Shyam Metalics and Energy Ltd is an integrated multi-metal producer spanning pig iron, pellets, carbon steel, stainless steel, speciality alloys and aluminium foil, executing a shift from 'Ore to Metal' to 'Metal to Value'. This quarter's print will speak to whether the EBITDA growth run-rate of more than 20% guided for FY27 holds through the monsoon quarter, and how the late-quarter coking-coal spike and rupee weakness flow through the cost base.
| Results date | October 31, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,455.1 Cr |
| Previous quarter PAT | Rs. 350.7 Cr |
| Previous quarter EBITDA margin | 14.0% |
| Market cap | Rs. 31,657.68 Cr |
| CMP | Rs. 1,135.0 |
A board meeting is scheduled for October 31, 2026, to consider the Q2/H1 FY27 results, with the trading window shut from October 1, 2026.
The quarter tests whether Shyam Metalics can sustain the FY27 EBITDA growth guidance of more than 20% YoY (internal projections over 25%) after Q1 FY27 delivered EBITDA of Rs. 812.38 Cr, up 28.29% YoY, at a 14.89% margin including other income. Demand indicators ran ahead of supply through the quarter — finished steel consumption grew 7.5% YoY in Apr-Sep 2026 against production growth of 2.9% — while the company's own monthly prints showed July pellets up 87.61% YoY and August carbon steel flat volumes up 114.14% YoY with stainless realisation at Rs. 1,83,032/MT, up 45.51% YoY. The margin picture is mixed: iron ore and LME nickel (~$16,500/t in late September vs the May peak of $20,000/t) were benign, but imported coking coal jumped 22% to $283/t in September and the rupee slid to ~95.8-96.6, with the Rs. 4,501 Cr inventory buffer absorbing only part of the spike in Q2. The 11.5% flat-steel safeguard duty remained in place through the window, holding the margin umbrella, though the year-ago quarter's 12.1% operating EBITDA margin is a favourable base. The call is also expected to cover H1 progress on FY27 segment revenue targets and the aluminium flat-rolled products commissioning flagged on track for Q2 FY27.
FY27 EBITDA and segment revenue guidance tracking: H1 is the first checkpoint on the full-year targets set at the Q1 FY27 call.
Margin trajectory vs the 14-15% aspiration
Project commissioning updates: Several commissioning milestones fall due in or around this quarter.
ED attachment and QIP execution
Volume mix and cost follow-ups
Yes — Q1 FY27 consolidated revenue was Rs. 5,455.09 Cr, up 23.33% YoY and 4.10% QoQ, with monthly updates showing July pellet sales up 87.61% YoY and August carbon steel flat volumes up 114.14% YoY. Management attributes the momentum to a deliberate push toward value-added and specialty products.
Asked whether Rs. 8,500/tonne is sustainable, management said it is penetrating B2C and building the brand while flagging competitive-market 'sluggish time' risk, but affirmed 'this is going to be exactly the number we are focusing'.
Management defended the low-leverage stance, citing the AA+ rating and a 'least or no leverage' philosophy, with debt-to-equity at 0.08x against a self-imposed 0.5x cap. It has committed to funding the ~Rs. 10,155 Cr capex program primarily through internal accruals.
Management guided FY27 EBITDA growth of more than 20% YoY (internal projections over 25%), and Q1 FY27 EBITDA grew 28.29% YoY at a 14.89% margin including other income. Q2's print is the next checkpoint on whether that run-rate holds through the monsoon quarter.
Aluminium EBITDA per tonne rose 52% YoY to Rs. 53,661 in Q1 FY27, and an analyst asked whether LME prices or product mix drove the gain. The management response was not contained in the retrieved excerpt, making it a follow-up area for this call.