NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Shyam Metalics and Energy Ltd. reported Q3 FY26 Ebitda of Rs 490 crore, 6% below ICICI Securities' estimates due to weaker realisations. The company announced a fresh capex of Rs 660 crore to support its next growth phase, after completing 85% of its ongoing Rs 10,000 crore Phase‑1 capex aimed at expanding capacity by about 50%.
The new investment targets in-house HRC capacity and value-added product expansion. ICICI Securities said the plan aligns with Shyam Metalics' goal of scaling revenue and Ebitda 2.5x by FY31 across steel, stainless steel and aluminium. The brokerage retained its Buy rating with a revised target price of Rs 965, citing the impact of higher capex on cash flows.
ICICI Securities maintained its Buy rating on the stock with a revised target price of Rs 965, valuing the company at 7x FY28E EV/Ebitda. The target price revision reflects the cash-flow impact of heightened capex intensity, it added.
Key risks
- Delay in commissioning of capacities.
- Slowdown in government infrastructure capex.
Click on the attachment to read the full report:
Gold On Steroids: Citi Turns More Bullish On Silver — Check Revised Price Forecast
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
