WEBSITE BSE:539252 NSE: SHYAMCENT Inc. Year: 2011 Industry: Ferro & Silica Manganese My Bucket: Add Stock
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1. Business Overview
Shyam Century Ferrous Ltd. is an Indian company primarily engaged in the manufacturing and sale of ferro alloys, specifically Ferro Manganese and Silica Manganese. These products are crucial intermediate materials used in the production of steel, acting as deoxidizers, desulfurizers, and alloying agents to impart strength, durability, and other desirable properties to steel. The company's core business model involves sourcing raw materials like manganese ore, iron ore, and power, processing them through energy-intensive furnaces to produce ferroalloys, and then selling these products primarily to steel manufacturers. Its revenue is generated directly from the sales of these ferro and silica manganese products.
2. Key Segments / Revenue Mix
The company's primary business focus, as indicated by its sector and industry, is on the production and sale of Ferro Manganese and Silica Manganese. While specific revenue contributions for each are not publicly detailed, these two product categories represent the entirety of its core operations and revenue generation.
3. Industry & Positioning
Shyam Century Ferrous Ltd. operates in the Indian ferroalloys industry, which is a commodity-driven and cyclical sector, heavily reliant on the health and growth of the steel industry. The industry structure involves numerous domestic players as well as competition from imports. Key factors for competition include cost efficiency (driven by access to raw materials, power, and logistical advantages), product quality, and established customer relationships with steel mills. Shyam Century Ferrous Ltd. positions itself as a manufacturer within this competitive landscape, aiming to serve the demand from India's burgeoning steel sector. Its specific market share or ranking among peers is not specified, but it operates within a segment where operational excellence and cost management are crucial differentiators.
4. Competitive Advantage (Moat)
As a producer in a commodity sector like ferroalloys, Shyam Century Ferrous Ltd. inherently faces challenges in establishing strong, durable competitive advantages. Potential moats could include:
Cost Leadership: Achieved through efficient operations, captive power generation (if applicable), proximity to raw material sources (manganese ore), or highly optimized production processes.
Established Customer Relationships: Long-term supply agreements or strong relationships with key steel manufacturers can provide some stability.
Operational Scale/Integration: While not explicitly stated, larger scale or a degree of backward integration (e.g., in power) could offer cost advantages.
However, the commodity nature of its products means pricing power is limited, and competitive pressure is consistently high from both domestic and international players.
5. Growth Drivers
Steel Sector Growth: The primary driver for ferroalloys demand is the growth of the steel industry, particularly in India due to infrastructure development, urbanization, and manufacturing expansion.
Government Initiatives: "Make in India" and infrastructure spending initiatives by the Indian government directly stimulate steel production, thus boosting demand for ferroalloys.
Capacity Expansion/Modernization: Any planned capacity expansion or technological upgrades by the company to improve efficiency and output could drive growth.
Export Opportunities: Tapping into international markets could diversify revenue streams and provide growth, subject to global demand and trade policies.
Operational Efficiencies: Continuous efforts to reduce power consumption, optimize raw material usage, and improve logistics can enhance profitability and support expansion.
6. Risks
Commodity Price Volatility: Fluctuations in the prices of key raw materials (manganese ore, coke, power) and finished products (ferro and silica manganese) directly impact profitability.
Cyclicality of the Steel Industry: Demand for ferroalloys is highly correlated with the cyclical nature of the global and domestic steel industry, leading to revenue and profit variability.
Regulatory and Environmental Risks: Stringent environmental regulations and compliance costs, as well as changes in mining or import/export policies, can affect operations.
Intense Competition: The presence of numerous domestic and international players can lead to price wars and pressure on margins.
Energy Costs: Ferroalloy production is energy-intensive, making the company susceptible to increases in power tariffs or fuel costs.
Foreign Exchange Fluctuations: If the company imports raw materials or exports finished goods, adverse currency movements can impact costs and revenues.
