Shah Alloys Limited

BSE: SHAHALLOYS513436ISIN INE640C01011

Industrials
Iron & Steel Products

Share price

₹71.35+1.40 (+2.00%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹116.70
52W low: ₹53.10
Off 52W high: -38.86%
1M return: -13.75%
3M return: +2.22%
6M return: +1.49%
1Y return: -11.28%
20D avg volume: 816
50 DMA: ₹85.54
200 DMA: ₹72.23

Key ratios Consolidated

Market cap: ₹141.26 Cr
Current price: ₹71.35
52W high / low: ₹116.70 / ₹53.10
Face value: ₹10.00
P/E: 3.72
P/B: 1.26
EPS (TTM): ₹19.20
Book value / share: ₹56.75
ROE: —
ROCE: 115.60%
Operating margin: —
Net margin: —
Debt / equity: 0.56
Net debt: ₹61.90 Cr
Interest cover: 37.72
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 187.7 days

Financials

Metric	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24
Income statement
	0.38	10.29	2.96	23.64	29.76	51.90	66.31	118.55	—
	1.87	0.29	0.00	0.00	0.61	0.10	0.05	0.00	—
	2.25	10.58	2.96	23.64	30.37	52.00	66.36	118.55	—
	3.43	5.74	6.55	26.74	33.56	54.55	74.80	127.49	—
	0.00	0.00	2.11	12.78	17.87	9.88	43.05	76.41	—
	0.00	0.00	0.00	0.00	0.00	—	—	—	—
	0.26	0.30	0.91	1.80	2.97	2.54	4.38	4.87	—
	0.44	1.04	1.08	1.05	1.12	1.14	1.11	1.11	—
	1.59	1.69	1.64	1.64	2.30	2.30	2.29	2.30	—
	1.14	2.71	0.41	6.22	11.55	—	—	—	—
	-1.18	4.84	-3.59	-3.10	-3.19	-2.55	-8.44	-8.94	—
	-5.39	54.36	16.92	0.00	0.00	0.00	0.00	0.00	—
	-6.57	59.20	13.33	-3.10	-3.19	-2.55	-8.44	-8.94	—
	1.60	23.10	0.92	-0.78	0.83	0.63	2.03	2.20	—
	-8.41	38.46	13.73	-5.76	-4.49	-2.16	-6.38	-6.69	—
	-4.25	19.42	6.93	-2.91	-2.27	-1.09	-3.23	-3.38	—
Key metrics
	-4.54	61.93	16.05	-0.41	0.23	0.89	-5.04	-5.53	—
	-1,194.70%	601.80%	542.20%	-1.70%	0.80%	1.70%	-7.60%	-4.70%	—
	-2,213.20%	373.80%	463.90%	-24.40%	-15.10%	-4.20%	-9.60%	-5.60%	—
	-5.20%	—	-318.10%	—	175.40%	—	—	—	—
	-98.70%	-80.20%	-95.50%	-80.10%	—	—	—	—	—
	-87.30%	1,880.60%	315.20%	13.90%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	37.27	37.27	266.52	—
	2.16	2.16	0.76	—
	39.43	39.43	267.28	—
	42.46	42.46	290.40	—
	14.89	14.89	147.21	—
	0.00	0.00	0.00	—
	3.27	2.61	14.76	—
	3.61	3.61	4.48	—
	6.56	6.56	9.19	—
	10.48	11.14	67.71	—
	-3.03	-3.03	-23.12	—
	65.89	135.60	0.00	—
	62.86	132.57	-23.12	—
	24.84	24.84	-5.69	—
	38.02	107.73	-19.72	—
	19.19	54.42	-9.96	—
Key metrics
	73.03	142.74	-9.45	—
	195.95%	383.00%	-3.50%	—
	102.01%	289.10%	-7.40%	—
	—	115.60%	1,579.70%	—
	-86.02%	-86.00%	—	—
	—	646.30%	—	—
	—	-71.59	-4.68	—
	—	-0.66	0.23	—
	—	0.56	-10.26	—
	—	61.90	76.28	—
	—	187.7	-61.7	—
Balance sheet
	—	207.61	194.67	—
	—	44.63	35.08	—
	—	1.09	2.64	—
	—	1.08	1.24	—
	—	19.35	30.10	—
	—	0.44	1.10	—
	—	50.50	57.07	—
	—	1.27	76.36	—
	—	89.78	195.85	—
	—	62.99	78.92	—
