Shyam Metalics and Energy financials and balance sheet

NSE: SHYAMMETLBSE: 543299Industrial ProductsSmall Cap

₹1,131.30₹68.70 (5.73%)BSE ₹1,132.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,200.00.

52-week range of traded prices to 23 Oct 2026

₹746.00Low, 16 Mar 2026₹1,240.50High, 19 Oct 2026

Next results date: the board meets on 31 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹31,578 Cr312th largest listed
P/E: Owners' profit not stated
P/B: 2.7
Dividend yield: 0.40%
ROCE: 11.8%
Debt to equity: 0.08
Volume, NSE: 2,85,04544.3% delivered

6 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Shyam Metalics and Energy annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹18,552 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue18,552
Materials and goods−13,353
Employee costs−507
Other expenses−2,360
Operating profit2,333
Depreciation−882
Other income+204
One-off items0.0
Finance costs−192
Profit before tax1,462
Tax−402
Joint ventures+0.1
Net profit1,060

What the company owns

Plant, investments and other assets₹14,123 Cr
Inventory₹4,501 Cr
Receivables₹905 Cr
Current investments₹426 Cr
Cash and bank₹106 Cr

What pays for it: net worth and liabilities

Net worth₹12,357 Cr
Owed to suppliers₹4,865 Cr
Other liabilities₹1,857 Cr
Borrowings₹981 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Shyam Metalics and Energy quarterly results

₹ crore	Mar 2021Filed 12 Jul	Mar 2022Filed 24 May	Mar 2023Filed 25 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue from operations	6,297	10,394	12,610	13,195	15,138	18,552
	4,903	7,794	11,124	11,625	13,272	16,219
Materials and goods bought	3,833	6,313	8,966	9,479	10,941	13,353
Employee costs	188	247	345	369	434	507
Other expenses	882	1,235	1,813	1,778	1,896	2,360
Operating profit before depreciation	1,394	2,600	1,486	1,570	1,866	2,333
Operating margin	22.1%	25.0%	11.8%	11.9%	12.3%	12.6%
Materials, % of revenue	60.9%	60.7%	71.1%	71.8%	72.3%	72.0%
Employee costs, % of revenue	3.0%	2.4%	2.7%	2.8%	2.9%	2.7%
Other expenses, % of revenue	14.0%	11.9%	14.4%	13.5%	12.5%	12.7%
Depreciation and amortisation	300	272	463	656	711	882
Operating profit after depreciation	1,093	2,327	1,023	914	1,154	1,451
Other income	24	60	112	159	231	204
Finance costs	62	23	93	133	144	192
Profit before one-off items and tax	1,055	2,364	1,042	940	1,241	1,462
One-off items	0	0	0	0	0	0
Profit before tax	1,055	2,364	1,042	940	1,241	1,462
	211	640	193	−89	332	402
Current tax	267	539	235	−100	237	408
Deferred tax	−55	101	−41	11	95	−6
Share of profit of joint ventures and associates	–	–	–	–	0	0
	844	1,724	848	1,029	909	1,060
Belonging to the company's shareholders	843	1,724	858	1,035	908	1,070
Belonging to outside owners of subsidiaries	0	–	−9	−6	1	−10
Other comprehensive income	5	44	15	67	131	1
Total comprehensive income	849	1,768	864	1,096	1,040	1,062
Net margin	13.4%	16.6%	6.7%	7.8%	6.0%	5.7%
Net margin without joint ventures and associates	–	–	–	–	6.0%	5.7%

