SHYAM METALICS Results Analysis-Q4FY26

Operating Revenue for Q4FY26 is Rs. 5,240 Crs., 26.34% growth YoY, Total Income is Rs. 5,270 Crs., 25.4% growth YoY, Gross Profit is Rs. 1,586 Crs., 37.9% growth YoY, EBITDA is Rs. 756 Crs., 32.79% growth YoY, EBITDA Margin is 14.35% improved by 80 Basis points YoY, PBT Rs. 456 Crs. 53.55% growth YoY, PAT Rs. 312 Crs. 41.51% growth YoY. Disciplined cost management, improvement in realization, favourable shift, towards higher value-add. On QoQ basis Op. Revenue is up by 18.52%, Total Income is up by 17.81%, Gross Profit is up by 34.55%, EBITDA is up by 40.34%, PBT is up by 68.97% and PAT is also up by 57.73%. Q4 volume growth: +22% YoY; mix broadly maintained while “optimize realization, higher value-added product.” Q4 product volume call-outs (YoY): • CR coil: ~+200% YoY to 50,344 t (Jamuria CRM ramp-up evidence). • Pig iron: ~+200% YoY to 203,499 t (capacity/product capability + demand). • Pellets: +40% YoY to 278,341 t. • Stainless steel: +13% YoY to 27,287 t. Total capex required ~₹10,000 Cr. (across projects), with ~₹2,900 Cr. in FY27, ~₹3,000 Cr. in FY28, balance over the next two years.