MarketFriction

Shah Alloys Ltd

NSE SHAHALLOYS · BSE 513436 · Iron & Steel Products
₹85.37 -1.61%
NSE close2026-10-01
52 week range53.10 - 116.85
Market cap₹176 Cr.
ESM Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales159.56180.59144.68128.41118.5566.3152.0030.3723.642.9610.582.25
Expenses155.52176.91151.66125.76124.0871.4051.1130.1424.053.833.011.40
Operating Profit4.043.68-6.982.65-5.53-5.090.890.23-0.41-0.877.570.85
OPM %2.53%2.04%-4.82%2.06%-4.66%-7.68%1.71%0.76%-1.73%-29.39%71.55%37.78%
Other Income0.000.00-15.606.090.000.050.000.000.0016.9254.36-5.39
Interest1.051.061.040.871.111.111.141.121.051.081.040.44
Depreciation2.232.232.232.212.302.292.302.301.641.641.691.59
Profit before tax0.760.39-25.855.66-8.94-8.44-2.55-3.19-3.1013.3359.20-6.57
Tax %18.42%12.82%-10.21%39.22%-24.61%-24.05%-24.71%-26.02%-25.16%6.90%39.02%24.35%
Net Profit0.700.35-24.114.41-6.69-6.38-2.16-4.49-5.7613.7338.46-8.41
EPS in Rs0.350.18-12.182.23-3.38-3.22-1.09-2.27-2.916.9419.43-4.25
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales26126029948057048950288062659226737
Expenses30052530648756954548676362261027932
Operating Profit-39-265-7-71-56161174-17-135
OPM %-15%-102%-2.4%-1.5%0.1%-11%3.2%13%0.7%-3.0%-4.7%13%
Other Income-36496821427934163121138
Interest702314000223444
Depreciation39181414131313119997
Profit before tax-18418947121-62442109-5-19-25133
Tax %-27%34%22%70%-232%120%231%25%-29%-1%-22%19%
Net Profit-14012136368-5-5682-3-19-20108
EPS in Rs-70.9561.0918.4317.993.80-2.35-28.1941.47-1.62-9.42-9.9754.42
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-18%-41%-61%-86%
Compounded Profit Growth1%-14%%-167%
Stock Price CAGR24%28%16%31%
Return on Equity%%-109%-101%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital202020202020202020202020
Reserves-735-400-295-193-186-38-741311-9-2793
Borrowings65341933826323820916811774807963
Other Liabilities80158756636844824119117219716612332
Total Liabilities738626628457520431305322301257195208
Fixed Assets175157143131119106938273675750
CWIP1399999999990
Investments0000000677549
Other Assets551460476317392316202225212174124108
Total Assets738626628457520431305322301257195208
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity497812414121576843-77-71
Cash from Investing Activity60-1-100004189
Cash from Financing Activity-53-80-124-13-121-56-70-443-6-20
Net Cash Flow2-1-1-1-01-1-0-02-2
Free Cash Flow497812313121576843-388
CFO/OP-18%-1,099%-1,758%1,619%-217%351%58%1,067%37%-55%-1,420%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days211493181810694211
Inventory Days16015824189114877574907057381
Days Payable11714016453105148138731039613325
Cash Conversion Cycle6432853927-43-537-4-22-75367
Working Capital Days-1,475-924-641-209-223-112-125-46-69-91-224-453
ROCE %-39%-26%2%-51%18%85%-2%-5%-26%0%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters53.77%53.78%53.78%53.78%53.78%53.78%53.78%53.78%53.75%53.75%53.75%53.75%
FIIs0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.08%0.00%0.00%
Public46.22%46.22%46.22%46.22%46.22%46.21%46.22%46.22%46.22%46.18%46.26%46.26%
No. of Shareholders9,8489,4949,4569,53810,98310,25910,41710,0969,9619,5309,3219,156

