Shyam Metalics And Energy Limited has informed the Exchange about Investor Presentation
™
ORE TO METAL
FER2025-FER 2028 INDIA
SMEL/SE/2025-26/38
July 23, 2025
The Secretary,
The Manager - Listing Department
Listing Department, BSE Limited
National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,
“Exchange Plaza”, 5th Floor, Plot No. C/1, G-Block,
Dalal Street, Mumbai 400 001
Bandra-Kurla Complex, Bandra (East), Mumbai
Maharashtra, India
Scrip Code: 543299
Dear Sir/Madam,
400 051, Maharashtra, India
Symbol: SHYAMMETL
Sub: Investors Presentation - Financial Results of 1% Quarter ended F.Y 2025-26
Pursuant to the Regulation 30 of the Securities and Exchange Board of India (Listing
Obligations and- Disclosure Requirements) Regulations, 2015 read with applicable
Schedules thereof, please find attached the Investors Presentation w.r.t the Un-audited
Financial Results of 15* Quarter ended for F.Y 2025-26.
This is for your information and record.
Thanking You,
For Sh
Metalics and Energy Limited
Company Secre Membership No. F13320 Encl: as above
OUR BRANDS:
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SHYAM METALICS AND ENERGY LIMITED
FEC OFFICE: Trinity Tower. 7th Floor, 83, Topsia Road, Kolkata - 700 046, West Bengal, C1/: L40101WB2002PLC095491 55 7/11: 19AAHCS5842A2ZD P-19, (Plate No.: D-403), Taratala Road, CPT Colony, Kolkata, West Bengal - 700088 7:49133 4016 4001 : 491 33 4016 4025 1111z contact@shyamgroup.com /<) www.shyammetalics.com "o/lov s 01: 87 @ @ B
Investor Presentation | July 2025
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 any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, Process or completeness
2
Company Overview
Shyam Metalics at a glance
Achieving End-To-End Solutions “Ore To Metal”
6th Largest Integrated Steel Producer & amongst the largest Ferro Alloys producer in India
4th Largest Sponge Iron Player, Leading player in terms of Pellet Capacity
Integrated Metal Producing Company
Operates “Ore to Metal” integrated steel plants with Captive Railway Siding
Strategically located plants with Proximity to Mineral Belts, National Highways and Ports
22.3% Revenue growth in Q1 FY26
Cash positive in FY25 at Rs. 1,062 crores
31.9% volume growth in Q1 FY26
PAT Positive since commencement of operations in 2005
15.13 MTPA
~78% of power
Combined Production Capacity
sourced from Captive in Q1 FY26
78% of power sourced from Captive Power Plants at Rs. 2.40/Kwh in Q1 FY26, while Avg Power costs including Grid Power at Rs. 3.10/Kwh Our power generation is sourced from balanced mix of thermal and green energy
Promoters with decades of experience in the Metal Industry along with experienced Management Team
17,303
Employee Strength
AA
CRISIL Credit Rating
Optimising the Balance Sheet for Resilience & Flexibility
CRISIL AA (Positive) Long Term Bank Facilities
Highest credit rating in the industry
CRISIL A1+ Short Term Bank Facilities
4
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, being low cost + strong capital allocation are the strongest sources of competitive advantage.
• We are focused on return on invested capital, as evidenced by the following statistic: we have infused Rs. 136 crores into the company since inception, returned Rs.
1400 crores since inception by way of dividend and OFS and have a residual stake of Rs. 17,940 crores invested in the company.
A breakup of cumulative five-year financial performance
Revenue
EBITDA
PAT
EBITDA Margin (%)
PAT Margin (%)
21%
16%
26%
21%
19%
27%
12%
35%
29%
46,868
7,881
4,892
24% CAGR
14,837
31% CAGR
2,382
31% CAGR
1,394
7,155
2,795
984
383
178
312
16.1%
16.8%
13.7%
13.8%
10.4%
9.4%
6.4%
4.4%
2004-09
2009-14
2014-19
2019-24
2004-09
2009-14
2014-19
2019-24
2004-09
2009-14
2014-19
2019-24
2004-09
2009-14
2014-19
2019-24
2004-09
2009-14
2014-19
2019-24
•
Our Revenues, EBITDA and PAT have grown at CAGR of 24%, 31% and 31% respectively over the past 20 years
• Minimum CAGR growth for Revenue, EBITDA and PAT have been 16%, 19% and 12% respectively
- CAGR
Note - All figures in Rs crores
5
Tenets followed at Shyam Metalics
We adopt best in-class technologies & infrastructure, driving efficiency and maintaining cost leadership in our operations
We consider ourselves custodians of the trust and capital entrusted to us by our investors
We are committed to sustainability and continuity, ensuring long-term operational resilience
10
11
01
We fund capital expenditure (CAPEX) entirely through internal accruals, approaching banks only to meet our working capital requirements
02
With deep domain expertise in metallurgy and high capex businesses, our decisions are anchored in knowledge and experience
09
Capex is strategically phased to align with planned cash flows, ensuring financial discipline and operational efficiency
Strategic planning precedes execution – we plan meticulously before taking any significant leap
08
04
Our approach is to start small – gaining industry insights and operational understanding – before committing larger capital investments
Capital allocation follows a disciplined 70:20:10 principle: 70% towards growth, 20% reserved for liquidity and 10% allocated to dividends
07
05
06
We have carefully structured our business model to mitigate risks, including the threat to imports from countries like China
Our debt to equity is capped at 0.5x, maintaining a conservative and prudent capital structure
6
Our expected growth trajectory
Revenue
EBITDA
15,137
FY25
~2x
FY30E
1,866
FY25
~2.5x
FY30E
Taking into consideration the least performance in five-year cycles over the past 20 years, our Revenues have grown at CAGR of 16% and EBITDA at CAGR of 19% respectively.
