About
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 resistant, tool, pressure vessel, and other alloy steel products. The company also exports its products. Shah Alloys Limited was incorporated in 1990 and is based in Gandhinagar, India.
Key Metrics
as of Sep 2026Market Cap200 Cr
P/E—
Div Yield0.00 %
Book Value₹56.80
52w High₹117.00
52w Low₹53.10
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2.25 | 10.58 | 2.96 | 23.64 | 30.37 | 52.00 | 66.31 | 118.55 | 128.41 | 144.68 | 180.59 | 159.56 | 153.65 |
| Expenses | 1.40 | 3.01 | 3.83 | 24.05 | 30.14 | 51.11 | 71.40 | 124.08 | 125.76 | 151.66 | 176.91 | 155.52 | 159.09 |
| Operating Profit | 0.85 | 7.57 | -0.87 | -0.41 | 0.23 | 0.89 | -5.09 | -5.53 | 2.65 | -6.98 | 3.68 | 4.04 | -5.44 |
| OPM % | 37.78 | 71.55 | -29.39 | -1.73 | 0.76 | 1.71 | -7.68 | -4.66 | 2.06 | -4.82 | 2.04 | 2.53 | -3.54 |
| Other Income | -5.39 | 54.36 | 16.92 | 0.00 | 0.00 | 0.00 | 0.05 | 0.00 | 6.09 | -15.60 | 0.00 | 0.00 | 0.00 |
| Depreciation | 1.59 | 1.69 | 1.64 | 1.64 | 2.30 | 2.30 | 2.29 | 2.30 | 2.21 | 2.23 | 2.23 | 2.23 | 2.24 |
| Interest | 0.44 | 1.04 | 1.08 | 1.05 | 1.12 | 1.14 | 1.11 | 1.11 | 0.87 | 1.04 | 1.06 | 1.05 | 0.98 |
| Profit before tax | -6.57 | 59.20 | 13.33 | -3.10 | -3.19 | -2.55 | -8.44 | -8.94 | 5.66 | -25.85 | 0.39 | 0.76 | -8.66 |
| Tax % | 24.35 | 39.02 | 6.90 | -25.16 | -26.02 | -24.71 | -24.05 | -24.61 | 39.22 | -10.21 | 12.82 | 18.42 | -23.90 |
| Net Profit | -8.41 | 38.46 | 13.73 | -5.76 | -4.49 | -2.16 | -6.38 | -6.69 | 4.41 | -24.11 | 0.35 | 0.70 | -6.37 |
| EPS in Rs | -4.25 | 19.43 | 6.94 | -2.91 | -2.27 | -1.09 | -3.22 | -3.38 | 2.23 | -12.18 | 0.18 | 0.35 | -3.22 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 37.00 | 267.00 | 592.00 | 626.00 | 880.00 | 502.00 | 489.00 | 570.00 | 480.00 | 299.00 | 260.00 | 261.00 |
| Expenses | 32.00 | 279.00 | 610.00 | 622.00 | 763.00 | 486.00 | 545.00 | 569.00 | 487.00 | 306.00 | 525.00 | 300.00 |
| Operating Profit | 5.00 | -13.00 | -17.00 | 4.00 | 117.00 | 16.00 | -56.00 | 1.00 | -7.00 | -7.00 | -265.00 | -39.00 |
| OPM % | 13.00 | -4.70 | -3.00 | 0.70 | 13.00 | 3.20 | -11.00 | 0.10 | -1.50 | -2.40 | -102.00 | -15.00 |
| Other Income | 138.00 | 1.00 | 12.00 | 3.00 | 6.00 | 41.00 | 93.00 | 7.00 | 142.00 | 82.00 | 496.00 | -36.00 |
| Interest | 4.00 | 4.00 | 4.00 | 3.00 | 2.00 | 2.00 | 0.00 | 0.00 | 0.00 | 14.00 | 23.00 | 70.00 |
| Depreciation | 7.00 | 9.00 | 9.00 | 9.00 | 11.00 | 13.00 | 13.00 | 13.00 | 14.00 | 14.00 | 18.00 | 39.00 |
| Profit before tax | 133.00 | -25.00 | -19.00 | -5.00 | 109.00 | 42.00 | 24.00 | -6.00 | 121.00 | 47.00 | 189.00 | -184.00 |
| Tax % | 19.00 | -22.00 | -1.00 | -29.00 | 25.00 | 231.00 | 120.00 | -232.00 | 70.00 | 22.00 | 34.00 | -27.00 |
| Net Profit | 108.00 | -20.00 | -19.00 | -3.00 | 82.00 | -56.00 | -5.00 | 8.00 | 36.00 | 36.00 | 121.00 | -140.00 |
| EPS in Rs | 54.42 | -9.97 | -9.42 | -1.62 | 41.47 | -28.19 | -2.35 | 3.80 | 17.99 | 18.43 | 61.09 | -70.95 |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 |
| Reserves | 93.00 | -27.00 | -9.00 | 11.00 | 13.00 | -74.00 | -38.00 | -186.00 | -193.00 | -295.00 | -400.00 | -735.00 |
| Borrowings | 63.00 | 79.00 | 80.00 | 74.00 | 117.00 | 168.00 | 209.00 | 238.00 | 263.00 | 338.00 | 419.00 | 653.00 |
| Other Liabilities | 32.00 | 123.00 | 166.00 | 197.00 | 172.00 | 191.00 | 241.00 | 448.00 | 368.00 | 566.00 | 587.00 | 801.00 |