Share of profit of joint ventures and associates is left blank for the years to Mar 2022, Mar 2023 and Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 12 Jul	Mar 2022Filed 24 May	Mar 2023Filed 25 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	3,638	5,839	7,548	10,318	11,278	12,357
	3,634	5,835	7,162	9,647	10,553	11,523
Share capital	234	255	255	278	278	278
Reserves	3,400	5,580	6,907	9,369	10,275	11,245
Belonging to outside owners of subsidiaries	4	4	386	671	725	834
	785	534	1,152	587	779	981
Repayable after a year	120	126	332	269	155	97
Repayable within a year	665	408	820	319	624	884
	1,428	2,150	2,977	3,673	4,604	7,280
Trade payables	367	1,194	1,525	2,369	2,917	4,865
Other financial liabilities	64	200	315	727	683	1,022
Other liabilities	296	308	238	239	329	374
Provisions	29	30	2	10	12	16
Tax owed	7	10	76	10	38	118
	353	437	664	433	433	424
Other financial liabilities	16	12	37	51	93	141
Other liabilities	207	177	203	0	0	0
Provisions	11	14	20	21	31	38
Deferred tax	–	107	71	91	153	149
Total assets	5,420	8,425	11,189	14,424	16,316	20,061
	2,674	3,751	6,887	9,336	10,786	12,805
Plant in use, after depreciation	1,802	2,384	2,868	3,826	6,268	8,075
Plant being built	506	768	2,769	3,764	2,708	2,792
Intangible assets	1	5	2	73	89	59
Goodwill	0	0	76	0	0	0
Intangible assets being developed	–	–	–	97	0	–
Property held to earn rent	–	–	930	0	0	–
Investments	67	349	0	1,009	1,294	1,156
Stakes in joint ventures and associates	–	–	2	2	0	–
Other financial assets	40	107	28	16	24	50
Deferred tax	7	–	–	376	167	–
Other assets	252	139	212	173	236	672
	2,746	4,674	4,301	5,088	5,530	7,256
Inventories	1,030	2,057	2,205	2,168	2,985	4,501
Trade receivables	534	376	604	708	793	905
Cash and cash equivalents	164	92	75	39	63	97
Other bank balances	160	234	97	11	5	9
Current investments	215	686	532	1,251	824	426
Loans given	16	173	1	5	4	4
Other financial assets	87	106	87	67	50	45
Tax paid in advance	0	37	104	0	0	–
Other assets	539	913	596	839	805	1,269
Net debt	246	−478	448	−714	−113	450

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 12 Jul	Mar 2022Filed 24 May	Mar 2023Filed 25 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
	1,050	1,690	1,507	1,794	1,964	2,024
	1,176	2,264	1,742	1,971	1,873	2,355
	−135	−339	243	336	−148	−165
Receivables	−365	160	−225	−115	−83	−96
Inventories	456	−1,027	−148	44	−819	−1,517
Payables	−213	828	333	834	560	1,845
Other working capital	−13	−300	283	−428	194	−397
Tax paid	−189	−575	−235	−177	−33	−331
Interest paid	62	0	0	0	0	0
Capital spending	361	1,071	1,579	1,888	2,148	2,637
Free cash flow	689	618	−72	−93	−184	−614
	−492	−1,927	−1,955	−2,762	−1,904	−1,939
Companies bought	0	0	−379	0	0	0
Interest received	5	30	38	84	−128	106
Dividends received	0	0	1	1	1	3
	−423	165	431	916	−36	−50
Borrowings raised	0	−253	618	252	306	376
Borrowings repaid	−318	0	0	−827	−116	−72
Interest paid	−62	0	−72	−133	−134	−190
Lease payments	0	0	−1	0	−2	−54
Dividends paid	43	184	115	46	138	112
Shares bought back	0	0	0	0	0	0
Shares issued	0	626	0	1,671	43	0
Net change in cash	134	−72	−17	−51	24	34

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.Shyam Metalics and Energy dividend history

₹ per share	Mar 2021Filed 12 Jul	Mar 2022Filed 24 May	Mar 2023Filed 25 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Earnings per share	₹36.10	₹68.91	₹33.26	₹39.54	₹32.70	₹38.10
Diluted earnings per share	₹36.10	₹68.91	₹33.26	₹39.46	₹32.57	₹37.97
Dividend per share	₹2.70	₹7.20	₹3.60	₹2.70	₹4.50	₹4.50
Book value per share	₹155.56	₹228.74	₹280.79	₹346.95	₹379.32	₹414.06
Dividend payout	7.5%	10.7%	10.7%	7.3%	13.8%	11.7%
Shareholder yield	–	−4.8%	1.7%	−9.8%	0.4%	0.5%
Market cap at the year end (₹ crore)	–	9,243	6,705	16,506	23,818	21,524

