Key Approved Items

1. Financial Results Approval
  • Approved the Unaudited Financial Results (Standalone and Consolidated) for Q2 and Half Year ended September 30, 2026.
  • Results reviewed by Audit Committee and Statutory Auditors (M/s. MSKA & Associates LLP).
  • Results available on company website: www.shyammetalics.com.
2. Director Appointment
  • Granted in-principle approval for induction of Mr. Debashis Prasad Pattanaik as nominee director representing LIC.
  • Appointment subject to allotment of DIN and requisite formalities under Companies Act.
  • Director is not debarred from holding office by any SEBI order or authority.
3. Acquisition Approval
  • Approved proposal to acquire 51% controlling equity stake in Alom Solar Private Limited.
  • Acquisition subject to execution of definitive agreements and necessary approvals.
  • Post-acquisition, Alom Solar will become a subsidiary of Shyam Metalics.
  • Acquisition consideration: ₹51,000 for 5,100 equity shares at face value of ₹10 per share.
  • Target completion date: on or before 30th November 2026.
4. Capital Expenditure Approval
  • Approved initial Capex budget of approximately ₹360 Crores for development of Phutamura Coal Block in Raigarh District, Chhattisgarh.
  • Company's financial contribution: 51% (approximately ₹183.60 Crores) as it will hold 51% stake in Alom Solar.
  • Remaining 49% to be funded by joint venture partner.

Meeting Details

  • Commenced at 11:00 A.M. and concluded at 12:45 P.M.

Director Profile (Annexure A)

  • Mr. Debashis Prasad Pattanaik (born July 12, 1966)
  • Current position: Chief Executive Officer & Executive Director (FGN) at LIC (International) B.S.C. (c), Bahrain
  • Qualifications: M.A., MBA, Fellow of Insurance Institute of India (FIII)
  • Additional certifications from Chartered Insurance Institute (UK) and IICA proficiency test
  • Not related to any existing directors of the company

Acquisition Details (Annexure B)

  • Target entity: Alom Solar Private Limited
  • Assets: Mining rights for Phutamura Coal Block (~7.324 sq. km with estimated reserves of ~170 million tonnes)
  • Not a related party transaction; conducted at arm's length
  • Industry: Mining and Energy / Natural Resources
  • Purpose: Strategic backward integration to secure long-term coal supply for captive power generation and steel manufacturing
  • Turnover history: Nil for FY 2023-24, 2024-25, and 2025-26
  • Date of incorporation: 28th June, 2026
  • Country of operations: India

Financial Results Highlights

Consolidated Results (₹ in Crores)

| Particulars | Q2 FY27 (Sep-26) | Q1 FY27 (Jun-26) | Q2 FY26 (Sep-25) | H1 FY27 | H1 FY26 | FY26 (Mar-26) |

| Revenue from operations | 5,960.19 | 5,455.09 | 4,467.40 | 11,415.28 | 8,890.39 | 18,552.21 |

| Total income | 5,994.34 | 5,502.18 | 4,536.53 | 11,496.52 | 9,013.13 | 18,755.82 |

| Profit after tax | 510.99 | 350.73 | 260.45 | 861.72 | 551.12 | 1,060.17 |

| PAT attributable to owners | 493.35 | 345.07 | 261.76 | 838.42 | 553.91 | 1,070.24 |

| Basic EPS (₹) | 18.36 | 12.60 | 9.36 | 30.96 | 19.81 | 38.10 |

| Diluted EPS (₹) | 18.30 | 12.56 | 9.33 | 30.86 | 19.74 | 37.97 |

Standalone Results (₹ in Crores)

| Particulars | Q2 FY27 (Sep-26) | Q1 FY27 (Jun-26) | Q2 FY26 (Sep-25) | H1 FY27 | H1 FY26 | FY26 (Mar-26) |

| Revenue from operations | 1,894.77 | 1,590.17 | 1,673.58 | 3,484.94 | 3,427.43 | 6,992.98 |

| Total income | 1,919.17 | 1,623.25 | 1,703.86 | 3,542.42 | 3,488.28 | 7,103.75 |

| Profit after tax | 198.13 | 138.96 | 135.61 | 337.09 | 303.25 | 552.85 |

| Basic EPS (₹) | 7.12 | 4.96 | 4.87 | 12.11 | 10.90 | 19.87 |

| Diluted EPS (₹) | 7.10 | 4.94 | 4.86 | 12.07 | 10.86 | 19.80 |

Key Financial Position (Consolidated)

  • Total assets: ₹23,194.90 crores (30 Sep 2026) vs ₹20,060.84 crores (31 Mar 2026)
  • Equity share capital: ₹278.39 crores
  • Other equity: ₹12,070.20 crores
  • Total borrowings: ₹1,347.59 crores (current: ₹1,250.55 crores, non-current: ₹97.04 crores)

Significant Notes to Financial Results

1. ESOP Grants
  • During the period, company granted 114,500 stock options under 'SMEL Performance ESOP Scheme (ESOP 2023)'
  • Transferred 96,060 equity shares to eligible employees upon exercise of vested options
2. PMLA Investigation
  • Directorate of Enforcement issued Provisional Attachment Order dated April 15, 2026 on subsidiary Shyam SEL and Power Limited
  • Specified investments aggregating ₹152.48 crores provisionally attached for 180 days under PMLA
  • Related to investigation of alleged purchase of coal from illegal mining in Eastern Coalfields Limited areas
  • Adjudicating Authority confirmed attachment on October 9, 2026 and extended for up to 365 days
  • Management refutes allegations and has filed appeal with Appellate Tribunal, New Delhi
  • No expected impact on operations or financial results
3. Change in Depreciation Method
  • Effective 1 July 2026, changed depreciation method from Written Down Value (WDV) to Straight-Line Method (SLM)
  • Reduction in depreciation charge by ₹171.77 crore for Q2 FY27 (consolidated) and ₹41.89 crore (standalone)
  • Change accounted prospectively in accordance with Ind AS
4. Subsidiaries and Associates
  • Consolidated results include 12 subsidiaries, 4 associates, and 2 joint ventures
  • 9 subsidiaries with total assets of ₹757.13 crores not reviewed by principal auditor
  • 1 subsidiary located outside India with results converted from local GAAP to Indian GAAP by management