| Total Liabilities | 208.00 | 195.00 | 257.00 | 301.00 | 322.00 | 305.00 | 431.00 | 520.00 | 457.00 | 628.00 | 626.00 | 738.00 |
| Fixed Assets | 50.00 | 57.00 | 67.00 | 73.00 | 82.00 | 93.00 | 106.00 | 119.00 | 131.00 | 143.00 | 157.00 | 175.00 |
| CWIP | 0.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 13.00 |
| Investments | 49.00 | 5.00 | 7.00 | 7.00 | 6.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 108.00 | 124.00 | 174.00 | 212.00 | 225.00 | 202.00 | 316.00 | 392.00 | 317.00 | 476.00 | 460.00 | 551.00 |
| Total Assets | 208.00 | 195.00 | 257.00 | 301.00 | 322.00 | 305.00 | 431.00 | 520.00 | 457.00 | 628.00 | 626.00 | 738.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -71.00 | 7.00 | -7.00 | 43.00 | 68.00 | 57.00 | 121.00 | 14.00 | 124.00 | 78.00 | 49.00 |
| Cash from Investing Activity | 89.00 | 1.00 | 4.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.00 | -1.00 | 0.00 | 6.00 |
| Cash from Financing Activity | -20.00 | -6.00 | 3.00 | -44.00 | -70.00 | -56.00 | -121.00 | -13.00 | -124.00 | -80.00 | -53.00 |
| Net Cash Flow | -2.00 | 2.00 | 0.00 | 0.00 | -1.00 | 1.00 | 0.00 | -1.00 | -1.00 | -1.00 | 2.00 |
| Free Cash Flow | 8.00 | 8.00 | -3.00 | 43.00 | 68.00 | 57.00 | 121.00 | 13.00 | 123.00 | 78.00 | 49.00 |
| CFO/OP % | -1,420.00 | -55.00 | 37.00 | 1,067.00 | 58.00 | 351.00 | -217.00 | 1,619.00 | -1,758.00 | -1,099.00 | -18.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11.00 | 2.00 | 4.00 | 9.00 | 6.00 | 10.00 | 18.00 | 18.00 | 3.00 | 9.00 | 14.00 | 21.00 |
| Inventory Days | 381.00 | 57.00 | 70.00 | 90.00 | 74.00 | 75.00 | 87.00 | 114.00 | 89.00 | 241.00 | 158.00 | 160.00 |
| Days Payable | 25.00 | 133.00 | 96.00 | 103.00 | 73.00 | 138.00 | 148.00 | 105.00 | 53.00 | 164.00 | 140.00 | 117.00 |
| Cash Conversion Cycle | 367.00 | -75.00 | -22.00 | -4.00 | 7.00 | -53.00 | -43.00 | 27.00 | 39.00 | 85.00 | 32.00 | 64.00 |
| Working Capital Days | -453.00 | -224.00 | -91.00 | -69.00 | -46.00 | -125.00 | -112.00 | -223.00 | -209.00 | -641.00 | -924.00 | -1,475.00 |
| ROCE % | 0.00 | -26.00 | -5.00 | -2.00 | 85.00 | 18.00 | -51.00 | 2.00 | -26.00 | -39.00 | — | — |
Corporate Actions
21 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 08 Sep 2022 | — | — | — | Annual General Meeting |
| Other | 29 Apr 2022 | — | — | — | E.G.M. |
| Other | 29 Apr 2022 | — | — | — | Extra Ordinary General Meeting |
| Other | 13 Sep 2021 | — | — | — | Annual General Meeting |
| Other | 09 Dec 2020 | — | — | — | Annual General Meeting |
| Other | 11 Sep 2019 | — | — | — | Annual General Meeting |
| Other | 11 Sep 2018 | — | — | — | Annual General Meeting (Date Revised) |
| Other | 20 Sep 2017 | — | — | — | Annual General Meeting |
| Other | 14 Sep 2016 | — | — | — | Annual General Meeting |
| Other | 14 Sep 2015 | — | — | — | Annual General Meeting |
| Other | 15 Sep 2014 | — | — | — | Annual General Meeting |
| Other | 13 Sep 2013 | — | — | — | Annual General Meeting |
| Other | 13 Sep 2012 | — | — | — | Annual General Meeting |
| Other | 15 Sep 2011 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2010 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2009 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2008 | — | — | — | General |
| Other | 08 Sep 2008 | — | — | — | Annual General Meeting |
| Dividend | 06 Sep 2007 | — | — | 1.00 | |
| Dividend | 15 Sep 2006 | — | — | 1.00 | |
| Dividend | 08 Sep 2005 | — | — | 1.00 |