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Shyam Metalics and Energy Ltd. reported Q3 FY26 Ebitda of Rs 490 crore, 6% below ICICI Securities’ estimates due to weaker realisations. The company announced a fresh capex of Rs 660 crore to support its next growth phase, after completing 85% of its ongoing Rs 10,000 crore Phase‑1 capex aimed at expanding capacity by about 50%.
The new investment targets in-house HRC capacity and value-added product expansion. ICICI Securities said the plan aligns with Shyam Metalics’ goal of scaling revenue and Ebitda 2.5x by FY31 across steel, stainless steel and aluminium. The brokerage retained its Buy rating with a revised target price of Rs 965, citing the impact of higher capex on cash flows.
ICICI Securities maintained its Buy rating on the stock with a revised target price of Rs 965, valuing the company at 7x FY28E EV/Ebitda. The target price revision reflects the cash-flow impact of heightened capex intensity, it added.
Key risks
- Delay in commissioning of capacities.
- Slowdown in government infrastructure capex.
Click on the attachment to read the full report:
Icici Securities Shyam Metalics Q3fy26 Results Review.pdf
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