# Shyam Metalics & Energy share price today (Shyam Metalics & Energy Ltd, NSE: SHYAMMETL)

> Shyam Metalics & Energy share price today: ₹1,219.50 at the NSE close on 3 November 2026, up 38.9% in a year. Shyam Metalics & Energy (NSE: SHYAMMETL) is worth ₹34,037 crore, trades at a P/E of 25.2 and has closed between ₹769.90 and ₹1,219.50 over the past 52 weeks. > Shyam Metalics & Energy Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. SHYAMMETL · Steel Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/shyam-metalics-energy-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹1,219.50 (+38.9% in a year)
- P/E: 25.2× (higher than 72% of the last 5.3 years)
- Revenue (Sep 2026): ₹5,960 Cr (+33.4% on a year ago)
- Profit (Sep 2026): ₹511 Cr (+96.5% on a year ago)
- Operating margin: 14.0% (+2.0 points on a year ago)
- ROCE: 13%, FY26
- ROIC: 11.7%, against a 12.0% cost of capital: −0.3 points

Biggest thing to watch: the P/E is higher than 72% of its own history, so the multiple has already done part of the work. ## What is the Shyam Metalics & Energy share price today? Shyam Metalics & Energy Ltd's share price was ₹1,219.50 at the close on 3 November 2026. It has been rising for 23 weeks. That is 23.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹770 and ₹1,220, and at that close it was at the high of that range. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 12 weeks in a row. Over the last 5.4 years the share price moved +213% while the NIFTY 500 moved +63%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Shyam Metalics & Energy this quarter? Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 6 quarters in a row and highest quarterly profit in 16 quarters. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹5,960 crore, +33.4% on a year earlier. 2. Profit up on a year earlier for 6 quarters in a row In the September 2026 quarter profit was ₹511 crore, +96.5% on a year earlier. 3. Highest quarterly profit in 16 quarters Profit of ₹511 crore in the September 2026 quarter is the highest of the last 16 quarters. ## What are Shyam Metalics & Energy's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Shyam Metalics & Energy reported revenue of ₹5,960 crore, up 33.4% from ₹4,467 crore a year earlier, and a profit of ₹511 crore, up 96.5% from ₹260 crore. ### Shyam Metalics & Energy results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹5,960 crore | ₹4,467 crore | +33.4% |
| Profit | ₹511 crore | ₹260 crore | +96.5% |
| Earnings per share | ₹17.67 | ₹9.38 | +88.4% |
| Operating margin | 14.0% | 12.0% | +2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 21 July 2026, about April to June 2026; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Shyam Metalics & Energy share price history? Shyam Metalics & Energy closed at ₹1,219.50 on 3 November 2026, up 38.9% from ₹877.85 a year earlier (31 October 2025) and up 242.1% over five years. Its highest weekly close since June 2021 was ₹1,219.50 on 3 November 2026. ### Shyam Metalics & Energy share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,131.30 | +7.8% |
| 1 month ago · 1 Oct 2026 | ₹1,047.80 | +16.4% |
| 6 months ago · 30 Apr 2026 | ₹873.75 | +39.6% |
| 1 year ago · 31 Oct 2025 | ₹877.85 | +38.9% |
| 3 years ago · 3 Nov 2023 | ₹440.00 | +177.2% |
| 5 years ago · 4 Nov 2021 | ₹356.45 | +242.1% |
| Earliest weekly close in our records · 25 Jun 2021 | ₹389.00 | +213.5% |
| Highest weekly close since June 2021, also the 52-week high · 3 Nov 2026 | ₹1,219.50 | 0.0% |
| Lowest weekly close since June 2021 · 31 Mar 2023 | ₹262.85 | +364.0% |
| 52-week low (weekly close) · 13 Mar 2026 | ₹769.90 | +58.4% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (288 weekly closes from 25 June 2021 to 3 November 2026.)