7. Management & Ownership
Shyam Century Ferrous Ltd. is typically a promoter-driven company, common in the Indian business landscape. While specific details on the current management quality are not provided, such structures often benefit from long-term vision and commitment but can also concentrate decision-making. The ownership structure generally involves significant holdings by the promoter group, alongside public shareholders and potentially institutional investors. The strength of management lies in navigating the cyclical nature of the commodity business, managing input costs, and maintaining customer relationships.
8. Outlook
The outlook for Shyam Century Ferrous Ltd. presents a balanced view. On the positive side, India's robust economic growth, driven by massive infrastructure development and a growing manufacturing sector, is expected to fuel strong demand for steel, thereby providing a favorable long-term demand environment for ferroalloys. Companies with operational efficiencies, integrated facilities, and strong customer ties could benefit significantly. However, the company operates in a highly cyclical, capital-intensive, and commodity-driven business. Profitability remains vulnerable to volatile raw material and finished product prices, intense competition, and regulatory changes. Success will largely depend on the management's ability to maintain cost competitiveness, adapt to market dynamics, and efficiently manage its supply chain in a fluctuating global and domestic economic environment.
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Market Cap ₹105 Cr.
Stock P/E -11.2
P/B 0.6
Current Price ₹4.9
Book Value ₹ 7.7
Face Value 1
52W High ₹10.4
Dividend Yield 0%
52W Low ₹ 3.5
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 27 | 32 | 41 | 27 | 32 | 33 | 22 | 14 | 7 | 1 |
| Other Income | 3 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 2 |
| Total Income | 29 | 34 | 43 | 28 | 34 | 34 | 24 | 16 | 10 | 3 |
| Total Expenditure | 29 | 31 | 44 | 30 | 37 | 33 | 26 | 19 | 8 | 11 |
| Operating Profit | -0 | 3 | -1 | -2 | -2 | 1 | -2 | -3 | 2 | -8 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 2 | -2 | -3 | -4 | 0 | -3 | -4 | 1 | -9 |
| Provision for Tax | -0 | 0 | -1 | -0 | -1 | -0 | 1 | 0 | -0 | -3 |
| Profit After Tax | -1 | 1 | -2 | -3 | -2 | 0 | -4 | -4 | 1 | -6 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | 1 | -2 | -3 | -2 | 0 | -4 | -4 | 1 | -6 |
| Adjusted Earnings Per Share | -0 | 0.1 | -0.1 | -0.1 | -0.1 | 0 | -0.2 | -0.2 | 0 | -0.3 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 116 | 114 | 91 | 124 | 133 | 87 | 128 | 207 | 181 | 138 | 113 | 44 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 2 | 8 | 5 | 7 | 9 | 8 | 9 |
| Total Income | 116 | 114 | 91 | 125 | 134 | 89 | 136 | 213 | 188 | 147 | 121 | 53 |
| Total Expenditure | 99 | 106 | 80 | 105 | 116 | 87 | 114 | 133 | 148 | 142 | 126 | 64 |