Fundamentals

Market Cap₹ 176 Cr.
Current Price₹ 89.4
Book Value₹ 56.8
ROCE0.49 %
ROE-101 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-86%
Compounded Profit Growth (TTM)-167%
Consolidated figures.
Valuation
Market capRs 169 Cr
Enterprise valueRs 231 Cr
P/E (TTM)4.45x
Price to book1.50x
Price to sales4.29x
EV / EBITDA3.16x
EV / EBIT3.47x
EV / sales5.86x
Earnings yield22.50%
P/E, 3-year average1.08x
P/B, 3-year average-0.27x
P/E, 5-year average1.75x
P/B, 5-year average1.60x
Profitability
Operating margin (excl. other income)13.42%
Operating margin (incl. other income)383.04%
EBITDA margin185.21%
Pre-tax margin159.42%
Net profit margin96.42%
Net margin, latest quarter-373.78%
ROE205.85%
ROCE110.47%
ROA53.56%
ROE, 3-year average-330.64%
ROCE, 3-year average23.18%
ROA, 3-year average12.72%
ROE, 5-year average-352.39%
ROCE, 5-year average30.56%
ROA, 5-year average12.67%
ROIC (approx.)31.00%
Tax rate18.74%
Other income / net worth122.61%
Growth
Sales growth (latest year)-86.02%
Sales CAGR, 3 years-60.96%
Sales CAGR, 5 years-40.55%
Sales growth QoQ-78.73%
Profit growth QoQ-121.87%
Sales growth YoY (latest quarter)-92.59%
Per share
EPS (TTM)Rs 19.20
EPS (latest year)Rs 54.42
EPS (latest quarter)Rs -4.25
EPS, 3-year averageRs 11.68
EPS, 5-year averageRs 14.98
Book value per shareRs 56.75
Sales per shareRs 19.92
Cash flow per shareRs -35.87
Free cash flow per shareRs 4.04
Efficiency
Asset turnover0.18x
Fixed asset turnover0.74x
Inventory turnover1.46x
Inventory days250 days
Debtor days11 days
Debtors turnover34.51x
Creditor days25 days
Cash conversion cycle367 days
Working capital days-453 days
Leverage
Total debtRs 63 Cr
Cash and bankRs 1 Cr
Net debtRs 62 Cr
Debt to equity0.56x
Net debt / EBITDA0.85x
Interest coverage18.41x
Owners' fund to total sources54.12%
Debt to assets30.34%
Cash flow
Cash from Operating Activity (latest year)Rs -71 Cr
Cash from Investing Activity (latest year)Rs 89 Cr
Cash from Financing Activity (latest year)Rs -20 Cr
Net Cash Flow (latest year)Rs -2 Cr
Free cash flow (latest year)Rs 8 Cr
FCFE (approx.: FCF + change in debt)Rs -8 Cr
Cash from ops / profit, 5 years0.27x
Statement figures
Net sales (TTM)Rs 39 Cr
Net sales (latest year)Rs 37 Cr
Sales (latest quarter)Rs 2 Cr
Operating profit excl. other income (latest year)Rs 5 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 138 Cr
EBITDA (TTM)Rs 73 Cr
PBDT (TTM)Rs 69 Cr
Profit before tax (TTM)Rs 63 Cr
Tax (latest year)Rs 25 Cr
Net profit (TTM)Rs 38 Cr
Net profit (latest year)Rs 108 Cr
Net profit (latest quarter)Rs -8 Cr
Depreciation (TTM)Rs 7 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 4 Cr
Cost of goods sold (latest year)Rs 28 Cr
Total expenditure (latest year)Rs 32 Cr
Total income (latest year)Rs 175 Cr
Share capitalRs 20 Cr
ReservesRs 93 Cr
Shareholders' fundsRs 112 Cr
Total assetsRs 208 Cr
Net blockRs 50 Cr
InvestmentsRs 49 Cr
ReceivablesRs 1 Cr
InventoryRs 19 Cr
Other liabilitiesRs 32 Cr
Shares outstanding (crore)1.98
Ownership
Promoter holding53.75% (-0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 4.5 is at the 90th percentile of its own 5.0-year range (median 1.5, low 0.8, high 107.0).
P/B 1.50 is at the 5th percentile (median 3.85).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodSHAHALLOYSNifty 50Difference
1 week-7.2%-2.8% -4.4 pts
1 month-24.5%-6.8% -17.7 pts
3 months+20.9%-7.6% +28.5 pts
6 months+45.1%+0.4% +44.7 pts
1 year+25.5%-9.9% +35.4 pts
2 years+3.3%-13.6% +16.8 pts
3 years+50.3%+14.2% +36.1 pts
5 years+209.3%+27.9% +181.4 pts

