Shyam Metalics reports strong Q2 FY26 revenue, EBITDA growth

Shyam Metalics and Energy Limited (SMEL) reported a strong performance for Q2 FY26, with revenue growing by 22.6% year-on-year to INR 4,457 crores. Operating EBITDA also saw a substantial increase of 31.9% to INR 539 crores, leading to a profit after tax of INR 260 crores, up 20.8% from the previous year. For H1 FY26, revenue reached INR 8,876 crores, and EBITDA was INR 1,242 crores. Sales volumes in Q2 FY26 showed growth across various segments, with aluminium volumes up 3.3% and stainless steel up 18.1%.

The company's long-term credit rating was upgraded by CRISIL to AA+ (Stable) in November 2025, reflecting a robust financial profile. Strategically, SMEL has incurred INR 7,529 crores in CAPEX till Q2 FY26, representing 80% of the total envisaged CAPEX of INR 9,425 crores. Key projects include expansions in carbon steel and stainless steel, and a greenfield cold rolling mill. The DI pipe plant project has been discontinued due to technological changes.

SMEL is also expanding into wagon manufacturing, with Phase 1 operations expected to commence in September 2026. The company’s new corporate office at Taratala, Kolkata, is now fully operational, aligning with sustainability and energy efficiency norms. These initiatives underscore SMEL's disciplined capital allocation and focus on value-added products and backward integration.