Small Steel
Market Cap
₹29,404 ₹29,404 Cr.
P/E
26.18
PEG
1.34
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The bull case hinges on full Vision 2031 execution — on-time commissioning of the Odisha stainless steel plant and aluminium FRP, PLI benefits, and a favourable steel cycle.

The bear case is triggered by a >12-month delay in stainless flat commissioning combined with ED investigation escalation and carbon steel realizations falling below ₹40,000/tonne, compressing revenue growth to 8.6%.

The critical binary is whether two nascent segments (stainless steel and aluminium) can scale 4.5× to deliver 54% of projected growth.

Key Ratios

Debt to Equity
Debt to Equity
0.09
Div Yield (%)
Div Yield (%)
0.43
Individual < 2 lac
Individual < 2 lac
2.77 %
Institutions
Institutions
12.99 %
Market cap
Market cap
29,404 Cr
No. of Shareholders
No. of Shareholders
98,522
OPM (%)
OPM (%)
12.87 %
PE
PE
26.18
Prom Holding
Prom Holding
74.59 %
ROCE (%)
ROCE (%)
12.14
ROE (%)
ROE (%)
9.29
Sales
Sales
19,573 Cr
  • Shyam Metalics&Ener
  • Usha Martin
  • Lloyds Metals&Energy
  • TJI Metals
Last updated on 6 Oct 2026
  • Shyam Metalics is an integrated steel and metals producer. Its products, sold under the SEL Tiger brand, include TMT rebar for construction, stainless steel, roofing sheets, structural steel and aluminium foil.
  • Steel is ~75% of FY26 revenue of ~₹18,552Cr. Pig-iron and stainless acquisitions plus new foil and CR-coil lines shift the mix toward value-added products.
  • Growth comes from the downstream value-added ramp. CR coil volumes rose 200% in FY26, and Q2FY27 stainless and flat volumes grew while carbon long lagged.
  • The model is ore-to-metal integration with captive power. Per management, it is among the least leveraged steel companies, guiding conservatively and over-delivering.
  • Q2FY27 sales show a mix split: carbon flat volumes rose 64.5% QoQ and stainless 28.5%, while foil and September carbon-long volumes fell.
  • The company is mid-ramp on downstream steel. FY27 hinges on the ~30% revenue-growth guide, with a 14–15% EBITDA margin a long-term aspiration.
  • Vision 2031 targets ₹400bn revenue and 27 MTPA capacity against 16.93 MTPA today on ₹100bn capex, plus new special-bar-quality, stainless and hot-strip projects.
  • A proposed 9 MTPA greenfield steel complex at Chandrapur, ~₹50,000Cr or 5x the Vision-2031 capex envelope, is the main execution and leverage risk if firmed.
  • Growth is self-funded. The balance sheet is net cash with debt/equity capped at 0.5x and working capital at 9 days in FY26.
  • Aluminium flat-rolled products plant was Q2 FY27; no update yet
    the commissioning was guided for the quarter but no update is filed; Q2 foil volumes fell 3.1% QoQ.
  • First test of the ~30% growth guide ~mid-Nov 2026
    Q2 results give the first read on the ~30% FY27 revenue-growth guide and the 14–15% EBITDA-margin aspiration.
  • Chandrapur greenfield steel complex firming permissions from FY27; no COD stated
    ~₹50,000Cr for 9 MTPA would add about half again to the 16.93 MTPA base; funding and completion are unfiled.
  • Hot Strip Mill (hot-rolled coil) no COD stated
    at ₹5,400Cr it is the largest project in the programme; capacity and completion dates are not stated.
  • Stainless steel expansion at Sambalpur Mar 2029
    the ₹1,800Cr stainless expansion guides commissioning by March 2029; its volume effect is not yet filed.
Price Range

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Low
746
52W Range
High
1148
Timeline

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Forensics

12 Yes

Positive for this company

1 Neutral

Neutral for this company

4 No

Negative for this company

0 No Data

Insufficient data to analyse

Revenue mix

Product Wise Break-Up

Segment Break-Up

Location Wise Break-Up

Operational Metrics

    Select a Metric
    • Quarterly Sales Volume - Ferro Alloys (Tonnes)
    • Quarterly Sales Volume - Pellets (Tonnes)
    • Capacity Utilization - Wire rods (%)
    • Quarterly Sales Volume - Pig Iron (Tonnes)
    • Manufacuring Capacity - Ferro Alloy (MTPA)
    • Realization/Tonne - Ferro Alloy (Rs/MT)
    • Capacity Utilization - Ferro Alloy (%)
    • Captive Power As A % Of Total Power (%)
    • Generation Capacity - Electricity (MW)
    • EBITDA/Tonne (Rs)
    • Capacity Utilization - Pellets (%)
    • Capacity Utilization - Steel Billets (%)
    • Realization/Tonne - Steel Billets (Rs/MT)
    • Capacity Utilization - Sponge Iron (%)
    • Realization/Tonne - Pellets (Rs/MT)
    • Manufacturing Capacity- Steel Billets (MTPA)
    • Quarterly Sales Volume - Sponge Iron (Million Tonnes)
    • Quarterly Sales Volume - Steel Billets (Million Tonnes)
    • Realization/Tonne - Sponge Iron (Rs/MT)
    • Manufacturing Capacity - Structural TMT (MTPA)
    • Quarterly Sales Volume - Steel (Million Tonnes)
    • Realization/Tonne - Steel (Rs/MT)
    • Manufacturing Capacity - Pellets (MTPA)

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    FAQs on Shyam Metalics And Energy Ltd. Business

    Shyam Metalics and Energy Limited specializes in producing intermediate and long steel products, focusing on high margin items such as customised billets and specialized ferro alloys. They are expanding their portfolio to include pig iron, ductile iron pipes, and aluminum foil.

    Shyam Metalics&Ener major competitors are Usha Martin, Lloyds Metals&Energy, Sarda Energy & Min., Gallantt Ispat, Lloyds Enterprises, Mishra Dhatu Nigam.
    Market Cap of Shyam Metalics&Ener is ₹29,213 Crs.
    While the median market cap of its peers are ₹13,868 Crs.

    Shyam Metalics&Ener seems to be less financially stable compared to its competitors.
    Altman Z score of Shyam Metalics&Ener is 3.57 and is ranked 6 out of its 7 competitors.

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