SHYAMMETL
Large CapShyam Metalics and Energy Limited
Industrials
Shyam Metalics and Energy Limited is an integrated steel producer and a leading ferro alloys producer in India. It operates 'Ore to Metal' plants with captive railway sidings and rakes, focusing on diversified metal products. The company is cash positive and sources 81% of power from captive plants, aiming for end-to-end solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +27% YoY · PAT +42% YoY · margin expansion · +19% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,240 Cr | +26.6% | +18.5% |
| EBITDA | ₹727 Cr | +41.2% | +49.3% |
| Operating margin | 14.0% | +200 bps | +300 bps |
| PAT | ₹312 Cr | +41.8% | +57.6% |
| PAT margin | 6.0% | +63 bps | +147 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SHYAMMETL reported strong Q4 FY26 results with Revenue up 26.6% YoY to Rs. 5,240.4 cr and PAT up 41.7% YoY to Rs. 311.9 cr. For FY26, Revenue grew 22.4% YoY to Rs. 18,552.2 cr and PAT increased 16.6% YoY to Rs. 1,060.5 cr, driven by volume growth and improved margins.
The company demonstrates robust financial performance with significant YoY growth in revenue and profitability for both Q4 and FY26. Strategic capex for value-added products, disciplined capital allocation, and a net cash positive balance sheet support continued growth. Management's focus on internal accruals for capex and maintaining conservative leverage is positive.
Revenue Mix FY26
Latest issuer-disclosed distribution across 5 reported categories.
Diversified Value-Added Products
Company is strategically expanding into diversified, value-added product segments with higher ROCE and lower CAPEX requirement, such as SBQ mill and stainless steel downstream facilities.
Stainless Steel Expansion
Expanding Stainless Steel portfolio with CR and HR at Sambalpur plant, focusing on increasing capacity and market share in revenue and margin accretive products.
Aluminium Division Growth
Further expansion of Aluminium division with Mill with Caster, Flat Rolled Products, Aluminium Foil, and Battery Foil plants to bridge demand-supply gap and strengthen backward integration.
Foray into Wagon Manufacturing
Strategic entry into rolling stock segment with a greenfield facility at Kharagpur, West Bengal, supporting GoI's 'Make in India' initiative.
Fresh Capex: SBQ Mill & SS Downstream
Approved fresh capex of Rs. 2,700 cr for SBQ mill (0.8 MTPA) and expansion of SS downstream facilities (0.6 MTPA), expected commissioning by March 2029.
Cold Rolling Mill Phase 2
Phase 2 of the Greenfield Cold Rolling Mill (1,50,000 Ton) at Jamuria, West Bengal, was commissioned in April 2026.
Aluminium Expansion
Rs. 800 cr capex for Aluminium Mill with Caster (0.1 MMTPA), Flat Rolled Products (0.06 MMTPA), Aluminium Foil (0.018 MMTPA), and Battery Foil (0.005 MMTPA), likely to be commissioned very soon.
Wagon Manufacturing Phase 1
Phase 1 operations for wagon manufacturing (2,400 units) at Kharagpur, West Bengal, are to be commenced in September 2026.
Government Infrastructure Push
GoI has issued circular for use of stainless steel for construction of national highway bridges and centrally sponsored projects in marine environments.
Make in India Initiative
The wagon manufacturing project supports the Government of India's 'Make in India' initiative.
Cyclical Industry Operations
The company operates in a commoditized and cyclical industry, though management claims to have always been profit-making since inception.
High Capital Expenditure Business
The business requires high capex, which management mitigates through deep domain expertise and funding entirely via internal accruals for growth capex.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides both YoY and QoQ comparisons for Q4 FY26, indicating the relevance of sequential momentum in operational performance and execution, while YoY provides a broader view of growth in a cyclical industry.
Revenue Growth (YoY)
Q4 FY26: 26.6%; FY26: 22.4%
Operating EBITDA Growth (YoY)
Q4 FY26: 41.1%; FY26: 25.1%
PAT Growth (YoY)
Q4 FY26: 41.7%; FY26: 16.6%
Operating EBITDA Margin
Q4 FY26: 13.9%; FY26: 12.6%
Disciplined Capital Allocation
Management funds capital expenditure entirely through internal accruals, approaching banks only for working capital requirements, with capex strategically phased.
Growth Trajectory
Management projects ~3x growth in Revenue and EBITDA over the next 5 years, even with 15-17% CAGR for revenues and 18-20% CAGR for EBITDA, without raising additional capital.
Focus on Returns
The company is focused on return on invested capital, having infused Rs. 136 cr since inception and returned Rs. 1,651 cr via dividend and OFS.
Cost Leadership & Efficiency
Adopts best-in-class technologies and infrastructure, driving efficiency and maintaining cost leadership, with 81% of power sourced from captive plants at Rs. 2.49/Kwh in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SBQ Mill & SS Downstream Commissioning | Expected March 2029 | Timely execution and ramp-up of new value-added capacities. |
| Wagon Manufacturing Phase 1 Commencement | Expected September 2026 | Successful commencement and order book build-up in the new segment. |
| Aluminium Expansion Commissioning | Likely very soon | Confirmation of commissioning and contribution to revenue/margins. |
| Net Debt / EBITDA | -0.16x (Net cash positive) | Maintaining conservative leverage and net cash position amidst ongoing capex. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +13.7% / mo · near 52W high
Technical chart
SHYAMMETLdaily · 3Y+13.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 61. Wait for confirmation.
- SMA20 rising (~8.7% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 4% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 13/15 to the score.
- Growth contributes 9/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -83.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 74.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Large: 63rd pctile, median 74
109 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.09.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.40
- P/B
- 2.36
- EV/EBITDA
- 8.79
- Market Cap
- 27239.00Cr
Profitability
- ROE
- 9.70%
- ROCE
- 13.00%
- ROA
- 5.28%
- Dividend Y
- 0.46%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 12.15×
- Altman Z
- 4.21
- Book Value
- 413.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 1794.00 Cr
- EPS TTM
- 38.34
Shareholding
- Promoter Hold
- 74.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.