## What is the latest news on Shyam Metalics & Energy? 3 Nov 2026: Shyam Metalics & Energy closed at ₹1,219.50, up 7.8% on the week and up 16.4% on the month. Results for July to September 2026: Revenue up 33.4% and profit up 96.5% on a year earlier. ### Earlier

- 7 Aug 2026: ex-date for a dividend of ₹2.70 a share. - 24 Jul 2026: ex-date for an interim dividend of ₹1.80 a share. - 21 Jul 2026: Shyam Metalics & Energy held its results call for April to June 2026. Management guided: FY27 consolidated revenue and operating profit growth above 20.0%.0% but public commitments remain prudent. ## What dividend does Shyam Metalics & Energy pay? Shyam Metalics & Energy paid ₹4.50 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.37% at the ₹1,219.50 close on 3 November 2026. The last was a dividend of ₹2.70 a share, ex-date 7 August 2026. ### Shyam Metalics & Energy dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 7 Aug 2026 | ₹2.70 | Dividend | same day |
| 24 Jul 2026 | ₹1.80 | Interim | same day |
| 19 Aug 2025 | ₹2.25 | Dividend | same day |
| 28 Jul 2025 | ₹1.80 | Interim | same day |
| 7 Feb 2025 | ₹2.25 | Interim | same day |
| 30 Aug 2024 | ₹2.70 | Dividend | same day |
| 5 Jun 2023 | ₹1.80 | Interim | same day |
| 16 Sep 2022 | ₹2.70 | Dividend | n/a |
| 11 Aug 2022 | ₹1.80 | Interim | 12 Aug 2022 |
| 18 Feb 2022 | ₹2.25 | Interim | 21 Feb 2022 |
| 17 Nov 2021 | ₹2.25 | Interim | 19 Nov 2021 |
| 6 Sep 2021 | ₹2.70 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Shyam Metalics & Energy Ltd paid out 12% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 9 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Shyam Metalics & Energy management say on the latest results call? On the call for April to June 2026, held on 21 July 2026, Shyam Metalics & Energy's management guided: FY27 consolidated revenue and operating profit growth above 20.0%.0% but public commitments remain prudent. > “Our own projections are higher than 25.0%, but we have been very prudent in our commitments; we prefer to share better surprises with our investors”
> Brij Bhushan Agarwal, on the call for April to June 2026

### What management guided

- FY27 flat-products segment numbers expected to almost double; the commissioned color-coated expansion is the stated driver. - Consolidated operating margin around 14.0-15.0% under the long-term roadmap.0-17.0%, or approximately 16.0%, as the overall ambition. - Flat-roll commissioning is planned for Q2, aluminum regularization should take 3-4 months with meaningful value from Q3, iron-making facilities are due by end-Q2 or early Q3, and power plants in Q2. - Announced Capital spending balance of approximately ₹9,580 crore to be deployed over the next 3-4 years, primarily through internal accruals. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/43301/Conference Call/CC-Jul26.pdf). (From the call for April to June 2026, 21 July 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Shyam Metalics & Energy? What is changing in the business? The changes showing up in Shyam Metalics & Energy's own numbers are costs spread over more sales. It is too early to say whether they last. Costs spread over more sales too early to call

Over the last four quarters sales rose 22.8% (₹15,948 crore to ₹19,583 crore) while operating profit, profit from the business before interest, depreciation and tax, rose 28.5% (₹1,960 crore to ₹2,518 crore). Management reported 24% volume growth in the September 2025 quarter, 25% for nine months and 22% for FY26, and credits 'operating leverage absorption of fixed costs'. Why it may last: The extra capacity is the company's own, but the December 2025 quarter shows the margin benefit disappears when steel prices fall, so how much of it reaches profit rises and falls with the steel price cycle. What could be flattering it: Higher steel and aluminium prices (a safeguard duty on steel imports from January 2026, and aluminium prices tied to the London Metal Exchange) rather than fixed costs being spread over more tonnes; and the new plants bring their own depreciation and interest that eat the gain. Next check: Operating margin stays at or above 13% in the September 2026 quarter (monsoon season, softer steel prices) while sales still grow over 20% on the year. Quarter by quarter, 4 quarters

July to September 2025

Sales up 22.9% on the year (₹3,634 crore to ₹4,467 crore) and operating profit up 31.8% (₹409 crore to ₹539 crore); operating margin 12.07% versus 11.25% a year earlier, though below the 13.12% of the June 2025 quarter. Growth was volume-led. ✓ fact

From our notes of the call for July to September 2025: Volume growth +24% on a year earlier in Q2 driven by pig iron (11.3% of revenue) and color-coated steel expansion. October to December 2025

Volume kept growing (25% for nine months) but carbon steel prices fell: sales up 17.7% (₹3,756 crore to ₹4,421 crore) while operating profit rose only 6.8% (₹456 crore to ₹487 crore) and operating margin fell to 11.02% from 12.13% a year earlier. More tonnes did not lift margins when prices fell. ✓ fact

