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Shyam Metalics — initiating coverage with 28% upside

Vertical integration, balance-sheet headroom, downstream value-add

08 Oct 2025·SHYAMMETL·Buy·Steel & Energy

The thesis

Initiating coverage on Shyam Metalics with a Buy and 28% upside. Three legs:

  1. Vertical integration — captive power and ore give a structural cost advantage that survives weak realisation cycles.
  2. Balance-sheet headroom — expansion funded without leverage stress.
  3. Downstream value-add — the mix shift toward finished products lifts blended margins through FY27.

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Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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