Shyam Metalics and Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Shyam Metalics and Energy Ltd filed with BSE on 16 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shyam Metalics reported Q4 FY26 revenue of Rs 5,240 crores, up 27% year-on-year, with EBITDA of Rs 756 crores, up 33%, and PAT of Rs 312 crores, up 42%. For the full year FY26, revenue grew 22% to Rs 18,552 crores and PAT grew 17% to Rs 1,061 crores. Management announced a new capex of Rs 2,700 crores for a wire/bar mill at Kharagpur and a stainless steel expansion at Sambalpur, both targeted for commissioning by March 2029.
Numbers mentioned
Revenue from operations: INR5,240 crores (Q4 FY26)
p. 5
“The revenue from operations INR5,240 crores, 27% growth year-on-year and 19% growth on quarter-on-quarter.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR756 crores (Q4 FY26)
p. 5
“When we talk about the EBITDA, the company has achieved INR756 crores, there is a growth of 33% on a year-on-year basis and there is a growth of 40% on a quarter-on-quarter basis.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 14.4% (Q4 FY26)
p. 5
“When we talk about the EBITDA margin, 14.4%, expanded from 13.8% from the quarter 4 of the last financial year and 12.2% in quarter 3 of the last financial year.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Profit after tax: INR312 crores (Q4 FY26)
p. 5
“When we talk about the profit after tax, INR312 crores, 42%** growth on a year-on-year basis and 58% growth on a quarter-on-quarter basis.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
PAT margin: 6% (Q4 FY26)
p. 5
“The PAT margin is 6% against 5.3% in quarter 4 of the last financial year.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Annual turnover: INR18,552 crores (FY26)
p. 5
“Therefore, the annual turnover for the whole year is INR18,552 crores, that is 22% growth on a year-on-year basis.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Full year EBITDA: INR2,537 crores (FY26)
p. 5
“Full year EBITDA is INR2,537 crores, that is a growth of 21%.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Full year EBITDA margin: 13.7% (FY26)
p. 5
“Full year EBITDA margin is 13.7% against 13.8% in the financial year '25, resulting amidst slight input cost pressure.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Full year PAT: INR1,061 crores (FY26)
p. 5
“The full year PAT is INR1,061 crores, 17% growth on a year-on-year basis.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Full year basic EPS: INR38.1 per share (FY26)
p. 5
“The full year basic EPS is INR38.1 per share against the INR32.7 per share last financial year.”
Deepak Agarwal, page 5 of the filed PDF · View the filing
Sales volume: 4.94 million tonnes (FY26)
p. 3
“For FY26, our sales volume stood at 4.94 million tonnes, reflecting a strong year-on-year growth of 26%.”
Brij Bhushan Agarwal, page 3 of the filed PDF · View the filing
Net cash from operating activities: approximately INR2,000 crores (FY26)
p. 6
“The net cash generated from operating activity for the financial year '25-'26 is approximately INR2,000 crores on a consolidated basis, an improvement over the prior year, reflecting the strong earnings working capital discipline.”
Deepak Agarwal, page 6 of the filed PDF · View the filing
ROCE: 16% (FY26)
p. 6
“The company reported ROCE is 16% and ROE is 13% in the financial year '25-'26, reflecting a disciplined capital allocation, operational efficiency, prudent leverage management that resulted into reflection of our working capital days from 22 days to 9 days.”
Deepak Agarwal, page 6 of the filed PDF · View the filing
Final dividend: INR2.7 per equity share (FY26)
p. 7
“the Board of Directors has recommended a final dividend of INR2.7 per equity share, representing a 27% of the face value of INR10 each for the financial year '25-'26.”
Deepak Agarwal, page 7 of the filed PDF · View the filing
Inventory days: 123 days (Q4 FY26)
p. 13
“Now we are taking the positioning of 123 days of inventory days.”
Deepak Agarwal, page 13 of the filed PDF · View the filing
Payable days: approximately 130 days (Q4 FY26)
p. 14
“Payable days is approximately is like 130 days, 130 days.”