We can grow Revenue, EBITDA at ~2x, ~2.5x times over next 5 years, respectively, even if we grow by 15-17% for revenues and 18-20% CAGR for EBITDA respectively, without raising any additional capital and retaining our 75% stake.
As Warren Buffett says, The best businesses are those that can re-deploy large amounts of cashflows into high growth, high return projects. We are well oiled compounding machine.
Note – All figures in Rs crores
7
Eminent promoters & board of directors
Mahabir Prasad Agarwal Chairman Emeritus1
Brij Bhushan Agarwal Chairman & Managing Director (CMD)2
Sanjay Kumar Agarwal Joint Managing Director
Deepak Agarwal Director (Finance) & CFO
Sheetij Agarwal Whole-time Director & Head - Strategy
Dev Kumar Tiwari Whole-time Director
o An accomplished business
leader and a first- generation entrepreneur having more than 50 Years of experience in steel & ferro alloys industries
o He has the foresight to lead the Company on a transformational journey and contributing significantly in growth path of the company
o A visionary Business leader and a guiding force for the company having over three decades of experience in the steel and ferro alloys industry
o Primarily responsible for strategic planning, future expansion, business development, marketing, human resources and corporate affairs
o Holds a bachelor’s degree in commerce, with honours, from University of Kolkata with over 18 years of vast experience in the steel & ferro alloys industry
o Primarily responsible for the Operations / manufacturing of the plants with focus on cost control, production efficiency, competitive procurement of raw materials etc
o He is an Fellow Member of the Institute of Company Secretary of India
o He is a techno commercial
professional and possessing more than 20 years of experience of steel and ferro alloys industries
o Bachelor of Science in
Business Administration from D'Amore Mckim School of Business, Northeastern University
o Overlooks and spearheads
strategy & Business Development at Shyam Metalics and Energy Limited
o He has over 23 years of experience in the steel and ferro alloys industry
o He is responsible for
project implementation and operations of Sambalpur manufacturing plant
The Management Team is ably assisted by a very strong team of Professionals who have contributed immensely to the growth of the Company
Note: 1. Mr. Mahabir Prasad Agarwal stepped down from the position of Chairman in Board Meeting held on 9th May 2025 and was simultaneously conferred the title of Chairman Emeritus 2. The Board has appointed Mr. Brij Bhushan Agarwal as the Executive Chairman of the board w.e.f 10th May 2025 and accordingly he has been elevated and re-designated as Chairman and Managing Director (CMD) of the company
8
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 the Institute of Company Secretaries of India, a Fellow Member of the Institute of Cost & Works Accountants of India
o He also holds a Bachelor's
degree in Law and Legislature and Master's degree in Commerce and Business Administration
o Associated with the company since 2024
o Ex-Chairman & Managing
Director, SAIL
o He is registered as an advocate with the bar council of West Bengal since June 20, 1974
o He is currently a partner
at Khaitan & Co
o Associated with the company since 2023
o Associated with the company since 2023
o He holds a B.Sc. from Patna University and a B.Sc. (Hons) in Mining Engineering from the Indian School of Mines, Dhanbad, Ranchi University
o Prior to joining Shyam
Metalics & Energy Ltd, he was associated with Coal India Limited as Chairman
o Associated with the company since 2018
o He holds a bachelor’s
degree in commerce from University of Rajasthan
o He has been a fellow
member of the Institute of Chartered Accountants of India for 38 years and holds a certificate of practice
The Management Team is ably assisted by a very strong team of Professionals who have contributed immensely to the growth of the Company
o Associated with Shyam Metalics since 2021
o She holds a bachelor's degree from Calcutta University in Botany, and a master's degree in business administration from the West Bengal University of Technology
o She is also Associate
Member of the Institute of Company Secretaries of India
9
Key updates for Q1 FY26
Capex & Operational Update
Financial Performance
Updates
• Capex incurred till Q1 FY26: Rs.7,003 crores which accounts for 70% of the total CAPEX Envisaged i.e., Rs. 10,025 crores out of which Rs. 4,908 crores have been capitalized
• The entire company officials have aggregated and moved to the state-of-the-art corporate office located at Taratala, Kolkata
• Q1 FY26: Revenue: Rs. 4,418.8 cr, Operating EBITDA: Rs. 579.6 cr, EBITDA: Rs. 633.2 cr, PAT: Rs. 290.7 cr
• Launched diverse range of roofing sheets under SEL Tiger in four distinct brands - Royale, Elite, Azure and Alfa
• Declared interim dividend of Rs. 1.80 per equity