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -102% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 86% of total assets in 2026
lookInventory outrunning sales Inventory grew -36% vs sales -86% in 2026
lookProfit leans on other income Other income was 104% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ESM
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-09Mr. Bhadresh J. Shah and Mr. ManisAcquirerbuy435,576SAST Open Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Mar 2026
Sales ₹2 Cr -92.6% vs Mar 2025. Net loss ₹8 Cr.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2022-09-08Annual General Meeting
2022-04-29Extra Ordinary General Meeting
2021-09-13 Annual General Meeting
2020-12-09 Annual General Meeting
2019-09-11 Annual General Meeting
2018-09-11 Annual General Meeting (Date Revised)
2017-09-20 Annual General Meeting
2016-09-14 Annual General Meeting
2015-09-14Annual General Meeting
2014-09-15Annual General Meeting
2013-09-13Annual General Meeting
2012-09-13Annual General Meeting
2011-09-15Annual General Meeting
2010-09-08Annual General Meeting
2009-09-08Annual General Meeting
2008-09-08Annual General Meeting
2007-09-06Agm/Dividend-10%
2006-09-15Agm/Dividend-10%
DateTypeWhat it says
2026-09-23Reply to Clarification- FinaThe Exchange had sought clarification from Shah Alloys Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Ob...
2026-09-20Shareholder meetingVoting results.
2026-09-18General UpdatesSubmission of Machine Readable PDF for Financial Results for quarter ended on June 30, 2026 in respect of clarification dated 08.09.2026.
2026-09-18Shareholder meetingProceedings of Annual General Meeting held on September 18, 2026
2026-09-08Clarification - Financial ReThe Exchange has sought clarification from Shah Alloys Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Ob...
2026-09-01Price movementSignificant movement in price has been observed in Shah Alloys Limited. The Exchange, in order to ensure that investors have latest relevant informati...
2026-08-31Price movementSignificant movement in price has been observed in Shah Alloys Limited. The Exchange, in order to ensure that investors have latest relevant informati...
2026-08-24Shareholder meetingNotice of Annual General Meeting to be held on September 18, 2026
2026-08-12General UpdatesGeneral Updates
2026-08-12Board meeting outcomeOutcome of Board Meeting held on August 12, 2026.
2026-08-12Board meeting outcomeShah Alloys Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-14ResignationResignation of Director/KMP/SMP
2026-07-13ResignationResignation of Ambalal Chitabhai Patel as Independent Director of the company w.e.f. July 13, 2026.
2026-06-25Reply to Clarification- FinaThe Exchange had sought clarification from Shah Alloys Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Ob...
2026-06-16Disclosure under SEBI TakeovShah Alloys Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substanti...
2026-06-13General UpdatesGeneral Updates- Submission of Revised Outcome of Board Meeting held on May 30, 2026 Correction of Clerical Error in Consolidated Independent Audito...
2026-05-30General UpdatesGeneral Updates
2026-05-30Board meeting outcomeShah Alloys Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-02-14Board meeting outcomeShah Alloys Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-01-27One time settlementOne time settlement
2026-01-27Board meeting outcomeOutcome of Board Meeting held on January 27, 2026.
2025-12-26General UpdatesGeneral Updates
2025-12-26General UpdatesGeneral Updates
2025-11-14Board meeting outcomeShah Alloys Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-12-19NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
2019-12-04NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
2019-11-13NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
2019-10-15NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
2019-09-12NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
2019-08-14NCLATSabarmati Gas Ltd. VS Shah Alloys Ltd.
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
ESM: stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03