Shyam Metalics & Energy Ltd. · NSE:SHYAMMETL
Shyam Metalics & Energy — Q2 & H1 FY26 Earnings Presentation
51 slides from Shyam Metalics & Energy's earnings presentation, Nov 8, 2025
Slide 1: Cover letter to stock exchanges
Great Place To ore o meTaL S Work. Certified SMEL/SE/2025-26/78 November 08, 2025 FEB2025-FEB 2025 INDIA [ The Secretary, Listing Department [ The Manager - Listing Department | BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Towers Limited “Exchange Plaza”, 5th Floor, Plot Dalal Str
Slide 2: Shyam Metalics & Energy Limited Investor Presentation Q2 & H1 FY26
Shyam Metalics & Energy Limited Investor Presentation | Q2 & H1 FY26
Slide 3: Safe harbor
Safe harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Shyam Metalics And Energy Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Company Overview
SIHYAM METALICS ORE TO METAL
Slide 5: Shyam Metalics at a glance
Shyam Metalics at a glance Leading Integrated Steel Producer 4th Largest Sponge Iron Player, & amongst the largest Ferro Alloys Leading player in terms of Pellet producer in India Capacity Achieving End-To-End Solutions Integrated Metal Producing Company Operates “Ore to Metal” integrated steel plan
Slide 6: Our track record
Our track record • SMEL has gone from being outside of India’s 35th largest steel producer to 6th largest steel producer within two decades. • SMEL has always been profit-making – we have never had a loss-making year despite operating in a cyclical industry. • Operating in a commoditized industry, b
Slide 7: Tenets followed at Shyam Metalics
Tenets followed at Shyam Metalics We adopt best in-class technologies & infrastructure, We consider ourselves custodians of the trust and capital driving efficiency and maintaining cost leadership in our entrusted to us by our investors operations 11 01 We are committed to sustainability and We fund
Slide 8: Our expected growth trajectory
Our expected growth trajectory Revenue EBITDA ~2.5x ~2.5x 15,137 1,866 FY25 FY31E FY25 FY31E The company is strategically expanding into diversified, value-added product segments with higher ROCE and lower CAPEX requirement. Taking into consideration the least performance in five-year cycles over th
Slide 9: Eminent promoters & board of directors
Eminent promoters & board of directors Brij Bhushan Agarwal Sheetij Agarwal Mahabir Prasad Agarwal Sanjay Kumar Agarwal Deepak Agarwal Dev Kumar Tiwari Chairman & Managing Whole-time Director & Chairman Emeritus1 Joint Managing Director Director (Finance) & CFO Whole-time Director Director (CMD)2 He
Slide 10: Eminent independent board of directors from diversified field
Eminent independent board of directors from diversified field Chandra Shekar Verma Nand Gopal Khaitan Shashi Kumar Kishan Gopal Baldwa Rajini Mishra o He is a Fellow Member of o He is registered as an o Associated with the o Associated with the o Associated with Shyam the Institute of Company advoca
Slide 11: Key updates for Q2 FY26
Key updates for Q2 FY26 Capex & Operational Update Financial Performance Updates • Q2 FY26: Revenue: Rs. 4,457 cr, Operating • Capex incurred till Q2 FY26: Rs. 7,529 crores EBITDA: Rs. 539 cr, EBITDA: Rs. 609 cr, PAT: • Long term credit rating upgraded from CRISIL which accounts for 80% of the total
Slide 12: Our new registered and corporate office at Taratala, Kolkata
Our new registered and corporate office at Taratala, Kolkata • The company in now fully operational at its newly inaugurated corporate office at P-19, Plate No:D-403 CPT Colony, Taratala Road, Kolkata within the local limits of the same city • The new corporate office at Taratala, built on 3-acres o
Slide 13: Driving integration of multi-product metals portfolio
Driving integration of multi-product metals portfolio Prospective License for Iron Ore Mine: Multiple Sale Points across Maharashtra Backward the Value Chain Integration Railway siding Greater Control on Operating Margins 377 MW CPP Flexibility to alter Product Renewables – Captive Solar Mix Energy
Slide 14: Business update: greenfield expansion - cold rolling mill
Business update: greenfield expansion - cold rolling mill Greenfield project for a cold rolling mill spread over 55 acres of land at Jamuria, West Bengal Project approved under the PLI Products will include GI/GL coils and scheme PPGL (Pre-Painted Galvalume Coils) Merger completed with Shyam Sel And
Slide 15: Diversifying product portfolio with stainless steel at Pithampur
Diversifying product portfolio with stainless steel at Pithampur, Madhya Pradesh Mittal Corp Industries Overview Leading Player in Stainless Post Acquisition Capex of 2 Manufacturing units at Rolling Mill is developed by 0.2 MTPA Installed Capacity Wide product range across Steel Long Products in In
Slide 16: Aluminium foil plant
Aluminium foil plant Aluminium Plant – Pakuria - West Bengal, Giridih – Jharkhand & upcoming plant in Odisha One of the largest aluminium foil manufacturer in India, plant spread over 5 acres Plant installed by Achenbach (Germany), an industry pioneer Kickstarted and stabilised plant operations in r
Slide 17: Enhancing capacities in carbon steel through Ramsarup Industries
Enhancing capacities in carbon steel through Ramsarup Industries Shyam Super Metalics & 60% Ramsarup 40% Smelters Ltd Energy Ltd Industries First Capex Infusion in Ramsarup Industries – Phase I Capacity Expansion in Ramsarup Industries – Phase II Rs. 448 cr Capex : Rs 747 cr Rs. 299 cr Rs. 255 cr Ca
Slide 18: Foray into wagon manufacturing
Foray into wagon manufacturing Strategic entry into rolling The plant to incorporate Developed under step - Wagons types to be Project supports GoI’s stock segment – wagon world class “Uni-Flow” down subsidiary, manufactured - Flat, “Make in India” initiative manufacturing with manufacturing layout
Slide 19: Expansion with strong focus on value added products
Expansion with strong focus on value added products Integration has enabled greater control on the operating margins Capacity (MTPA) FY21 FY21 FY22 FY23 FY24 FY25 Q2 FY26 Post Expansion Capacity (MTPA) FY25 Q2 FY26 Post Expansion Iron Pellet 2.40 3.60 4.80 6.00 6.00 6.00 6.00 Beneficiation - - 3.0 S
Slide 20: Value propositions
Value propositions Backward Diversified Strong Brand Private Railway Captive Power Capacity Addition De-Leveraged Sustainable solution Consistent Integration & Product Mix: & Distribution Sidings Advantage for ~81% power to increase share Balance Sheet - Waste used as Performance Forward Scaling up
Slide 21: Current Projects Overview
SIHYAM METALICS ORE TO METAL
Slide 22: Projects pending installation and status of cost incurred of carbon steel
Projects pending installation and status of cost incurred of carbon steel Capacities to be Budgeted Capex Capex incurred till Pending Capex Particulars Commissioned (Rs Cr) 30th September (Rs Cr) (Rs Cr) (Million MTPA) Benefication Plant 3.00 300 200 100 Sponge Iron 1.05 400 284 116 Blast Furnace 0
Slide 23: Projects pending installation and status of cost incurred for others
Projects pending installation and status of cost incurred for others Capacities to be Budgeted Capex Capex incurred till Pending Capex Particulars Commissioned (Rs Cr) 30th September (Rs Cr) (Rs Cr) (Million MTPA) Stainless Steel: Billet Stainless Steel 0.13 130 108 22 Billet Slabs for Flat products
Slide 24: Synopsis of CAPEX & growth - carbon steel
Synopsis of CAPEX & growth - carbon steel Capacity Present Sales Expected Sales Existing Capacity Particulars Products Post- Expansion Increase by in Volume in Volume Growth (in MMTPA) (in MMTPA) (MMTPA) FY25 (MMTPA) FY28E Carbon Steel: Intermediate Pellet 6.00 6.00 0.84 0.39 Products a. Sponge Iron
Slide 25: Synopsis of CAPEX & growth - stainless steel & aluminium
Synopsis of CAPEX & growth - stainless steel & aluminium Capacity Present Sales Expected Sales Existing Capacity Particulars Products Post- Expansion Increase by in Volume in Volume Growth (in MMTPA) (in MMTPA) (MMTPA) FY25 (MMTPA) FY28E Stainless Steel: Intermediate Stainless Steel Billets 0.12 0.7
Slide 26: Moving towards a diversified product mix
Moving towards a diversified product mix Revenue Mix Sales Volumes (in lakh tonnes) 83% 85% 79% 74% 76% 48% 48% 22.7 45% 45% 20.6 21.2 43% 20.2 38% 37% 31% 33% 15.1 14.5 29% 13.3 11.2 17% 7.6 8.2 15% 13% 13% 11% 7% 7% 5% 4% 4% 5% 1.6 1.8 1.8 0.5 2.0 0.8 0.2 1.1 0.4 0.2 0.1 FY22 FY23 FY24 FY25 H1 FY2
Slide 27: Export opportunities
Export opportunities Steel products both upstream and downstream including 34 12% 27% Angles, Beams, Billets, Channels, Wire Rods, MS Round Coils and Sponge Iron Countries Exports to countries like USA, Export Contribution to Revenue 50% 24% Japan, Italy, Nepal, Bangladesh in H1 FY26 Ferro Chrome Fe
Slide 28: Q2 & H1 FY26 Financial Performance
Q2 & H1 FY26 Financial Performance
Slide 29: Performance highlights
Performance highlights Q2 FY26 Rs. 4,457 Cr Rs. 609 Cr Rs. 539 Cr Rs. 260 Cr Revenue EBITDA Operating EBITDA PAT YoY 22.6% YoY 26.5% YoY 31.9% YoY 20.8% H1 FY26 Rs. 8,876 Cr Rs. 1,242 Cr Rs. 1,119 Cr Rs. 551 Cr Revenue EBITDA Operating EBITDA PAT YoY 22.5% YoY 21.8% YoY 24.8% YoY 12.1% 28
Slide 30: Consolidated profit & loss statement
Consolidated profit & loss statement Particulars (Rs. Cr) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Revenue from Operations 4,457.0 3,634.0 22.6% 4,418.8 0.9% 8,875.9 7,245.6 22.5% Cost of Material Consumed 3,290.2 2,590.9 3,290.3 6,580.5 5,369.1 Purchases of stock in trade 52.5 0.0
Slide 31: Consolidated balance sheet statement
Consolidated balance sheet statement Particulars (Rs. Cr.) Sept-25 Mar-25 Particulars (Rs. Cr.) Sept-25 Mar-25 Assets Equity and Liabilities Non-Current Assets Equity share capital 278.2 278.2 Other equity 10,734.6 10,275.1 Property, plant and equipment 5,971.0 6,196.7 Total Equity 11,012.8 10,553.3
Slide 32: Q2 FY26 performance highlights
Q2 FY26 performance highlights Rs. 4,457 crores Rs. 609 crores Rs. 539 crores Rs. 260 crores Revenue from Operations EBITDA Operating EBITDA Profit After Tax Revenue Breakup Volumes (in lakh tonnes) Volumes (in lakh tonnes) Y-o-Y +15% +19% Q-o-Q Steel Products 7.3% 11.6% 0.30 1.2% 0.26 0.25 0.05 Y-o
Slide 33: H1 FY26 performance highlights
H1 FY26 performance highlights Rs. 8,876 crores Rs. 1,242 crores Rs. 1,119 crores Rs. 551 crores Revenue from Operations EBITDA Operating EBITDA Profit After Tax Revenue Breakup Volumes (in lakh tonnes) Volumes (in lakh tonnes) +12% Y-o-Y Steel Products 6.7% 11.4% 0.55 1.7% 0.49 Y-o-Y 4.6% 0.11 Alum
Slide 34: Per tonne realizations
Per tonne realizations Speciality Alloys Carbon Steel* Stainless Steel Y-o-Y Q-o-Q Y-o-Y Q-o-Q Y-o-Y Q-o-Q -5% +9% -7% -4% -7% -5% -4.7% -5.4% -1% 99,851 95,253 98,627 43,205 44,856 45,206 43,144 1,37,523 1,38,516 1,31,029 1,35,979 1,34,360 87,715 91,401 41,510 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY2
Slide 35: Strong debt profile
Strong debt profile Gross Debt (Rs. Cr) Net Debt^ (Rs. Cr) 1,050 1,075 960 951 785 768 246 534 577 -477 -562 -619 -1,062 -1,514 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Gross Debt / Equity Net Debt / EBITDA 0.37 1.51 0.21 0.18 0.30 0.13 0.09 0
Slide 36: Strong balance sheet - flexibility of growth
Strong balance sheet - flexibility of growth Conservatively Leveraged + Internal Operating Efficiency led to minimal Disciplined Capital Allocation strategy Working capital requirements = Better Return Metrics Working Capital (days) Return ratios (%) 57% 22 18 34% ROCE* 100 97 20% 93 94 15% 15% 16%
Slide 37: Disciplined capital allocation
Disciplined capital allocation CashFlow from Operations (Rs. Cr) CAPEX (Rs. Cr) 1,964 2,130 1,689 1,794 1,518 1,543 1,578 1,277 1,056 1,071 620 251 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY26 Cash & Cash Equivalents (Rs. Cr) CAPEX as % of Cashflow from Operations 173% 2,092 1,8
Slide 38: Consistent EBITDA track record
Consistent EBITDA track record EBITDA* (Rs. Cr) Other income as % of EBITDA 633 609 570 539 493 507 481 450 438 447 345 265 260 16% 14% 11% 10% 11% 9% 10% 10% 8% 9% 8% 8% 5% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY23 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY2
Slide 39: Enhancing shareholder's value
Enhancing shareholder’s value Dividend Payout (%) 14% 12% 11% 11% 5% FY21 FY22 FY23 FY24 FY25 Particulars (in Rs Cr) FY21 FY22 FY23 FY24 FY25 Net Profit 844 1,724 843 1,029 909 Dividend 43 184 114 122 125 The Company has paid post IPO dividend amounting to Rs. 588 cr being 10.9% of the aggregate PAT