Deepak Agarwal, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New capex — INR2,700 crores
stated firmly by Brij Bhushan Agarwal
p. 4
“Reaffirming our commitment to a long-term growth, the Board has additionally decided for a new capex investment of INR2,700 crores.”
Brij Bhushan Agarwal, page 4 of the filed PDF · View the filing
Long and specialty wire/bar mill commissioning — 8 lakh tonnes capacity, INR900 crores outlay · by 31st March 2029
stated firmly by Deepak Agarwal
p. 7
“We will be setting up a long specialty wire mill with a furnace at Kharagpur with a capacity of 8 lakh tonnes at an estimated capital outlay of INR900 crores.”
Deepak Agarwal, page 7 of the filed PDF · View the filing
Stainless steel expansion at Sambalpur — INR1,800 crores · March 2029
stated firmly by Deepak Agarwal
p. 7
“This estimated investment is INR1,800 crores with a targeting commissioning date is March 2029.”
Deepak Agarwal, page 7 of the filed PDF · View the filing
Total capex requirement — around INR10,000 crores · next few financial years
stated firmly by Deepak Agarwal
p. 15
“as far as the total capex is required to be incurred is around INR10,000 crores.”
Deepak Agarwal, page 15 of the filed PDF · View the filing
Capex spend this financial year — around INR2,900 crores · FY27
stated firmly by Deepak Agarwal
p. 15
“this financial year, we will be incurring around INR2,900 crores from this financial year and INR3,000 crores in the next financial year and balance will be the next 2 financial years.”
Deepak Agarwal, page 15 of the filed PDF · View the filing
Debt policy limit — not to cross 0.5x of total equity
stated firmly by Deepak Agarwal
p. 15
“Our debt will not cross at any point 0.5x to the total equity in any point of circumstances.”
Deepak Agarwal, page 15 of the filed PDF · View the filing
Profit growth — close to 30% · this year
stated conditionally by Brij Bhushan Agarwal
p. 13
“I think this year, we will be very comfortable with our growth close to 30% over this year.”
Brij Bhushan Agarwal, page 13 of the filed PDF · View the filing
CRM EBITDA per tonne — INR10,000 to INR11,000 per tonne · this year
stated as an aspiration by Brij Bhushan Agarwal
p. 12
“I think the CRM EBITDA is going to be close to INR10,000 to INR11,000 per tonne this year from the -- and the aluminum EBITDA, I think, should remain between INR35,000 to INR40,000, because this year -- please.”
Brij Bhushan Agarwal, page 12 of the filed PDF · View the filing
Aluminum plant commissioning — first half FY27 start, second half FY27 effect
stated conditionally by Brij Bhushan Agarwal
p. 12
“First half, we will be starting commissioning and all. So we'll start seeing the effect in the second half, more better and from -- because all these high-tech plant, it takes time.”
Brij Bhushan Agarwal, page 12 of the filed PDF · View the filing
Stainless steel monthly run rate — close to INR300 crores per month · next 3 years
stated as an aspiration by Brij Bhushan Agarwal
p. 16
“Now we are thinking of doing a run rate of close to INR300 crores in next 3 years, every month.”
Brij Bhushan Agarwal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management pointed to DRI, billet, Galvalume, color coated and aluminum plant commissioning driving volume growth.
Answered by Brij Bhushan Agarwal
Asked by Amit Dixit: What are the key elements of volume growth this year and which capacities will be commissioned?
p. 8
“we are expecting 0.5 million tonne of iron making facility from the DRI side is going to be commissioned this year, which will also have an effect on the power generation, waste heat recovery, and we expect the power generation will also go up.”
Brij Bhushan Agarwal, page 8 of the filed PDF · View the filing
Management said it is largely a pass-through with some advantage from backward integration.
Answered by Brij Bhushan Agarwal
Asked by Amit Dixit: Is aluminum margin a pass-through or does the company get incremental margin from elevated prices?
p. 8
“I think we should see as a pass-through, maybe because of a little bit more advantage we get because the working capital involvement and the kind of integration, what we are doing from the backward to the forward, we'll see a lot of value coming up”
Brij Bhushan Agarwal, page 8 of the filed PDF · View the filing
Management indicated the estimate was broadly correct, with growth close to 30% expected.
