Shyam Metalics and Energy Limited announced its unaudited financial results for the second quarter and half-year ended September 30, 2026. The board also gave in-principle approval for the acquisition of a 51% controlling equity stake in Alom Solar Private Limited and the induction of Mr. Debashis Prasad Pattanaik as a nominee director. Additionally, a capital expenditure budget of approximately ₹360 crores was approved for the Phutamura Coal Block development.
Financial Results and Key Approvals
At its meeting held on October 31, 2026, the Board of Directors of Shyam Metalics and Energy Limited considered and approved the unaudited financial results for the second quarter and half-year ended September 30, 2026. These results, which include both standalone and consolidated figures, were reviewed by M/s. MSKA & Associates LLP, the Statutory Auditors, and recommended by the Audit Committee.
Strategic Acquisitions and Expansions
The board also gave in-principle approval to acquire a 51% controlling equity stake in Alom Solar Private Limited, which will make Alom Solar a subsidiary of Shyam Metalics. This acquisition is subject to the execution of definitive agreements and necessary approvals. Furthermore, a capital expenditure budget of approximately ₹360 Crores was approved for the development and operationalization of the Phutamura Coal Block. This initiative aims for strategic backward integration to secure long-term coal supply for captive power generation and steel plant manufacturing processes.
Board Appointments
In a significant board-level change, the company approved the proposal for the induction of Mr. Debashis Prasad Pattanaik as a nominee director, representing LIC. This appointment is subject to member approval, DIN allotment, and other requisite formalities. The company affirmed that Mr. Pattanaik is not debarred from holding a director’s office by any SEBI order or other authority. Mr. Pattanaik brings extensive experience in corporate governance, compliance, and international operations.
Financial Highlights
The unaudited consolidated financial results for the second quarter showed total income of ₹5,994.34 Crores and a profit after tax of ₹510.99 Crores. For the half-year ended September 30, 2026, total income stood at ₹11,496.52 Crores with a profit after tax of ₹861.72 Crores. The company’s balance sheet as of September 30, 2026, shows total assets of ₹23,194.90 Crores and total equity of ₹12,348.59 Crores.
Source: BSE
