Shyam Metalics and Energy Limited’s board has approved the voluntary liquidation of its subsidiary, Shyam Metalics International DMCC (SMIDMCC), due to unrealized business activities. Additionally, the board approved several new projects/expansion plans involving a capital expenditure of ₹6,660 crore. Mr. Subrata Bhattacharya has been appointed as an Additional Director in the Independent Category for a 5-year term, effective February 1, 2026, subject to shareholder approval.
Subsidiary Liquidation
The board of directors has approved the voluntary liquidation of Shyam Metalics International DMCC (SMIDMCC), a wholly-owned subsidiary incorporated in Dubai, UAE. The decision was made as the proposed business activities could not materialize. Since its incorporation, SMIDMCC has remained non-operational, incurring operational and statutory compliance costs without generating any commercial benefits.
Expansion Projects Approved
The Board approved new projects/expansion plans for the company and its subsidiaries, with a total capital expenditure of ₹6,660 crore. These projects are proposed to be funded through a mix of internal accruals and borrowings.
Approved Projects:
- Wagon Manufacturing Facility at Kharagpur: Capacity of 4,800 wagons per annum with an estimated cost of ₹200 crore. Expected commissioning by September 30, 2027.
- Blast Furnace Expansion: Expanding from 0.45 MTPA to 0.55 MTPA with an estimated cost of ₹200 crore. Expected commissioning by June 30, 2027.
- Power Plant at Sambalpur: 80 MW plant with an estimated cost of ₹450 crore. Expected commissioning by June 30, 2027.
- Hot Rolling Mill & Furnace: Capacity of 15,80,000 TPA with an estimated cost of ₹5,400 crore. Expected commissioning by September 30, 2029.
- Blast Furnace Expansion: Expanding from 0.77 MTPA to 0.98 MTPA with an estimated cost of ₹410 crore. Expected commissioning by June 30, 2027.
Director Appointment
Mr. Subrata Bhattacharya has been appointed as an Additional Director in the Independent Category, not liable to retire by rotation, for a period of 5 years commencing from February 1, 2026, to January 31, 2031, subject to members’ approval.
Financial Results for Q3 2026
The unaudited integrated financial results for Q3 2026 (October-December) show a total income of ₹4,473.11 crore, compared to ₹3,807.47 crore in Q3 2025. Profit before tax was ₹270.04 crore, compared to ₹263.09 crore in the same quarter last year. Profit after tax was ₹197.51 crore versus ₹197.31 crore year-over-year. Earnings per share stood at ₹7.10.
Source: BSE
