibility. Remote e-voting begins on September 26, 2026, at 09:00 AM IST and ends on September 29, 2026, at 5:00 PM IST. This filing represents standard statutory compliance and contains no new commercial or financial developments.

27th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 11:00 AM IST via VC/OAVM
Record date / cut-off date for e-voting fixed as Wednesday, September 23, 2026
Remote e-voting window open from September 26, 2026 (09:00 AM) to September 29, 2026 (5:00 PM)
Dispatched Integrated Annual Report for FY 2025-26 to registered shareholders

💡 Eligible shareholders holding stock on or before September 23, 2026, can participate in voting on AGM resolutions during September 26–29, 2026. Track subsequent voting results filings.

Shah Metacorp Dispatches FY26 Annual Report; Schedules 27th AGM for September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 09:28 PM

Shah Metacorp Limited has issued the notice for its 27th Annual General Meeting scheduled for September 30, 2026, alongside its Integrated Annual Report for FY 2025-26. The remote e-voting period opens on September 26, 2026, and closes on September 29, 2026, with the cut-off date set as September 23, 2026. The independent auditor's report included in the filing issued an unmodified opinion on the standalone financial statements and internal financial controls for the period.

27th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 11:00 AM IST via VC/OAVM
Cut-off date for e-voting eligibility set for September 23, 2026
Remote e-voting window runs from September 26, 2026 (09:00 AM IST) to September 29, 2026 (05:00 PM IST)
Independent auditor issued an unmodified opinion on standalone financial statements

💡 Eligible shareholders holding shares as of September 23, 2026, can participate in remote e-voting or attend the virtual AGM on September 30, 2026.

Shah Metacorp Sets Sept 23 Record Date for AGM; Proposes New Statutory Auditor for 5 Years

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 06:37 PM

Shah Metacorp Limited announced that its 27th Annual General Meeting (AGM) will be held on September 30, 2026, with September 23, 2026 fixed as the record/cut-off date for e-voting eligibility. The company's board approved the appointment of M/s Shivam Soni & Co. as Statutory Auditors for a 5-year term (FY27 to FY31) subject to shareholder approval, replacing Ashok Dhariwal & Co. upon term completion. Additionally, M/s Murtuza Mandorwala & Associates was recommended as Secretarial Auditor for a 5-year term. E-voting will run from September 26 to September 29, 2026.

Fixed September 23, 2026 as the Cut-off / Record Date for determining AGM voting eligibility.
27th Annual General Meeting scheduled to take place on September 30, 2026 via video conferencing.
Remote e-voting window open from September 26, 2026 (09:00 AM IST) to September 29, 2026 (05:00 PM IST).
Board approved the appointment of M/s Shivam Soni & Co. as Statutory Auditors for a 5-year term (FY 2026-27 to FY 2030-31).
Recommended appointment of M/s Murtuza Mandorwala & Associates as Secretarial Auditors for a 5-year term.

💡 Track shareholder voting outcomes following the AGM on September 30, 2026, and look for Q2 FY27 earnings performance.

View All SHAH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 82.04% YoY to INR 17,615.60 Lacs in FY25 from INR 9,676.54 Lacs in FY24. Segment-specific growth was not disclosed, but total income reached INR 17,917.93 Lacs.

Geographic Revenue Split

Not explicitly disclosed, though the group operates through subsidiaries including Metcorp Trading LLC (international trading) and India-based entities like Shah Agrocorp and Western Urja.

Profitability Margins

Net Profit Margin (based on Total Comprehensive Income) stood at 18.5% in FY25 (INR 3,259.81 Lacs) compared to 4.48% in FY24 (INR 433.42 Lacs), representing a significant improvement in bottom-line efficiency.

EBITDA Margin

Operating Profit Margin (before working capital changes) was 22.07% in FY25 (INR 3,889.19 Lacs) compared to 8.15% in FY24 (INR 789.23 Lacs), driven by higher operational scale.

Capital Expenditure

Property, Plant and Equipment increased by INR 632.39 Lacs, reaching INR 2,776.12 Lacs in FY25 from INR 2,143.73 Lacs in FY24.

Credit Rating & Borrowing

Finance costs remained low at INR 3.98 Lacs in FY25, up from INR 1.43 Lacs in FY24, suggesting minimal reliance on interest-bearing debt.

⚙️ Operational Drivers

Raw Materials

Metal-based raw materials (implied by company name and cost structure) accounted for INR 15,795.16 Lacs, representing 89.6% of total revenue.

Import Sources

Not disclosed, though Metcorp Trading LLC suggests international sourcing capabilities.

Raw Material Costs

Raw material costs increased 141.5% YoY to INR 15,795.16 Lacs in FY25, up from INR 6,539.38 Lacs in FY24, reflecting increased production volume.

Manufacturing Efficiency

Depreciation and Amortization expenses were INR 362.97 Lacs in FY25, a marginal 3% increase YoY.

Logistics & Distribution

Other expenses, including distribution, rose 23.2% to INR 744.34 Lacs in FY25.

📈 Strategic Growth

Growth Strategy

Growth is driven by inorganic expansion, specifically the acquisition of 85.60% of General Capital and Holding Company and 80% of Metcorp Trading LLC via share swap on July 4, 2025, alongside capital infusion through preferential allotments at INR 4.71 per share.

Products & Services

Metal products and international trading services.

Market Expansion

Expansion into international trading markets through the acquisition of Metcorp Trading LLC.

Strategic Alliances

Share swap arrangements for subsidiary acquisitions and preferential allotments for capital raising.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward consolidated trading and holding structures to manage diversified portfolios across metals, energy, and agro-sectors.

Competitive Moat

Moat is based on an integrated group structure and international trading presence, though sustainability is challenged by high raw material cost dependency.