Shyam Metalics and Energy Ltd

Shyam Metalics and Energy Ltd has released its sales data for October 2026. The company reported a 20.40% year-on-year (YoY) increase in sales volumes for Stainless Steel, reaching 7,671 MT, with average realisations up 42.09%. Aluminium Foil sales volumes saw a 22.20% YoY increase to 1,673 MT, and realisations rose by 27.40%. Speciality Alloys experienced a 22.39% YoY volume growth to 19,815 MT, with realisations up 22.73%. Carbon Steel (Flat) showed a significant 78.03% YoY volume increase to 23,968 MT, with realisations up 22.26%. Metallics (Pellet, Sponge iron, Pig iron) recorded a 6.61% YoY volume increase to 2,50,272 MT, and realisations surged by 35.92%. However, Carbon Steel (Long) volumes decreased by 15.85% YoY to 1,11,926 MT, though realisations increased by 23.63%. The company also noted the stable operations of its newly commissioned aluminium foil plant.

Shyam Metalics and Energy Ltd has announced the exercise of 9,000 stock options by eligible employees under the "SMEL Performance ESOP Scheme – 2023". This exercise has resulted in the allotment of 9,000 equity shares of face value ₹10 each. The company received ₹61,14,870 (₹61.15 Lakhs) from this exercise. The options were originally granted at a price of ₹679.43 per share, representing a 25% discount on the market price on August 28, 2025. The ESOP scheme is administered via an ESOP Trust, which is authorized to purchase shares from the secondary market.

Shyam Metalics and Energy Ltd has announced a change in the corporate and communication address of its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited. The new address will be effective from December 1, 2026. The RTA's registered office in Mumbai remains unchanged. Investors can now use the new Hyderabad address for correspondence and operations.

Shyam Metalics and Energy Limited (SMEL) announced its financial results for Q2 and HY1 FY 2026-27. For Q2 FY27, the company reported a significant YoY growth with Revenue increasing by 33.4% to ₹5,960 Cr, EBITDA by 40.9% to ₹857 Cr, and Profit After Tax (PAT) by 96.2% to ₹511 Cr. Total sales volume rose by 26% YoY to 15.49 Lakh Tonnes. The company also highlighted a strategic acquisition of a 51% stake in Alom Solar Private Limited for ₹183.6 Cr, aiming for backward integration and securing coal supply, with an expected incremental EBITDA of ₹400 Cr by FY31. A change in depreciation method from Written Down Value to Straight-Line Depreciation was implemented this quarter.

Shyam Metalics and Energy Limited announced its unaudited financial results for the second quarter and half-year ended September 30, 2026. The Board of Directors also gave in-principle approval for the acquisition of a 51% controlling equity stake in Alom Solar Private Limited, which will make it a subsidiary. Additionally, the company approved an initial Capital Expenditure (Capex) budget of approximately ₹360 Crores for the development of the Phutamura Coal Block, with Shyam Metalics contributing 51% (₹183.60 Crores). The Board also approved the proposed induction of Mr. Debashis Prasad Pattanaik as a nominee director representing LIC.

Shyam Metalics and Energy Limited's Board of Directors met on October 31, 2026, approving the Unaudited Financial Results for the Second Quarter and Half Year ended September 30, 2026. The board also gave in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director representing LIC, subject to regulatory approvals. Furthermore, the company approved the acquisition of a 51% controlling stake in Alom Solar Private Limited, which will make it a subsidiary. An initial Capital Expenditure (Capex) budget of approximately ₹360 Crores was approved for the Phutamura Coal Block development, with Shyam Metalics contributing 51% (₹183.60 Crores).

Shyam Metalics and Energy Ltd announced its Board of Directors has approved the proposal to acquire a 51% controlling equity stake in Alom Solar Private Limited. Upon completion of definitive agreements and necessary approvals, Alom Solar will become a subsidiary of Shyam Metalics. The company also approved the Unaudited Financial Results for the Second Quarter and Half Year ended September 30, 2026, and gave in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director representing LIC. Additionally, a Capital Expenditure budget of approximately ₹360 Crores was approved for the Phutamura Coal Block development, with Shyam Metalics contributing 51% (₹183.60 Crores).

