Shah Alloys Limited (SHAHALLOYS)

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Shah Alloys Limited (SHAHALLOYS) · mywealthgrid

About

Shah Alloys Limited manufactures iron and steel products, serving the Industrials sector with a current market capitalization of ₹148.28 Cr. Recent operations show severe stress: quarterly standalone revenue collapsed from ₹23.64 Cr (Jun 2025) to ₹0 (Jun 2026), with concurrent losses in recent quarters.

Face value: ₹10

Market cap

₹169 Cr

P/E

4.4×

P/B

1.5×

Dividend yield

ROE

95.9%

ROCE

0.5%

Debt / equity

0.56

OPM

13.4%

EPS (TTM)

₹19.2

Book value

₹56.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue completely disappeared: Jun 2026 revenue of ₹0 follows Jun 2025 revenue of ₹23.64 Cr. Verify whether this reflects demand collapse, capacity shutdown, accounting anomaly, or reporting error.
Conflicting reported figures raise data quality concerns: Sep 2025 and Mar 2026 both show duplicate quarterly filings with contradictory net profit figures (Sep 2025: ₹13.73 Cr vs ₹35.76 Cr; Mar 2026: ₹4.45 Cr vs -₹8.41 Cr). Reconcile which figures are correct.
Operating margins show extreme instability: OPM swung from +70.75% (Dec 2025) to -268% (Mar 2026) to -3.89% (Jun 2025). Verify whether this reflects temporary cost shocks or structural pricing power loss.
Zero institutional participation (0% FII/DII) despite ₹148.28 Cr market cap may reflect investor skepticism about business model sustainability.

Generated analysis · source review pending

Growth drivers

Volume recovery from operational shutdown: Jun 2026 revenue of ₹0 represents production halt; recovery to Jun 2025 level of ₹23.64 Cr would signal restart and end cash burn.
Operating leverage on scale: Dec 2025 showed ₹38.46 Cr net profit on ₹10.29 Cr revenue (70.75% OPM); if this reflects core profitability rather than one-time items, restoration to operating scale drives significant upside.
Market pricing recovery: PE of 3.9 and 1y return of 30.58% despite Jun 2026 losses suggest investors are betting on turnaround; verify credibility of operational recovery case.

Generated analysis · source review pending

2,452 historical price candles were omitted because the exchange source has not been verified.

₹85.4-4.5%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -367.1% (3-yr avg)
−Revenue shrank over the last 5 years (-40.6% a year)
−Weak interest coverage of 0.2×

Research score

Structured signal from quality, growth, valuation and momentum.

38/100

Business quality: 40
Growth: 0
Valuation: 74

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	87	87	570	489	502	880	626	592	267	37
COGS	42	42	401	358	345	579	441	430	194	19
Gross profit	46	46	169	131	157	301	186	162	72	19
	49	49	161	177	136	205	180	179	85	14
	-4	-4	8	-46	20	96	5	-17	-13	5
OPM %	-4.4%	-4.4%	1.3%	-9.4%	4.1%	10.9%	0.8%	-3%	-4.7%	13.4%
Depreciation	3	3	13	13	13	11	9	9	9	7
Interest	3	3	0	0	2	2	3	4	4	4
	75	75	7	93	45	27	2	11	1	138
Profit before tax	64	64	1	34	51	109	-5	-19	-25	133
Tax	18	18	-13	28	98	27	-1	-0	-6	25
Tax %	27.6%	27.6%	-1,249.1%	84.6%	193.5%	24.9%	-29.4%	-1.2%	-22.4%	18.7%
	47	47	14	5	-47	82	-3	-19	-20	108
PAT margin %	53.4%	53.4%	2.5%	1.1%	-9.5%	9.3%	-0.5%	-3.2%	-7.4%	289.1%
EPS (₹)	26.8	26.8	3.8	-2.4	-26.1	41.5	-1.6	-9.4	-10	54.4
EPS adjusted (₹)	23.5	23.5	—	—	-24	41.5	-1.6	-9.4	-10	54.4
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	20	20	20	20	20	20	20
Reserves	-392	-280	-74	8	11	-9	-27	93
	371	296	184	38	74	64	79	63
	636	608	175	250	197	182	123	32
Total equity & liabilities	635	644	305	316	301	257	195	208
	157	143	93	82	73	67	57	51
CWIP	9	9	9	9	9	9	9	0
Investments	9	15	—	0	7	7	5	49
	460	476	202	225	212	174	124	108
Total assets	635	644	305	316	301	257	195	208

