Shyam Metalics and Energy Limited (SHYAMMETL)
Large CapIndustrials stocks · Large cap · NSE
Shyam Metalics is India's 6th largest integrated multi-metal producer with 16.93 MTPA capacity, strong "Ore to Metal" integration, and 467 MW captive power. It is net cash positive, AA+ rated, and shifting to higher-value products, aiming for self-funded growth with a 20+ year execution track record.
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 30 Jun 2026
Excellent · 75/100Rev +23% YoY · PAT +21% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,455 Cr | +23.4% | +4.1% |
| EBITDA | ₹765 Cr | +31.9% | +5.2% |
| Operating margin | 14.0% | +100 bps | +0 bps |
| PAT | ₹351 Cr | +20.6% | +12.5% |
| PAT margin | 6.4% | -16 bps | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 saw robust YoY growth: Revenue up 23%, EBITDA up 28%, and PAT up 21%. Sequential performance also showed positive momentum with Revenue +4%, EBITDA +7%, and PAT +13%, driven by higher volumes and improved realizations in value-added products.
The company delivered strong Q1 FY27 results with robust YoY and QoQ growth in revenue, EBITDA, and PAT. The shift towards higher-margin value-added products is evident in improved realizations and EBITDA/tonne for key segments. Capacity expansion is progressing, funded by internal accruals, reinforcing the self-funded growth strategy.
Revenue Mix Q1 FY27
Latest issuer-disclosed distribution across 5 reported categories.
Shift to Value-Added Products
Portfolio mix moving toward higher-margin value-added products like Stainless Steel, Aluminium Foil, CR Coils/Sheets, SBQ, and Railway Wagons.
Capacity Expansion
Vision 2031 targets ~27 MTPA capacity, up from 16.93 MTPA, with significant additions in steel, stainless steel, and aluminium.
Backward & Forward Integration
"Ore to Metal" integration, captive power, and new verticals like Railway Wagons and Aluminium FRP enhance control and value capture.
Geographic Expansion & Branding
Entering newer states with focus on branding (SEL Tiger) and increased margins for TMT, structural steel, and roofing sheets.
Aluminium Foil Facility
Aluminium Foil facility commissioned in July 2026, with post-expansion capacity of 0.042 MTPA.
Ramsarup Industries Blast Furnace
Phase I Blast Furnace successfully commissioned along with Sinter and Oxygen unit.
Greenfield Cold Rolling Mill
Both Phase 1 (1,50,000 Ton) and Phase 2 (2,50,000 Ton) have been successfully commissioned.
Railway Wagons Manufacturing
Phase 1 operations to commence in September 2026 with a capacity of 2,400 units.
Government Infrastructure Push
GoI circular for use of stainless steel in national highway bridges and centrally sponsored projects in marine environments.
"Make in India" Initiative
Strategic entry into rolling stock segment with wagon manufacturing supports the GoI's "Make in India" initiative.
Aluminium Demand-Supply Gap
Aluminium plant bridges demand & supply gap in aluminium flat rolled products, strengthening backward integration.
Cyclical Industry Exposure
Operating in a commoditized industry, the company is subject to inherent cyclicality in metal prices and demand.
Large Capex Execution Risk
A significant portion of the planned capex (Rs. 10,041 Cr) is still pending, posing execution and commissioning risks.
Raw Material Price Volatility
Despite integration, the company remains exposed to fluctuations in raw material prices, impacting cost structures.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Q1 results show strong YoY growth, indicating overall business expansion. QoQ comparison is also relevant for industrials to assess sequential momentum, execution pace, and the impact of new capacities or product mix changes, especially given the ongoing capex cycle.
Revenue from Operations
Q1 FY27: Rs. 5,455.1 Cr (+23.3% YoY, +4.1% QoQ)
Operating EBITDA
Q1 FY27: Rs. 765.3 Cr (+32.0% YoY, +5.3% QoQ)
Operating EBITDA Margin
Q1 FY27: 14.0% (vs 13.1% Q1 FY26, 13.9% Q4 FY26)
PAT
Q1 FY27: Rs. 350.7 Cr (+20.6% YoY, +12.6% QoQ)
Vision 2031 Financial Targets
Targets Revenue ~Rs. 42,500+ Cr (~2.3x FY26), EBITDA ~Rs. 6,200+ Cr (~2.7x FY26), RoE 20%, RoCE 22%, and Net Cash Positive.
Self-Funded Growth Strategy
All growth and capex plans are to be funded entirely from internal cash generation, with no new equity and no increase in net debt.
Capital Allocation Discipline
Capex funded by accruals, debt only for working capital, and debt-to-equity capped at 0.5x to ensure financial discipline.
Value-Added Product Focus
Aim for ~80% of revenue mix from value-added products, expecting profits to grow faster than volumes.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capex Execution & Commissioning | Rs. 9,205 Cr incurred (49% of total planned Rs. 18,785 Cr). | Timely commissioning and ramp-up of large projects like Hot Strip Mill, SBQ Mill, and Stainless Steel expansions. |
| Product Mix Contribution | Finished Steel 40%, Stainless Steel 8%, Aluminium 5% of Q1 FY27 revenue. | Increasing contribution of higher-margin value-added products to overall revenue and EBITDA. |
| EBITDA/Tonne Trends | Strong QoQ increase in Stainless Steel and Aluminium EBITDA/tonne in Q1 FY27. | Sustained improvement in EBITDA/tonne across value-added segments and overall margin expansion. |
| Working Capital Management | Working Capital Days at 9 days as of Mar-26. | Maintenance of efficient working capital cycle amidst capacity ramp-up and business growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
63Bullishfull bull SMA stack · MACD + · near 52W high
Technical chart
SHYAMMETLdaily · 1Y · AUTO+32.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 60. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 60 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 43% 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.
Relative Strength & Trend Stage
- Price is 15.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 31 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 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 -114.8%.
- Valuation is weaker at 2/30; 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: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 88th percentile of the scored universe and 88th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 74.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 88th pctile, median 68 · Large: 74th pctile, median 73
116 documents have extracted text, 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.
- ▸FCF yield is positive at 0.2%.
- ▸Debt/equity is 0.09.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.50
- P/B
- 2.58
- EV/EBITDA
- 8.88
- Market Cap
- 29736.00Cr
Profitability
- ROE
- 9.70%
- ROCE
- 13.00%
- ROA
- 5.58%
- Dividend Y
- 0.42%
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
- 10.90×
- Altman Z
- 4.47
- Book Value
- 413.00
Cash Flow
- FCF Yield
- 0.20%
- FCF Positive Y
- 3/5
- OCF
- 1713.00 Cr
- EPS TTM
- 40.24
Shareholding
- Promoter Hold
- 74.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.