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As of 6 Nov 2026, Shah Alloys trades at 3.3× trailing earnings, below the industry P/E of 19.9×, and the shares are 41% below their 52-week high. Its ROCE of 116% is the highest among the 7 largest Steel peers, and sales fell 61% a year over 3 years, though net profit is above operating profit, which points to a one-off gain. Debt is 0.56× equity. It is a small-cap company with a market cap of ₹137 Cr, ranked 96th of 150 Steel companies by market cap; the shares fell 11% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹71.00
Day high
₹72.70
Day low
₹68.70
Prev. close
₹70.98
Volume
3.6K

Health check

1 good · 1 fair · 3 to check
  • ReturnsBehind

    −11.1% over a year, better than 0 of 7 peers.

  • Price tagDistorted

    A one-off gain inflates profit, so P/E isn’t comparable right now.

  • GrowthShrinking

    Sales −61.0% a year over 3 years.

  • ProfitabilityStrong

    ROCE 115.6% vs peer median 18.7%.

  • Balance sheetFair

    Debt 0.56× equity, interest covered 37.7×, Piotroski 6 of 9.

  • Red flags3 to check

    Net profit is above operating profit, so a one-off gain is likely flattering earnings.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Steel

149 listed peers. Screen the industry

Small cap

₹137 Cr, #96 of 150 in its industry by size.

Defensive

Beta 0.50 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹14 Cr · profit ₹108 Cr
Market cap
₹137 Cr
Small cap
P/E
3.3
Industry 19.9
Price to book
1.22
Peers 2.28
Dividend yield
0.00%
ROE
208.9%
Peers 23.4%
ROCE
115.6%
Peers 18.7%
Debt to equity
0.56
Debt ₹63 Cr
EPS (TTM)
₹21.05
Face value ₹10
OPM (TTM)
9.1%
Net margin 796.0%
Sales growth
n/a
Year-ago quarter not reported
Profit growth
n/a
Year-ago quarter not reported
Price to sales
10.02
EV/EBITDA 27.7

Strengths and risks

Strengths

  • Return on equity of 208.9%.
  • Return on capital employed of 115.6%.

Risks to check

  • Net profit is above operating profit, so a one-off gain is likely flattering earnings.
  • 41% below its 52-week high.
  • Interest coverage of only 1.7×.

Derived automatically from reported figures. Not a recommendation.

About Shah Alloys

Shah Alloys Limited engages in the manufacture and sale of stainless steel, alloy and special steel, carbon/mild steel, and armor steel products in India and internationally. The company also offers hot rolled coils, sheets, and plates; cold rolled coils and sheets; hot rolled round and flat bars; bright/peeled bars; angles; and beams. In addition, it provides chrome molybdenum, abrasion/wear resistant, quenched and tempered, high tensile, corrosion…

Headquarters
Gandhinagar
Employees
16
Sector
Basic Materials
ISIN
INE640C01011
Website
shahalloys.com

Price range

52 weeks

₹53.10₹116.85

Today

₹68.70₹72.70
Avg volume (3M)
94.4K
1-year return
minus 11.1%
From 52-week high
minus 40.9%

Peers · Steel

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
JSWSTEELJSW Steel1,357.10plus 0.11%3,31,26511.712.218.7%17.7%0.623.6%plus 14.7%
TATASTEELTata Steel186.30plus 2.36%2,32,39721.19.111.3%15.2%0.89−1.6%plus 1.5%
JINDALSTELJindal Steel1,165.00plus 1.31%1,18,59441.514.97.5%15.9%0.42−13.1%plus 6.4%
LLOYDSMELloyds Metals And Energy1,785.50minus 1.38%1,00,48219.118.819.4%37.4%1.2371.3%plus 37.4%
SAILSteel Authority of India171.60minus 0.41%70,88012.68.17.2%12.9%0.502.0%plus 24.7%
NMDCNMDC70.40minus 0.01%61,8948.36.228.4%30.0%0.1922.0%minus 5.2%
APLAPOLLOAPL Apollo Tubes2,185.30minus 0.41%60,67746.332.728.0%8.2%0.1712.6%plus 23.3%
SHAHALLOYSShah Alloys69.01minus 2.78%1373.328.7115.6%9.1%0.56−61.0%minus 11.1%
Median of 7 peers–−0.01%1,00,48219.112.218.7%15.9%0.503.6%14.7%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
23.6310.30.4–
24.63.82.7−0.5–
−0.9−0.97.60.9−0.9
−3.9%−29.4%73.6%223.7%–
1.11.110.40.9
1.61.61.71.61
–16.954.4−5.4–
−3.613.359.2−6.6−2.8
21.6%6.9%39.0%−24.4%25.8%
−2.812.438.5−8.4−2.1
-1.436.9319.42-4.25-1.05

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
−61.0%
ROE
208.9%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
62659226737.3
–minus 5.4%minus 55.0%minus 86.0%
62159327731.1
5.3−0.7−10.16.1
0.9%−0.1%−3.8%16.5%
1.64.3−1.71
2.644.53.6
98.99.26.6
–−9.50.1136
−4.6−18.9−25.4133
29.5%1.2%22.4%18.7%
−3.2−18.6−19.7108
-1.62-9.42-9.9754.42

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
19.819.819.819.8
10.7−8.6−28.892.3
73.780.278.963
19716612532.5
301257195208
827666.150.5
999–
6.97.14.848.8
0.20.22.623.2
20316511285.2
301257195208

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
43.2−6.36.8−71
0.33.81.389
−43.52.7−5.8−19.5
−00.22.4−1.5
–−5.4−0.2−18.9
43.2−11.76.7−89.9

Shareholding pattern

Source: NSE filings
53.8%
promoters
  • Promoters53.75%
  • Public46.25%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202653.75%46.25%0.00
30 Jun 202653.75%46.25%0.00
31 Mar 202653.75%46.25%0.00
31 Dec 202553.75%46.25%0.00
30 Sep 202553.75%46.25%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you