share
10
Our new registered and corporate office at Taratala, Kolkata
• We are consolidating our offices into a single location at our newly inaugurated corporate office at Taratala, built on 3-acres of land surrounded by greenery
•
and designed to maximize natural light, aligning with sustainability and energy efficiency norms The Board has taken decision to change its existing registered office of the company from Trinity Tower, 83 Topsia Road, Kolkata to 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
11
Driving integration of multi-product metals portfolio
Backward Integration
Prospective License for Iron Ore Mine: Maharashtra
Railway siding
377 MW CPP
Renewables – Captive Solar Energy Plant
Aluminium Mill with Caster
Current Portfolio
Downstream Products
Multiple Sale Points across the Value Chain
Greater Control on Operating Margins
Flexibility to alter Product Mix
Focus on Quality
Intermediates
Ferro Alloys
Finished Steel
Stainless Steel
Aluminium Foil
Pellets, Billets, Sponge Iron, Coke Oven, Pig Iron
Billet- Hot Flat Product, Billet- Parallel Flange
Ferro chrome, Low Carbon Ferro Chrome, Ferro Manganese, Silico Manganese
Angles, Channels, TMT, Beam, Wire rod & Structurals, Color Coated Sheets
Billet SS
Aluminum Flat Rolled Products
Battery foil
Upcoming Projects
CRM Stainless
Stainless Steel
Ductile Iron Pipes
Objectives for Expansion:
Hot Flat Products
Parallel Flange Beam
Steel Wire Drawing
Stainless Steel Bright Bars
Stainless Steel Wire Rods
✓ Foray into Newer Segments
✓ Increase Backward Integration
✓ Utilize cash generated from
operations for growth
12
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 scheme
Products will include GI/GL coils and PPGL (Pre-Painted Galvalume Coils)
Merger completed with Shyam Sel And Power Limited
Phase 1 operation comprises of 1. 2. 3. 4. 5.
HR Coil – Raw thick Steel CR Coil – Cold rolled for smooth finish and reduced thickness Galvalume Coating – Hot dip coating with Al-Zn-Si for corrosion resistance Chemical Pre-treatment – Surface treatment for better paint adhesion and Color coating – Primer + topcoat applied and baked
Greenfield Expansion
Phase I
Phase II
2,50,000 Ton
Capacity
1,50,000 Ton
13
Capex Incurred Rs. 480 Cr
Capex Pending Rs. 123 Cr
Total Capex Rs. 603 Cr
Launched diverse range of roofing sheets under SEL Tiger in four distinct brands: SEL Tiger ROYALE, SEL Tiger ELITE, SEL Tiger AZURE and SEL Tiger ALFA
Diversifying product portfolio with stainless steel at Pithampur, Madhya Pradesh
Mittal Corp Industries Overview
Leading Player in Stainless Steel Long Products in India
Post Acquisition Capex of Rs. 225 crores infused in stainless steel
2 Manufacturing units at Pithampur, Madhya Pradesh with ~35 Acres of land
Rolling Mill is developed by Italian player Danieli
0.2 MTPA Installed Capacity for finished stainless steel
Wide product range across series 200, 300, 400 and Duplex
Capex Infusion in Mittal Corporation
Business Areas
Shyam Metalics has forayed into stainless steel through acquisition of Mittal Corp. Company is focussed on increasing its capacity and thereby market share in revenue and margin accretive products
GoI has issued circlular for use of stainless steel for construction of national highway Bridges and centrally sponsored projects in marine environment susceptible to sever corrosion
0.50
0.40
0.20
0.02
0.02
SS Flat
Finished SS
Bright bars
Wire rods
Note - Acquisition completed in Oct’23
Series 200 Stainless Steel
Series 300 Stainless Steel
Series 400 Stainless Steel
Kitchen Utensils
Automotive, White Goods, Decorative
Construction
Stainless Steel Wire Rods & Bright Bars
Business Areas catered by company
14
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 record time
More than 60% of the production utilised for exports
Rolling range: 40 to 5 micron with annealing capability, customised as per demand
Majorly producing 6-10 micron rolled material
Backward integration to increase margins and additional capacities to enhance revenues
Announced Greenfield expansion of Aluminium Flat Rolled Products (0.06 MMTPA) and expansion of Aluminium Foil (0.018 MMTPA) with investment of Rs. 700 cr
Largest Exporter of Aluminium Foil from India
15
Enhancing capacities in carbon steel through Ramsarup Industries
Engaged in manufacturing wires, TMT Bars and steel, acquired for Rs 380 cr out of which we paid Rs 228 cr for 60% stake
Shyam Metalics & Energy Ltd
60%
Ramsarup Industries
40%
Super Smelters Ltd
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. 375 cr
Capex : Rs 625 cr
Rs. 250 cr
DRI*
Captive Power Plant*
150,000 TPA
Sinter
20 MW
Coke Oven
Blast Furnace
4,50,000 TPA
1.2 MTPA
0.25 MW
Steel Wire Drawing
85,000 TPA
Captive Power Plant
40 MW
Ductile Iron Pipe
4,00,000 TPA
From the budgeted capex Rs. 787 cr (Phase 1 -Rs. 633 cr & Phase 2 -Rs. 154 cr) has already been incurred proportionately by Shyam Metalics & Energy Ltd. and Super Smelters Ltd.
