Shah Alloys Ltd.

•

shahalloys.comBSE: 513436NSE: SHAHALLOYS

Market Cap₹ 201 Cr.

Current Price

High / Low₹ 117 / 53

Stock P/E2.7

Book Value₹ 56

Price to Book1.06

Dividend Yield0.00 %

ROCE68.6 %

ROE95.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2014 • Stainless Steel Unit: 100.0%

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence

61%

View full sector analysis →

PROS

Operating margins have improved to 13.3% from 2.7%
Working capital cycle has improved - days down from -219 to -440
Company comfortably covers its interest (27.9x coverage)
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.0

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 -1.47x)
Company's sales have been declining over the last five years
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	SHAHALLOYS	101.75	1.87	201.44	0.00	-8.41	-87.31	0.38	-98.75	110.47	-2613.16

Detailed Comparison with:

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
	142	180	143	128	119	66	52	30	24	3	10	0	0
	156	177	152	137	125	71	64	47	25	4	17	1	3
Operating Profit	-14	3	-9	-9	-7	-5	-13	-17	-1	-1	-7	-1	-3
OPM %	-9.54%	1.56%	-6.19%	-7.04%	-5.74%	-7.68%	-24.18%	-58.40%	-3.89%	-29.39%	-65.11%	-268.42%	-1162.50%
	18	0	10	6	0	0	0	0	0	17	67	7	0
Interest	1	1	1	1	1	1	1	1	1	1	1	0	1
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	1
Profit before Tax	8	2	-2	-5	-10	13	-16	-20	-4	37	58	6	-3
Tax %	1.83%	2.51%	145.05%	-40.73%	21.55%	-15.25%	3.96%	4.11%	21.61%	2.51%	39.61%	26.45%	25.81%
Net Profit	7	2	1	-8	-8	15	-15	-19	-3	36	35	4	-2
	3.78	0.98	0.42	-3.87	-4.04	7.75	-7.70	-9.78	-1.43	18.07	17.79	2.25	-1.05

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	14
	312	481	569	555	486	763	622	610	287	32	25
Operating Profit	-1	-1	1	-66	16	117	4	-17	-20	5	-11
OPM %	-0.16%	-0.15%	0.15%	-13.39%	3.23%	13.27%	0.65%	-2.95%	-7.54%	13.40%	-82.05%
	82	142	-0	93	45	27	13	33	1	103	92
Interest	14	0	0	0	2	2	3	4	4	4	3
Depreciation	14	14	13	13	13	11	9	9	9	7	6
Profit before Tax	53	127	-12	14	47	130	5	2	-33	97	98
Tax %	19.05%	66.89%	106.00%	203.63%	210.78%	20.95%	-25.15%	-9.99%	17.23%	25.49%	25.34%
Net Profit	43	42	1	-14	-52	103	7	3	-27	73	73
EPS	0.00	0.00	0.00	0.00	-26.09	51.96	3.38	1.30	-13.79	36.67	—
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:: -5%
5 Years:: —
3 Years:: 121%

STOCK PRICE CAGR

10 Years:: 27%
5 Years:: 47%
3 Years:: 21%
1 Year:: 74%

RETURN ON EQUITY

10 Years:: 175%
5 Years:: 350%
3 Years:: 16%
Last Year:: 95%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	-280	-171	-171	-33	-65	38	45	47	21	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	306	267	310	240	216	275	263	240	165	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
	15	22	15	5	9	30	41	63	53	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	306	267	310	240	216	275	263	240	165	154

