Shyam Metalics and Energy Limited (SHYAMMETL)
₹1,198.50 +3.59% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shyam Metalics' revenue was ₹5,455 Cr (+23.5% year on year, +4.1% on the previous quarter), and net profit ₹351 Cr (+20.7% year on year); the operating margin was 14.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,455 | +23.5% | +4.1% |
| Operating profit | ₹765 | +32.0% | +5.3% |
| Net profit | ₹351 | +20.7% | +12.4% |
| EPS (₹) | 12.60 | +20.6% | +10.2% |
| Operating margin | 14.0% | — | — |
SHYAMMETL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.69% of the SHYAMMETL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.85%. That is close to its usual level.
Delivery in the last 5 sessions: 58.5% · 62.8% · 45.2% · 47.3% · 44.7%
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
Shyam Metalics Group has secured strategic mining rights for the Phutamura Coal Block via an investment in successful bidder Alom Solar Private Limited. Located in Raigarh, Chhattisgarh, the block spans approximately 7.324 sq. km. and holds estimated coal reserves of ~170 million tonnes. Mining operations and coal extraction are slated to commence by July 2027 to fuel captive power and core steel plants. This major backward integration step aims to insulate the company from coal price volatility and support its 16.93 MTPA metal capacity and 467 MW captive power capacity.
- Secured mining rights for Phutamura Coal Block holding ~170 million tonnes of estimated coal reserves
- Coal block covers an area of approximately 7.324 sq. km. in Raigarh District, Chhattisgarh
- Mining operations and production are targeted to commence from July 2027
- Acquisition executed through an investment in successful bidder Alom Solar Private Limited
- Secures fuel supply for existing 467 MW captive power plants and 16.93 MTPA installed metal capacity
Shyam Metalics reported its monthly sales updates for September 2026 alongside Q2 FY27 performance across core operating segments. Carbon Steel (Flat) saw massive YoY volume growth of 164.38% to 31,742 MT in September, with average realizations rising 18.71% YoY to Rs 86,823/MT. Metallics volumes rose 54.89% YoY to 3,14,238 MT, while Stainless Steel sales rose 35.06% YoY to 9,778 MT with realizations up 22.99% YoY. Conversely, Aluminium Foil volumes declined 19.10% YoY in September to 1,664 MT, and Carbon Steel (Long) volumes dropped 8.37% YoY to 1,35,963 MT despite higher realizations.
- Carbon Steel (Flat) September volumes surged 164.38% YoY to 31,742 MT; Q2 FY27 volumes grew 64.50% QoQ to 81,493 MT.
- Metallics sales volumes grew 54.89% YoY to 3,14,238 MT in September with realizations up 2.82% YoY at Rs 20,975/MT.
- Stainless Steel September volumes increased 35.06% YoY to 9,778 MT, while realizations rose 22.99% YoY to Rs 1,68,803/MT.
- Carbon Steel (Long) sales volume declined 8.37% YoY to 1,35,963 MT, though realization increased 12.95% YoY to Rs 46,463/MT.
- Aluminium Foil volume fell 19.10% YoY to 1,664 MT, offset by a 26.14% YoY increase in realizations to Rs 4,96,441/MT.
Shyam Metalics and Energy Limited has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a 9 MTPA greenfield integrated steel complex in Chandrapur. The estimated investment is ₹50,000 crore, which dwarfs the company's current net worth of ₹6,436 crore (~7.8x) and annual revenue of ₹19,574 crore (~2.5x). The facility will be executed in two phases: Phase-I for 3.75 MTPA and Phase-II for 5.25 MTPA of finished steel capacity. The company intends to begin seeking permissions, registrations, and regulatory clearances in FY 2026-27.
- Signs MoU for a ₹50,000 crore greenfield integrated steel facility in Chandrapur, Maharashtra
- Total proposed capacity of 9 MTPA finished steel, split across Phase-I (3.75 MTPA) and Phase-II (5.25 MTPA)
- Clearances, permissions, and approvals process scheduled to commence in FY 2026-27
- Projected to create approximately 10,000 direct and 20,000 indirect jobs in the Vidarbha region
Shyam Metalics has entered into a non-binding Memorandum of Understanding (MoU) with the Government of Maharashtra on October 1, 2026. The MoU outlines a proposed ₹50,000 Crore investment to set up a 9 MTPA Greenfield Integrated Steel Complex at Chandrapur, Vidarbha. The project is slated to commence in FY 2026-27, subject to statutory approvals and fiscal incentives. Relative to the company's current scale, the ₹50,000 Crore proposed outlay is massive, representing ~172% of its ₹29,001 Crore market cap and ~255% of TTM revenue.
