Shyam Metalics and Energy Limited’s Board of Directors convened on October 31, 2026, approving the unaudited financial results for the second quarter and half year ended September 30, 2026. Key decisions included the in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director and a proposal to acquire a 51% controlling equity stake in Alom Solar Private Limited, positioning it as a subsidiary. The board also greenlit an initial ₹360 crore Capital Expenditure budget for the Phutamura Coal Block development.
Board Meeting Highlights
On October 31, 2026, the Board of Directors of Shyam Metalics and Energy Limited held a meeting where several significant corporate actions were considered and approved. These approvals are in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Financial Results Approval
The Board reviewed and approved the unaudited financial results (standalone and consolidated) for the second quarter and half year ended September 30, 2026. These results were recommended by the Audit Committee and accompanied by a Limited Review Report from M/s. MSKA & Associates LLP. The financial statements are also available on the company’s website, www.shyammetalics.com.
Director Appointment
Subject to member approval, the Board gave its in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director, representing LIC. Mr. Pattanaik brings extensive experience in corporate governance and international operations. The company affirms that he is not debarred from holding such an office.
Strategic Acquisition of Alom Solar
A key strategic move approved was the proposal to acquire a 51% controlling equity stake in Alom Solar Private Limited. This acquisition is subject to definitive agreements and necessary approvals, which will make Alom Solar Private Limited a subsidiary of Shyam Metalics and Energy Limited. The acquisition is seen as a strategic backward integration to secure long-term coal supply for captive power generation and steel plant manufacturing.
Capital Expenditure for Coal Block Development
The Board also approved an initial Capital Expenditure (Capex) budget of approximately ₹360 Crores. This budget is earmarked for the development and operationalization of the Phutamura Coal Block located in the Raigarh District, Chhattisgarh. The company will hold a 51% controlling stake in Alom Solar, with the remaining 49% of the initial Capex to be funded by a joint venture partner.
Source: BSE