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	16	25	6	22	136	85	55	16	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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	21.76	21.26	0.38	-7.32	-26.09	51.96	3.38	1.30	-13.79	36.67
Book Value (₹)	-131.27	-76.55	-76.15	-6.43	-22.90	29.05	32.75	33.74	20.36	56.75
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	28.70	28.15	6.95	-0.76	-19.54	57.66	7.90	5.80	-9.15	39.99
PROFITABILITY
Operating Margin %	0.11%	0.03%	1.32%	-13.19%	8.98%	16.32%	2.67%	-2.93%	-7.49%	13.34%
Net Margin %	12.34%	8.77%	0.13%	-2.96%	-10.29%	11.69%	1.06%	0.43%	-10.19%	193.91%
ROE %	0.00%	0.00%	0.00%	0.00%	0.00%	1690.14%	10.94%	3.91%	-50.99%	95.11%
ROCE %	68.32%	76.38%	-7.15%	8.14%	28.84%	84.44%	5.08%	4.46%	-21.42%	68.62%
	14.54%	14.70%	0.26%	-5.26%	-22.66%	41.90%	2.49%	1.02%	-13.49%	45.52%
EFFICIENCY
Debtor Days	9	4	10	20	14	6	8	7	6	11
Inventory Days	104	77	67	78	57	39	65	58	76	241
Payable Days	155	70	76	133	146	78	99	101	173	709
	-42	11	2	-35	-75	-33	-26	-36	-91	-457
FINANCIAL HEALTH
Debt to Equity (x)	-1.58x	-2.21x	-2.06x	-16.38x	-4.07x	2.03x	1.14x	1.20x	1.96x	0.56x
Interest Coverage (x)	4.69x	496.85x	-55.20x	29.55x	29.14x	59.90x	3.05x	1.58x	-6.37x	27.92x
	0.20x	0.27x	0.32x	0.43x	0.36x	0.57x	0.52x	0.38x	0.18x	0.50x
GROWTH
Revenue Growth %	19.30%	54.08%	18.81%	-14.15%	2.57%	75.34%	-28.84%	-5.41%	-55.01%	-86.02%
Operating Profit Growth %	102.38%	-60.04%	4692.61%	-958.20%	169.82%	218.72%	-88.23%	46.61%	-177.96%	182.85%
Net Profit Growth %	-65.37%	-2.27%	-98.22%	-2033.40%	-256.53%	299.15%	-93.50%	-61.50%	-1159.85%	365.88%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-61.50%	-1159.85%	365.88%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	44.66x	0.00x	1.64x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.72x	2.26x	1.06x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.87x	-8.66x	11.28x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.78	53.78	53.78	53.78	53.78	53.75	53.75	53.75	53.75
	0.00	0.00	0.00	0.00	0.00	0.03	0.08	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.22	46.22	46.22	46.22	46.22	46.22	46.17	46.25	46.25

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Price movement

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

Price movement

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

Copy of Newspaper Publication

2026-08-26 - Shah Alloys Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Shareholders meeting

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

Copy of Newspaper Publication

2026-08-13 - Shah Alloys Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

General Updates

2026-08-12 - Shah Alloys Limited has informed the Exchange about General Updates

2026-08-12

Outcome of Board Meeting

2026-08-12 - Shah Alloys Limited has informed the Exchange regarding Outcome of Board Meeting held on August 12, 2026.

2026-08-12

Outcome of Board Meeting

2026-08-12 - Shah Alloys Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-14

Resignation of Director/KMP/SMP

2026-07-14 - Shah Alloys Limited has informed the Exchange about Resignation of Director/KMP/SMP