Answered by Brij Bhushan Agarwal
Asked by Shaleen Kumar: Can EBITDA exceed INR3,000 crores in FY27 given CRM and aluminum ramp-ups?
p. 12
“No, you'll be -- you're not wrong. You're not wrong, but maybe nearby, maybe plus or maybe 5% here and there, I expect. You're not wrong. You're right.”
Brij Bhushan Agarwal, page 12 of the filed PDF · View the filing
Management attributed the rise to positioning of raw materials for the newly commissioned blast furnace and CRM.
Answered by Deepak Agarwal
Asked by Ashish Kejriwal: Why have inventory and payable days increased significantly?
p. 13
“if you look into our financials also, our inventory level in the last quarter was 99 days. Now we are taking the positioning of 123 days of inventory days.”
Deepak Agarwal, page 13 of the filed PDF · View the filing
Management quantified total capex requirement and the phasing across years.
Answered by Deepak Agarwal
Asked by Satyadeep Jain: What is the capex guidance for FY27 specifically?
p. 15
“the total capex is required to be incurred is around INR10,000 crores. And this financial year, we will be incurring around INR2,900 crores from this financial year and INR3,000 crores in the next financial year and balance will be the next 2 financial years.”
Deepak Agarwal, page 15 of the filed PDF · View the filing
Management said most of the stainless portfolio uses low or no nickel and price increases are generally passed on.
Answered by Brij Bhushan Agarwal
Asked by Tanuj Nangalia: Are there challenges in nickel sourcing given the price rise, and can the cost be passed through?
p. 17
“in our portfolio of our products, more than 70% or close to 75%, our stainless is majorly without nickel.”
Brij Bhushan Agarwal, page 17 of the filed PDF · View the filing
Management said the company is currently oversold on the export side.
Answered by Brij Bhushan Agarwal
Asked by Tanuj Nangalia: Has the geopolitical conflict reduced export order booking for aluminum?
p. 18
“We are oversold. We are not able to supply to the international market, touchwood.”
Brij Bhushan Agarwal, page 18 of the filed PDF · View the filing
Management said the matter is not a concern and applies broadly to the steel industry.
Answered by Brij Bhushan Agarwal
Asked by Rajesh Majumdar: What is the status of the ED case relating to coal mentioned in the note?
p. 17
“There is absolutely not to worry because there's nothing -- they have given some letter. We are replying.”
Brij Bhushan Agarwal, page 17 of the filed PDF · View the filing
Management described it as an error identified in a board inspection that has since been resolved.
Answered by Brij Bhushan Agarwal
Asked by Harish Subramanian: What were the Central Pollution Control Board's observations and non-compliance findings?
p. 18
“there was some kind of error, which was identified by the Board inspection, which was resumed in 4, 5 days, and we have taken all the action.”
Brij Bhushan Agarwal, page 18 of the filed PDF · View the filing
Risks flagged
Global trade actions and Middle East conflict causing price pressure and volatility in steel prices
p. 3
“These factors have contributed to a redirection of steel flow into the alternate market, resulting in the price pressure across geographic and heightened volatility in global steel prices.”
Brij Bhushan Agarwal, page 3 of the filed PDF · View the filing
Nickel sourcing dependency on imports for certain stainless steel grades
p. 17
“We have to import the nickel from Indonesia. Also, we have to import the scrap, which has a high content of nickel.”
Brij Bhushan Agarwal, page 17 of the filed PDF · View the filing
Cost pressure from vessel freights, import prices and limestone costs
p. 14
“there must be some kind of a cost pressure also, which maybe also have some kind of a substantial pressure.”
Brij Bhushan Agarwal, page 14 of the filed PDF · View the filing
Rupee weakness and import restatement affecting costs
p. 14
“this is basically the restatement of imports, the fluctuation loss, the dollar weakness, rupee weakness, that will be the impact on the cost side also.”
Deepak Agarwal, page 14 of the filed PDF · View the filing
Geopolitical restrictions on logistics and export markets
p. 11
“today, still, we are fenced by the geopolitical issue. There's a lot of restrictions on the logistics side, export market.”
Brij Bhushan Agarwal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.