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.6%	26.8%	31.2%	34.2%	29.7%	27.3%	27.1%	50.3%
EBITDA margin %	0.1%	-11.4%	3.2%	13.3%	0.6%	-3%	-3.8%	13.4%
EBIT margin %	-2.2%	-14%	0.6%	12%	-0.8%	-4.5%	-7.3%	-4.2%
PAT margin %	2.5%	1.1%	-9.5%	9.3%	-0.5%	-3.2%	-7.4%	289.1%
Working capital
Receivable days	—	—	10	6	9	4	2	11
Inventory days	—	—	75	74	90	70	57	381
Payable days	—	—	—	73	103	96	143	25
NWC days	—	—	—	7	-4	-22	-85	367
Leverage
Current ratio	—	—	—	0.57	0.52	0.38	0.18	0.5
Debt to EBITDA	—	—	11.39	0.33	18.29	—	—	12.65
Debt to equity	—	—	-3.37	1.4	2.42	5.67	-10.26	0.56
Interest coverage	-56.2	-150.5	19.7	60.4	-1.2	-1.4	-4.2	0.2
Asset turnover	—	—	1.65	2.79	2.08	2.3	1.37	0.18
Return ratios
Return on assets %	—	—	-15.6%	26%	-1.1%	-7.2%	-10.1%	51.9%
Return on capital employed %	—	—	—	220%	-5.8%	-15.8%	-216.5%	0.5%
Return on equity %	—	—	86.9%	299.7%	-10.6%	-165.8%	256.4%	95.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.77%	53.78%	53.78%	53.78%	53.78%	53.78%	53.78%	53.78%	53.75%	53.75%	53.75%	53.75%
	0.01%	0%	0%	0%	0%	0%	0%	0%	0.03%	0.08%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	46.22%	46.22%	46.22%	46.22%	46.22%	46.22%	46.22%	46.22%	46.22%	46.17%	46.25%	46.25%
No. of shareholders	—	—	—	—	—	—	—	—	9,961	9,530	9,321	9,156

Promoter holding down 0.02 percentage points since Sep 2023.

35 deals · 15 Sept 2021 – 9 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Sept 2026	KRONE INVESTMENTS	Bulk	BSE	Sell	2,25,607	₹99.00	₹2.23 Cr
9 Sept 2026	KRONE INVESTMENTS	Bulk	NSE	Sell	2,10,000	₹99.00	₹2.08 Cr
9 Sept 2026	RAVIRAJ DEVELOPERS LIMITED	Bulk	BSE	Buy	1,00,000	₹99.00	₹0.99 Cr
31 Aug 2026	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Buy	1,00,000	₹108.48	₹1.08 Cr
28 Aug 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	NSE	Buy	3,00,000	₹103.07	₹3.09 Cr
28 Aug 2026	SETU SECURITIES PVT LTD	Bulk	NSE	Buy	1,00,000	₹103.06	₹1.03 Cr
8 Sept 2025	CARE WEALTH ADVISORS LLP .	Bulk	NSE	Buy	1,50,000	₹68.57	₹1.03 Cr
8 Sept 2025	JAIDEEP SAMPAT	Bulk	NSE	Sell	1,00,000	₹68.25	₹0.68 Cr
5 Sept 2025	JAIDEEP SAMPAT	Bulk	NSE	Sell	1,07,500	₹63.69	₹0.68 Cr
25 Sept 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	1,13,369	₹107.89	₹1.22 Cr

1–10 of 35

1 / 4

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Shah Alloys Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Dividend dividend6 Sept 2007 · ex-date₹1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

16 announcementsExport CSV

21 Sept 2026, 11:14 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

20 Sept 2026, 2:50 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

20 Sept 2026, 2:49 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

18 Sept 2026, 4:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

15 Sept 2026, 2:36 pmInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

12 Sept 2026, 4:04 pmInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

5 Sept 2026, 12:49 pmCompany Update

Clarification On Price Movement

General PDF

31 Aug 2026, 7:35 pmCompany Update

Clarification sought from Shah Alloys Ltd

Clarification

Date	Category	Subject	Filing
21 Sept 2026, 11:14 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
20 Sept 2026, 2:50 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.6%	26.8%	31.2%	34.2%	29.7%	27.3%	27.1%	50.3%
EBITDA margin %	0.1%	-11.4%	3.2%	13.3%	0.6%	-3%	-3.8%	13.4%
EBIT margin %	-2.2%	-14%	0.6%	12%	-0.8%	-4.5%	-7.3%	-4.2%
PAT margin %	2.5%	1.1%	-9.5%	9.3%	-0.5%	-3.2%	-7.4%	289.1%
Working capital
Receivable days	—	—	10	6	9	4	2	11
Inventory days	—	—	75	74	90	70	57	381
Payable days	—	—	—	73	103	96	143	25
NWC days	—	—	—	7	-4	-22	-85	367
Leverage
Current ratio	—	—	—	0.57	0.52	0.38	0.18	0.5
Debt to EBITDA	—	—	11.39	0.33	18.29	—	—	12.65
Debt to equity	—	—	-3.37	1.4	2.42	5.67	-10.26	0.56
Interest coverage	-56.2	-150.5	19.7	60.4	-1.2	-1.4	-4.2	0.2
Asset turnover	—	—	1.65	2.79	2.08	2.3	1.37	0.18
Return ratios
Return on assets %	—	—	-15.6%	26%	-1.1%	-7.2%	-10.1%	51.9%
Return on capital employed %	—	—	—	220%	-5.8%	-15.8%	-216.5%	0.5%
Return on equity %	—	—	86.9%	299.7%	-10.6%	-165.8%	256.4%	95.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	54	68	45	-7	-5	-71
	0	0	0	4	1	89
	-53	-70	-45	3	6	-20
Net cash flow	1	-1	-0	-0	2	-2
Free cash flow	54	68	45	-12	-5	-72
CFO / Operating profit %	331.4%	58.2%	—	—	—	—

Shah Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

1

1

Announcements

Not in the F&O segment

No fund holdings on record

1

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Shah Alloys Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends1

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends1

Board meetings1

Quarterly record

Bulk & block deals

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1