Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹147 Cr.
Stock P/E
1.4
P/B
1.3
Current Price
₹74.4
Book Value
₹ 56.8
Face Value
10
52W High
₹116.7
52W Low
₹ 53.1
Dividend Yield
0%

Shah Alloys Overview

Business

Shah Alloys Ltd. is an Indian manufacturer and supplier of various steel and iron products. Its core business involves the production of steel items such as hot-rolled steel products, bright bars, and other specialized alloys and mild steel products. The company typically processes raw materials like iron ore, scrap, and other inputs through melting, rolling, and finishing processes to create semi-finished and finished steel goods. It generates revenue primarily through the sale of these manufactured steel products to a diverse customer base, including sectors like construction, infrastructure, manufacturing, and engineering. Profitability is largely driven by sales volumes, product mix, and the margin between input costs (raw materials, energy) and output prices.

Revenue Mix

While specific revenue breakdowns are not publicly available without detailed financial reports, steel manufacturers like Shah Alloys typically operate across various product segments. These commonly include:

Hot Rolled Products: Such as structural steel, angles, channels, and beams used in construction and infrastructure.

Bright Bars: Precision-finished steel bars used in automotive, engineering, and manufacturing industries.

Alloy Steel Products: Specialized steel grades with added elements for specific strength, hardness, or corrosion resistance properties.

Shah Alloys likely serves a mix of these, catering to different industrial and commercial applications.

Industry

Shah Alloys operates within the highly cyclical and capital-intensive Indian Steel & Iron Products industry. The industry is characterized by high raw material and energy costs, significant competition, and sensitivity to economic growth and infrastructure spending. The Indian steel market is dominated by large integrated players like Tata Steel, JSW Steel, and SAIL, along with numerous mid-sized and smaller producers. Shah Alloys Ltd. is positioned as a mid-to-smaller player, likely focusing on specific product niches, regional markets, or catering to particular customer requirements where it can compete effectively on product quality, service, or cost efficiency for its size.

MOAT

In the commodity-driven steel industry, durable competitive advantages are challenging to establish, especially for non-integrated, mid-sized players. Shah Alloys likely lacks significant moats such as:

Scale or Cost Advantage: It does not possess the vast scale or backward integration into raw materials (iron ore, coal mines) that larger players leverage for cost leadership.

Brand: Steel products are largely commoditized, and brand differentiation is less impactful than in consumer goods.

Switching Costs/Network Effects: These are generally absent in the steel product market.

Any competitive advantage would likely stem from operational efficiencies, strong customer relationships in specific segments, regional market density, or the ability to produce specific quality alloys cost-effectively for niche applications. However, these are typically not wide, sustainable moats.

Growth Drivers

Key factors that could drive Shah Alloys' growth over the next 3-5 years include:

Government Infrastructure Spending: Continued investment in roads, railways, ports, and urban development in India will directly boost demand for steel.

Manufacturing Sector Growth: Expansion in various manufacturing industries (automotive, engineering, capital goods) will increase demand for specialized steel products.

Urbanization & Housing: Growing urban populations and housing demand will drive consumption of construction-grade steel.

Product Diversification/Value Addition: Expanding into higher-margin, specialized alloy products or more finished goods could enhance profitability and growth.

Capacity Utilization & Expansion: Optimizing existing capacity or strategic expansions to meet growing demand.

Risks

Raw Material Price Volatility: Fluctuations in prices of iron ore, coking coal, and scrap steel directly impact production costs and margins.

Energy Costs: Steel production is highly energy-intensive, making the company susceptible to volatility in power and fuel prices.

Demand Cyclicality: The steel industry is highly sensitive to economic cycles, with downturns leading to reduced demand and pricing pressure.

Intense Competition: Competition from larger, integrated domestic players and imports can pressure pricing and market share.

Environmental Regulations: Increasingly stringent environmental norms can lead to higher compliance costs and operational restrictions.

Forex Volatility: Exposure to imported raw materials or exported products can lead to currency-related risks.

Management & Ownership

Shah Alloys Ltd. is an Indian-listed company, typically promoter-led. Promoters (founding families or groups) usually hold a significant stake and play a crucial role in strategic decision-making and daily operations. The company would have a board of directors responsible for governance and oversight. Management quality would depend on their experience in the steel industry, financial acumen, and ability to navigate market cycles and operational challenges. A detailed assessment would require reviewing management track record, corporate governance practices, and financial stewardship.