News

Recent coverage and analyst commentary for SHAHALLOYS

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Free 5nance Account

Name

JSWSTEEL

1325.00

13.07

324022.65

0.54

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

189.00

21.38

235937.32

2.12

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

197.10

19.06

81412.65

1.19

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2591.20

29.60

68353.43

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

APLAPOLLO

2250.00

50.83

62473.14

0.38

263.11

10.94

5606.71

12.07

31.83

7.34

JSL

737.70

18.72

60817.43

0.54

768.66

7.56

11278.54

10.50

19.19

12.09

SHYAMMETL

1066.05

26.49

29756.85

0.42

350.73

20.66

5455.09

23.45

13.88

14.03

JINDALSAW

305.30

29.88

19524.19

0.66

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2732.25

44.24

19150.89

0.37

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

508.95

15.87

17934.44

0.39

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

240.90

20.11

16218.33

0.42

222.37

2.75

1750.47

32.29

20.20

19.36

SHAHALLOYS

101.75

1.87

201.44

0.00

-8.41

-87.31

0.38

-98.75

110.47

-2613.16

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

142

180

143

128

119

156

177

152

137

125

Operating Profit

-14

-9

-7

-5

-13

-17

-1

-7

-1

-3

OPM %

-9.54%

1.56%

-6.19%

-7.04%

-5.74%

-7.68%

-24.18%

-58.40%

-3.89%

-29.39%

-65.11%

-268.42%

-1162.50%

Interest

Depreciation

Profit before Tax

-2

-5

-10

-16

-20

-4

-3

Tax %

1.83%

2.51%

145.05%

-40.73%

21.55%

-15.25%

3.96%

4.11%

21.61%

2.51%

39.61%

26.45%

25.81%

Net Profit

-8

-15

-19

-3

-2

3.78

0.98

0.42

-3.87

-4.04

7.75

-7.70

-9.78

-1.43

18.07

17.79

2.25

-1.05

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

312

481

569

555

486

763

622

610

287

Operating Profit

-1

-66

117

-17

-20

-11

OPM %

-0.16%

-0.15%

0.15%

-13.39%

3.23%

13.27%

0.65%

-2.95%

-7.54%

13.40%

-82.05%

142

-0

103

Interest

Depreciation

Profit before Tax

127

-12

130

-33

Tax %

19.05%

66.89%

106.00%

203.63%

210.78%

20.95%

-25.15%

-9.99%

17.23%

25.49%

25.34%

Net Profit

-14

-52

103

-27

EPS

0.00

-26.09

51.96

3.38

1.30

-13.79

36.67

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

-280

-171

-33

-65

318

256

174

190

125

101

Trade Payables

116

145

130

116

124

113

167

112

171

-82

-27

-28

-27

-24

Total Liabilities

306

267

310

240

216

275

263

240

165

154

143

131

119

106

Capital Work in Progress

117

125

118

109

Cash & Bank

Total Assets

306

267

310

240

216

275

263

240

165

154

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

136

-71

Cash from Investing

-1

Cash from Financing

-80

-124

-13

-121

-150

-70

-44

-6

-20

-1

-0

-1

-0

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

21.76

21.26

0.38

-7.32

-26.09

51.96

3.38

1.30

-13.79

36.67

Book Value (₹)

-131.27

-76.55

-76.15

-6.43

-22.90

29.05

32.75

33.74

20.36

56.75

Dividend per Share (₹)

0.00

Cash EPS (₹)

28.70

28.15

6.95

-0.76

-19.54

57.66

7.90

5.80

-9.15

39.99

PROFITABILITY

Operating Margin %

0.11%

0.03%

1.32%

-13.19%

8.98%

16.32%

2.67%

-2.93%

-7.49%

13.34%

Net Margin %

12.34%

8.77%

0.13%

-2.96%

-10.29%

11.69%

1.06%

0.43%

-10.19%

193.91%

ROE %

0.00%

1690.14%

10.94%

3.91%

-50.99%

95.11%

ROCE %

68.32%

76.38%

-7.15%

8.14%

28.84%

84.44%

5.08%

4.46%

-21.42%

68.62%

14.54%

14.70%

0.26%

-5.26%

-22.66%

41.90%

2.49%

1.02%

-13.49%

45.52%

EFFICIENCY

Debtor Days

Inventory Days

104

241

Payable Days

155

133

146

101

173

709

-42

-35

-75

-33

-26

-36

-91

-457

FINANCIAL HEALTH

Debt to Equity (x)

-1.58x

-2.21x

-2.06x

-16.38x

-4.07x

2.03x

1.14x

1.20x

1.96x

0.56x

Interest Coverage (x)

4.69x

496.85x

-55.20x

29.55x

29.14x

59.90x

3.05x

1.58x

-6.37x

27.92x

0.20x

0.27x

0.32x

0.43x

0.36x

0.57x

0.52x

0.38x

0.18x

0.50x

GROWTH

Revenue Growth %

19.30%

54.08%

18.81%

-14.15%

2.57%

75.34%

-28.84%

-5.41%

-55.01%

-86.02%

Operating Profit Growth %

102.38%

-60.04%

4692.61%

-958.20%

169.82%

218.72%

-88.23%

46.61%

-177.96%

182.85%

Net Profit Growth %

-65.37%

-2.27%

-98.22%

-2033.40%

-256.53%

299.15%

-93.50%

-61.50%

-1159.85%

365.88%

0.00%

-61.50%

-1159.85%

365.88%

VALUATION

P/E (x)

0.00x

44.66x

0.00x

1.64x

P/B (x)

0.00x

1.72x

2.26x

1.06x

Dividend Yield %

0.00%

0.00x

7.87x

-8.66x

11.28x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

53.78

53.75

0.00

0.03

0.08

0.00

DIIs

0.00

Government

0.00

46.22

46.17

46.25

Shah Alloys Ltd.

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Shah Alloys Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI