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Research updated
Shyam Metalics and Energy Ltd.
NSE: SHYAMMETLBasic MaterialsSteel
- Last close
- ₹1,195.60
- Day change
- −₹31.00 (−2.53%)vs
- Market cap
- ₹33,283 crIndian rupees
- Research updated
- 2 reports
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About Shyam Metalics and Energy
Shyam Metalics and Energy Ltd. is one of India's prominent integrated metal producing companies. The primary function of Shyam Metalics is to manufacture and supply a diverse range of ferro alloys and long steel products, including billets, sponge iron, and pellet. With an operational focus on maximizing energy utilizations, the company's extensive manufacturing capabilities are strategically distributed across West Bengal and Odisha. Notably, Shyam Metalics plays a vital role in the infrastructure and construction sectors, where demand for steel and alloy products remains consistently high. The company is also a major participant in the renewable energy sector, which is key to its sustainable growth strategy. Its market significance is amplified by the rising demand for steel in emerging economies, alongside its commitment to environmentally friendly production practices. Established with a vision to provide high-quality steel, Shyam Metalics stands as a crucial component in India's burgeoning metal industry, contributing significantly to the nation's industrial development.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: SHYAMMETL
- Employees
- 10,264
- Headquarters
- Kolkata, India
- ISIN
- INE810G01011
- Website
- shyammetalics.com
Public research · Report of
Business model & financial foundation
Shyam Metalics (NSE: SHYAMMETL), Integrated diversified metals and captive power: revenue of ₹18,552 crore in FY26 (+22.6% on FY25), an EBITDA margin of 12.6%, net profit of ₹1,070 crore and net debt of ₹570.1 crore.
- Revenue, FY26 (₹ crore)
- 18,552
- consolidated
- Revenue growth, FY26
- +22.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,070
- to owners
- Return on equity, FY26
- 9.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 570.1
- Borrowings less current liquidity
- Market capitalisation (₹ crore)
- 30,555
- at the close of 22 Oct 2026
Company profile
Integrated metals producer selling pellets, sponge iron, pig iron, carbon long and flat steel, ferro alloys, stainless steel and aluminium foil. Captive power and processing integration support costs; a multi-year downstream expansion aims to improve product mix. Coal-block access adds potential integration but auction economics, capital requirement and attributable stake are not yet disclosed.
| Item | Value |
|---|---|
| Legal name | Shyam Metalics and Energy Limited |
| Exchange and ticker | NSE: SHYAMMETL; BSE: 543299 |
| ISIN | INE810G01011 |
| CIN | L40101WB2002PLC095491 |
| Sector | Basic Materials |
| Industry | Integrated diversified metals and captive power |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP |
| Market capitalisation | ₹30,555 crore (22 Oct 2026) |
| Shares outstanding | 27.83 crore shares (FY26) |
| Price | ₹1,196 (close, 22 Oct 2026) |
| 52-week range | ₹746.0 - ₹1,241 (to 22 Oct 2026) |
| Website | https://www.shyammetalics.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Shyam SEL and Power Limited | 100% | Material integrated metals and power subsidiary |
| Ramsarup Industries Limited | 60% | Acquired integrated steel asset under restart and expansion |
| Shyam Energy Limited | 87.12% | Business not specified in retrieved AOC-1 |
| Star Metalworks Private Limited | 100% | Acquired October 2025; business detail unavailable |
Alom Solar coal-block investment announced 13 Oct 2026: interest, consideration and consolidation status undisclosed. Material operating subsidiaries consolidated; smaller associates/JVs equity accounted.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.59% | 74.59% | 74.59% | 74.59% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.21% | 3.09% | 2.97% | 5.29% |
| Domestic institutions | 8.87% | 9.17% | 13.75% | 11.16% |
| of which mutual funds | 1.46% | 1.63% | 1.75% | 1.76% |
| Retail | 13.01% | 12.85% | 8.42% | 8.71% |
| Other | 0.30% | 0.30% | 0.27% | 0.32% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Shyam Metalics is a consolidated Indian integrated metals and captive-power group. The NCLT-sanctioned amalgamation of Shree Venkateshwara Electrocast Private Limited (SVEP) into wholly owned Shyam SEL and Power (SSPL) is an internal legal-entity consolidation with appointed date 1 April 2024; it is not modelled as a new operating asset, cash inflow or dilution. The order becomes effective on filing with the RoC.