- Proposed investment of ₹50,000 Crore for a 9 MTPA Greenfield Integrated Steel Complex
- Agreement is a non-binding Memorandum of Understanding (MoU) executed on October 1, 2026
- Project located at Chandrapur in Vidarbha, Maharashtra, with potential to generate ~30,000 jobs
- Commencement planned in FY 2026-27, starting with permissions, land, and fiscal clearance processes
Shyam Metalics announced that eligible employees exercised 57,900 stock options under the SMEL Loyalty ESOP Scheme (ESOP II - 2023) on September 27, 2026. The exercise occurred upon completion of the third-year vesting period (30% vesting) at an exercise price of ₹221 per share. The company realized proceeds of ₹1,27,95,900 from this exercise. Given the scheme is administered via an ESOP Trust purchasing secondary market shares, equity dilution is negligible.
- 57,900 stock options exercised on September 27, 2026
- Exercise price fixed at ₹221 per share (50% discount to September 26, 2023 market price)
- Total money realized from the exercise is ₹1,27,95,900
- Scheme covers 2,16,000 total options granted to 5 eligible employees
Shyam Metalics and Energy Limited announced the 3rd year vesting of stock options under its ESIP-2023 schemes effective September 27, 2026. A total of 3,910 options under the Performance ESOP Scheme (exercise price ₹331) and 57,900 options under the Loyalty ESOP Scheme (exercise price ₹221) have vested. The scheme is administered via an ESOP Trust that is authorized to purchase shares from the secondary market, avoiding direct equity dilution. Total vesting of 61,810 shares represents less than 0.01% of total share capital, indicating negligible financial impact.
- 3,910 options vested under Scheme I (Performance ESOP) at an exercise price of ₹331 per share
- 57,900 options vested under Scheme II (Loyalty ESOP) at an exercise price of ₹221 per share
- Exercise window is 1 year for Scheme I and 6 months for Scheme II from vesting date
- Administered through an ESOP Trust authorized to purchase shares via secondary market
Shyam Metalics and Energy Limited has announced the vesting of 1,31,537 stock options on September 25, 2026, marking the completion of the third anniversary of the grant under its ESIP-2023 scheme. This tranche represents 23% of the eligible stock options originally granted to 62 employees on September 25, 2023. The options have an exercise price of ₹326 per share, convertible into 1 equity share each within a maximum period of one year. The scheme is administered via an ESOP trust authorized to buy shares from the secondary market, limiting direct equity dilution.
- 1,31,537 options vested on September 25, 2026, on completion of the 3rd year of grant
- Options are exercisable at ₹326 per share, representing a 25% discount to the grant date market price
- 23% tranche vested out of total 8,59,738 options originally granted to 62 employees
- Scheme is administered via an ESOP Trust purchasing shares from the secondary market
Shyam Metalics and Energy Limited approved the exercise of stock options by an employee under its SMEL Performance ESOP Scheme 2023. A total of 1,725 equity shares were allotted, realizing ₹5,62,453 in proceeds. The company originally granted 8,76,738 options to 63 employees in September 2023 at exercise prices of ₹326 and ₹331 per share. Given the company's ₹30,047 crore market capitalization, this transaction has negligible dilution or financial impact.
- 1,725 options exercised by 1 eligible employee resulting in the issuance of 1,725 equity shares
- Total money realized from the exercise is ₹5,62,453
- Scheme covers an aggregate pool of 8,76,738 options granted to 63 eligible employees
- Grant prices were ₹326 for 62 employees and ₹331 for 1 employee in September 2023
CRISIL ESG Ratings and Analytics Limited has voluntarily assigned an ESG rating of '53' to Shyam Metalics and Energy Limited. The evaluation was conducted independently based on publicly available data, with no formal engagement by the company. The intimation was formally communicated to the company on September 15, 2026. This announcement serves as an administrative transparency disclosure under Regulation 30 and carries no immediate financial or earnings impact.
- Assigned an independent ESG rating of '53' by CRISIL ESG Ratings and Analytics Limited
- Evaluation conducted on a voluntary basis using publicly available data without company engagement
- Intimation received from the ESG Rating Provider (ERP) via email dated September 15, 2026
Shyam Metalics released its August 2026 sales update, demonstrating broad-based YoY volume and realization growth across key product categories. Carbon Steel (Flat) volumes surged 114.14% YoY to 29,262 MT, with realizations up 13.87% YoY to Rs 82,395/MT. Stainless Steel delivered strong performance with sales rising 16.44% YoY to 10,920 MT and average realizations jumping 45.51% YoY to Rs 1,83,032/MT. Metallics and Speciality Alloys also grew volumes by ~28% YoY each, while Aluminium Foil sales climbed 27.41% YoY to 1,915 MT supported by the ramp-up of the Sambalpur facility.
