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Shyam Metalics & Energy Ltd

Q2 FY26

Shyam Metalics & Energy Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,199

Market cap₹33.5K Cr

P/E29.8

Updated16 Oct 2026

Read4 min read

The short version

Shyam Metalics expects double-digit growth of approximately 15% to 20% CAGR in top line over the next 2-3 years. Shyam Metalics expects a double-digit top-line growth of 15% to 20% on average over the next 2 to 3 years.

From Shyam Metalics & Energy Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Shyam Metalics expects double-digit growth of approximately 15% to 20% CAGR in top line over the next 2-3 years.
Revenue from flat product businesses, including color-coated steel, is anticipated to reach around INR4,000-4,500 crores after expansion.
Volumes are steadily increasing quarter-on-quarter, with expectations of growth in Q3 and Q4 driven by new capacities like pig iron commissioning.
Demand is expected to improve post-monsoon and post-election periods, supporting volume growth especially in downstream and value-added products.
The stainless steel business is projected to improve margins substantially after commissioning new facilities in FY27-28.

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Profitability & Margins

Shyam Metalics expects a double-digit top-line growth of 15% to 20% on average over the next 2 to 3 years.
Margin improvement of 200 to 300 basis points is anticipated due to downstream value addition.
Expansion into higher-value segments like stainless steel and flat products is expected to support margin and earnings growth.
The commissioning of new plants (e.g., pig iron, color-coated steel) will contribute to volume growth and improved profitability.
The company aims to maintain stable EBITDA margins despite raw material price fluctuations.
CRISIL’s upgrade to AA+ stable underscores strong financial discipline and supports access to capital for growth.

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Capital Expenditure Plans

Ongoing capex of INR9,425 crores since IPO; INR7,529 crores incurred as of H1 FY '26 (80% of total).
Remaining capex of INR2,559 crores to be incurred over next 2 years.
FY '26 Q4 commissioning of 90 MW power plant and 0.15 million tonnes color-coated steel plant.
FY '27 major commissioning: aluminum mill with caster, flat rolled aluminum products.
Stainless steel flat product plant commissioning expected FY '27-28.
Emphasis on downstream value addition like stainless steel, aluminum, specialty products.
Post-FY '27, management plans further downstream/value-added product capex, funded largely by internal cash generation.

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Fundraising & Capital Structure

Shyam Metalics is currently funding its capex plan (INR2,559 crores over next 2 years) primarily through internal cash generation and existing liquidity.
The company intends to take limited debt, mostly for working capital in case of temporary fund flow mismatches.
Bank limit utilization at consolidated level is expected to remain moderate going forward.
Annual cash accruals are expected to comfortably meet capex requirements and debt repayments.
No specific plans or announcements of new equity or major debt fundraising were mentioned.

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Order Book & Pipeline

The document does not explicitly mention the current or expected order book or pending orders for Shyam Metalics and Energy Limited. However, the following related points can be inferred: - The company anticipates improved demand in Q3 and Q4, post-festive season and elections. - There is a good sales book of close to 5 to 6 months for aluminum foil products, indicating firm demand. - Expectation of ramp-up in new product lines like color-coated steel and aluminum within 3 to 6 months. - Increasing demand in stainless steel and TMT products is expected in the near term.

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Shyam Metalics & Energy Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹5.2K Cr, net profit ₹312 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Shyam Metalics's management said in earlier quarters

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Frequently Asked Questions

What were Shyam Metalics & Energy Ltd Q2 FY26 results?

Shyam Metalics expects double-digit growth of approximately 15% to 20% CAGR in top line over the next 2-3 years. Shyam Metalics expects a double-digit top-line growth of 15% to 20% on average over the next 2 to 3 years.

What is Shyam Metalics & Energy Ltd share price analysis?

Shyam Metalics & Energy Ltd currently shows a neutral. The stock trades at a P/E of 29.8 with a market cap of ₹33,454 Cr. Investors should review the full earnings analysis for detailed insights.

Is Shyam Metalics & Energy Ltd planning capital expenditure?

Ongoing capex of INR9,425 crores since IPO; INR7,529 crores incurred as of H1 FY '26 (80% of total).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.