Total capex to be incurred
Rs. 1,372 cr
Shyam Metalics & Energy Ltd (60%)
Rs. 823 cr
Rs. 549 cr
Super Smelters Ltd (40%)
Note - *DRI and Captive Power Plant commissioned in May’24
- to be commissioned in future
16
Update - Blast Furnace to be commissioned soon. Phase 2 to be completed by Q2 FY26.
Foray into wagon manufacturing
Strategic entry into rolling stock segment – wagon manufacturing with state-of-the-art greenfield facility at Kharagpur, West Bengal
The plant to incorporate world class “Uni-Flow” manufacturing layout
Developed under step - down subsidiary, Ramsarup Industries Ltd., Phase 1 operations to be commenced in March 2026
Wagons types to be manufactured - Flat, Open, Box, Hopper Covered, Tank and Specialised Wagons
Project supports GoI’s “Make in India” initiative and is part of company’s five-year CAPEX roadmap
Greenfield Expansion
Phase I
Phase II
2,400 wagons
Capacity
2,400 wagons
Total Capex to be incurred – Rs. 300 crores
17
Expansion with strong focus on value added products
Capacity (MTPA)
FY21
FY21
FY22
FY23
FY24
FY25
Q1 FY26
Post Expansion
Capacity (MTPA)
FY25
Q1 FY26
Post Expansion
Integration has enabled greater control on the operating margins
Iron Pellet
2.40
3.60
4.80
6.00
6.00
6.00
6.00
Beneficiation
-
Sponge Iron
1.39
2.11
2.54
2.90
3.05
3.05
4.10
Billets
0.89
0.94
1.69
2.01
2.01
2.01
2.41
TMT, Structural Steel, Wire Rods & Pipes
0.82
0.90
1.97
2.07
2.07
2.07
2.07
Speciality Alloys
0.21
0.21
0.22
0.22
0.22
0.22
0.24
Captive Power (MW)
Renewable Power (MW)
Stainless Steel Billet
Stainless Steel Finished Steel
Aluminium Foil
5
-
-
-
227
267
267
357
467
467
597
109
5
-
-
9
-
-
9
9
9
0.12
0.12
0.12
0.75
0.15
0.15
0.20
0.85
0.04
0.04
0.04
0.04
0.04
0.06
Coke Oven
Pig Iron*
Ductile Iron Pipes
Parallel Flange Beam
Colour Coated Sheets
Steel Wire Drawing
Aluminium Flat rolled Products
Stainless Steel Wire Rods
Stainless Steel Bright Bar
Railway Wagons
0.45
0.77
-
-
0.25
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.0
0.7
1.22
0.6
0.4
0.4
0.09
0.06
0.018
0.025
4800 units
- Installed Capacity
- Future Capacity
*A sinter plant of 1.2MTPA has been commissioned along with pig iron
18
Value propositions
Backward Integration & Forward Integration with presence across the Value Chain
Diversified Product Mix: Scaling up stainless steel, aluminum foil and EV Battery Foil
Strong Brand & Distribution Network
Private Railway Sidings Advantage for Seamless Logistics
Captive Power for ~78% power requirement
Capacity Addition to increase share of High Margin B2C Products
De-Leveraged Balance Sheet giving flexibility in growth
Sustainable solution - Waste used as ‘Productive Inputs’
Consistent Performance over the last decade
19
Current Projects Overview
Projects pending installation and status of cost incurred of carbon steel
Particulars
Benefication Plant
Sponge Iron
Blast Furnace
Coke Oven
Billets (heavy structural mill)
Parallel Flange Beams
TMT, Structural Steel, Wire Rods & Pipes
Color coated Sheet
DI Pipe
Solar Plant (MW)
Captive Power (MW)
Railway Siding (No. of lines)
Oxygen Plant
Total (A)
Capacities to be Commissioned (Million MTPA)
Budgeted Capex (Rs Cr)
Capex incurred till 30th June (Rs Cr)
Pending Capex (Rs Cr)
3
1.05
0.45
0.25
0.40
0.40
0.09
0.15
0.60
100
130
2
300
400
374
220
110
240
45
207
600
450
480
90
83
108
270
368
170
20
8
-
84
5
24
454
51
78
192
130
6
50
90
232
45
123
595
426
26
39
5
3,599
1,640
1,959
21
Projects pending installation and status of cost incurred for others
Particulars
Stainless Steel:
Billet Stainless Steel
Billet Slabs for Flat products
Hot flat products
CRM Stainless Steel
Stainless Steel Bright Bars
Stainless Steel Wire Rods
Total Stainless Steel (B)
Ferro Alloys (C)
Aluminium:
Aluminium Mill with Caster
Battery foil plant
Aluminium Flat Rolled Product
Aluminium Foil
Total Aluminium (D)
Total (E) = (B+C+D)
Total (A+E)
Capacities to be Commissioned (Million MTPA)
Budgeted Capex (Rs Cr)
Capex incurred till 30th June (Rs Cr)
Pending Capex (Rs Cr)
0.13
0.50
0.50
0.20
0.03
0.02
1.38
0.02
0.01
0.01
0.06
0.02
0.10
130
200
550
150
70
40
1,140
60
75
25
450
250
800
2,000
5,599
92
19
14
-
66
34
225
48
32
15
127
27
201
474
2,114
38
181
536
150
4
6
915
12
43
10
323
223
599
1,526
3,485
Note - Out of the above, contribution of Rs. 525 cr is on account of Joint Venture partner in RIL
22
Synopsis of CAPEX & growth - carbon steel
Particulars
Products
Existing Capacity (in MMTPA)
Capacity Post- Expansion (in MMTPA)
Increase by
Present Sales in Volume (MMTPA) FY25
Expected Sales in Volume (MMTPA) FY28E
Growth
Carbon Steel:
Intermediate Products
Pellet
Sponge Iron
Pig Iron
Billets
Total (a+b+c)
a.
