Shah Alloys Ltd.
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ABOUT
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
- Company has a healthy return on capital (ROCE) of 23.2%
- Operating margins have improved to 13.3% from 0.9%
- Company comfortably covers its interest (37.6x coverage)
- Working capital cycle has improved - days down from -219 to -440
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -331.1% over last 3 years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.02x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| SHAHALLOYS | 92.55 | 1.70 | 183.23 | 0.00 | -8.41 | -87.31 | 0.38 | -98.75 | 110.47 | -2613.16 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 152 | 142 | 180 | 143 | 128 | 119 | 66 | 52 | 30 | 24 | 3 | 10 | 0 | |
| 159 | 156 | 177 | 152 | 126 | 124 | 71 | 51 | 30 | 24 | 4 | 3 | 1 | |
| Operating Profit | -7 | -14 | 3 | -9 | 2 | -6 | -5 | 1 | -0 | -0 | -1 | 7 | -1 |
| OPM % | -4.65% | -9.54% | 1.56% | -6.19% | 1.65% | -4.66% | -7.68% | 1.52% | -1.28% | -1.73% | -29.39% | 70.75% | -268.42% |
| 0 | 18 | 0 | -14 | 6 | 0 | 0 | 0 | 0 | 0 | 17 | 54 | -5 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | -9 | 1 | 0 | -26 | 6 | -9 | -8 | -3 | -3 | -3 | 13 | 59 | -7 |
| Tax % | 23.90% | 18.42% | 12.82% | 10.21% | 39.22% | 24.61% | 24.05% | 24.71% | 26.02% | 25.16% | 6.90% | 39.02% | -24.35% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | -7 | -6 | -2 | -45 | -58 | 14 | 38 | -8 |
| -3.21 | 0.35 | 0.18 | -12.18 | 2.23 | -3.38 | -3.23 | -1.09 | -2.27 | -2.91 | 6.93 | 19.42 | -4.25 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 311 | 480 | 570 | 489 | 502 | 880 | 626 | 592 | 267 | 37 | 37 | |
| 312 | 481 | 569 | 545 | 486 | 763 | 622 | 610 | 277 | 32 | 32 | |
| Operating Profit | -1 | -1 | 1 | -56 | 16 | 117 | 4 | -17 | -10 | 5 | 5 |
| OPM % | -0.16% | -0.15% | 0.15% | -11.38% | 3.23% | 13.27% | 0.65% | -2.95% | -3.83% | 13.40% | 13.36% |
| 82 | 142 | -0 | 93 | 41 | 6 | 2 | 11 | 1 | 138 | 66 | |
| Interest | 14 | 0 | 0 | 0 | 2 | 2 | 3 | 4 | 4 | 4 | 4 |
| Depreciation | 14 | 14 | 13 | 13 | 13 | 11 | 9 | 9 | 9 | 7 | 7 |
| Profit before Tax | 53 | 127 | -12 | 24 | 42 | 109 | -5 | -19 | -25 | 133 | 63 |
| Tax % | 19.05% | 66.89% | 106.00% | 119.54% | 231.35% | 24.92% | 29.51% | 1.24% | 22.37% | 18.74% | 39.52% |
| Net Profit | 43 | 42 | 1 | -5 | -56 | 82 | -3 | -19 | -20 | 108 | 38 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -28.18 | 41.47 | -1.62 | -9.42 | -9.97 | 54.42 | — |
| 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:
- -18%
- 5 Years:
- -41%
- 3 Years:
- -61%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -1%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 24%
- 5 Years:
- 46%
- 3 Years:
- 16%
- 1 Year:
- 26%
RETURN ON EQUITY
- 10 Years:
- -100%
- 5 Years:
- -201%
- 3 Years:
- -331%
- Last Year:
- 206%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| -295 | -193 | -186 | -38 | -74 | 13 | 11 | -9 | -27 | 93 | |
| 318 | 256 | 174 | 190 | 125 | 86 | 101 | 89 | 80 | 65 | |
| Trade Payables | 80 | 50 | 116 | 145 | 130 | 116 | 124 | 113 | 71 | 1 |
| 167 | 112 | 171 | -82 | 6 | 16 | -27 | -28 | -27 | -24 | |
| Total Liabilities | 290 | 245 | 295 | 235 | 206 | 251 | 229 | 185 | 117 | 154 |
| 143 | 131 | 119 | 106 | 93 | 82 | 73 | 67 | 57 | 50 | |
| Capital Work in Progress | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 0 |
| 0 | 0 | 0 | 0 | 0 | 6 | 7 | 7 | 5 | 49 | |
| 117 | 84 | 125 | 85 | 71 | 118 | 109 | 82 | 30 | 19 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 1 | 1 | |
| Cash & Bank | 2 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 3 | 1 |
| 19 | 20 | 42 | 34 | 32 | 36 | 31 | 12 | 12 | 34 | |
| Total Assets | 290 | 245 | 295 | 235 | 206 | 251 | 229 | 185 | 117 | 154 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 25 | 12 | 32 | 132 | 65 | 44 | -5 | 7 | -71 | |
| Cash from Investing | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 4 | 1 | 89 |
| Cash from Financing | -80 | -124 | -13 | -121 | -150 | -70 | -44 | 3 | -6 | -20 |
| -1 | -1 | -1 | -0 | 1 | -1 | -0 | 0 | 2 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - The Exchange has sought clarification from Shah Alloys Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: -1. Consolidated Financial Results not submitted The response of the Company is awaited.
2026-09-01 - Significant movement in price has been observed in Shah Alloys Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Shah Alloys Limited has submitted their response.
2026-08-31 - Significant movement in price has been observed in Shah Alloys Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-08-26 - Shah Alloys Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-24 - Shah Alloys Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026
2026-08-13 - Shah Alloys Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-12 - Shah Alloys Limited has informed the Exchange about General Updates
2026-08-12 - Shah Alloys Limited has informed the Exchange regarding Outcome of Board Meeting held on August 12, 2026.
2026-08-12 - Shah Alloys Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
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Shah Alloys Ltd.
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