Shyam Metalics and Energy Limited reported audited financial results for the fourth quarter and full year ended March 31, 2026, with consolidated revenue from operations climbing to ₹18,552.21 crores compared to ₹15,158.63 crores in the previous year. On a quarterly basis, revenue from operations for Q4 FY26 stood at ₹5,240.36 crores, up from ₹4,147.85 crores in Q4 FY25. The board declared a final dividend of ₹2.70 per equity share for FY26, being 27% of the face value of ₹10 per share, subject to shareholder approval at the ensuing Annual General Meeting. The statutory auditors, M/s. MSKA & Associates LLP, issued an unmodified opinion on both the standalone and consolidated financial results. Pursuant to Regulation 30 and 46(2) of the SEBI (LODR) Regulations, 2015, the audio recording of the Investors' Conference Call on the financial results for the fourth quarter and year ended March 31, 2026 has been made available on the company's website. Additionally, the company published the audited financial results in newspapers on May 12, 2026, under Regulation 47(3) read with Schedule III of SEBI (LODR) Regulations, 2015.

Q4 and Full-Year Consolidated Financial Performance

The company's consolidated financials reflect broad-based improvement across revenue, profitability, and earnings metrics on both a quarterly and annual basis. Operating EBITDA for Q4 FY26 stood at ₹726.90 crores, up 41.1% year-on-year, while full-year Operating EBITDA rose 25.1% to ₹2,333.00 crores. The following table summarises the key consolidated performance indicators:

Finance costs for the full year stood at ₹192.23 crores, and depreciation and amortisation expense was ₹882.15 crores. Cash profit attributable to owners for FY26 was ₹1,952.39 crores compared to ₹1,619.27 crores in FY25. Total assets on a consolidated basis stood at ₹20,060.84 crores as at March 31, 2026, against ₹16,315.63 crores in the prior year, while total equity rose to ₹11,522.81 crores from ₹10,553.33 crores. The investor presentation also highlighted segment-wise EBITDA per tonne for Q4 FY26, with Carbon Steel at ₹7,460, Stainless Steel at ₹8,512, Speciality Alloys at ₹18,780, and Aluminium at ₹36,562.

Standalone Financial Highlights

On a standalone basis, Shyam Metalics reported revenue from operations of ₹6,992.98 crores for FY26, compared to ₹6,479.36 crores in FY25. Standalone profit after tax for the full year stood at ₹552.85 crores versus ₹489.62 crores in the prior year. The key standalone metrics are presented below:

Standalone total assets as at March 31, 2026 stood at ₹8,723.26 crores compared to ₹7,423.28 crores in the prior year, with total equity at ₹6,436.45 crores versus ₹5,987.11 crores. Cash profit on a standalone basis for FY26 was ₹792.43 crores against ₹700.62 crores in FY25.

₹2,700 Crore Expansion Plan and Capex Progress

In a significant strategic development, the board approved a ₹2,700 crore capital expenditure plan covering two major projects at its existing facilities. The expansion is aimed at enhancing manufacturing capacity, operational efficiency, and product portfolio. The details of the approved projects are as follows:

The total estimated capital expenditure for both projects is ₹2,700 crore, proposed to be funded through an appropriate mix of internal accruals and borrowings. The Sambalpur project involves the addition of a Stainless Steel Cold Rolling Mill, SS Precision Cold Rolling Mill, SS Hot Rolling Annealing & Pickling Line, and SS Bright Annealing Line. On the broader capex front, ongoing capex incurred till FY26 stands at Rs. 8,630 crores, representing 53% of the total capex envisaged of Rs. 16,085 crores, out of which Rs. 6,136 crores have been capitalized. The greenfield cold rolling mill project at Jamuria, West Bengal — approved under the PLI scheme with a total capex of Rs. 603 crores (Rs. 600 crores incurred, Rs. 3 crores pending) — saw Phase 1 already commissioned and Phase 2 commissioned in April 2026. The company's wagon manufacturing facility at Kharagpur, developed under step-down subsidiary Ramsarup Industries Limited with a total capex of Rs. 200 crores (Rs. 22 crores incurred, Rs. 178 crores pending), is targeted for Phase 1 commencement in September 2026.