b.
c.
Finished Steel
Long Steel Products
Flat Steel Products
Total
Speciality Alloys
Power (MW)
6.00
3.05
0.77
2.00
5.82
2.07
0.25
2.32
0.22
467
6.00
4.10
1.22
2.40
7.72
3.16
0.40
3.56
0.24
697
33%
53%
9%
85%
0.84
1.01
0.09
0.17
1.27
1.49
0.02
1.51
0.20
1.20
1.50
0.50
0.00
2.00
1.99
0.34
2.33
0.09
Projects coming up which are both forward and backward integrated and shall be both value and margin accretive for the company
57%
54%
-55%
23
Synopsis of CAPEX & growth - stainless steel & aluminium
Particulars
Products
Existing Capacity (in MMTPA)
Capacity Post- Expansion (in MMTPA)
Increase by
Present Sales in Volume (MMTPA) FY25
Expected Sales in Volume (MMTPA) FY28E
Growth
Stainless Steel:
Intermediate Products
Stainless Steel Billets
0.12
Finished Steel
SS Long Products
Aluminium:
Intermediate Products
Finished Products
SS Flat Products
Total
Flat Rolled Products (Metric TPA)
Aluminium Foil (Metric TPA)
Battery Foil
0.20
0.0
0.20
-
24,000
Total
24,000
0.75
0.20
0.50
0.70
525%
367%
60,000
-
-
0.08
0.08
-
-
0.17
0.48
0.65
-
712%
21,000
100%
43,000
5,000
48,000
20,791
40,000
100%
20,791
40,000
92%
Projects coming up which are both forward and backward integrated and shall be both value and margin accretive for the company.
24
Moving towards a diversified product mix
Revenue Mix
Sales Volumes (in lakh tonnes)
83%
45%
85%
48%
79%
48%
74%
45%
38%
37%
31%
29%
76%
43%
33%
17%
15%
13%
4%
4%
13%
7%
5%
11%
6%
5%
FY22
FY23
FY24
FY25
Q1 FY26
22.7
20.2
20.6
7.6
1.6
FY22
11.2
1.8
FY23
21.2
15.1
13.3
1.8
0.5
0.2
2.0
0.8
0.2
7.3
4.0
0.2
0.1
0.6
FY24
FY25
Q1 FY26
Intermediates
Finished Steel
Speciality Alloys
Stainless Steel
Aluminium
Intermediates
Finished Steel
Speciality Alloys
Stainless Steel
Aluminium
Enriching product portfolio to make a basket of fully integrated downstream products
Make customized products to capitalise on market opportunities
Serve growing demand for steel & allied products
- Carbon steel total
25
Export opportunities
20
Countries
12%
32%
Steel products both upstream and downstream including Angles, Beams, Billets, Channels, Wire Rods, MS Round Coils and Sponge Iron
Exports to countries like USA, Japan, Italy, Nepal, Bangladesh
Export Contribution to Revenue in Q1 FY26
44% Ferro Chrome Ferro Manganese and Silico Manganese Products
24% Aluminum Foil Products
We are preferred suppliers to large corporations like
1
2
3
4
5
6
7
8
9
JM Global Resources
Metal Exchange
Bhutan Concast
NORECOM DMCC
Hulas Wire Industries
CCMA LLC
Vijayshree Steel
Manakin Industries
Vigorous Metals Pte
26
Q1 FY26 Financial Performance
Performance highlights
6 2 Y F 1 Q
Rs. 4,419 Cr Revenue
Rs. 580 Cr Operating EBITDA
Rs. 633 Cr EBITDA
Rs. 291 Cr PAT
YoY 22.4%
YoY 18.8%
YoY 17.6%
YoY 5.3%
28
Consolidated profit & loss statement
Particulars (Rs. Cr) Revenue from Operations Cost of Material Consumed Purchases of stock in trade Change in Inventories of Finished goods & Work in Progress Total Raw Material Gross Profit Gross Profit Margin (%) Employee Expenses Other Expenses Impairment Loss Operating EBITDA Operating EBITDA Margin (%) Other Income EBITDA Depreciation EBIT Finance Cost Share in Profit/(Loss) of Associate and Joint Venture Profit before Tax Tax Profit After Tax PAT Margin (%) EPS (As per Profit after Tax)
Q1 FY26 4,418.8 3,290.3 3.5 -104.7 3,189.0 1,229.8 27.8% 123.0 522.9 4.3 579.6 13.1% 53.6 633.2 204.5 428.7 39.8 0.0 388.9 98.3 290.7 6.6% 10.5
Q1 FY25 3,611.6 2,778.1 26.1 -231.4 2,572.9 1,038.7 28.8% 108.0 438.5 4.4 487.7 13.5% 50.9 538.6 135.9 402.7 28.7 0.0 374.1 98.0 276.1 7.6% 9.9
Y-o-Y 22.4%
18.4%
18.8%
17.6%
5.3%
Q4 FY25 4,139.4 2,902.1 0.5 94.8 2,997.4 1,141.9 27.6% 109.4 518.4 -1.1 515.2 12.4% 54.2 569.4 228.6 340.8 43.6 0.0 297.2 77.0 220.2 5.3% 7.9
Q-o-Q 6.8%
7.7%
12.5%