Slide 40: Long term rating at CRISIL AA+/ outlook: stable
Long term rating at CRISIL AA+/ outlook: stable Current Rating CRISIL AA+ Outlook stable Latest Review Nov-25 CRISIL AA+ (Stable) CRISIL AA CRISIL AA CRISIL AA CRISIL AA (Stable) (Stable) (Stable) (Positive) CRISIL AA- (Stable) CRISIL AA- (Positive) FY20 FY21 FY22 FY23 FY24 FY25 Nov-25 CRISIL AA+ (S
Slide 41: Annexure
SIHYAM METALICS ORE TO METAL
Slide 42: Strategically located - supported by infrastructure (carbon steel)
Strategically located - supported by infrastructure (carbon steel) Raw Material Sources are within 250 kms Jamuria Plant Sambalpur Plant Close Proximity Strong Logistics Lower Logistics Dhamra to Raw Material + Infrastructure = Cost Paradeep Vishakhapatnam Proximity to ports enables Company to expor
Slide 43: Brownfield expansion with… (carbon steel)
Brownfield expansion with… (carbon steel) Railway Siding Captive Power Plants Captive Water Reservoir Jamuria Plant Sambalpur Plant • We have 1 manufacturing plant located in Sambalpur, Odisha and 1 manufacturing plant in Jamuria, West Bengal with aggregate installed capacity of 15.13 MTPA comprisin
Slide 44: Detailed plant wise capacities - existing: carbon steel
Detailed plant wise capacities - existing: carbon steel Product –Wise Sambalpur Jamuria Mangalpur Kharagpur TOTAL Capacity (MTPA) Odisha West Bengal West Bengal West Bengal (MTPA) Iron Pellets 3 3 6 Speciality Alloys 0.11 0.07 0.04 0.22 DRI 1.32 1.52 0.06 0.15 3.05 (Direct Reduced Iron) Billets 0.87
Slide 45: Detailed plant wise capacities - post expansion: carbon steel
Detailed plant wise capacities - post expansion: carbon steel Product –Wise Capacity Sambalpur Jamuria Mangalpur Kharagpur TOTAL (MTPA) Odisha West Bengal West Bengal West Bengal (MTPA) Iron Pellets 3 3 6 Speciality Alloys 0.11 0.07 0.06 0.24 DRI (Direct Reduced Iron) 1.95 1.95 0.06 0.15 4.1 Pig Iro
Slide 46: Detailed plant wise capacities - existing & post expansion: stainless steel
Detailed plant wise capacities - existing & post expansion: stainless steel Product –Wise Sambalpur Pitampura TOTAL Capacity (MTPA) Odisha Madhya Pradesh (MTPA) Stainless CR 0.2 0.2 Stainless HR 0.5 0.5 Stainless 0.20 0.22 Billets 0.13 0.12 0.25 Slabs 0.5 0.5 0.5 SS Bright Bars 0.018 0.018 SS Wire R
Slide 47: Our strategy going forward
Our strategy going forward Shift Towards Value Added Build market leading position Geographical Expansions in Continuously work on improving Reducing Carbon Footprint and Products portfolio by identifying in all 4 areas of the metal newer states with focus on cost efficiency through focus on sustain
Slide 48: Energy cost through captive power: ~81%
Energy cost through captive power: ~ 81% o Power consumed by the plants are primarily produced in-house by the Sambhalpur Jamuria Mangalpur Kharagpur captive power plants o Captive power plants utilise non fossil fuels such as waste, rejects, heat and 6 Turbines 4 Turbines 1 Turbine 1 Turbine gas ge
Slide 49: Strengthening brand 'SEL Tiger'
Strengthening brand ‘SEL Tiger’ TMT TMT are used for the construction of buildings, transmission towers, industrial sheds, structures, road, dam and in other various infrastructures SMEL sells the best quality TMT primarily in the states of West Bengal, Odisha, Bihar, Jharkhand, Tripura, Sikkim, Ass
Slide 50: CSR initiatives
CSR initiatives SUSTAINABILITY RURAL HEALTH • Water Conservation- Check dam, • Yearly Eye & Medical Camp for Villagers, FREE Pond , landscaping, Plantation, Medicine & Spectacles • Promotion of solar Light • Free Ambulance & Drinking water Services for villagers • Solar irrigation Pumps • New Health
Slide 51: Thank You
Shyam Metalics & Energy Limited Mr. Pankaj Harlalka pankaj.harlalka@shyammetalics.com Investor Relations: MUFG Intime India Pvt Ltd Shyam Metalics & Energy Ltd. CIN No. : L40101WB2002PLC095491 P-19 (Plate No. D-403) Taratala Road, Kolkata-700088, West Bengal, India Mr. Sumeet Khaitan sumeet.khaitan@
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