	—	59.31	75.24	—
	—	3.68	3.68	—
	—	112.36	-7.69	—
Cash flow
	—	-71.00	-4.50	—
	—	89.00	1.32	—
	—	-19.54	5.60	—
	—	-0.59	0.18	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24
Income statement
	0.00	0.00	0.38	10.29	2.96	23.64	29.76	51.90	66.31	118.55	—
	0.24	0.24	1.87	0.29	23.35	0.00	0.61	0.10	21.80	—	—
	0.24	0.24	2.25	10.58	26.31	23.64	30.37	52.00	88.11	118.55	—
	2.87	3.03	3.43	5.74	6.55	27.25	50.56	67.89	74.80	128.76	—
	0.00	0.00	0.00	0.00	2.11	12.78	17.87	9.88	43.05	76.41	—
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—
	0.31	0.48	0.26	0.30	0.91	1.80	2.97	2.54	4.38	4.87	—
	0.89	0.89	0.44	1.04	1.08	1.05	1.12	1.14	1.11	1.11	—
	1.00	1.00	1.59	1.69	1.64	1.64	2.30	2.30	2.29	2.30	—
	0.67	0.66	1.14	2.71	0.41	6.73	28.55	—	—	—	—
	-2.63	-2.79	-1.18	-9.14	19.76	-3.61	-20.19	-15.89	13.31	-10.21	—
	0.00	0.00	7.23	67.46	16.92	0.00	0.00	—	—	—	—
	-2.63	-2.79	6.05	59.20	36.68	-3.61	-20.19	-15.89	13.31	-10.21	—
	-0.78	-0.72	1.60	23.10	0.92	0.78	-0.83	0.63	2.03	2.20	—
	-1.85	-2.07	4.45	38.46	35.76	-2.83	-19.36	-15.26	15.34	-8.01	—
	-0.93	-1.05	2.25	19.42	18.07	-1.43	-9.78	-7.70	7.75	-4.04	—
Key metrics
	-0.74	-0.90	8.08	61.93	39.40	-0.92	-16.77	-12.45	16.71	-6.80	—
	—	—	2,126.30%	601.80%	1,331.10%	-3.90%	-56.40%	-24.00%	25.20%	-5.70%	—
	—	—	1,171.10%	373.80%	1,208.10%	-12.00%	-65.10%	-29.40%	23.10%	-6.80%	—
	-1.50%	—	5.50%	—	47.70%	—	-40.70%	—	—	—	—
	-100.00%	-100.00%	-98.70%	-80.20%	-95.50%	-80.10%	—	—	—	—	—
	-105.20%	26.90%	123.00%	352.00%	133.10%	64.70%	—	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	10.67	37.27	266.52	—
	2.64	11.02	0.76	—
	13.31	48.29	267.28	—
	15.07	42.46	300.26	—
	0.00	14.89	147.21	—
	0.00	0.00	0.00	—
	1.35	2.61	14.76	—
	3.26	3.61	4.48	—
	5.28	6.56	9.19	—
	5.18	11.14	77.57	—
	-15.74	5.83	-32.98	—
	74.69	91.61	0.00	—
	59.83	97.44	-32.98	—
	23.20	24.84	-5.69	—
	38.99	72.60	-27.29	—
	19.69	36.67	-13.79	—
Key metrics
	68.37	107.61	-19.31	—
	640.77%	288.70%	-7.20%	—
	365.42%	194.80%	-10.20%	—
	—	85.80%	-60.90%	—
	-90.14%	-86.00%	—	—
	—	366.00%	—	—
	—	-71.60	-4.68	—
	—	-0.98	0.16	—
	—	0.56	1.96	—
	—	61.90	76.28	—
	—	187.7	-61.7	—
Balance sheet
	—	207.61	242.66	—
	—	44.63	35.08	—
	—	1.09	2.64	—
	—	1.08	1.24	—
	—	19.35	30.10	—
	—	0.44	1.10	—
	—	50.50	57.07	—
	—	1.27	76.36	—
	—	89.78	195.85	—
	—	62.99	78.92	—
	—	59.31	75.24	—
	—	3.68	3.68	—
	—	112.36	40.30	—
Cash flow
	—	-71.01	-4.50	—
	—	89.00	1.32	—
	—	-19.54	5.60	—
	—	-0.59	0.18	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -90.14%
Profit YoY (TTM): +2,407.10%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): -86.02%
Profit YoY (TTM): +292.80%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 53.75%