Ratios

Consolidated, years to March.Shyam Metalics and Energy PE ratio and valuation

Ratio	Mar 2021Filed 12 Jul	Mar 2022Filed 24 May	Mar 2023Filed 25 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 23 May
Revenue growth	–	65.1%	21.3%	4.6%	14.7%	22.6%
Operating profit growth	–	86.5%	−42.8%	5.7%	18.8%	25.1%
Net profit growth	–	104.4%	−50.8%	21.3%	−11.6%	16.6%
Earnings per share growth	–	90.9%	−51.7%	18.9%	−17.3%	16.5%
	23.2%	36.4%	13.2%	12.3%	9.0%	9.7%
	–	13.2 pts	−23.2 pts	−0.9 pts	−3.3 pts	0.7 pts
From the net margin	–	5.5 pts	−21.5 pts	2.0 pts	−2.9 pts	−0.3 pts
From asset turnover	–	8.4 pts	−2.1 pts	−3.0 pts	−0.4 pts	0.3 pts
From borrowing	–	−0.7 pts	0.4 pts	0.1 pts	0.0 pts	0.7 pts
Return on capital employed	24.7%	36.5%	11.8%	8.4%	9.6%	10.9%
Cash conversion	124.4%	98.0%	177.6%	174.4%	216.0%	190.9%
Interest cover	17.5	100.4	11.0	6.9	8.0	7.5
Debt to equity	0.22	0.09	0.15	0.06	0.07	0.08
Receivable days	31	13	17	20	19	18
Inventory days	98	119	90	83	100	123
Payable days	35	69	62	91	97	133
Cash conversion cycle, days	94	63	45	12	21	8
Working capital days	84	67	42	12	16	6
Asset turnover	1.16	1.50	1.29	1.03	0.98	1.02
Assets per rupee of net worth	1.49	1.46	1.51	1.52	1.52	1.65
Sales per rupee of plant	3.50	4.36	4.40	3.45	2.42	2.30
Capital spending to depreciation	1.20	3.93	3.41	2.88	3.02	2.99
Plant being built, % of plant in use	28.1%	32.2%	96.6%	98.4%	43.2%	34.6%

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.9%
Cash from operations against operating profit: 86.7%

Measure	5 years	3 years
Revenue growth, yearly rate	24.1%	13.7%
Profit growth, yearly rate	4.9%	7.7%
Return on equity, average	16.1%	10.3%
Return on capital employed, average	15.4%	9.6%
Operating margin, average	14.7%	12.3%
Net margin, average	8.6%	6.5%
Asset turnover, average	1.16	1.01
Cash conversion cycle, days, average	30	14
Interest cover, average	26.8	7.5
Debt to equity, average	0.09	0.07

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,979	5,782	2,024
Cash from investing	−10,487	−6,605	−1,939
Cash from financing	1,426	830	−50
Capital spending	9,324	6,673	2,637
Dividends paid	595	297	112
Shares bought back	0	0	0
Shares issued for cash	2,339	1,713	0
Borrowings raised	–	934	376
Borrowings repaid	1,016	1,016	72

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	4	4	4	7
Altman Z-scorePublished threshold 1.81	–	5.60	3.57	4.59	4.99	3.65
Beneish M-scorePublished threshold −1.78	–	−2.34	−1.40	−2.55	−2.79	−2.69
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	28.33	13.22	15.59	5.53	5.37
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	1.24	1.39	1.89	1.93
Receivables growth less revenue growthOur threshold 0 percentage points	–	−94.57	39.33	12.51	−2.76	−8.42
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	34.99	−34.84	−7.40	22.28	28.74
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	4.13	−2.13	0.90	−0.34	2.47
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.90	2.92	2.33	0.86	1.04
Effective tax ratePublished threshold 17.16 per cent	20.04	27.08	18.57	−9.49	26.75	27.51
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	2.76	−4.04	−28.33	24.07	4.85

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Upgrade	Stable	425
5 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		50
5 Nov 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		2,150

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.