SHYAMMETL's Q2 FY27 numbers came in strong, with revenue of Rs. 5,960.19 Cr (+33.42% YoY) and PAT growth of +88.47% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 31, 2026 |
|---|---|
| Revenue (Q2) | Rs. 5,960.19 Cr (+33.42% YoY) |
| PAT (Q2) | Rs. 493.35 Cr (+88.47% YoY) |
| EBITDA margin | 14.38% (+76 bps YoY) |
| EPS (Q2) | Rs. 18.36 (+96.15% YoY) |
Q2 FY27 delivered 33.42% YoY revenue growth and 40.85% YoY EBITDA growth with operating margin up 174 bps YoY, tracking management's FY27 EBITDA growth guidance of >20% with H2 needing only +6.15% YoY to achieve it. Reported PAT growth of 88.47% is flattered by a depreciation-method change worth ~Rs.133 crore tax-effected; the normalized +37.54% YoY still outpaces revenue. Watch items are the confirmed ED/PMLA attachment of Rs.152.48 crore at SSPL, rising finance costs (+76.28% YoY), and working-capital-funded capex.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "volumes and realizations trending ahead of the year-ago quarter, which itself was the weakest margin quarter" | Revenue +33.42% YoY | Played out |
| Margins | "margins look more likely flat-to-expanding YoY" | Operating margin 13.81% vs 12.07% YoY (+174 bps); −22 bps QoQ — YoY); marginally soft QoQ | Played out |
| Coking-coal/rupee squeeze | "the main compression risk — concentrated at the quarter's exit and into Q3" | Cost-of-materials ratio improved QoQ; finance costs +76.28% YoY — no Q2 cost spike; funding cost drag real | Partially |
| ED/PMLA | "confirmation... still awaited" | Confirmed 9-Oct-2026 per filing note (filing wins) — developed post-quarter | Partially |
| H1 segment-target checkpoint | "H1 progress is the checkpoint" | Single-segment filing — not derivable | Not observable |
| Capex pace | "watch H1 deployment" | Rs.1,844.38 H1 vs Rs.2,900 FY27 target | Played out |
| Wagons/aluminium commissioning; QIP timing | first updates due | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 EBITDA growth >20% YoY ("internal projections over 25%") | Q1 FY27 earnings call, Jul 2026 | H1 EBITDA incl. OI +34.45% YoY; operating EBITDA +41.93% | On Track |
| EBITDA margin "around 14% to 15%" (long-term, described as "very conservative") | Q1 FY27 earnings call, Jul 2026 | Q2: 14.38% incl. OI / 13.81% operating — inside band on the incl.-OI basis; just below on operating | On Track |
| Debt-to-equity "will not exceed 0.5x" | Q4 FY26 earnings call, May 2026 | 0.108x at 30-Sep-26 | Met |
| Capex Rs.2,900 Cr in FY27 | Q4 FY26 earnings call, May 2026 | Rs.1,844.38 in H1 | On Track |
| QIP completion within 365 days | Board approval, 20 Jul 2026 | No execution update | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.