SHYAMMETLShyam Metalics And Energy Ltd.
Shyam Metalics And Energy Q2 FY27 Results: Consolidated Net Profit ₹511 Crore on Total Income of ₹5,994 Crore
- Earnings
- steel and power
Reviewed byKeshav SehgalBlacklitt Research
Shyam Metalics And Energy (NSE: SHYAMMETL) reported consolidated total income of ₹5,994.34 crore and net profit of ₹510.99 crore for the quarter ended 30 Sep 2026, it said in a filing on 31 Oct 2026. Standalone results were not in the pages provided.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹5,994.34 crore, up 32.1% YoY and 8.9% QoQ
- Net profit: ₹510.99 crore, up 96.2% YoY and 45.7% QoQ
- EPS, basic: ₹18.36, against ₹9.36 a year earlier and ₹12.60 in Q1 FY27
- Depreciation: ₹110.04 crore, down 47.9% YoY, after a method change that cut the charge by ₹171.77 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 5,994.34 | 4,536.53 | +32.1% | 5,502.18 | +8.9% | |
| Revenue from operations | 5,960.19 | 4,467.40 | +33.4% | 5,455.09 | +9.3% |
| Other income | 34.15 | 69.13 | -50.6% | 47.09 | -27.5% |
| 510.99 | 260.45 | +96.2% | 350.73 | +45.7% | |
| Profit before tax | 658.37 | 347.09 | +89.7% | 469.23 | +40.3% |
| Finance costs | 88.67 | 50.30 | +76.3% | 78.30 | +13.2% |
| Depreciation | 110.04 | 211.18 | -47.9% | 264.87 | -58.5% |
| Tax expense | 147.38 | 86.64 | +70.1% | 118.50 | +24.4% |
| Net profit margin | 8.52% | 5.74% | +2.78 pp | 6.37% | +2.15 pp |
| EPS, basic (₹) | 18.36 | 9.36 | +96.2% | 12.60 | +45.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Profit grew faster than income. Net profit rose 96.2% YoY to ₹510.99 crore while total income rose 32.1% to ₹5,994.34 crore, and profit before tax rose 89.7% to ₹658.37 crore. Revenue from operations, at ₹5,960.19 crore, accounts for almost all of total income, rising 33.4% YoY, while other income fell 50.6% to ₹34.15 crore.
Depreciation fell to ₹110.04 crore from ₹211.18 crore a year earlier. The notes do not give the effect of the change on profit beyond that reduction in the charge.
Finance costs rose 76.3% YoY to ₹88.67 crore, which is 1.5% of total income. Tax expense of ₹147.38 crore is 22.4% of profit before tax, up from ₹86.64 crore a year earlier. The notes state there were no exceptional or discontinued items in the periods reported.
The net profit margin widened to 8.52% from 5.74% a year earlier. Net profit attributable to owners was ₹493.35 crore, against ₹510.99 crore before minority interests.
The auditors, MSKA & Associates LLP, carried out a limited review and issued an unmodified conclusion on the consolidated results. They draw attention to Note (v) on proceedings under the Prevention of Money Laundering Act, 2002, without modifying the conclusion on that matter.
The Directorate of Enforcement issued a Provisional Attachment Order dated 15 Apr 2026 on subsidiary Shyam SEL and Power Limited for investments aggregating ₹152.48 crore, linked to an investigation into alleged purchase of coal from illegal mining. On 9 Oct 2026 the Adjudicating Authority, New Delhi, confirmed and extended the attachment for up to 365 days or until the Special Court concludes proceedings. The management continues to refute the allegations and has filed an appeal before the Hon'ble Appellate Tribunal, New Delhi, and says the Group does not expect any impact on its operations.
Steel and allied products is the only reportable business segment. During the period 1,14,500 stock options were granted under the SMEL Performance ESOP Scheme (ESOP 2023) and 96,060 equity shares were transferred to employees on exercise of vested options.
Blacklitt's data show a market value of ₹32,373 crore at the 30 Oct 2026 close. The company's latest quarter before this one, Q1 FY27, reported net profit of ₹350.73 crore, the same figure shown in the comparison column above.
Inference
The filing records the Board's approval of the results on 31 Oct 2026 and dividends paid of ₹125.59 crore in the half year. On 31 Oct 2026 the Board also approved a proposal to acquire a 51% stake in Alom Solar Private Limited and an initial capital budget of about ₹360 crore for the Phutamura Coal Block; those items are in the same outcome letter and are not part of these results.
The filing does not say how the ED proceedings will be resolved, or what effect the depreciation change will have on profit beyond the stated reduction in the charge.
Filed with BSE on . Reference: Original filing (PDF)
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