- Carbon Steel (Flat) sales volume jumped 114.14% YoY (42.81% MoM) to 29,262 MT with realisations at Rs 82,395/MT (+13.87% YoY)
- Stainless Steel sales rose 16.44% YoY to 10,920 MT, while average realisations surged 45.51% YoY to Rs 1,83,032/MT
- Speciality Alloys volume grew 27.97% YoY to 19,002 MT with realisations improving 23.44% YoY to Rs 1,11,788/MT
- Metallics sales rose 27.97% YoY to 3,34,957 MT with average realisations up 8.73% YoY to Rs 20,039/MT
- Aluminium Foil volume increased 27.41% YoY to 1,915 MT following the commissioning of the 0.018 MTPA Sambalpur facility
Shyam Metalics and Energy Limited has granted 11,000 stock options to one eligible employee under its SMEL Employee Stock Incentive Plan – 2023. The options are exercisable at ₹798.98 per share, representing a 25% discount to the closing market price on September 04, 2026. The options will vest over four years (20%, 23%, 23%, and 34% respectively). Given the company's total market capitalization of ₹29,486 Cr, the equity dilution resulting from 11,000 shares is negligible (<0.01%).
- 11,000 stock options granted to 1 eligible employee under ESIP - 2023
- Exercise price set at ₹798.98 per share, at a 25% discount to the prevailing market price
- 4-year graded vesting schedule: 20% (Yr 1), 23% (Yr 2), 23% (Yr 3), and 34% (Yr 4)
- Exercise window spans up to 4 years post each respective vesting date
Shyam Metalics and Energy Limited has informed the exchanges that it was voluntarily assigned an ESG rating score of '48' by ESG Risk Assessments and Insights Limited. The rating provider is a SEBI-registered Category I Subscriber-Pays ESG rating agency. The evaluation was conducted independently based on public domain data without direct engagement or mandate from the company.
- Assigned an independent ESG rating score of 48
- Rating conducted by ESG Risk Assessments and Insights Limited, a SEBI-registered Category I provider
- Rating based entirely on public domain data without company engagement
- Notification received by the company on September 03, 2026
Shyam Metalics and Energy Limited has informed the exchanges regarding the vesting of the first tranche of stock options under its ESIP-2023 scheme. Consequent to completing one year from the grant date, 20% of total options—amounting to 20,900 options across 5 eligible employees—have vested effective August 29, 2026. The exercise price is set at Rs 679.43 per share, representing a 25% discount to the benchmark market price. The scheme is operated via an ESOP Trust purchasing shares from the secondary market, resulting in zero fresh equity dilution.
- 20,900 stock options vested effective August 29, 2026, representing the 20% first-year tranche.
- Total options under the grant program stand at 1,04,500 shares granted to 5 eligible employees.
- Exercise price determined at Rs 679.43 per share (25% discount to NSE market price on August 28, 2025).
- Employees have an exercise window of up to 1 year from the vesting date to exercise the options.
Shyam Metalics and Energy Limited has submitted the scrutinizer's report for its 24th AGM held on August 25, 2026, confirming all five proposed resolutions were passed with the requisite majority. Shareholders approved a special resolution granting fresh enabling approval to raise funds up to ₹4,500 crore, which represents ~15.4% of the company's current market cap. Additionally, members confirmed a final dividend of ₹2.70 per share (27%) for FY26 alongside the ₹1.80 per share interim dividend paid earlier. Other passed resolutions include adoption of FY26 financial statements and director re-appointment.
- Approved fresh enabling resolution for fundraise of up to ₹4,500 crore with 98.36% votes in favour.
- Approved final dividend of ₹2.70 per equity share (27%) in addition to ₹1.80 interim dividend for FY26.
- Re-appointment of Director Mr. Sheetij Agarwal approved with 96.42% votes in favour.
- Total of 391 shareholders cast valid votes via remote e-voting and electronic voting during the AGM.
Shyam Metalics and Energy Limited concluded its 24th Annual General Meeting on August 25, 2026. Shareholders considered key agenda items, including the confirmation of a ₹1.80 interim dividend and declaration of a ₹2.70 final dividend (total ₹4.50 per share for FY26). Additionally, the company sought fresh enabling approval to raise funds amounting to ₹4,500 Crores, which represents ~16.3% of its current market cap of ₹27,686 Crores.
- Sought fresh shareholder approval to raise funds amounting to ₹4,500 Crores via special resolution
- Confirmed ₹1.80 (18%) interim dividend and declared ₹2.70 (27%) final dividend per equity share of ₹10 each for FY26
- Chairman highlighted target to scale topline and EBITDA to nearly 1.5x current levels under 'Metal to Value' strategy
- Total of 119 shareholders attended the AGM held via video conferencing
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 22.5% YoY in H1 FY26 to INR 8,876 Cr. High value-added segment contribution increased to 28.5% of revenue from 25% in the previous half-year. Standalone total income decreased 2.17% to INR 6,617.89 Cr in FY25.
