India: Shyam Metalics reports stainless steel sales growth of around 12% in FY26

• Flat products segment expansion gains momentum
  
  
• EBITDA supported by operational efficiencies
  
  

Shyam Metalics reported steady growth in its stainless steel business during FY26, supported by improved volumes and firmer market realisations amid stable demand from industrial and infrastructure-linked sectors.

The companys stainless steel sales volumes increased by 11.5% y-o-y to 94,102 t in FY26, compared with 84,404 t in FY25. Average realisations also improved by 6.7% y-o-y to INR 140,443/t, reflecting firmer pricing trends and an improved product mix during the fiscal year.

Quarterly performance remained supportive in Q4 FY26, with stainless steel volumes rising to 27,287 t, up 22.5% q-o-q from 22,282 t in Q3 FY26. Average realisations during the quarter increased by 4.9% q-o-q to INR 149,034/t, indicating firm finished steel pricing despite ongoing raw material volatility.

On the financial front, Shyam Metalics reported consolidated revenue of around INR 16,000 crore in FY26, while EBITDA remained healthy at approximately INR 1,800 crore, supported by stronger steel spreads, improved stainless steel contribution, and operational efficiencies.

Quarterly performance also strengthened in Q4 FY26, with stainless steel volumes rising to 27,287 t, up 22.5% q-o-q from 22,282 t in Q3 FY26. Average realisations during the quarter increased by 4.9% q-o-q to INR 149,034/t, indicating firm finished steel pricing despite ongoing raw material volatility.

In March 2026, stainless steel dispatches rose sharply to 10,519 t, compared with 6,619 t in March 2025 and 8,286 t in February 2026. Average realisations stood at INR 152,633/t, up 19% y-o-y, although marginally lower by 0.6% m-o-m.

As per management projections, total stainless steel capacity is expected to increase sharply from 0.27 mnt/year currently to 1.60 mnt/y post expansion by FY29E, reflecting a 493% increase. Finished stainless steel sales volumes are projected to rise from 0.09 mnt in FY26 to 0.61 mnt by FY29E, supported by strong growth in flat products, value-added applications, and integrated downstream operations at its Odisha facility.

The company is also strengthening its downstream stainless steel presence through planned investments at Sambalpur, including cold rolling, annealing, and pickling facilities aimed at enhancing value-added stainless steel capacities.