Q4 FY26 result
Best quarter in company history — record revenue, EBITDA, and margins across all segments.
| Metric | Q4 FY26 | Growth |
|---|---|---|
| Revenue | ₹5,240 Cr | +26.3% YoY, +18.5% QoQ |
| EBITDA | ₹727 Cr | +41.2% YoY |
| EBITDA margin | 13.9% | +150 bps YoY (record) |
| PAT (owners) | ₹311 Cr | +42.0% YoY |
| FY26 full-year revenue | ₹18,552 Cr | +22.4% YoY |
| FY26 full-year EBITDA | ₹2,332 Cr | +25.1% YoY |
| FY26A EPS | ₹37.6 | +15.5% YoY |
Front Wave view. The quarter resolved whether the ₹16,602 Cr capex cycle would expand or compress margins. EBITDA/tonne on carbon steel jumped to ₹7,460/t in Q4 from ₹5,095 in Q3 — a 46% sequential surge from product-mix enhancement, indicating a structural rather than seasonal ramp.
The expansion story
From ₹12,651 Cr to ₹30,900 Cr — a transformation in progress.
Shyam Metalics is transitioning from a mid-cap carbon-steel producer to a large-cap diversified metals platform. Three non-correlated growth engines activate simultaneously through FY28.
Investment thesis. At 6.2× FY28E EV/EBITDA, the company trades at a 20–30% discount to peers despite 2× volume growth and a net-cash balance sheet. The stock deserves re-rating as a diversified materials platform as six product lines commission between Apr-26 and Mar-29.
Act 1 — volume supercycle: 49 LT → 72 LT by FY28E
| Period | Revenue | Growth | EBITDA margin |
|---|---|---|---|
| FY24A | ₹12,651 Cr | — | 11.9% |
| FY25A | ₹15,159 Cr | +19.8% | 12.3% |
| FY26A | ₹18,552 Cr | +22.4% | 12.6% |
| FY27E | ₹25,900 Cr | +39.6% | 13.7% |
| FY28E | ₹30,900 Cr | +19.3% | 14.6% |
Revenue CAGR FY24–FY28E: 29% · margin expansion: +200 bps.
Act 2 — mix shift drives the margin re-rating
| Product | EBITDA/tonne | Multiple vs carbon steel |
|---|---|---|
| Carbon steel | ₹7,460 | 1.0× |
| Pig iron | ₹7,200 | 0.97× |
| SS long | ₹8,512 | 1.14× |
| Ferro alloys | ₹18,780 | 2.52× |
| Aluminium foil | ₹36,562 | 4.90× |