From our notes of the call for October to December 2025: Carbon steel and sponge iron realizations under pressure from market conditions but plant utilization maintained at 90-95%. January to March 2026

Sales up 26.6% (₹4,139 crore to ₹5,240 crore) and operating profit up 41.2% (₹515 crore to ₹727 crore); operating margin 13.87% versus 12.45%. Management named volume growth spreading fixed costs as one of three margin drivers, alongside higher prices and mix. ✓ fact

From our notes of the call for January to March 2026: Volume growth providing operating leverage absorption of fixed costs across 27% revenue increase. April to June 2026

Sales up 23.4% (₹4,419 crore to ₹5,455 crore) and operating profit up 31.9% (₹580 crore to ₹765 crore); operating margin 14.03% versus 13.12%. Quarterly volume was not disclosed in the summary, management steered away from the 25% volume goal towards revenue and profit growth. ✓ fact

From our notes of the call for April to June 2026: Growth reflected volume expansion, value-added product contributions, better realizations, integrated operations and disciplined cost optimization across the portfolio. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Shyam Metalics & Energy story? What are the risks? Operating margin falling below 12% for two straight quarters while the foil, power and iron-making plants are counted as commissioned would mean the value-added layers are not lifting earnings, and the story becomes a commodity steel cycle with a large capital bill. ### Each change stops working if

- Captive power and iron-making cost cut in H2 FY27: The power and iron-making units slip again past the December 2026 quarter, leaving higher depreciation and interest without the cost saving. - Stainless and specialty long products (FY28-FY29 runway): The Sambalpur stainless date moves beyond March 2029 or the run-rate figure is cut back in a later call. ### The main risks

- Moving dates and moving growth figures: FY27 growth guidance went 20-25% (Jan) to about 30% (May) to above 20% (Jul); foil, power and stainless flat dates have all slipped. ✓ fact
- Inventory and interest creeping up while the plants start: Inventory days rose from 100 to 123 in FY26 (about ₹4,500 crore of stock was raised by an analyst); quarterly interest rose from ₹51 crore to ₹78 crore. ✓ fact

(Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Shyam Metalics & Energy's next results? When Shyam Metalics & Energy reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Operating margin stays at or above 13% in the September 2026 quarter (monsoon season, softer steel prices) while sales still grow over 20% on the year. | What to check | Why |
| --- | --- |
| Operating margin stays at or above 13% in the September 2026 quarter (monsoon season, softer steel prices) while sales still grow over 20% on the year. | Costs spread over more sales |
| Aluminum foil operations should move from commissioning toward regular production within 3-4 months, with meaningful contribution expected from October to December 2026. | From the call |
| Iron-making and power projects should commission within the stated Q2 or early-Q3 windows, making downstream earnings and energy-cost benefits visible. | From the call |
| FY27 consolidated revenue and operating profit should exceed 20.0%; the next print will test the gap between this commitment and management's internal projections above 25.0%. | From the call |
| Stainless revenue should progress toward the ₹600-700 crores run rate as new capacity approaches 70.0-80.0% utilization, alongside progress on the Ramswaroop specialty mill. | From the call |

## Which stock lists is Shyam Metalics & Energy on? Shyam Metalics & Energy is on 4 of our India lists: Multibagger study list, Momentum stocks, Small & mid cap stocks and Copper & metal stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Momentum stocks Market cap cr: 33244.35463066472](https://www.sectoralpha.in/momentum-stocks-india)
- [Small & mid cap stocks Size rank in India: 259](https://www.sectoralpha.in/small-cap-stocks-india)
- [Copper & metal stocks Group on the list: Steel, stainless steel and ferro alloys](https://www.sectoralpha.in/copper-stocks-india)

