Shyam Metalics achieves highest CRISIL AA+ rating among peers

Shyam Metalics and Energy Limited (SMEL) announced on November 6, 2025, that CRISIL Ratings Limited upgraded its long-term credit rating to 'CRISIL AA+/Stable' from 'CRISIL AA/Positive'. This upgrade signifies the highest level of creditworthiness among its industry peers and reaffirms the short-term rating at 'CRISIL A1+'. The ratings apply to total bank loan facilities of INR 3600 crore and commercial paper of INR 50 crore.

This enhancement reflects SMEL's strong business risk profile, sustained by healthy operational scale and product diversification, alongside a robust financial risk profile and liquidity. The company continues to expand into various metal products, focusing on value-added offerings and maintaining deep operational integration across the steel value chain. SMEL’s captive power plants and waste heat recovery systems meet nearly 80% of its power requirements.

The group expects consolidated EBITDA per tonne to exceed INR 5,000 by fiscals 2026 and 2027, driven by timely capital expenditure and an improving product mix. With a projected capital outlay of INR 6,500-7,000 crore over fiscals 2026-2028, largely funded by internal accruals, SMEL expects to maintain strong debt protection metrics and a conservative leverage profile, with gearing remaining below 0.5 times.