A quarter where falling realizations couldn’t stop a 23% revenue jump, aluminum foil stole the limelight, and DI pipes got kicked out of the syllabus.
1. Opening Hook
If someone told you raw material prices were falling, elections were stalling construction, exports were confused, and still Shyam Metalics pulled a 23% revenue growth—well… welcome to Indian metals, where logic takes a tea break.
While peers blamed monsoon, macro, and “global headwinds,” Shyam quietly discontinued DI pipe capex, expanded stainless steel ambition, and prepped aluminum for global domination.
A blast furnace is about to go live, power plants are being built cheaper than industry textbooks, and rating upgrades arrived like Diwali gifts.
Read on—because the twists get spicier than ferro alloys, and the margin story hits different later.
2. At a Glance
- Revenue up 23% – Apparently, softer realizations don’t apply when volumes jump 24%.
- EBITDA up 32% – Operating leverage said, “Main hoon na.”
- PAT at ₹260 crore – Stable, sturdy, and not depending on iron ore mood swings.
- Working Capital Days: 18 – Better than some FMCG companies, lol.
- Net Cash: ₹619 crore – Metals company behaving like an IT firm.
- EBITDA Margin steady at 14% – Even elections couldn’t shake margins.
3. Management’s Key Commentary
(Quotes + Sarcastic Translations)
Quote: “Industry faced a challenging macro environment… raw material prices softened.”
(Translation: Prices fell, but we pretended everything was normal 😏)
Quote: “Revenue grew 23%, volumes up 24%.”
(Translation: We outsold the slowdown.)
Quote: “We discontinued the DI pipe project after reviewing tech shifts.”
(Translation: PVC pipes entered the chat.)
Quote: “Blast furnace commissioning shortly; contribution from Dec ’25.”
(Translation: More hot metal = more hot money.)
Quote: “CRISIL upgraded us to AA+ stable.”
(Translation: Lenders like us more than ever.)
Quote: “₹7,529 crore capex done—80% of the plan.”
(Translation: We spent a lot. No regrets.)
Quote: “Stainless steel expansion will make us highly competitive.”
(Translation: Jindal Stainless should keep one eye open.)
4. Numbers Decoded
Metric Q2 FY26 Q2 FY25
--------------------------------------------------------------
Revenue ₹4,457 cr ₹3,625 cr
EBITDA ₹609 cr ₹482 cr
PAT ₹260 cr ~₹215 cr
H1 FY26 Revenue ₹8,876 cr ₹7,245 cr
H1 EBITDA Margin 14% 14.1%
Net Cash Position ₹619 cr Positive
Working Capital Days 18 days 22 days
Aluminum Foil Utilization 90%+ ~85%
Mittal Corp Revenue (Q2) ₹600 cr NA
Key Takeaways:
- Aluminum foil is the secret superstar—24% of total exports, 90% utilization.
- Pig iron + color coated drove Q2 volume spike.
- Stainless steel is