| Operating Profit | 17 | 8 | 11 | 20 | 19 | 3 | 21 | 79 | 40 | 5 | -5 | -11 |
| Interest | 3 | 3 | 1 | 2 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 5 | 3 | 2 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 5 | 4 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | 0 | -17 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 9 | 2 | 8 | 16 | 15 | -0 | 1 | 76 | 37 | 1 | -10 | -15 |
| Provision for Tax | 3 | 1 | 3 | 6 | 4 | -0 | -1 | 20 | 10 | 1 | -0 | -2 |
| Profit After Tax | 5 | 1 | 5 | 10 | 10 | -0 | 3 | 57 | 27 | 1 | -9 | -13 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 1 | 5 | 10 | 10 | -0 | 3 | 57 | 27 | 1 | -9 | -13 |
| Adjusted Earnings Per Share | 0 | 0 | 0.2 | 0.5 | 0.5 | -0 | 0.1 | 2.6 | 1.3 | 0 | -0.4 | -0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -18% | -18% | 5% | -0% |
| Operating Profit CAGR | -200% | NAN% | NAN% | NAN% |
| PAT CAGR | -1000% | NAN% | 0% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -50% | -35% | -11% | -3% |
| ROE Average | -6% | 4% | 10% | 9% |
| ROCE Average | -6% | 6% | 14% | 12% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 88 | 89 | 94 | 105 | 115 | 115 | 118 | 175 | 161 | 161 | 167 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 1 | 0 | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 1 | 6 | 7 | 17 | 2 | 0 | 2 | 2 | 2 | 4 |
| Total Current Liabilities | 37 | 33 | 52 | 42 | 15 | 13 | 15 | 33 | 29 | 16 | 13 |
| Total Liabilities | 133 | 125 | 153 | 156 | 148 | 131 | 134 | 210 | 191 | 179 | 185 |
| Fixed Assets | 25 | 22 | 20 | 22 | 20 | 18 | 16 | 18 | 22 | 22 | 25 |
| Other Non-Current Assets | 45 | 48 | 60 | 56 | 61 | 45 | 2 | 4 | 2 | 19 | 36 |
| Total Current Assets | 62 | 54 | 73 | 78 | 68 | 69 | 116 | 188 | 167 | 139 | 124 |
| Total Assets | 133 | 125 | 153 | 156 | 148 | 131 | 134 | 210 | 191 | 179 | 185 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 3 | 5 | 2 | 2 | 10 | 2 | 29 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | 3 | 16 | -11 | 18 | 25 | -8 | 17 | 31 | 54 | -12 | -2 |
| Cash Flow from Investing Activities | 0 | -0 | -0 | -4 | -1 | 2 | 9 | -55 | -15 | 13 | 0 |
| Cash Flow from Financing Activities | 1 | -14 | 9 | -14 | -15 | -2 | 2 | -5 | -40 | -1 | 2 |
| Net Cash Inflow / Outflow | 3 | 2 | -3 | -1 | 8 | -8 | 28 | -29 | -0 | 1 | 0 |
| Closing Cash & Cash Equivalent | 3 | 5 | 2 | 2 | 10 | 2 | 29 | 0 | 0 | 1 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0.05 | 0.24 | 0.47 | 0.47 | -0 | 0.13 | 2.56 | 1.26 | 0.03 | -0.44 |
| CEPS(Rs) | 199.24 | 0.18 | 0.34 | 0.58 | 0.6 | 0.1 | 0.21 | 2.65 | 1.41 | 0.2 | -0.21 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 4.03 | 4.24 | 4.71 | 5.18 | 5.19 | 5.31 | 7.87 | 7.57 | 7.6 | 7.88 |
| Core EBITDA Margin(%) | 14.44 | 6.49 | 12.05 | 15.14 | 13.3 | 0.79 | 10.31 | 35.67 | 18.32 | -2.58 | -11.07 |
| EBIT Margin(%) | 10.28 | 3.96 | 10.01 | 14.27 | 12.07 | 0.32 | 1.7 | 37.14 | 20.45 | 1.16 | -8.32 |