Geographic Revenue Split
The company has established a footprint in the domestic market and over 40 international markets. It maintains a dominant market position in Eastern India.
Profitability Margins
H1 FY26 PAT margin stood at 6.2% compared to 6.8% in H1 FY25. Standalone net profit increased 39.33% to INR 489.62 Cr in FY25. ROCE was 16% and ROE was 14% as of September 2025.
EBITDA Margin
Consolidated EBITDA margin for H1 FY26 was 14%, stable compared to 14.1% in H1 FY25. Operating EBITDA for H1 FY26 was INR 1,119.1 Cr, up 24.8% YoY. FY23 operating margin had declined to 11.8% from 24.5% in FY22 due to high energy and iron ore costs.
Capital Expenditure
Planned capex of INR 10,000 Cr between fiscals 2026 and 2031. For FY25-27, capex of ~INR 5,500 Cr is planned. In H1 FY26, the company spent INR 945 Cr on capex, representing 173% of cash flow from operations for that period.
Credit Rating & Borrowing
Long-term rating upgraded to CRISIL AA+/Stable from AA/Positive. Short-term rating reaffirmed at CRISIL A1+. Interest coverage ratio remains healthy at over 10-12 times.
Operational Drivers
Raw Materials
Iron ore and Coal (Energy) are primary raw materials. Fluctuations in these prices significantly impact margins, as seen in FY23 when steep rises offset a 17% realization growth.
Import Sources
Sourced from domestic markets (Eastern India) and international markets. China is identified as a major source of import threat for finished goods.
Capacity Expansion
Current combined capacity is ~13.66 MTPA. Steel production reached 4.97 MTPA in FY25, a 7.48% YoY increase. Planned capex of INR 10,000 Cr (FY26-31) focuses on value-added products.
Raw Material Costs
Raw material costs are highly volatile; in FY23, iron ore and energy cost spikes led to a 12.7 percentage point drop in operating margins despite revenue growth.
Manufacturing Efficiency
Supported by integrated operations and strategic locations. Capacity utilization remains high, supporting volume growth of 24% YoY in Q2 FY26.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved through a ~INR 10,000 Cr capex plan (FY26-31) focused on value-added products with higher ROCE. The company aims to grow revenue and EBITDA by ~2.5x over the next 5 years through internal accruals and inorganic routes like the Ramsarup Industries JV.
Products & Services
Sponge iron, wires, TMT Bars, steel intermediates, ferro alloys, and aluminium foil/products.
Brand Portfolio
Shyam Metalics, SEL, Ramsarup.
New Products/Services
Increasing focus on value-added products (now 28.5% of revenue). Recently discontinued a DI pipe plant project to focus on higher-return segments.
Market Expansion
Expanding footprint in 40+ international markets and strengthening its dominant position in the Eastern Indian steel market.
Market Share & Ranking
One of the largest players in the steel and steel intermediates industry in Eastern India.
Strategic Alliances
Inorganic expansion through a joint venture with Ramsarup Industries for manufacturing sponge iron, wires, and TMT bars.
External Factors
Industry Trends
The industry is seeing a shift toward value-added products and a growing importance of ESG compliance. Shyam Metalics is positioning itself as a 'compounding machine' by redeploying cash flows into high-return projects.
Competitive Landscape
Operates in a commoditized and capital-intensive industry with intense competition from both domestic players and international imports.
Competitive Moat
Durable competitive advantage derived from cost leadership, fully integrated operations (backward and forward), and 30+ years of promoter experience. Sustainability is supported by a net-cash positive balance sheet.
Macro Economic Sensitivity
Highly sensitive to the cyclicality of the steel industry and global commodity price trends.
Geopolitical Risks
Trade barriers and import threats from China are primary geopolitical concerns affecting domestic market stability.
Regulatory & Governance
Industry Regulations
Subject to pollution norms and GHG emission standards. Must comply with SEBI listing norms to reduce promoter stake to 75% (achieved via OFS and QIP).
Environmental Compliance
Focus on minimizing carbon emissions and utilizing renewable energy (solar lights/irrigation). ESG profile supports its credit risk profile.
Risk Analysis
Key Uncertainties
Project execution and stabilization risks for the INR 10,000 Cr planned capex. Vulnerability to inherent cyclicality in the steel sector (potential margin impact of 10%+).
Geographic Concentration Risk
Manufacturing units are strategically concentrated in Eastern India, though sales are diversified across 40+ international markets.
Technology Obsolescence Risk
Mitigated by adopting best-in-class technologies and infrastructure to maintain cost leadership.
Credit & Counterparty Risk
Receivable balances increased as of year-end FY25 due to increased operations; however, liquidity remains strong with INR 1,071 Cr in cash and equivalents.
