Shah Metacorp Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Steel: 78.6% • Agriculture: 21.4%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Operating margins have improved to 6.4% from -33.2%
- Latest quarter profit grew 38.7% YoY, showing strong momentum
- Company has delivered good sales growth of 21.4% CAGR over last 5 years
- Company comfortably covers its interest (977.0x coverage)
- Company maintains a comfortable, low leverage position
- Institutional investors have been accumulating - FII+DII up 2.1pp
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.07x)
- Company has a low return on capital employed of 10.1%
- Recent results are weak - TTM profit is down 10.2% versus prior year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1310.35 | 12.93 | 320440.06 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 188.55 | 21.33 | 235375.56 | 2.12 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 186.25 | 18.01 | 76931.03 | 1.26 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2607.95 | 29.79 | 68795.28 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 782.80 | 19.87 | 64535.57 | 0.51 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2167.50 | 48.97 | 60182.46 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1073.35 | 26.68 | 29960.62 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| RATNAMANI | 2862.55 | 46.35 | 20064.19 | 0.35 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| SARDAEN | 546.75 | 17.05 | 19266.45 | 0.37 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 253.20 | 21.14 | 17046.41 | 0.39 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| SHAH | 3.52 | 26.37 | 349.32 | 0.00 | 3.52 | 41.26 | 57.20 | 97.93 | 25.55 | 8.31 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 16 | 21 | 13 | 41 | 45 | 49 | 36 | 41 | 29 | 40 | 46 | 54 | 541 | |
| 17 | 21 | 11 | 39 | 42 | 46 | 34 | 39 | 26 | 39 | 44 | 57 | 499 | |
| Operating Profit | -1 | 1 | 1 | 2 | 3 | 3 | 2 | 3 | 3 | 1 | 1 | -4 | 42 |
| OPM % | -4.80% | 2.77% | 11.46% | 5.12% | 7.53% | 5.69% | 5.43% | 6.51% | 11.07% | 3.27% | 3.12% | -6.60% | 7.82% |
| 3 | 1 | 0 | 0 | 25 | 1 | 2 | 1 | 1 | 0 | 0 | 14 | 5 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 10 |
| Profit before Tax | 1 | 1 | 1 | 2 | 27 | 3 | 3 | 2 | 3 | 0 | 1 | 9 | 47 |
| Tax % | 2.34% | 1.32% | 3.75% | 5.33% | 15.04% | 0.80% | 1.08% | -63.29% | 10.92% | 25.58% | 27.85% | 26.03% | 25.23% |
| Net Profit | 1 | 1 | 1 | 1 | 23 | 2 | 3 | 4 | 3 | 0 | 1 | 7 | 35 |
| 0.04 | 0.02 | 0.02 | 0.04 | 0.56 | 0.05 | 0.05 | 0.07 | 0.04 | 0.00 | 0.01 | 0.08 | 0.04 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 159 | 173 | 95 | 148 | 65 | 13 | 20 | 40 | 92 | 171 | 193 | |
| 157 | 161 | 98 | 157 | 78 | 94 | 30 | 44 | 88 | 160 | 190 | |
| Operating Profit | 3 | 12 | -3 | -9 | -13 | -82 | -10 | -4 | 4 | 11 | 3 |
| OPM % | 1.57% | 6.83% | -2.79% | -6.28% | -19.95% | -650.65% | -47.58% | -10.15% | 3.84% | 6.36% | 1.77% |
| 5 | 0 | 0 | 1 | 9 | 0 | 14 | 7 | 4 | 28 | 15 | |
| Interest | 12 | 12 | 10 | 7 | 6 | 6 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 11 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 4 | 4 | 4 |
| Profit before Tax | -15 | -9 | -21 | -22 | -16 | -92 | 0 | -0 | 4 | 35 | 15 |
| Tax % | 12.72% | 35.15% | 13.51% | 5.72% | 12.58% | 19.48% | 1637.15% | 675.03% | 3.26% | 7.64% | 25.87% |
| Net Profit | -13 | -6 | -18 | -20 | -14 | -74 | -6 | 2 | 4 | 32 | 11 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.68 | -0.35 | 0.16 | 0.10 | 0.55 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 0%
- 5 Years:
- 21%
- 3 Years:
- 104%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 66%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -5%
- 5 Years:
- 14%
- 3 Years:
- 8%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- -10%
- 5 Years:
- 8%
- 3 Years:
- 13%
- Last Year:
- 29%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 33 | 42 | 59 |
| 64 | 60 | 42 | 22 | 8 | -66 | -47 | -16 | 15 | 106 | |
| 91 | 96 | 76 | 74 | 76 | 93 | 79 | 67 | 37 | 17 | |
| Trade Payables | 39 | 54 | 39 | 52 | 44 | 25 | 20 | 16 | 20 | 9 |
| 26 | 20 | 46 | 29 | 33 | 21 | -1 | -3 | -2 | -17 | |
| Total Liabilities | 235 | 246 | 219 | 192 | 176 | 89 | 67 | 99 | 112 | 174 |
| 53 | 46 | 40 | 34 | 29 | 24 | 21 | 25 | 21 | 28 | |
| 6 | 6 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 46 | 40 | 42 | 33 | 25 | 12 | 15 | 8 | 13 | 8 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55 | 126 | |
| Cash & Bank | 3 | 1 | 0 | 0 | 0 | 0 | 0 | 29 | 0 | 0 |
| 128 | 154 | 131 | 124 | 122 | 52 | 31 | 38 | 22 | 12 | |
| Total Assets | 235 | 246 | 219 | 192 | 176 | 89 | 67 | 99 | 112 | 174 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -3 | 4 | 21 | 4 | 4 | -11 | -21 | -0 | -32 | -46 | |
| Cash from Investing | 4 | -2 | -2 | 5 | 0 | 0 | 0 | -7 | -0 | -10 |
| Cash from Financing | -1 | -1 | -19 | -9 | -4 | 11 | 21 | 35 | 4 | 56 |
| -1 | 1 | -0 | -0 | 0 | -0 | 0 | 28 | -28 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Allotment of 2,75,00,000 (Two Crore Seventy-Five Lakhs) fully paid-up Equity Shares of face value of Re. 1/- each at an issue price of Rs. 4.71/- per share (including a premium of Rs. 3.71/- per share) to Ms. Mona Viral Shah, Promoter and Director of the Company, upon the exercise of rights attached to convertible warrants previously issued on a preferential basis
2026-09-10 - Allotment of 2,75,00,000 (Two Crore Seventy-Five Lakhs) fully paid-up Equity Shares of face value of Re. 1/- each at an issue price of Rs. 4.71/- per share (including a premium of Rs. 3.71/- per share) to Ms. Mona Viral Shah, Promoter and Director of the Company, upon the exercise of rights attached to convertible warrants previously issued on a preferential basis
2026-09-10 - Shah Metacorp Limited has informed the Exchange about General Updates
2026-09-10 - Shah Metacorp Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - Shah Metacorp Limited has informed the Exchange that Record date for the purpose of Meeting is 23-Sep-2026.
2026-09-08 - Shah Metacorp Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-08 - Shah Metacorp Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Shah Metacorp Limited has informed the Exchange that Record date for the purpose of Meeting is 23-Sep-2026.
2026-08-31 - Shah Metacorp Limited has informed the Exchange regarding Change in Auditors of the company.
News
Recent coverage and analyst commentary for SHAH
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Shah Metacorp Ltd.
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