Date: October 31, 2026

Financial Performance Overview

Shyam Metalics and Energy Limited reported strong financial results for Q2 FY27 ending September 30, 2026, showing significant growth across key metrics.

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue: ₹5,960 Cr (up 33.4% from ₹4,467 Cr)
  • EBITDA: ₹857 Cr (up 40.9% from ₹609 Cr)
  • EBITDA Margins: 14.4% (improved +80 bps from 13.6%)
  • Operating EBITDA: ₹823 Cr (up 52.6% from ₹539 Cr)
  • Operating EBITDA Margins: 13.8% (improved +170 bps from 12.1%)
  • Profit after Tax: ₹511 Cr (surged 96.2% from ₹261 Cr)
  • PAT Margins: 8.6% (improved +280 bps from 5.8%)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue: ₹11,415 Cr (up 28.4% from ₹8,890 Cr)
  • EBITDA: ₹1,670 Cr (up 34.4% from ₹1,242 Cr)
  • EBITDA Margins: 14.6% (improved +60 bps from 14.0%)
  • Operating EBITDA: ₹1,588 Cr (up 41.9% from ₹1,119 Cr)
  • Operating EBITDA Margins: 13.9% (improved +130 bps from 12.6%)
  • Profit after Tax: ₹862 Cr (up 56.4% from ₹551 Cr)
  • PAT Margins: 7.5% (improved +130 bps from 6.2%)

Quarterly Sequential Performance (Q2 FY27 vs Q1 FY27)

  • Revenue: ₹5,960 Cr (up 9.3% from ₹5,455 Cr)
  • EBITDA: ₹857 Cr (up 5.5% from ₹812 Cr)
  • EBITDA Margins: 14.4% (declined -50 bps from 14.9%)
  • Operating EBITDA: ₹823 Cr (up 7.5% from ₹765 Cr)
  • Operating EBITDA Margins: 13.8% (declined -20 bps from 14.0%)
  • Profit after Tax: ₹511 Cr (up 45.7% from ₹351 Cr)
  • PAT Margins: 8.6% (improved +220 bps from 6.4%)

Sales Volume Analysis

Total sales volume increased by 26% YoY to 15.49 lakh tonnes in Q2 FY27.

Quarterly Volume Performance (in Tonnes)

| Product Category | Q2 FY27 | Q2 FY26 | Y-o-Y | Q1 FY27 | Q-o-Q |

| Metallics(3) | 9,43,020 | 6,77,423 | +39.2% | 8,48,575 | +11.1% |

| Carbon Steel (Long)(1) | 4,32,553 | 4,26,063 | +1.5% | 4,04,858 | +6.8% |

| Carbon Steel (Flat)(2) | 81,493 | 38,870 | +109.7% | 49,539 | +64.5% |

| Speciality Alloys | 56,683 | 54,133 | +4.7% | 51,479 | +10.1% |

| Stainless Steel | 29,847 | 24,720 | +20.7% | 23,237 | +28.4% |

| Aluminium | 5,434 | 5,274 | +3.0% | 5,606 | -3.1% |

Half-Yearly Volume Performance (in Tonnes)

| Product Category | H1 FY27 | H1 FY26 | Y-o-Y |

| Metallics(3) | 17,91,595 | 13,68,252 | +30.9% |

| Carbon Steel (Long)(1) | 8,37,411 | 8,32,834 | +0.5% |

| Carbon Steel (Flat)(2) | 1,31,032 | 71,479 | +83.3% |

| Speciality Alloys | 1,08,162 | 1,10,709 | -2.3% |

| Stainless Steel | 53,084 | 44,533 | +19.2% |

| Aluminium | 11,040 | 10,714 | +3.0% |

Per Tonne Realizations

Quarterly Realizations (Rs.)

| Product Category | Q2 FY27 | Q2 FY26 | Y-o-Y | Q1 FY27 | Q-o-Q |

| Metallics(3) | 20,325 | 19,346 | +5.1% | 22,399 | -9.3% |

| Carbon Steel (Long)(1) | 43,723 | 41,510 | +5.3% | 45,777 | -4.5% |

| Carbon Steel (Flat)(2) | 85,111 | 73,091 | +16.4% | 86,815 | -2.0% |

| Speciality Alloys | 1,12,792 | 95,253 | +18.4% | 1,06,613 | +5.8% |

| Stainless Steel | 1,77,156 | 131,029 | +35.2% | 1,75,925 | +0.7% |

| Aluminium | 4,96,215 | 388,570 | +27.7% | 4,83,467 | +2.6% |

Half-Yearly Realizations (Rs.)

| Product Category | H1 FY27 | H1 FY26 | Y-o-Y |

| Metallics(3) | 21,307 | 19,072 | +11.7% |

| Carbon Steel (Long)(1) | 44,716 | 43,144 | +3.6% |

| Carbon Steel (Flat)(2) | 85,755 | 72,582 | +18.1% |

| Speciality Alloys | 1,09,851 | 91,401 | +20.2% |

| Stainless Steel | 1,76,617 | 1,34,360 | +31.5% |

| Aluminium | 4,89,742 | 3,77,082 | +29.9% |

Strategic Initiatives and Expansion

Acquisition and Backward Integration

  • Acquired 51% controlling stake in Phutamura Coal Block in Raigarh, Chhattisgarh for ₹183.6 Cr
  • Total capex of ₹360 Cr for the coal block
  • Expected to secure long-term captive coal supply for power generation and steel manufacturing
  • Expected to contribute incremental EBITDA of approximately ₹400 Cr by FY31

Capacity Expansion

  • Added 18,000 TPA of aluminium foil capacity at Sambalpur, taking total capacity to approximately 42,000 TPA
  • Commissioned 1.5 MTPA beneficiation plant at Sambalpur to use lower-grade ore more effectively

ESG Initiatives

  • Commissioned 8.90-megawatt peak (MWp) solar power plant at Jamuria steel mill

Future Projects

  • Signed Maharashtra MoU to evaluate 9 MTPA integrated steel complex at Chandrapur
  • Project pursuit subject to feasibility, land availability and statutory approvals

Accounting Policy Change

Effective Q2 FY27, the company shifted from Written Down Value to Straight-Line Depreciation method to align with widely accepted industry practice, support stable return profile, and better reflect underlying performance.

Management Commentary

Mr. Brij Bhushan Agarwal, Chairman & Managing Director, stated that the strong performance was led by disciplined execution and supported by the integrated business model. He emphasized progress towards Vision 2031 and strengthening ability to fund the next phase of expansion through internal accruals while maintaining prudent leverage and adequate liquidity. The company will focus on turning ongoing steel, stainless steel and aluminium investments into stronger earnings, with planned hot-rolled and Special Bar Quality mills supporting the move into higher-value products.

Company Background

Shyam Metalics is a leading integrated metal-producing company based in India primarily in the steel industry with operations in West Bengal, Odisha, Jharkhand and Madhya Pradesh. The company focuses on Long and Flat Steel Products, Ferro Alloys, Aluminum and Stainless Steel. The company got listed in 2021 and currently has a market capitalization of ₹32,485 crores. The company is among the largest producers of ferro alloys in India and one of the leading players in pellet capacity.