Outlook

Shah Alloys Ltd. operates in an industry with fundamental demand tailwinds from India's economic growth, urbanization, and ambitious infrastructure development plans. This macro environment provides a supportive backdrop for steel consumption. However, as a producer of commodity-like steel products, the company's profitability remains highly susceptible to the inherent cyclicality of the steel market, volatility in raw material and energy prices, and intense competition from larger, more integrated domestic players. Its ability to maintain cost efficiency, optimize its product mix towards higher-value segments, and effectively manage working capital in a capital-intensive business will be critical in navigating these challenges and leveraging the broader industry growth.

Shah Alloys Share Price

Live · BSE / NSE · Inception: 1990
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Shah Alloys Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 143 128 119 66 52 30 24 3 11 2
Other Income 2 0 0 0 0 0 0 0 0 0
Total Income 145 128 119 66 52 30 24 3 11 2
Total Expenditure 152 126 124 71 51 30 24 4 3 1
Operating Profit -7 3 -6 -5 1 0 -0 -1 8 1
Interest 1 1 1 1 1 1 1 1 1 0
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses -16 6 0 0 0 0 0 17 54 -5
Profit Before Tax -26 6 -9 -8 -3 -3 -3 13 59 -7
Provision for Tax -3 2 -2 -2 -1 -1 -1 1 23 2
Profit After Tax -23 3 -7 -6 -2 -2 -2 12 36 -8
Adjustments -1 1 0 0 -0 -2 -3 1 2 -0
Profit After Adjustments -24 4 -7 -6 -2 -4 -6 14 38 -8
Adjusted Earnings Per Share -12.2 2.2 -3.4 -3.2 -1.1 -2.3 -2.9 6.9 19.4 -4.2

Shah Alloys Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 261 311 480 570 489 502 880 626 592 267 37 40
Other Income 1 1 1 7 1 25 6 2 21 1 2 0
Total Income 262 312 481 577 490 527 886 628 613 267 39 40
Total Expenditure 279 312 481 569 545 486 763 622 610 277 32 32
Operating Profit -17 0 0 8 -55 41 123 6 3 -9 7 8
Interest 23 14 0 0 0 2 2 3 4 4 4 3
Depreciation 18 14 14 13 13 13 11 9 9 9 7 8
Exceptional Income / Expenses 247 81 141 -7 92 16 0 0 -10 0 136 66
Profit Before Tax 189 53 127 -12 24 42 109 -5 -19 -25 133 62
Provision for Tax 65 10 85 -13 28 98 27 -1 -0 -6 25 25
Profit After Tax 124 43 42 1 -5 -56 82 -3 -19 -20 108 38
Adjustments -3 -7 0 7 0 0 0 0 0 0 0 0
Profit After Adjustments 121 36 42 8 -5 -56 82 -3 -19 -20 108 38
Adjusted Earnings Per Share 61.1 18.4 21.3 3.8 -2.4 -28.2 41.5 -1.6 -9.4 -10 54.4 19.2

Shah Alloys Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -380 -275 -173 -166 -18 -55 33 30 11 -8 112
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 240 224 238 157 170 75 13 4 4 4 4
Other Non-Current Liabilities -347 -314 -193 -206 -179 -78 -51 -55 -69 -75 -52
Total Current Liabilities 765 656 373 511 262 264 256 249 239 196 90
Total Liabilities 278 290 245 295 235 206 251 229 185 117 154
Fixed Assets 157 143 131 119 106 93 82 73 67 57 50
Other Non-Current Assets 11 15 16 14 17 19 23 25 27 25 59
Total Current Assets 110 132 99 162 112 94 146 131 91 35 45
Total Assets 278 290 245 295 235 206 251 229 185 117 154

Shah Alloys Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 1 3 2 1 0 0 2 0 -0 0 3
Cash Flow from Operating Activities 49 78 124 14 121 151 68 43 -6 7 -71
Cash Flow from Investing Activities 6 0 -1 -1 0 0 0 0 4 1 89
Cash Flow from Financing Activities -53 -80 -124 -13 -121 -150 -70 -44 3 -6 -20
Net Cash Inflow / Outflow 2 -1 -1 -1 -0 1 -1 -0 0 2 -2
Closing Cash & Cash Equivalent 3 2 1 0 0 2 0 0 0 3 1