Shyam Metalics' consolidated PAT came in at ₹510.99 Cr (owners' share ₹493.35 Cr) for Q2 FY27, up 96.2% YoY and 45.7% QoQ, on revenue from operations of ₹5,960.19 Cr (+33.7% YoY, +9.3% QoQ). YoY is the primary read here, and on that basis the headline PAT number is flattered: effective 1 July 2026 the company switched its depreciation method from Written Down Value to Straight-Line, cutting consolidated Q2 D&A by ₹171.77 Cr versus what the old method would have charged. Stripping that one-off out, adjusted PAT growth is closer to ~45% YoY (~8% QoQ) — still strong, but roughly half the reported figure. The underlying operating print, which isn't touched by the depreciation change, was genuinely solid: EBITDA rose 40.9% YoY to ₹857.17 Cr, with OPM (EBITDA ex-other income/revenue) expanding to 13.81% from 12.10% a year ago, though it eased slightly from 14.03% last quarter. Revenue growth was volume-led — company data shows 26% YoY volume growth for the quarter, matching the volume target embedded in management's FY27 guidance (20%+ EBITDA growth on a 25% volume target). H1 FY27 EBITDA of ₹1,669.55 Cr is up 34.5% YoY, running ahead of that 20%+ guidance, so the quarter is tracking on or ahead of plan on an operating basis even after backing out the depreciation tailwind. Consolidated and standalone results diverge sharply, however: standalone revenue grew just 13.2% YoY to ₹1,894.77 Cr and standalone PAT 46.1% YoY to ₹198.13 Cr, both well below the group numbers — the bulk of this quarter's growth is coming from subsidiaries and JVs, not the parent entity, so readers comparing the standalone print will see a materially slower-growing company. Our pre-result preview had flagged ~26% volume growth and 35–40% revenue growth YoY as the bar, alongside Street consensus (Goldman Sachs Buy, target ₹1,120; Jefferies Buy, target ₹1,250) framing this as a volume story with execution risk around the Maharashtra greenfield plant. The print lands essentially in line: volume growth matched the 26% watch figure exactly, while revenue growth of 33.7% YoY came in just under the lower end of the expected 35–40% band. Nuvama's pre-quarter caution that steel profitability would soften in Q2 amid lower market prices showed up mildly in the sequential OPM dip (14.03%→13.81%) even as YoY margins still expanded. On corporate developments, the board on 31 October approved the Alom Solar acquisition (51% stake, SMEL's ₹183.6 Cr share of a ₹360 Cr capex budget) for the Phutamura coal block backward-integration project, alongside the previously NCLT-approved subsidiary merger and the induction of an LIC nominee director — none of which are yet reflected in this quarter's numbers. Going into Q3, the two things to track are whether the OPM softening seen this quarter extends further as the depreciation tailwind fades (it only applied from 1 July, so a full quarter's benefit shows up in Q3 as well, before normalizing), and how the ₹50,000 Cr Maharashtra steel-complex MoU and the coal-block integration translate into disclosed capex phasing.

Shyam Metalics and Energy Ltd announced that its wholly-owned subsidiary, Shyam Sel and Power Limited (SSPL), has received sanction from the National Company Law Tribunal (NCLT) for the merger of Shree Venkateshwara Electrocast Private Limited (SVEPL). The merger is effective retroactively from April 01, 2024. This strategic amalgamation aims to consolidate the group's aluminium foil operations under a single entity, enhancing operational efficiencies and supply chain coordination. A key financial benefit includes the absorption of SVEPL's accumulated losses by SSPL under Section 72A of the Income-tax Act, 1961, creating a significant tax shield and immediate cash-flow savings for the combined entity. The Income Tax Department has already issued a No Objection Certificate for the scheme.

Shyam Metalics and Energy Ltd has announced that its Board of Directors will convene on October 31, 2026. The primary agenda item is the consideration and approval of the unaudited standalone and consolidated financial results for the second quarter and half-year ended September 30, 2026. In line with SEBI regulations, the trading window for company securities will be closed from October 1, 2026, until 48 hours after the financial results are declared.