| Peer | Why the dossier compares them |
|---|---|
| Godawari Power & Ispat (GPIL) | Integrated DRI/long steel and captive inputs |
| Sarda Energy & Minerals (SARDAEN) | DRI, ferro alloys and captive energy |
| Jindal Steel (JINDALSTEL) | Integrated long/flat steel with expansion |
| Jindal Stainless (JSL) | Stainless downstream comparator |
| JSW Steel (JSWSTEEL) | Large integrated flat steel cycle reference |
| Tata Steel (TATASTEEL) | Integrated steel cycle reference |
| Lloyds Metals & Energy (LLOYDSME) | Captive ore and DRI expansion comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,364 | 12,609 | 13,195 | 15,138 | 18,552 |
| Cost of revenue (vendor classification) * | 6,759 | 9,417 | 9,940 | 11,506 | 13,928 |
| Other operating costs (vendor classification) * | 688.2 | 1,107 | 1,038 | 979.3 | 1,150 |
| EBITDA (vendor classification) * | 2,592 | 1,527 | 1,605 | 1,948 | 2,412 |
| EBIT * | 2,380 | 1,103 | 1,024 | 1,329 | 1,589 |
| Finance costs | 15.4 | 65.7 | 133.3 | 143.9 | 192.2 |
| Profit before tax including associates and JV | 2,364 | 1,037 | 939.8 | 1,241 | 1,462 |
| Current and deferred tax expense | 640.2 | 193.4 | -89.2 | 331.9 | 402.2 |
| Profit after tax including non-controlling interests | 1,724 | 843.5 | 1,029 | 909.3 | 1,060 |
| Diluted EPS (₹) | 68.91 | 33.07 | 39.46 | 32.57 | 37.97 |
| Materials, traded purchases and inventory change | 9,479 | 10,941 | 13,353 | ||
| Employee benefits expense | 368.5 | 434.3 | 507.0 | ||
| Other operating expenses including impairment | 1,778 | 1,896 | 2,360 | ||
| Operating EBITDA excluding other income | 1,570 | 1,866 | 2,333 | ||
| Other income | 159.0 | 230.6 | 203.6 | ||
| Depreciation and amortisation | 656.0 | 711.2 | 882.2 | ||
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to non-controlling interests | -5.79 | 1.16 | -10.1 | ||
| Share of profit of associates and joint ventures | 0.12 | 0.12 | 0.10 | ||
| PAT attributable to owners of the parent | 1,035 | 908.1 | 1,070 | ||
| Basic earnings per share (INR per share) | 32.70 | 38.10 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 5,839 | 7,662 | 10,318 | 11,278 | 12,357 |
| Current and non-current borrowings excluding leases | 543.0 | 1,172 | 596.9 | 779.5 | 981.3 |
| Liquidity: cash, other banks and current investments | 91.9 | 90.8 | 39.4 | 892.7 | 411.2 |
| Trade receivables | 376.1 | 609.5 | 707.9 | 792.5 | 904.6 |
| Inventories | 2,057 | 2,214 | 2,168 | 2,985 | 4,501 |
| Trade payables including MSME | 1,204 | 1,538 | 2,370 | 2,917 | 4,865 |
| Net property, plant and equipment * | 2,450 | 2,944 | 3,899 | 6,268 | 8,075 |
| Capital work in progress | 899.7 | 2,974 | 3,922 | 2,708 | 2,792 |
| Total assets * | 8,425 | 11,647 | 14,424 | 16,316 | 20,061 |
| Borrowings less current liquidity | -113.2 | 570.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 1,065 | 1,006 | 1,794 | 1,713 | 2,024 |
| Free cash flow (vendor definition) * | 621.3 | -386.4 | -93.4 | -184.2 | -613.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -183.7 | -114.3 | -46.4 | -137.9 | -112.5 |