Shah Alloys Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 61.09 18.42 21.26 3.8 -2.35 -28.18 41.47 -1.62 -9.42 -9.97 54.42
CEPS(Rs) 72 28.7 28.15 6.95 4.21 -21.63 47.18 2.9 -4.92 -5.32 57.73
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -191.88 -139.02 -87.57 -83.75 -9.06 -27.62 16.7 15.4 5.68 -3.88 56.75
Core EBITDA Margin(%) -6.12 -0.15 -0.15 0.15 -11.38 3.23 13.27 0.64 -2.93 -3.81 13.34
EBIT Margin(%) 72.69 19.38 26.55 -2.15 4.97 8.79 12.68 -0.31 -2.49 -7.81 363.78
Pre Tax Margin(%) 64.72 15.25 26.5 -2.19 4.87 8.46 12.43 -0.72 -3.16 -9.48 354.11
PAT Margin (%) 42.56 12.34 8.77 0.13 -0.95 -11.12 9.33 -0.51 -3.13 -7.36 287.75
Cash Profit Margin (%) 48.78 16.28 11.62 2.41 1.7 -8.53 10.61 0.91 -1.63 -3.93 305.29
ROA(%) 41.2 15.15 15.72 0.28 -1.76 -25.29 35.92 -1.34 -9.02 -13.09 79.51
ROE(%) 0 0 0 0 0 0 0 -10.1 -89.36 -1109.73 205.86
ROCE(%) 0 77.78 85.95 -8.01 14.49 27.56 79.8 -1.53 -15.18 -25.75 110.47
Receivable days 15.69 8.85 4.05 10.32 19.66 13.72 5.67 8.31 6.77 5.68 11.29
Inventory Days 102.54 104.17 76.52 67.09 78.47 56.71 39.15 65.49 58.37 76.34 241.06
Payable days 127.72 155.21 69.75 75.62 133.13 145.74 77.64 99.47 100.7 172.96 708.92
PER(x) 0.15 0.9 1.96 4.26 0 0 2.42 0 0 0 1.1
Price/Book(x) -0.05 -0.12 -0.48 -0.19 -0.74 -0.29 6.02 2.8 10.23 -11.83 1.06
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.66 1.42 0.87 0.6 0.45 0.4 0.36 0.25 0.33 0.63 4.85
EV/Core EBITDA(x) -26.27 1123.06 2655.52 45.52 -4.05 4.86 2.57 27.69 57.48 -17.68 25.26
Net Sales Growth(%) -0.14 19.3 54.08 18.81 -14.15 2.57 75.34 -28.84 -5.41 -55.01 -86.02
EBIT Growth(%) 285.3 -68.17 88.38 -109.63 298.14 81.61 152.78 -101.74 -663.02 -40.99 750.4
PAT Growth(%) 192.02 -65.37 -2.27 -98.22 -721.13 -1099.01 247.15 -103.91 -480.72 -5.82 645.95
EPS Growth(%) 186.09 -69.84 15.4 -82.12 -161.82 -1099.04 247.15 -103.91 -480.73 -5.82 645.94
Debt/Equity(x) -1.1 -1.49 -1.93 -1.87 -11.63 -3.37 3.54 2.42 7.13 -10.26 0.56
Current Ratio(x) 0.14 0.2 0.27 0.32 0.43 0.36 0.57 0.52 0.38 0.18 0.5
Quick Ratio(x) 0.04 0.02 0.04 0.07 0.1 0.09 0.11 0.09 0.04 0.03 0.28
Interest Cover(x) 9.12 4.69 496.85 -55.2 49.63 26.63 50.5 -0.75 -3.69 -4.68 37.63
Total Debt/Mcap(x) 23.13 12.48 4.05 9.7 15.61 11.45 0.59 0.86 0.7 0.87 0.53

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -86% -61% -41% -18%
Operating Profit CAGR — +5% -30% —
PAT CAGR — — — -1%
Share Price CAGR +8% +10% +20% +19%
ROE Average +206% -331% -201% -91%
ROCE Average +110% +23% +30% +31%

Shah Alloys Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 53.75 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 46.25 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 53.7853.7853.7853.7853.7853.7553.7553.7553.7553.75
FII 000000.030.08000
DII 0000000000
Public 46.2246.2246.2246.2246.2246.2246.1746.2546.2546.25
Others 0000000000
Total 100100100100100100100100100100

Shah Alloys Peer Comparison

Steel & Iron Products Edit Columns

Shah Alloys Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Shah Alloys Pros & Cons

Pros

Cons

  • Company has a low return on equity of -331% over the last 3 years.
  • Debtor days have increased from 172.96 to 708.92days.
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