11.2%
32.0%
EBITDA /TON (Rs )
Metallics
Carbon Steel
Stainless Steel
Speciality Alloys
Aluminium
Q1 FY26
Q4 FY25
2,319
1,853
6,607
6,172
8,066
7,693
15,955
17,657
35,283
36,286
FY25 15,137.5 11,336.7 5.9 -401.1 10,941.5 4,196.0 27.7% 434.3 1,893.6 2.6 1,865.5 12.3% 230.6 2,096.2 711.2 1,385.0 143.9 0.1 1,241.2 331.9 909.3 6.0% 32.7
29
Q1 FY26 performance highlights
Rs. 4,419 crores Revenue from Operations
Rs. 580 crores Operating EBITDA
Rs. 633 crores EBITDA
Rs. 291 crores Profit After Tax
Revenue Breakup
Volumes (in lakh tonnes)
Volumes (in lakh tonnes)
6.2%
4.5%
2.1%
11.2%
9.3%
6.1%
Steel Products 76%
14.0%
5.2%
Speciality Alloys Carbon Steel CR Coil
Sponge Iron Iron Pellets Pig Iron
Aluminium Foil Stainless Steel Others
41.4%
Y-o-Y
+44%
+47%
Y-o-Y
+8%
-15%
Q-o-Q
0.23 0.05
0.19
0.30 0.06
0.24
0.25 0.05
Aluminum Foil
0.20
Stainless Steel
Q1 FY25
Q4 FY25
Q1 FY26
Q-o-Q
3.7
0.6
Ferro Products
3.1
Iron Pellets
2.6 0.5
2.1
2.5 0.5
2.0
Steel Products
Y-o-Y
Q-o-Q
+9%
-2%
6.4
Finished Steel
3.4
Steel Billets
0.5
Sponge Iron
2.6
7.1
4.2
0.4
2.4
7.0
4.0
0.4
2.6
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
30
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
-10%
-4%
+0.5%
-5%
+2%
-5%
+3%
+8%
+17%
97,252
91,350
87,715
95,435
95,902
47,348
44,018
44,856
46,659
44,500
1,34,266
1,27,683
1,38,516
1,31,586
1,12,861
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Sponge Iron
Iron Pellets
Aluminium Foil
Y-o-Y
Q-o-Q
-11%
-2%
-5%
Y-o-Y
Q-o-Q
-5%
-2%
-3%
Y-o-Y
+12%
Q-o-Q
+4%
+6%
27,208
24,510
24,100
26,798
25,343
9,067
8,791
8,608
8,932
8,645
3,26,580
3,50,835
3,65,945
3,24,152 3,44,030
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q4 FY25
Q1 FY26
FY24
FY25
Q1 FY25
Q3 FY25
Q1 FY26
FY24
FY25
Note - *per tonne realizations of Carbon Steel inclusive of Steel Billets and Finished Steel Products; All figures in Rs
31
Disciplined capital allocation
CashFlow from Operations (Rs. Cr)
CAPEX (Rs. Cr)
1,689
1,518
1,794
1,964
1,056
1,543
1,578
1,277
2,130
FY21
FY22
FY23
FY24
FY25
251
FY21
FY22
FY23
FY24
FY25
Cash & Cash Equivalents (Rs. Cr)
CAPEX as % of Cashflow from Operations
2,092
1,830
1,541
1,262
102%
88%
108%
76%
486
24%
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
The company is cash positive even at peak CAPEX cycle
32
Consistent EBITDA track record
EBITDA* (Rs. Cr)
Other income as % of EBITDA
633
570
539
493
507
481
450
438
447
345
265
260
14%
8%
8%
5%
16%
11%
9%
10%
9%
10% 10%
8%
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Note - Based on the Capital Allocation Policy followed by company, a liquidity of around 20% of the net worth is parked in Government bonds and other liquid investments leading to consistent other income contribution to our P&L and EBITDA ensuring and facilitating smooth Capex Implementation. Presently as on 30th June 25, amount stands at Rs. 1,858 crores
Note - *including other income
33
Enhancing shareholder’s value
Dividend Payout (%)
14%
11%
12%
11%
5%
FY21
FY22
FY23
FY24
Particulars (in Rs Cr)
Net Profit
Dividend
FY21
844
43
FY22
1,724
184
FY23
843
114
FY24
1,029
122
The Company has paid post IPO dividend amounting to Rs. 588 cr being 10.9% of the aggregate PAT of Rs. 5,349 cr
FY25
FY25
909
125
34
Long term rating at CRISIL AA/ outlook: positive
CRISIL AA (Stable)
CRISIL AA (Stable)
CRISIL AA (Stable)
CRISIL AA (Positive)
Current Rating
CRISIL AA
Outlook
Latest Review
Positive
Nov-24
CRISIL AA- (Stable)
CRISIL AA- (Positive)
FY20
FY21
FY22
FY23
FY24
Nov-24
35
Annexure
Strategically located - supported by infrastructure (carbon steel)
Raw Material Sources are within 250 kms
Dhamra
Paradeep
Vishakhapatnam
Jamuria Plant
Sambalpur Plant
Close Proximity to Raw Material
+
Strong Logistics Infrastructure
=
Lower Logistics Cost