| Pre Tax Margin(%) | 7.45 | 1.38 | 8.8 | 12.88 | 11.1 | -0.14 | 1.07 | 36.83 | 20.26 | 0.95 | -8.57 |
| PAT Margin (%) | 4.5 | 0.93 | 5.86 | 8.42 | 7.86 | -0.04 | 2.2 | 27.42 | 14.72 | 0.52 | -8.23 |
| Cash Profit Margin (%) | 8.42 | 3.48 | 8.18 | 10.44 | 9.93 | 2.59 | 3.66 | 28.43 | 16.57 | 3.01 | -3.96 |
| ROA(%) | 8.03 | 0.83 | 3.91 | 6.77 | 6.89 | -0.02 | 2.11 | 33.07 | 13.28 | 0.39 | -5.12 |
| ROE(%) | 16.05 | 1.38 | 5.9 | 10.51 | 9.53 | -0.03 | 2.4 | 38.83 | 15.88 | 0.45 | -5.67 |
| ROCE(%) | 20.29 | 3.98 | 7.9 | 14.36 | 13.39 | 0.24 | 1.81 | 51.69 | 21.9 | 0.99 | -5.65 |
| Receivable days | 37.86 | 41.52 | 80.64 | 88.22 | 83.45 | 138.79 | 86.55 | 61.76 | 64.3 | 43.1 | 41.06 |
| Inventory Days | 110.62 | 94.06 | 107.92 | 86.45 | 61.98 | 71.82 | 49.38 | 37.42 | 57.81 | 86.88 | 100.66 |
| Payable days | 31.88 | 50.06 | 87.44 | 66.45 | 37.22 | 14.61 | 3.58 | 35.99 | 65.82 | 80.32 | 66.26 |
| PER(x) | 0 | 105.59 | 32.1 | 18.77 | 13.33 | 0 | 41.16 | 9.69 | 13.16 | 494.74 | 0 |
| Price/Book(x) | 0 | 1.27 | 1.85 | 1.87 | 1.21 | 0.34 | 0.98 | 3.15 | 2.18 | 2.23 | 0.87 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.82 | 0 | 0 |
| EV/Net Sales(x) | 0.24 | 1.13 | 2.22 | 1.71 | 1 | 0.45 | 0.45 | 2.24 | 1.37 | 2.01 | 0.6 |
| EV/Core EBITDA(x) | 1.65 | 17.14 | 17.72 | 10.47 | 7.07 | 15.44 | 2.73 | 5.88 | 6.14 | 55.15 | -14.72 |
| Net Sales Growth(%) | 0 | -1.98 | -19.83 | 35.72 | 7.85 | -34.55 | 46.26 | 62.49 | -12.72 | -23.7 | -18.07 |
| EBIT Growth(%) | 0 | -62.45 | 102.97 | 91.05 | -9.12 | -98.26 | 671.45 | 3457.72 | -51.94 | -95.67 | -687.43 |
| PAT Growth(%) | 0 | -79.82 | 405.13 | 92.69 | 0.25 | -100.33 | 8292.98 | 1929.41 | -53.16 | -97.27 | -1381.09 |
| EPS Growth(%) | 0 | 0 | 405.59 | 92.67 | 0.26 | -100.32 | 8506.67 | 1929.74 | -50.95 | -97.28 | -1382.75 |
| Debt/Equity(x) | 0.47 | 0.23 | 0.32 | 0.16 | 0.03 | 0.02 | 0.04 | 0 | 0.01 | 0.01 | 0.02 |
| Current Ratio(x) | 1.66 | 1.62 | 1.39 | 1.86 | 4.57 | 5.27 | 7.54 | 5.67 | 5.83 | 8.82 | 9.28 |
| Quick Ratio(x) | 0.71 | 0.92 | 0.8 | 1.2 | 3.38 | 4 | 6.38 | 4.93 | 4.69 | 6.7 | 7.1 |
| Interest Cover(x) | 3.63 | 1.53 | 8.3 | 10.32 | 12.42 | 0.7 | 2.72 | 121.88 | 107.03 | 5.57 | -33.46 |
| Total Debt/Mcap(x) | 0 | 0.18 | 0.17 | 0.09 | 0.02 | 0.05 | 0.04 | 0 | 0.01 | 0 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.7 | 51.54 | 51.38 | 50.95 | 50.83 | 50.7 | 50.18 | 49.56 | 49.44 | 49.44 |
| FII | 0.18 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 48.12 | 48.42 | 48.58 | 49.02 | 49.13 | 49.27 | 49.82 | 50.44 | 50.56 | 50.56 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 10.97 | 10.93 | 10.9 | 10.81 | 10.79 | 10.76 | 10.65 | 10.52 | 10.49 | 10.49 |
| FII | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 10.21 | 10.27 | 10.31 | 10.4 | 10.42 | 10.45 | 10.57 | 10.7 | 10.73 | 10.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 | 21.22 |
* The pros and cons are machine generated.
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