Key Quantitative Figures

Standalone Financials (₹ in Lakhs):

  • Quarter Ended Sep 30, 2026:
  • Revenue from Operations: ₹5,413.48
  • Other Income: ₹46.24
  • Total Revenue: ₹5,459.72
  • Total Expenses: ₹4,990.44
  • Profit Before Tax: ₹469.28
  • Tax Expense: ₹118.41 (Current Tax: ₹60.34, Deferred Tax: ₹58.07)
  • Profit After Tax: ₹350.87
  • EPS: ₹0.04 (Basic & Diluted)
  • Half Year Ended Sep 30, 2026:
  • Revenue from Operations: ₹9,336.10
  • Other Income: ₹96.34
  • Total Revenue: ₹9,432.44
  • Total Expenses: ₹8,649.89
  • Profit Before Tax: ₹782.55
  • Tax Expense: ₹235.99 (Current Tax: ₹139.18, Deferred Tax: ₹96.83)
  • Profit After Tax: ₹546.55
  • EPS: ₹0.05 (Basic & Diluted)

Consolidated Financials (₹ in Lakhs):

  • Quarter Ended Sep 30, 2026:
  • Revenue from Operations: ₹4,283.15
  • Other Income: ₹170.12
  • Total Revenue: ₹4,453.26
  • Total Expenses: ₹3,973.77
  • Profit Before Tax: ₹512.02
  • Tax Expense: ₹117.60 (Current Tax: ₹78.84, Deferred Tax: ₹38.76)
  • Profit After Tax: ₹394.42
  • EPS: ₹0.04 (Basic & Diluted)
  • Profit attributable to Owners: ₹27.10
  • Profit attributable to Non-Controlling Interest: ₹367.32
  • Half Year Ended Sep 30, 2026:
  • Revenue from Operations: ₹10,003.34
  • Other Income: ₹289.56
  • Total Revenue: ₹10,292.89
  • Total Expenses: ₹9,344.69
  • Profit Before Tax: ₹982.78
  • Tax Expense: ₹236.08 (Current Tax: ₹139.18, Deferred Tax: ₹96.90)
  • Profit After Tax: ₹746.70
  • EPS: ₹0.07 (Basic & Diluted)
  • Profit attributable to Owners: ₹375.19
  • Profit attributable to Non-Controlling Interest: ₹371.51

Dates of Action

The Board Meeting was held on November 14, 2026, commencing at 5:30 PM and concluding at 6:45 PM.

Parties Involved

  • Statutory Auditor: M/s. Shivam Soni & Co. (Firm Registration Number –152477W)
  • Previous Auditor: ASHOK DHARIWAL & CO. (for quarter ended June 30, 2026, and year ended March 31, 2026)
  • Subsidiaries Included in Consolidation: Shah Agrocorp Private Limited, Western Urja Private Limited, General Capital and Holding Co Pvt Ltd, Metcorp Trading LLC
  • Associate Included: Strike Eco Grid Pvt Ltd (not accounting for losses as investment value is nil)
  • Joint Venture Included: Shah Metacorp Holding USA Inc

Emphasis of Matter - Provision for Doubtful Debts

Trade receivables as of April 1, 2026, include an outstanding balance of ₹76.26 crore from an overseas customer, overdue for a significant period. The company has entered into a Memorandum of Understanding (MOU) for a proposed settlement at a substantially reduced value over an extended repayment period. A provision for doubtful debts of ₹56.89 crore has been recognized against this balance. The ultimate realization is dependent on future events and actual recoveries.

Capital Structure Impact

  • The company issued and allotted 4,40,00,000 Equity Shares of face value ₹1 to Promoters on a preferential basis in conversion of warrants issued in June 2025 at an issue price of ₹4.71 each (including a premium of ₹3.71 per share).
  • The company issued 9,71,63,362 Equity Shares of face value ₹1 each (Rights Equity Shares) to eligible shareholders at an issue price of ₹4.86 per share (including a premium of ₹3.86 per share) in the ratio of 36 Rights Equity Shares for every 311 existing fully paid-up shares held as of May 27, 2026. The Right Issue Committee approved the allotment on June 30, 2026.
  • Paid-up Equity Share Capital (Standalone and Consolidated) increased from ₹8,852.11 lakhs (as of March 31, 2026) to ₹10,263.74 lakhs (as of September 30, 2026).

Other Disclosures

  • The principal business is manufacturing and sale of S.S. Products. The company operates as a single reportable segment.
  • One investor complaint was received and resolved during the period; none were unattended as of September 30, 2026.
  • The Related Party Transaction Policy was reviewed and updated.
  • A Chief Financial Officer certificate in terms of Regulation 33 was placed before the Board.
  • The financial results are available on the company's website: www.shahmetacorp.com.

Assets and Liabilities (Standalone as of Sep 30, 2026)

  • Total Assets: ₹38,005.27 Lakhs (Mar 31, 2026: ₹33,068.52 Lakhs)
  • Total Equity: ₹36,893.93 Lakhs (Mar 31, 2026: ₹30,112.91 Lakhs)
  • Non-Current Liabilities: ₹59.59 Lakhs (Mar 31, 2026: ₹1,556.82 Lakhs)
  • Current Liabilities: ₹1,051.74 Lakhs (Mar 31, 2026: ₹1,398.77 Lakhs)

Cash Flow (Standalone H1 FY27)

  • Net Cash from Operating Activities: (₹6,290.18) Lakhs
  • Net Cash from Investing Activities: (₹102.11) Lakhs
  • Net Cash from Financing Activities: ₹6,234.46 Lakhs
  • Net Decrease in Cash: (₹157.84) Lakhs
  • Closing Cash & Bank Balances: ₹28.73 Lakhs