### **1. Company Overview** Shyam Metalics & Energy Limited (SMEL) is one of India’s leading **integrated multi-metal producers**, operating across the **carbon steel, stainless steel, ferro alloys, aluminium foil, and energy** segments. With a strong focus on **vertical integration**, **value-added products**, and **cost leadership**, SMEL has evolved into the **6th largest metal producer in India** and is among the country’s top players in pellet and ferro alloy production. - **Headquarters**: Kolkata, West Bengal - **Founded**: 2002 - **IPO Listed**: 2021 - **Market Capitalization (as of Sep 2025)**: ₹26,351 crores - **Credit Rating**: CRISIL AA/Positive (Long-term); A1+ (Short-term) — among the highest in the Indian steel sector - **Leadership**: Mr. B. Bhushan (Chairman & Managing Director) - **Employees**: Over 17,000 (Q1 FY26) - **Operations Across**: 8 manufacturing units in **West Bengal, Odisha, Jharkhand, and Madhya Pradesh** - **Exports**: To **25+ countries** including USA, Japan, Italy, Nepal, and Bangladesh, contributing ~10–11% of revenue --- ### **2. Core Business Segments & Production Capacity** SMEL operates on a fully **"Ore to Metal"** integrated model, with backward and forward linkages across the steel value chain. As of **Oct 2025**, the company’s **total installed metal production capacity** stands at **15.13 million tonnes per annum (MTPA)**. | **Product Segment** | **Installed Capacity (MTPA)** | **Key Applications** | |-------------------------------|-------------------------------|----------------------| | Iron Ore Pellets | 6.00 | Used internally in sponge iron production and external sales | | Sponge Iron (Coal-based) | ~3.05 | Largest in India by capacity | | Billets | 2.01 | Feedstock for TMT bars, structural steel | | TMT Bars & Structural Products | ~1.0 | Construction, infrastructure | | Wire Rods | 0.92 | Nails, fencing, electrical applications | | Ferro Alloys | 0.22 | Enhances steel strength and corrosion resistance | | Stainless Steel | 0.27+ | Automotive, kitchenware, medical, construction | | Aluminium Foil | 0.042 (42,000 TPA) | Food packaging, pharma, EV battery foils | SMEL is also a **leading ferro alloy producer in India** (CRISIL report) and one of the **largest exporters of aluminium foil**, with over **60% of output exported**, primarily to the US and EU. --- ### **3. Strategic Initiatives & Growth Projects (2024–2026)** #### **A. Cold Rolling Mill & Flat Steel Expansion (Jamuria, WB)** - A **greenfield Cold Rolling Mill (CRM)** began Phase I operations in **September 2024** at Jamuria, West Bengal. - Operated via wholly owned subsidiary **Shyam Metalics Flat Products Pvt Ltd**, approved under **Government’s Production Linked Incentive (PLI) Scheme**. - **Project Capex**: ₹603 crores (₹480 crore already invested) - **Products**: Galvanized Iron/Steel (GI/GL) coils and **Pre-Painted Galvalume (PPGL)** coils. - **Annual Capacity**: 400,000 tonnes - **Expected Contribution**: 8–10% of revenue and EBITDA within **2–3 years** - Positioned to serve **affordable housing (PMAY), warehouses, and infrastructure** in Eastern & Northeast India #### **B. Entry into B2C via SEL Tiger Roofing Sheets** - **Brand Launch**: Premium **SEL Tiger Roofing** portfolio in multiple tiers: - **Royale** – Ultra-premium color-coated sheets - **Elite** – Premium color-coated sheets - **Azure** – Galvalume (wider sheets) - **Alfa** – Galvalume (narrow sheets) - **Color-coated plant operational** since Nov 2024 at Jamuria - Reflects a strategic pivot from **B2B to B2C**, enhancing brand recall and higher-margin sales - **CR Coil/Sheet Volumes**: Up **20.77% QoQ** (Oct 2025); MoM volume ↑ 1.54% in Aug FY26 #### **C. Stainless Steel Expansion** - **Entry via Acquisition** of **Mittal Corp (Rs. 351 crore, Oct 2023)** in Pithampur, MP - Installed capacity: **150,000 TPA of finished stainless steel** using **Danieli technology** - Products: **200, 300, 400 series** wire rods, bright bars - **Target**: Expand to **650,000 TPA by FY29**, with plans for **hot-rolled flat products and CRM stainless steel** - Leverages **self-sufficiency in ferro alloys, captive power, and iron ore fines** #### **D. Aluminium & EV Battery Foil** - **Aluminium Foil Plant** (Pakuria, WB & Giridih, Jharkhand) with capacity of **42,000 TPA** (including expansion) - Produces **battery-grade aluminium foil (12–20 microns)** for **Lithium-ion batteries** - **EV Battery Foil Facility**: Commissioned in FY25 (Rs. 26 crore investment), securing validation from domestic battery makers - **Target**: Become a key domestic supplier for **EV and clean energy ecosystem** #### **E. Greenfield Wagon Manufacturing (Kharagpur, WB)** - Under **Ramsarup Industries Ltd**, subsidiary of SMEL - **Capacity**: 4,800 wagons/year in **two phases**; Phase I to begin **March 2026** - **Product Range**: Flat, open, box, hopper, tank, and specialty wagons - Aligns with **'Make in India'** and **'Atmanirbhar Bharat'** initiatives - Estimated to increase Giridih operations' value by **~50%** #### **F. Ductile Iron Pipes (DIP) & Specialty Alloys** - **Ductile Iron Pipe Unit** launched (24,000 TPA) to tap into infrastructure and water management sectors - **Low-Carbon Ferrochrome (LCFC)** plant commissioned – high-margin product with **20–25% EBITDA margin** - Custom-formulated ferro alloys used by domestic and international steelmakers --- ### **4. Financial & Operational Strengths** - **Revenue (FY25)**: ₹15,137.50 crores - **Captive Power**: **467 MW**; **78–80% of power needs** met internally at ~₹2.40/kWh (vs. grid ₹3.10/kWh) - **Debt Management**: **De-leveraged balance sheet**, funded expansion entirely via **internal accruals** - **₹6,584 crores** capex executed by FY25 (66% of ₹10,025 crore roadmap) - Plans to grow high-margin value-added products to **80% of revenue mix** by FY27–28 - **EBITDA Projection (Post-FY27)**: ₹2,800–3,200 crores - **Revenue Outlook (Post-FY27)**: ₹22,000–23,000 crores --- ### **5. Key Strategic Differentiators** | **Aspect** | **Competitive Edge** | |-------------------------------|------------------------| | **Vertical Integration** | Captive sourcing of iron ore, ferro alloys, billets, power, and railway sidings | | **Energy Efficiency** | Waste heat recovery, AFBC boilers, 467 MW CHP, expanding to 697 MW | | **Logistics Advantage** | Rail sidings at Sambalpur, Jamuria; proximity to ports (Haldia, Paradip) | | **Product Diversification** | From pellets to branded roofing sheets, EV foils, and wagons | | **Capital Efficiency** | Brownfield expansions; capex funded internally; IRR threshold of 18% for new ventures | | **Technology & Digitization** | SAP S/4HANA on AWS, AI-enabled inspections, IoT-based predictive maintenance |