## Is Shyam Metalics & Energy profitable? Shyam Metalics & Energy Ltd earned ₹511 Cr of net profit in the Sep 2026 quarter, +96.5% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹1,060 Cr. Over 8 years profit has grown 9.1% a year on average. That is 8.6% of the quarter's revenue. The same quarter a year earlier earned ₹260 Cr. For the full year, FY26 profit was ₹1,060 Cr (+16.6% on the year before). Why profit moved: revenue changed +33.4% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +39.9% and revenue +25.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY27-Q1. revenue ₹5,455 Cr and profit ₹351 Cr as reported. FY27-Q2. revenue ₹5,960 Cr and profit ₹511 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much revenue does Shyam Metalics & Energy make, and is it growing? Shyam Metalics & Energy Ltd reported ₹5,960 Cr of revenue in the Sep 2026 quarter, +33.4% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 8 years it has grown 22.1% a year on average. The last full year, FY26, came in at ₹18,552 Cr. The last four reported quarters add to ₹21,076 Cr. FY26 revenue was ₹18,552 Cr, +22.4% on the year before. Recent pace: the last four quarters grew +25.3% on average, against 22.1% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +25.6%, against +22.0% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +41.7%, against +28.0% a year (accelerating). FY27-Q1. revenue ₹5,455 Cr and profit ₹351 Cr as reported. FY27-Q2. revenue ₹5,960 Cr and profit ₹511 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Shyam Metalics & Energy keep? Shyam Metalics & Energy Ltd's operating margin was 14.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 9 years it has been between 12.0% and 25.0%. The latest quarter is within that range. Why this happened. This is the capex inflection point applied to cost rather than volume: the plants are near completion and their benefit lands on output that already exists. Captive power was first promised for the March 2026 quarter and has moved to the September 2026 quarter. Capital work in progress fell from Rs 3,780 crore at September 2025 to Rs 2,792 crore at March 2026 while fixed assets rose to Rs 8,134 crore, which shows projects moving into service. The same move is why depreciation rose to Rs 265 crore and interest to Rs 78 crore in the June quarter: costs that sat on the balance sheet during construction now pass through the profit line before the savings arrive. Why the margin moved: operating margin changed +1.7 percentage points on the year while gross margin changed +2.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged. FY27-Q1. revenue ₹5,455 Cr and profit ₹351 Cr as reported. FY27-Q2. revenue ₹5,960 Cr and profit ₹511 Cr as reported. Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters. ## Is Shyam Metalics & Energy's profit turning into cash? Over the last 3 years, 184% of Shyam Metalics & Energy Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹2,024 Cr of operating cash against ₹1,060 Cr of profit. After ₹2,743 Cr of spending on assets, free cash was −₹719 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 184% of profit came in as cash: the cash cycle got 86 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 3.2× depreciation over three years. The next section checks what that spending is building. ## Where does Shyam Metalics & Energy's cash go? Shyam Metalics & Energy Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 8 days in FY26, down from 94 days in FY21. It spent ₹7,095 Cr on assets over the last 3 years. Customers take 18 days to pay, and stock sits for 123 days on average. Why this happened. The colour-coated plant started in April 2026 and took cold-rolling capacity from 0.25 to 0.4 million tons. Flat-product EBITDA was Rs 8,500 per ton in the June quarter, below the Rs 10,000-11,000 per ton steady-state figure given in May, which is normal in a ramp quarter but is the number to track. Profit capture: about half of Indian steel consumption is rebar, so coated sheet competes with larger integrated mills on price; management itself said pricing can slip in slow periods. The benefit already delivered is the first quarter of the new line; most…

At FY26 sales of ₹18,552 Cr, each day of that cycle ties up about ₹50.8 Cr, so roughly ₹407 Cr is tied up in the business at any time. FY26: customers took 18 days to pay and stock sat for 123 days, about 4.0 months of sales sitting as stock, for a full cycle of 8 days, shorter than FY21's 94. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 123 days. Customers pay about 18 days after that. Suppliers are paid at 133 days. Together that makes the 8-day cycle. Spending on assets: ₹7,095 Cr over the last 3 years, against ₹2,249 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2,792 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Shyam Metalics & Energy's P/E ratio, and how does it compare with its own history? Shyam Metalics & Energy Ltd's P/E is 25.2×, near the high end of its own history: higher than 72% of past readings. Its usual P/E (the middle reading) is 18.4×, over 5.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +17.9% while the price moved +38.9%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +27.9% a year; about +4.0% a year came from earnings growth and about +23.9 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Shyam Metalics & Energy business getting better or worse? Shyam Metalics & Energy Ltd's business is getting better. Profit growth hit its low 6 quarters ago at −14.6% and has recovered to +41.7%, with ROCE steady at 14.5%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Shyam Metalics & Energy story, and has it been checked? Shyam Metalics & Energy Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: Not stated in the research file. What is proven. See the research file

What is not proven yet. Operating margin falling below 12% for two straight quarters while the foil, power and iron-making plants are counted as commissioned would mean the value-added layers are not lifting earnings, and the story becomes a commodity steel cycle with a large capital bill. What would change our mind. Operating margin falling below 12% for two straight quarters while the foil, power and iron-making plants are counted as commissioned would mean the value-added layers are not lifting earnings, and the story becomes a commodity steel cycle with a large capital bill. The test written in advance. Operating margin falling below 12% for two straight quarters while the foil, power and iron-making plants are counted as commissioned would mean the value-added layers are not lifting earnings, and the story becomes a commodity steel cycle with a large capital bill. Measured by: the thesis as written as stated by the next result. What the company does. Revenue grew 23% and operating profit 32% year on year in the June 2026 quarter as the new colour-coated line and higher aluminium prices fed through. Each new plant adds a more valuable product layer, but the company keeps moving dates: foil, power, stainless flat and the FY27 growth figure have all shifted in the last three calls. What the surface reading misses. The surface reading is: Free cash flow negative for four straight years: the business looks like it burns cash. The research reads it further: The cash is going into plants, not leaking. What the surface reading misses. Sources: our stock research file (10 October 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Shyam Metalics & Energy management deliver what it promised? What Shyam Metalics & Energy Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY27 Growth Outlook Reduced · 21 July 2026. In May 2026, management described FY27 growth as close to 30%, whereas in July 2026 it stated that revenue and EBITDA should grow by more than 20%. Stainless Steel Run-Rate Forecast Increased Without Reconciliation · 21 July 2026. In May 2026, management projected a stainless steel run rate of approximately INR300 crores per month within three years. Stainless Steel Flat Product Plant - Commissioning Date Pushed to March 2029 · 12 May 2026. Both prior calls positioned the new large-scale flat-rolled stainless steel project as imminent: the Nov 2025 call explicitly guided for commissioning in financial year 27-28, while the Jan 2026 call stated the Odisha plant of more than 0.5 million tons would be ready by end of next year, implying FY27. The May 2026 call now presents what appears to be the same project under a new board approval (0.6 million tons at Sambalpur with added downstream capabilities) aiming for commissioning in March 2029 - a delay of 1 to 2 years from prior guidance with no explanation offered for the slip. Annual Capex Deployment Rate Nearly Doubled and Completion Horizon Extended by 2-3 Years · 12 May 2026. The Nov 2025 call explicitly stated the capex program would be fully deployed by March 2027, and the Jan 2026 call guided a steady annual spending pace of INR1,500-1,800 crores over three years. The May 2026 call now reveals an annual capex rate of INR2,900-3,000 crores for FY27-FY28 - nearly double the Jan 2026 guidance - with additional spending extending into FY29-FY30, pushing the program completion 2-3 years beyond the March 2027 goal stated in Nov 2025. No explanation was provided for the accelerated pace or the materially extended capex cycle. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Shyam Metalics & Energy earn on its capital? Shyam Metalics & Energy Ltd earned a ROCE of 13% in FY26. That is up from a low of 11% in FY20. Its return on capital used (ROIC) is 0.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 5.7% net margin and 0.92× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.7% net margin × 0.92× asset turnover × 1.74× leverage (assets divided by equity) ≈ 9.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 11.7% − 12.0% = −0.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 11.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 10.0%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Shyam Metalics & Energy have too much debt? Shyam Metalics & Energy Ltd has total debt of ₹1,005 Cr against shareholder equity of ₹12,357 Cr as of Jun 2026, so its debt is 0.08× its equity, which is very little. Year by year, that ratio went from 0.09 in FY22 to 0.08 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Shyam Metalics & Energy shareholding pattern? Domestic institutions raised their stake in Shyam Metalics & Energy Ltd by 5.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 11.2% of the company. Foreign institutions moved +1.8 points over the same period, to 5.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +5.0 points over 8 quarters, to 11.2%; Foreign institutions: +1.8 points over 8 quarters, to 5.3%; Promoters: +0.0 points over 8 quarters, to 74.6%. Why the owners changed: domestic institutions drove it (+5.0 points), together with foreign institutions (+1.8 points). They raised their stake step by step. ## How far is Shyam Metalics & Energy from balance-sheet trouble? For Shyam Metalics & Energy Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Shyam Metalics & Energy rank in its industry? 73.3 out of 100, rank 3 of 16 in Steel Products, with 100% of the evidence available. Shyam Metalics & Energy Ltd scores 73.3 out of 100 against the 16 companies it is compared with in Steel Products, ranking 3. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 28.6 + 17.4 + 8.6 + 18.7 = 73.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Shyam Metalics & Energy compared with? Shyam Metalics & Energy ranks 3 of 16 Steel Products companies on the 4-Factor Sector Score, with 73.3 out of 100. 1. [Kamdhenu Ltd](https://www.sectoralpha.in/stocks/kamdhenu-ltd) KAMDHENU · turning · Most evidence points up · 100% evidence 77.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 5.9% · Profit 31.9% · Operating margin change 1 points · 100% evidence Capital efficiency 20.0/25 · ROCE 29.5% · Operating margin 13% · 100% evidence Valuation 17.1/20 · P/E 10.9× · PEG 0.47 · 100% evidence Relative strength 17.6/20 · Lead over its industry 27.7% · Lead over NIFTY 500 31% · 1 year 26.7% · 100% evidence · 11 of 12 weeks ahead Exact sum: 22.6 + 20 + 17.1 + 17.6 = 77.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Vardhman Special Steels Ltd](https://www.sectoralpha.in/stocks/vardhman-special-steels-ltd) VSSL · leader · Most evidence points up · 100% evidence 75.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 14.8% · Profit 67.7% · Operating margin change 2 points · 100% evidence Capital efficiency 14.8/25 · ROCE 15.3% · Operating margin 12% · 100% evidence Valuation 14.2/20 · P/E 19.7× · PEG 0.84 · 100% evidence Relative strength 17.0/20 · Lead over its industry 13.2% · Lead over NIFTY 500 16.9% · 1 year 14.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 14.8 + 14.2 + 17 = 75.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Shyam Metalics & Energy Ltd this page SHYAMMETL · leader · Most evidence points up · 100% evidence 73.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.6/35 · Revenue 25.6% · Profit 41.7% · Operating margin change 2 points · 100% evidence Capital efficiency 17.4/25 · ROCE 13% · Operating margin 14% · 100% evidence Valuation 8.6/20 · P/E 24× · PEG 1.25 · 100% evidence Relative strength 18.7/20 · Lead over its industry 27.4% · Lead over NIFTY 500 31.7% · 1 year 32.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 28.6 + 17.4 + 8.6 + 18.7 = 73.3 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) KSL · losing its lead · Evidence leans up · 100% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue -1.1% · Profit 8.1% · Operating margin change 3 points · 100% evidence Capital efficiency 17.4/25 · ROCE 14.8% · Operating margin 22% · 100% evidence Valuation 11.6/20 · P/E 12.5× · PEG 1 · 100% evidence Relative strength 12.9/20 · Lead over its industry 3.7% · Lead over NIFTY 500 7.2% · 1 year -4.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 18.6 + 17.4 + 11.6 + 12.9 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [BMW Industries Ltd](https://www.sectoralpha.in/stocks/bmw-industries-ltd) turning · Evidence leans up · 83% evidence 57.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 5.9% · Profit 8% · Operating margin change -1 points · 83% evidence Capital efficiency 13.2/25 · ROCE 11.9% · Operating margin 20% · 95% evidence Valuation 12.9/20 · P/E 12.7× · PEG n/a · 50% evidence Relative strength 15.9/20 · Lead over its industry 7.5% · Lead over NIFTY 500 10.3% · 1 year 9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.9 + 13.2 + 12.9 + 15.9 = 57.9 · What this means: Relative strength against the index is 10.3%, and revenue and profit growth are weak. 6. [Sunflag Iron & Steel Company Ltd](https://www.sectoralpha.in/stocks/sunflag-iron-steel-company-ltd) SUNFLAG · breaking out · Evidence leans up · 96% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.7/35 · Revenue 9% · Profit 4.6% · Operating margin change -1 points · 88% evidence Capital efficiency 9.6/25 · ROCE 4.1% · Operating margin 11% · 100% evidence Valuation 10.3/20 · P/E 33.2× · PEG 0.65 · 100% evidence Relative strength 19.6/20 · Lead over its industry 29% · Lead over NIFTY 500 32.1% · 1 year 46.3% · 100% evidence · 6 of 12 weeks ahead Exact sum: 16.7 + 9.6 + 10.3 + 19.6 = 56.2 · What this means: Relative strength against the index is 32.1%, and revenue and profit growth are weak. 7. [Panchmahal Steel Ltd](https://www.sectoralpha.in/stocks/panchmahal-steel-ltd) PANCHMAHQ · losing its lead · Evidence leans down · 78% evidence 49.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 10.6% · Profit 100% · Operating margin change 4.9 points · 100% evidence Capital efficiency 7.0/25 · ROCE 3.1% · Operating margin 8.3% · 100% evidence Valuation 3.9/20 · P/E 65.4× · PEG 7.04 · 65% evidence Relative strength 9.8/20 · Lead over its industry n/a · Lead over NIFTY 500 0.3% · 1 year -1.2% · 25% evidence · 2 of 5 weeks ahead Exact sum: 28.9 + 7 + 3.9 + 9.8 = 49.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Prakash Industries Ltd](https://www.sectoralpha.in/stocks/prakash-industries-ltd) PRAKASH · basing · Evidence leans down · 96% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.3/35 · Revenue -10.6% · Profit -12.1% · Operating margin change 1 points · 88% evidence Capital efficiency 12.1/25 · ROCE 9.6% · Operating margin 14% · 100% evidence Valuation 19.1/20 · P/E 6.4× · PEG 0.19 · 100% evidence Relative strength 6.0/20 · Lead over its industry -14.4% · Lead over NIFTY 500 -10.7% · 1 year -31.6% · 100% evidence · 1 of 12 weeks ahead Exact sum: 12.3 + 12.1 + 19.1 + 6 = 49.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [Beekay Steel Industries Ltd](https://www.sectoralpha.in/stocks/beekay-steel-industries-ltd) BEEKAY · breaking out · Evidence leans down · 81% evidence 48.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 13.9% · Profit -51.1% · Operating margin change 5 points · 88% evidence Capital efficiency 7.7/25 · ROCE 4.2% · Operating margin 11% · 100% evidence Valuation 13.7/20 · P/E 18.1× · PEG 0.45 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 5.8% · 1 year -11.5% · 25% evidence · 10 of 12 weeks ahead Exact sum: 15.5 + 7.7 + 13.7 + 11.1 = 48 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Jindal Steel Ltd](https://www.sectoralpha.in/stocks/jindal-steel-ltd) JINDALSTEL · losing its lead · Evidence leans down · 100% evidence 45.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 25.5% · Profit 2.4% · Operating margin change -3 points · 100% evidence Capital efficiency 13.3/25 · ROCE 9.7% · Operating margin 15% · 100% evidence Valuation 10.4/20 · P/E 33.6× · PEG 1.09 · 100% evidence Relative strength 8.0/20 · Lead over its industry -4.7% · Lead over NIFTY 500 -0.6% · 1 year -0.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 13.9 + 13.3 + 10.4 + 8 = 45.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Steel Exchange India Ltd](https://www.sectoralpha.in/stocks/steel-exchange-india-ltd) STEELXIND · quiet · Evidence leans down · 89% evidence 39.7 out of 100 Growth Capital Valuation Relative
12. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) GALLANTT · quiet · Evidence leans down · 100% evidence 37.9 out of 100 Growth Capital Valuation Relative
13. [Rhetan TMT Ltd](https://www.sectoralpha.in/stocks/rhetan-tmt-ltd) RHETAN · quiet · Most evidence points down · 89% evidence 34.5 out of 100 Growth Capital Valuation Relative
14. [Electrotherm (India) Ltd](https://www.sectoralpha.in/stocks/electrotherm-indialtd) ELECTHERM · quiet · Most evidence points down · 61% evidence 22.2 out of 100 Growth Capital Valuation Relative
15. [Salasar Techno Engineering Ltd](https://www.sectoralpha.in/stocks/salasar-techno-engineering-ltd) SALASAR · basing · Most evidence points down · 96% evidence 20.4 out of 100 Growth Capital Valuation Relative
16. [Banganga Paper Industries Ltd](https://www.sectoralpha.in/stocks/banganga-paper-industries-ltd) BANGANGA · Too little evidence to rank firmly · 29% evidence 52.5 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Steel Products](https://www.sectoralpha.in/sectors/steel-products), all 16 compared on one page. ## Which companies are close to Shyam Metalics & Energy in size? Shyam Metalics & Energy is the 2nd largest of 16 Steel Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Jindal Steel. Just below it: Gallantt Ispat, Sunflag Iron & Steel Company, Kalyani Steels, Vardhman Special Steels and Prakash Industries. ### Steel Products companies close in size

1. [Jindal Steel Ltd](https://www.sectoralpha.in/stocks/jindal-steel-ltd) ₹1,08,252 crore
2. Shyam Metalics & Energy Ltd ₹32,460 crore
3. [Gallantt Ispat Ltd.](https://www.sectoralpha.in/stocks/gallantt-ispat-ltd) ₹13,465 crore
4. [Sunflag Iron & Steel Company Ltd](https://www.sectoralpha.in/stocks/sunflag-iron-steel-company-ltd) ₹7,064 crore
5. [Kalyani Steels Ltd](https://www.sectoralpha.in/stocks/kalyani-steels-ltd) ₹3,592 crore
6. [Vardhman Special Steels Ltd](https://www.sectoralpha.in/stocks/vardhman-special-steels-ltd) ₹3,178 crore
7. [Prakash Industries Ltd](https://www.sectoralpha.in/stocks/prakash-industries-ltd) ₹2,011 crore

[All 16 Steel Products companies, largest first](https://www.sectoralpha.in/sectors/steel-products#all-companies)

### Companies close in size in other industries

1. [3M India Ltd](https://www.sectoralpha.in/stocks/3m-india-ltd) ₹32,672 crore · Diversified
2. [National Highways Infra Trust](https://www.sectoralpha.in/stocks/national-highways-infra-trust) ₹32,636 crore · Infrastructure Investment Trusts
3. Shyam Metalics & Energy Ltd ₹32,460 crore
4. [Nuvama Wealth Management Ltd](https://www.sectoralpha.in/stocks/nuvama-wealth-management-ltd) ₹32,032 crore · Finance - Capital Markets - Wealth Management
5. [Mindspace Business Parks REIT](https://www.sectoralpha.in/stocks/mindspace-business-parks-reit) ₹31,980 crore · Real Estate Investment Trusts

## What else do people ask about Shyam Metalics & Energy? ### What is Shyam Metalics & Energy's share price today? Shyam Metalics & Energy Ltd's share price is ₹1,219.50, +38.9% over the past year. The whole company is worth ₹34,037 Cr on the market. It is at its highest price of the past 52 weeks (range ₹770 to ₹1,220), 23.8% above its 200-day average. The price has been rising for 23 weeks (as of 3 November 2026). ### What were Shyam Metalics & Energy's latest quarterly results? Shyam Metalics & Energy Ltd reported revenue of ₹5,960 Cr and net profit of ₹511 Cr for the Sep 2026 quarter. Revenue rose 33.4% and profit rose 96.5% compared with a year earlier. Earnings per share were ₹17.67 (as of 3 November 2026). ### What is Shyam Metalics & Energy's market cap? Shyam Metalics & Energy Ltd's market capitalisation is ₹34,037 Cr at a share price of ₹1,219.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Shyam Metalics & Energy performing? Shyam Metalics & Energy Ltd's share price has been rising for 23 weeks. In its latest quarter, revenue rose 33.4% and profit rose 96.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 12 weeks running (as of 3 November 2026). ### Will Shyam Metalics & Energy's share price go up? This page does not forecast Shyam Metalics & Energy Ltd's share price. What it shows instead: the share price is ₹1,219.50, and it has been rising for 23 weeks. Its P/E of 25.2× is higher than 72% of its own last 5 years (as of 3 November 2026). ### Who owns Shyam Metalics & Energy? Promoters own 74.6% of Shyam Metalics & Energy Ltd, foreign institutions 5.3%, domestic institutions 11.2% and the public 8.7% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 5.0 percentage points over 8 quarters (as of 3 November 2026). ### Does Shyam Metalics & Energy have too much debt? No, Shyam Metalics & Energy Ltd has little debt: its debt is 0.09× its equity, and its operating profit is 12 times its interest bill. FY26 borrowings were ₹1,005 Cr against equity of ₹11,523 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is Shyam Metalics & Energy in its business cycle? Shyam Metalics & Energy Ltd's FY26 operating margin was 13.0%, against a 9-year range of 12.0% to 25.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Shyam Metalics & Energy story? Biggest thing to watch: the P/E is higher than 72% of its own history, so the multiple has already done part of the work. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Shyam Metalics & Energy a stock worth studying right now? What the numbers show: Shyam Metalics & Energy Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Shyam Metalics & Energy share price forecast for 2026? What management itself guided: FY27 consolidated revenue and operating profit growth above 20.0%.0% but public commitments remain prudent. The changes showing up in Shyam Metalics & Energy's own numbers are costs spread over more sales. It is too early to say whether they last. What would change the story: Operating margin falling below 12% for two straight quarters while the foil, power and iron-making plants are counted as commissioned would mean the value-added layers are not lifting earnings, and the story becomes a commodity steel cycle with a large capital bill. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Copper & metal stocks: https://www.sectoralpha.in/copper-stocks-india

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