Plant Location
Captive Railway Sidings
Ports
o Plants are in close proximity to National Highways & Ports o Sambalpur & Jamuria Plants have captive railway sidings
Proximity to ports enables Company to export products in a cost-efficient manner
• We have 7 state of the art manufacturing plants in West Bengal, Odisha and Madhya Pradesh
• 2 Aluminum foil manufacturing plants located West Bengal and Jharkhand
• These plants also include captive power plants supported by robust infrastructure including captive railway
sidings.
Diversifying Geographical Base 70% of the products are sold within the vicinity of 500 kms from the plants
37
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 comprising of intermediate and final products.
• We also have a small plant in Mangalpur, West Bengal with aggregate installed capacity of 0.1 MTPA
• These plants also include captive power plants with an aggregate installed capacity of 467 MW
Brownfield expansion leading to Lowest Capex in the Industry
38
Detailed plant wise capacities - existing: carbon steel
Product –Wise Capacity (MTPA)
Sambalpur Odisha
Jamuria West Bengal
Mangalpur West Bengal
Kharagpur West Bengal
TOTAL (MTPA)
0.04
0.06
0.15
Iron Pellets
Speciality Alloys
DRI (Direct Reduced Iron)
Billets
Pig Iron/ Blast Furnace
3
0.11
1.32
0.87
TMT, WDM, SRM
0.92
Coke Oven
Color Coated
3
0.07
1.52
1.14
0.77*
1.15
0.45
0.25
6
0.22
3.05
2.01
0.77
2.07
0.45
0.25
Captive Power
248 MW
184 MW
15 MW
20 MW
467 MW
* - A sinter plant is also commissioned along with blast furnace
Detailed plant wise capacities - post expansion: carbon steel
Product –Wise Capacity (MTPA)
Sambalpur Odisha
Jamuria West Bengal
Mangalpur West Bengal
Kharagpur West Bengal
TOTAL (MTPA)
0.06
0.06
3
0.11
1.95
1.27
0.92
0.4
Iron Pellets
Speciality Alloys
DRI (Direct Reduced Iron)
Pig Iron / Blast Furnance
Billets*
TMT, WDM, SRM
Parallel Flange Beam
DI Pipe
Colour Coated
Coke Oven
3
0.07
1.95
0.77
1.14
1.15
0.2
0.4
0.45
CPP/Renewable
298 MW
324 MW
15 MW
* including 0.4 billet for HSM
0.15
0.45
0.09
0.4
0.25
60 MW
6
0.24
4.1
1.22
2.41
2.16
0.4
0.6
0.4
0.7
697 MW
40
Detailed plant wise capacities - existing & post expansion: stainless steel
Product –Wise Capacity (MTPA)
Sambalpur Odisha
Pitampura Madhya Pradesh
0.2
0.5
0.13
0.5
Stainless CR
Stainless HR
Stainless
Billets
Slabs
SS Bright Bars
SS Wire Rods
0.20
0.12
0.5
0.018
0.025
TOTAL (MTPA)
0.2
0.5
0.22
0.25
0.5
0.018
0.025
- to be commissioned
- existing
- Total capacities post expansion
41
Our strategy going forward
Towards Value Added Shift Products portfolio by identifying different same products distribution channel. Value added products to contribute 80% in our revenue mix
in
Build market leading position in all 4 areas of the metal space : Steel, Stainless Steel, Ferro Alloys and Aluminium Foil Products
Geographical Expansions in newer states with focus on branding and increased margins
efficiency
Continuously work on improving cost through implementation of technology in supply chain management and work on increasing ancillary and backward integration
Reducing Carbon Footprint and focus on sustainability
All strategies to be achieved without leveraging the balance sheet further
42
Energy cost through captive power: ~ 78%
o
o
o
Power consumed by the plants are primarily produced in-house by the captive power plants
Sambhalpur
Jamuria
Mangalpur
Kharagpur
Captive power plants utilise non fossil fuels such as waste, rejects, heat and gas generated from the operations to produce electricity
Cost of in-house power is significantly less than grid power which costs INR 5-7 Per Unit
6 Turbines
4 Turbines
1 Turbine
1 Turbine
Total Capacity of 248 MW
Total Capacity of 184 MW
Total Capacity of 15 MW
Total Capacity of 20 MW
