Shyam Metalics and Energy Limited, an integrated metal producer, is in the final phase of executing a capital expenditure programme of about INR 94.25 billion to expand its steel, aluminium and stainless steel manufacturing capacity across India. According to the company’s investor presentation for the second quarter of FY2025–26, around 80 percent of the total investment, or INR 75.29 billion, has been incurred, with INR 49.08 billion capitalised to date.
The Kolkata-based company operates seven manufacturing plants in West Bengal, Odisha and Madhya Pradesh, with a combined installed capacity of 15.13 million tonnes per annum (MTPA). It produces carbon steel, ferro alloys, stainless steel and aluminium products, supported by 467 MW of captive power. About 81 percent of its power needs are met through captive generation at an average cost of INR 2.46 per kWh, compared with grid power rates of INR 5–7 per kWh.
The company’s ongoing expansion includes a 55-acre cold rolling mill project at Jamuria, West Bengal, with total investment of INR 6.03 billion and a capacity of 250,000 tonnes per annum. Phase I, with 150,000 tonnes capacity, has commenced operations, while the balance will be completed in the next phase. Shyam Metalics has also expanded into stainless steel production through its acquisition of Mittal Corp at Pithampur, Madhya Pradesh, which houses two units on 35 acres with a Danieli-supplied rolling mill and 0.2 MTPA finished capacity.
In aluminium, the company operates foil manufacturing units at Pakuria in West Bengal and Giridih in Jharkhand and is setting up an aluminium flat rolled products plant in Odisha. The aluminium division, one of India’s largest foil exporters, supplies more than 60 percent of its output to overseas markets. The ongoing expansion includes aluminium flat rolled products of 0.06 MTPA and foil capacity of 0.018 MTPA, with an investment of INR 8 billion, of which INR 3.06 billion has already been spent.
Additional investments include capacity enhancement at Ramsarup Industries, a subsidiary, where Shyam Metalics and Super Smelters are jointly investing INR 1.88 billion to upgrade carbon steel production and establish a 40 MW captive power plant. A wagon manufacturing facility at Kharagpur, West Bengal, with total capex of INR 2 billion and annual capacity of 4,800 wagons, is also under development. Phase I is expected to commence operations in September 2026.
Post-expansion, the company’s carbon steel capacity will rise to 7.72 MTPA for intermediates and 3.56 MTPA for finished steel. Stainless steel capacity will increase from 0.2 to 0.7 MTPA, while aluminium capacity will double to 48,000 tonnes annually. Captive power capacity will expand from 467 MW to 597 MW, including a 100 MW solar addition.
Shyam Metalics exports to 34 countries, including the United States, Japan, Italy, Nepal and Bangladesh. Key customers include POSCO International, Metal Exchange, JM Global Resources and Rodacciai S.p.A. Export revenue accounted for about 12 percent of turnover in the first half of FY2025–26.
For the quarter ended September 2025, the company reported revenue of INR 44.57 billion and profit after tax of INR 2.60 billion. For the half-year, revenue stood at INR 88.76 billion with profit of INR 5.51 billion. Shyam Metalics maintains a conservative capital structure with a debt-to-equity ratio below 0.5 and holds long-term credit ratings of CRISIL AA+ (Stable) and A1+ for short-term borrowings.
The company said its strategy focuses on higher-margin, value-added products in steel, stainless and aluminium segments. It targets revenue and EBITDA growth of 2.5 times by FY2031, supported by internal cash generation and without raising additional capital.
Shyam Metalics and Energy Limited, headquartered in Kolkata, manufactures steel, ferro alloys and aluminium products, and markets construction-grade steel and aluminium packaging under the SEL Tiger and SEL Tiger Foil brands respectively.