Quarter	September 2026	June 2026
Promoter %	53.75%	53.75%

Holder	Type	Holding	Previous	Change
RAJENDRABHAI V SHAH	Promoter	47.71%	39.97%	+7.74%
RAGINI RAJENDRABHAI SHAH	Promoter	5.79%	5.79%	0.00%
RAVIRAJ DEVELOPERS LIMITED	Public	3.16%	2.04%	+1.12%
ANAND MOHAN	Public	2.49%	2.49%	0.00%
KRONE FINSTOCK PVT LTD	Public	1.94%	2.67%	-0.73%
MANSI SHARE & STOCK BROKING PRIVATE LIMITED	Public	1.39%	—	—
ASHVIN V SHAH	Promoter Group	0.17%	—	—
SHAH JAYESHKUMAR VIJAYKUMAR	Promoter Group	0.08%	0.08%	0.00%
KARAN R SHAH	Promoter Group	0.00%	0.00%	0.00%
PRAKASH V SHAH	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Welspun Corp Limited	63,062	2,390.60	26.60	16.70%	+13.62% TTM	+9.55% TTM	+158.46%
APL Apollo Tubes Limited	61,038	2,198.30	46.60	28.20%	+15.83% TTM	+24.90% TTM	+23.52%
Shyam Metalics and Energy Limited S	34,361	1,231.00	58.56	12.00%	+6.12% TTM	+12.47% TTM	+38.81%
Ratnamani Metals & Tubes Ltd	17,199	2,453.80	33.44	16.30%	-16.31% TTM	-8.61% TTM	+0.53%
Jindal Saw Ltd.	16,202	253.35	32.58	10.80%	-0.73% TTM	-55.61% TTM	+48.64%
Usha Martin Ltd.	14,798	485.60	29.16	18.20%	+8.54% TTM	+25.85% TTM	+2.31%
GODAWARI POWER AND ISPAT LTD.	13,845	205.65	17.14	17.90%	+8.43% TTM	+8.78% TTM	-26.21%
GALLANTT ISPAT LIMITED	12,753	528.55	31.30	18.00%	+5.52% TTM	-17.31% TTM	-5.83%
Jayaswal Neco Industries Ltd S	8,906	91.72	12.94	24.20%	+18.34% TTM	+82.81% TTM	+21.19%
Aeroflex Industries Limited	7,504	567.10	83.87	16.50%	+55.03% TTM	+87.04% TTM	+210.65%
Maharashtra Seamless Ltd.	7,450	556.00	10.11	13.00%	-12.21% TTM	-16.12% TTM	-3.03%
Sunflag Iron & Steel Co. Ltd.	7,070	392.30	34.35	3.70%	+9.35% TTM	+4.58% TTM	+48.12%
Shivalik Bimetal Controls Ltd.	6,178	1,072.50	58.24	25.00%	+27.78% TTM	+33.44% TTM	+130.55%
Technocraft Industries (India) Ltd.	6,166	2,719.40	17.69	19.30%	+12.39% TTM	+33.31% TTM	+12.14%
Man Industries (India) Ltd	5,756	767.35	28.17	16.10%	+10.75% TTM	+26.33% TTM	+94.91%
Goodluck India Limited	5,412	542.70	24.86	19.40%	+18.76% TTM	+31.22% TTM	+32.51%
SAMBHV STEEL TUBES LIMITED	4,886	165.80	25.04	17.50%	—	—	+41.23%
Bansal Wire Industries Limited	4,681	59.80	5.97	16.20%	+20.27% TTM	+2.82% TTM	-2.99%
Surya Roshni Ltd.	4,492	206.40	14.41	15.00%	+11.69% TTM	+8.34% TTM	-31.93%
Electrosteel Castings Ltd.	4,241	68.60	35.12	5.10%	-15.69% TTM	-78.91% TTM	-23.36%
Venus Pipes & Tubes Limited S	3,813	1,840.60	40.76	22.80%	+21.73% TTM	+15.01% TTM	+45.10%
Kalyani Steels Ltd	3,774	864.65	13.40	16.20%	-1.11% TTM	+8.01% TTM	+1.58%
Kirloskar Industries Ltd	3,479	3,308.30	10.24	—	+3.82% TTM	-0.15% TTM	-12.15%
Vardhman Special Steels Ltd S	3,454	356.90	21.41	13.50%	+14.75% TTM	+68.58% TTM	+20.94%
Ratnaveer Precision Engineering Limited S	3,192	380.35	41.84	13.30%	+21.02% TTM	+45.53% TTM	—
Shah Alloys Limited	141	71.35	3.72	115.60%	-86.02% TTM	+292.80% TTM	-11.28%