Captive Power to Total Power Consumed
Cost of Per Unit of Captive Power** (Rs./KWH)
Captive Power Plant Expansion Plans (MW)
Renewable Power Plant Expansion Plans (MW)
Post Expansion Capacity (MW)
82%
78%
74%
83%
78%
3.6
467
130
597
100
109
2.12
2.36
2.43
2.4
FY22
FY23
FY24
FY25 Q1 FY26
FY22
FY23
FY24
FY25 Q1 FY26
Existing Capacity
Proposed Fresh Capacity
Post Expansion
104
5
Post Expansion
9
Exsting Capacity
Proposed Fresh Capacity
60
15
5
104
274
248
Sambalpur
Mangalpur
Solar
Jamuria
Ramsaroop
Wind
Wind
Solar
Total Capacity Post Expansion – 706 MW
43
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, Assam, Arunachal Pradesh, Manipur, Meghalaya, Uttarakhand, Uttar Pradesh, Punjab and Haryana. Our TMT and structural products are sold under the brand “SEL Tiger”
STRUCTURE
Structural steel describes hot rolled steel products such as angles, channels and beams. With an array of high-quality Structural products under the brand ‘SEL Tiger’, backed by world-class service and its other products, SMEL holds its pride of place among the leading steel manufacturers of the country and material directly from the DRHP
WIRE RODS Towards forward integration, SMEL has set up high quality Wire Rod manufacturing & Wire Drawing facilities with best available technology and plant & machinery support Since the raw materials are manufactured in-house at our plant, the company is able to produce high quality Wire Rod & H.B. Wires in an efficient & cost-effective manner
CR COIL/ CR SHEETS
Offers diverse and high-quality range of cols-rolled steel products designed to meet the varied needs of construction and industrial sectors. Each product stands out due to its unique features, including premium coatings, advanced durability, and exclusive warranties. These products are crafted at our state-of-the-art Cold Rolling Mill to provide superior performance and value for customers.
ALUMINIUM FOIL (FOOD GRADE)
SEL Tiger Foil, a distinguished product line from Shyam Metalics, represents the perfect blend of strength, quality, and versatility in aluminium foil manufacturing. Designed to cater to the demanding needs of modern packaging, SEL Tiger Foil is synonymous with reliability and excellence, making it a preferred choice for consumers and industries alike.
44
CSR initiatives
SUSTAINABILITY
• Water Conservation- Check dam, Pond , landscaping, Plantation,
• Promotion of solar Light • Solar irrigation Pumps • Promotion of Organic Farming
SKILL DEVELOPMENT
• Running sewing center, computer training center - KALP VRIKSHA programme
• Alternate source of income via enterprise development, skill development
SPORTS PROMOTION
•
Football team of Shyam Sel & Power Limited
• Shoes & Kit distribution • Play ground development
RURAL HEALTH
• Yearly Eye & Medical Camp for Villagers, FREE
Medicine & Spectacles
• Free Ambulance & Drinking water Services for villagers • New Health Center & Homeopathy Clinic
RURAL EDUCATION
• Free Coaching Center for Economic Backward Integration Section • Computer Training Center at Dhasna village • SHYAM Scholarship for Meritorious students of Economic Backward
Integrations
SOCIAL INFRASTRUCTURE DEVELOPMENT
• Temples • Village Sanitation • Village Handicrafts – Skill development • Gau Daan ( Care for Animals)
45
Shyam Metalics & Energy Limited
Mr. Pankaj Harlalka pankaj.harlalka@shyammetalics.com
Investor Relations – MUFG Intime India Pvt Ltd
Mr. Sumeet Khaitan sumeet.khaitan@in.mpms.mufg.com
Mr. Bhavya Shah bhavya.shah@in.mpms.mufg.com
For meeting request - Click here
Shyam Metalics & Energy Ltd. CIN No. : L40101WB2002PLC095491
Trinity Tower, 7th Floor, 83, Topsia Road Kolkata – 700046, West Bengal, India
P-19 (Plate No. D-403) Taratala Road, Kolkata-700088, West Bengal, India
THANK YOU