Debt Profile and Credit Rating

Shyam Metalics maintained a conservative balance sheet profile as at March 31, 2026. The company's gross debt stood at Rs. 957 crores, while net debt (gross debt less liquid investments and cash equivalents) was at -Rs. 378 crores, reflecting a net cash position. The gross debt-to-equity ratio stood at 0.08x, and the net debt-to-EBITDA ratio was -0.16x. CRISIL has assigned the company a long-term rating of CRISIL AA+ with a stable outlook, last reviewed in November 2025, which is noted as the highest credit rating among peers in the industry. The following table summarises the debt metrics over time:

Auditor Appointments and Other Board Decisions

The board approved several governance and compliance-related decisions at its meeting held on May 11, 2026. M/s. Ernst & Young LLP was appointed as Internal Auditors for FY 2026-27, while M/s. BSS & Associates, Cost Accountants, was appointed as Cost Auditors for FY 2026-27, both recommended by the Audit Committee. Separately, the auditors drew attention to a Provisional Attachment Order issued by the Directorate of Enforcement on April 15, 2026, on subsidiary Shyam SEL and Power Limited, provisionally attaching investments aggregating to ₹152.48 crores for 180 days under the Prevention of Money Laundering Act, 2002, in connection with an ongoing investigation relating to alleged purchase of coals from illegal coal mining and coal pilferage in the leasehold areas of Eastern Coalfields Limited by certain coal syndicate. The management refuted all allegations and stated that no linkage has been established during the investigation, adding that the group does not expect any impact on its operations. Pending resolution of the matter, the group has presented investments amounting to ₹152.48 crores as non-current as at March 31, 2026, irrespective of their contractual maturities. The auditors' opinion was not modified in respect of this matter.

Shyam Metalics & Energy Limited released its consolidated sales data for April 2026 (FY 2026-27) pursuant to Regulation 30 of SEBI (LODR) Regulations 2015. The report covers seven product segments — Stainless Steel, Aluminium Foil, Pellet, Speciality Alloys, Carbon Steel, CR Coil/CR Sheets, HR Tube/Pipe, Sponge Iron, and Pig Iron — presenting both year-on-year (YoY) and month-on-month (MoM) comparisons across volumes and average realisations.

Stainless Steel and Aluminium Foil Performance

The Stainless Steel segment recorded a YoY volume increase of 10.89%, with average realisations rising 25.30% on the same basis. On a MoM basis, volumes declined 24.63% compared to March FY26, while realisations improved by 11.52%. The Aluminium Foil segment posted strong YoY growth, with volumes up 19.63% and realisations up 22.29%. MoM, volumes fell 12.72% while realisations rose 5.82%.

Pellet and Speciality Alloys

The Pellet segment reported a healthy YoY volume increase of 18.59%, with realisations rising 10.36%. On a MoM basis, volumes grew 15.52%, while realisations edged down by 0.53%. The Speciality Alloys segment saw volume declines of 7.79% YoY and 8.64% MoM, though realisations improved by 16.53% YoY and 2.07% MoM.

Carbon Steel and CR Coil/CR Sheets

Carbon Steel — which represents the cumulative sales of Steel Billet and Long Steel Products — saw volumes decline 12.88% YoY and 23.81% MoM, while realisations improved 4.74% YoY and 3.73% MoM. In contrast, CR Coil/CR Sheets delivered the strongest volume growth among steel products, with a YoY increase of 41.35% and realisations up 19.44% on the same basis. MoM, volumes dipped marginally by 3.36% while realisations rose 3.45%.

The company offers a premium range of SEL Tiger Roofing Sheets under its CR Coil/CR Sheets portfolio, categorised into four distinct brands:

• SEL TIGER Royale – Ultra-Premium Color Coated Sheets
• SEL TIGER ELITE – Premium Color Coated Sheets
• SEL TIGER AZURE – Galvalume Wider Sheets
• SEL TIGER ALFA – Galvalume Narrow Sheets

HR Tube/Pipe, Sponge Iron, and Pig Iron

The HR Tube/Pipe segment recorded a YoY volume decline of 26.71%, while realisations rose 11.00% on the same basis. MoM, volumes surged 58.98%, while realisations declined 1.29%. The company noted that leftover side-slitted HR coils from its colour-coated plant are repurposed for manufacturing rectangular hollow section (RHS) and square hollow section (SHS) pipes, with commercial sales commencing on April 25. Sponge Iron volumes fell 29.33% YoY and 31.38% MoM, though realisations improved 3.45% YoY and 3.41% MoM. Pig Iron was the standout performer, with volumes surging 122.86% YoY, supported by the commissioning of a blast furnace plant with a capacity of 7.7 lac tonnes per annum, along with a sinter and coke oven plant at the company's Jamuria location in November 2024. Pig Iron realisations rose 8.98% YoY and 2.92% MoM.

About Shyam Metalics and Energy Limited

Shyam Metalics and Energy Limited is a leading multi-metal conglomerate with operations spanning carbon steel, stainless steel, speciality alloys, and aluminium foil, supported by captive power plants. The company is among the largest producers of Ferro Alloys in India, one of the leading players in pellet capacity, and the fourth largest in the sponge iron industry by capacity. SMEL has received a CRISIL AA+ (Stable) rating for Long Term Bank Facilities and a CRISIL A1+ rating for Short Term Bank Facilities.