Filings & corporate actions

Recent announcements

Submission of Copy of Newspaper Clippings dated October 31, 2026 for publication of Un-Audited Financial Results of the Company for the Quarter and Half Year ended as on September 30, 2026.31 Oct 2026 · Company Update / Newspaper Publication
The Board has considered and taken on record the un-Audited Standalone Financial Results for the quarter and half year ended as on 30.09.2026 duly reviewed by the Audit Committee.30 Oct 2026 · Result / Financial Results
The Board of Director of the Company in its meeting held on today i.e. on Friday, October 30, 2026 has considered and taken on record the Un-Audited Standalone Financial Results for the ....30 Oct 2026 · Board Meeting / Outcome of Board Meeting
Shah Alloys Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/10/2026 ,inter alia, to consider and approve Un-audited Standalone Financial ....24 Oct 2026 · Board Meeting / Board Meeting
Submission of Certificate received from Bigshare Services Private Limited, RTA under Regulation 74(5) of the Securities and Exchange Board of India (DP) Regulations, 2018 for Quarter ended ....8 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Trading Window for dealing in the securities of the Company by designated Persons shall remain closed from October 01, 2026 till 48 hours after announcement /declaration of Financial Results ....21 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Scrutinizer Report and Voting Results in relation to 36th Annual General Meeting held on 18.09.2026 through VC and OAVM.20 Sep 2026 · AGM/EGM / AGM
Scrutinizer Report and Voting Results in relation to 36th Annual General Meeting held on 18.09.2026 through VC and OAVM.20 Sep 2026 · AGM/EGM / AGM
Summary of Proceedings of 36th Annual General Meeting of the Company held on Friday 18, 2026 Pursuant to Regulation 30 read with PARA A of Schedule III of SEBI (LODR) Regulations, 201518 Sep 2026 · AGM/EGM / AGM
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bhadresh J Shah & Manish J Shah15 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
The Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Bhadresh J Shah & Manish J Shah12 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011
Clarification on Price Movement in respect of your letter dated August 31, 2026 and September 03, 2026.5 Sep 2026 · Company Update / General
The Exchange has sought clarification from Shah Alloys Ltd on August 31, 2026 with reference to significant movement in price, in order to ensure that investors have latest relevant information ....31 Aug 2026 · Company Update / Clarification
Submission of Newspaper Clippings- Notice of 36th Annual General meeting and related information.26 Aug 2026 · Company Update / Newspaper Publication
Submission of Annual Report 2025-26 including Notice of the 36th Annual General Meeting of the Company24 Aug 2026 · Others / Reg. 34 (1) Annual Report
36th Annual Genaral Meeting is scheduled to be held on Friday, September 18, 2026 At 12.30 PM thruogh Video Conference (VC)/ Other Audio Visual Means ("OAVM").24 Aug 2026 · AGM/EGM / AGM
Submission of the Newspaper clippings from the "The Indian Express'' (English laguage) and "Financial Express" (Gujarati laguage) editions dated Agust 13, 2026 for publication of Un-Audited ....13 Aug 2026 · Company Update / Newspaper Publication
Strategic Review and Proposed Restructuring/Monetisation of Steel Plant, Plant and Machinery and Other Assets12 Aug 2026 · Company Update / General
Submission of unaudited Financial Results for the Quarter ended as on 30.06.2026.12 Aug 2026 · Result / Financial Results
the Board of Director of the Company in its meeting held on today i.e. on Wednesday, August 12, 2026 has considered and taken on record the Un-Audited Standalone Financial Results for the ....12 Aug 2026 · Board Meeting / Outcome of Board Meeting