| Purchase of PPE including CWIP (net cash outflow) | -939.9 | -1,905 | -1,888 | -2,148 | -2,637 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end paid shares net of ESOP trust | 25.03 | 25.51 | 27.80 | 27.82 | 27.83 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,634 | 3,753 | 4,139 | 4,419 | 4,457 | 4,421 | 5,255 | 5,455 |
| Cost of revenue (vendor classification) * | 3,267 | 3,242 | 3,654 | 3,910 | ||||
| Other operating costs (vendor classification) * | 527.3 | 564.4 | 723.5 | 639.1 | ||||
| EBITDA (vendor classification) * | 607.5 | 540.9 | 757.8 | 818.0 | ||||
| EBIT * | 397.4 | 320.9 | 507.6 | 547.5 | ||||
| Finance costs | 30.5 | 41.2 | 43.6 | 39.8 | 50.3 | 50.8 | 51.3 | 78.3 |
| Profit before tax including associates and JV | 306.8 | 263.1 | 297.2 | 388.9 | 347.1 | 270.0 | 456.3 | 469.2 |
| Current and deferred tax expense | 91.1 | 65.8 | 77.0 | 98.3 | 86.6 | 72.5 | 144.8 | 118.5 |
| Profit after tax including non-controlling interests | 215.7 | 197.3 | 220.2 | 290.7 | 260.5 | 197.5 | 311.5 | 350.7 |
| Diluted EPS (₹) | 7.73 | 7.07 | 7.89 | 10.41 | 9.33 | 7.07 | 11.16 | 12.56 |
| Materials, traded purchases and inventory change | 2,655 | 2,716 | 2,997 | 3,189 | 3,267 | 3,242 | 3,654 | 3,910 |
| Employee benefits expense | 106.9 | 109.9 | 109.4 | 123.0 | 124.1 | 125.5 | 134.3 | 135.6 |
| Other operating expenses including impairment | 463.3 | 470.6 | 517.3 | 527.2 | 526.3 | 566.5 | 739.7 | 644.7 |
| Operating EBITDA excluding other income | 408.9 | 455.8 | 515.2 | 579.6 | 539.4 | 487.1 | 726.9 | 765.3 |
| Other income | 72.3 | 51.2 | 54.2 | 53.6 | 69.1 | 51.7 | 29.2 | 47.1 |
| Depreciation and amortisation | 144.0 | 202.7 | 228.6 | 204.5 | 211.2 | 217.9 | 248.5 | 264.9 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.18 | -0.40 | 1.40 | -1.48 | -1.31 | 0.27 | -7.55 | 5.66 |
| Share of profit of associates and joint ventures | 0.05 | 0.01 | 0.02 | 0.03 | 0.01 | 0.04 | 0.02 | 0.02 |
| PAT attributable to owners of the parent | 215.5 | 197.7 | 218.8 | 292.2 | 261.8 | 197.2 | 319.1 | 345.1 |
| Basic earnings per share (INR per share) | 11.20 | 12.60 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 65.1% | 21.7% | 4.6% | 14.7% | 22.6% |
| EBITDA margin | 11.9% | 12.3% | 12.6% | ||
| Net margin | 7.8% | 6.0% | 5.8% | ||
| Return on equity | 11.5% | 8.4% | 9.1% | ||
| Return on capital employed | 44.0% | 14.5% | 10.4% | 11.6% | 12.5% |
| Return on assets | 7.9% | 5.9% | 5.9% | ||
| Net debt (₹ crore) | -113.2 | 570.1 | |||
| Net debt / EBITDA | -0.06x | 0.24x | |||
| Interest cover | 154.2x | 16.8x | 7.69x | 9.23x | 8.27x |
| Asset turnover | 1.50x | 1.26x | 1.01x | 0.98x | 1.02x |
| Receivable days | 13 | 18 | 20 | 19 | 18 |
| Inventory days (on revenue) | 72 | 64 | 60 | 72 | 89 |
| Payable days (on revenue) | 42 | 45 | 66 | 70 | 96 |
| Cash conversion | 1.73x | 1.89x | 1.89x | ||
| Capex intensity | 9.1% | 15.1% | 14.3% | 14.2% | 14.2% |
| Free cash flow (₹ crore) | 125.5 | -898.4 | -93.4 | -434.9 | -613.7 |
| Dividend payout | 4.5% | 15.2% | 10.5% | ||
| EPS, diluted (₹) | 68.91 | 33.07 | 39.46 | 32.57 | 37.97 |
| Book value per share (₹) | 233.3 | 300.4 | 371.1 | 405.4 | 444.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less current liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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