Shah Alloys Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve Meeting of the Board of Directors ....6 Aug 2026 · Board Meeting / Board Meeting
Shri Ambalal C Patel has tendered his resignation from the post of Indepndent Director of the company with effect from the closure of business hours on 13th July, 2026 due to unavoidable ....13 Jul 2026 · Company Update / Resignation of Director
Submission of Certificate under Regulation 74 (5) of SEBI (DP) Regulations, 2018 for the quarter ended on 30th June, 2026.10 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation in respect of Trading Window for dealing in the securities of the company by designated persons shall remain closed from July 01, 2026 till 48 hours after declaration of Financial ....24 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Submission of Revised Outcome of Board Meeting held on May 30, 2026- Correction of Clerical Error in Consolidated Independent Auditor''s Report13 Jun 2026 · Company Update / General
Submission of Copy of News Paper Advertisement for Publication of Audited Financial Results of the Company for quarter ended March 31, 2026.2 Jun 2026 · Company Update / Newspaper Publication
Appointment of Internal Auditor of the Company for Financial Year 2026-2730 May 2026 · Company Update / General
Submission of Audited Standalone and Consolidated Financial Result for the quarter and Finacial year ended on march 31, 2026.30 May 2026 · Result / Financial Results
Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015, we are pleased to inform that the Board of Directors of the company in their ....30 May 2026 · Board Meeting / Outcome of Board Meeting
Submission of Annual Secretarial Compliance Report for the Financial Year ended on 31st March, 202627 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Shah Alloys Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/05/2026 ,inter alia, to consider and approve Audited Standalone and Consolidated ....21 May 2026 · Board Meeting / Board Meeting
Format of Initial Disclosure to be made by an entity identified as a Large Corporate. <table border=''1px''><tr> <td>Sr. No.</td> <td>Particulars</td> <td>Details</td> ....30 Apr 2026 · Others / Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
Submission of Certificate received from Bigshare Services Pvt Ltd, RTA of the company under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the quarter ended 31st March, 2026.10 Apr 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Trading Window shall remain closed From April 01, 2026 till 48 hours after announcement/declartion of Financcial Results for Fourth Quarter and Financial Year ending on March 31, 2026.26 Mar 2026 · Insider Trading / SAST / Closure of Trading Window
Submission of Newspaper Advertisement in Compliance with Regulation 47 of the SEBI (LODR) Regulations, 201516 Feb 2026 · Company Update / Newspaper Publication
Outcome of board Meeting held on 14.02.202614 Feb 2026 · Board Meeting / Outcome of Board Meeting
Declaration of Unaudited standalone & Consolidated Financial Result for the quarter and Nine Months ended on December 21, 202514 Feb 2026 · Result / Financial Results
Shah Alloys Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 14/02/2026 ,inter alia, to consider and approve Un-audited Standalone and Consolidated ....10 Feb 2026 · Board Meeting / Board Meeting
Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 -One Time Settlement with HDFC Bank27 Jan 2026 · Company Update / General
Pursuant to Regulation 30 of SEBI (Listing Obligation and Disclosure Reguirements) Regulations, 2015, this is to inform that the Board of Directors of the Company, in its meeting held today, ....27 Jan 2026 · Others / Outcome without intimation

Board meetings

30 Oct 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results