SHAHALLOYS
Shah Alloys financials
- Market cap
- ₹183 Cr
- Sector
- Capital Goods
Quarterly results
Q1 FY27: revenue down 99.0%, net profit up 26.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 66 | 52 | 30 | 24 | 3 −96% | 11 −80% | 2 −93% | 0 −99% |
| EBITDA | -5 | -12 | -17 | -1 | -1 +83% | -6 +49% | 1 +105% | -1 +2% |
| Net profit | 15 | -15 | -19 | -3 | 36 +133% | 35 +331% | 4 +123% | -2 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +22.3% 1Y
1Y: ₹75.71 on 10 Sept 2025 → ₹92.62. High ₹113 (1 Sept 2026), low ₹56.75 (9 Mar 2026).
Financials, as filed
Revenue fell 74.6% a year over 2 years, FY24 to FY26. Operating margin narrowed to -18.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹613 Cr | ₹267 Cr | ₹39 Cr |
| Operating profit | ₹-8 Cr | ₹-41 Cr | ₹-7 Cr |
| Operating margin | -1.3% | -15.4% | -18.6% |
| Interest | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹9 Cr | ₹9 Cr | ₹7 Cr |
| Net profit | ₹3 Cr | ₹-27 Cr | ₹73 Cr |
| Net margin | 0.4% | -10.2% | 184.1% |
| Cash from operations | ₹-6 Cr | ₹7 Cr | ₹-71 Cr |
| Free cash flow | ₹-3 Cr | ₹8 Cr | ₹8 Cr |
| ROCE | 11.0% | -21.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹-65 Cr | ₹38 Cr | ₹45 Cr | ₹47 Cr | ₹-30 Cr | ₹93 Cr |
| Borrowings | ₹168 Cr | ₹117 Cr | ₹74 Cr | ₹80 Cr | ₹79 Cr | ₹63 Cr |
| Other liabilities | ₹191 Cr | ₹172 Cr | ₹197 Cr | ₹166 Cr | ₹121 Cr | ₹32 Cr |
| Total liabilities | ₹314 Cr | ₹346 Cr | ₹335 Cr | ₹313 Cr | ₹190 Cr | ₹208 Cr |
| Fixed assets | ₹93 Cr | ₹82 Cr | ₹73 Cr | ₹67 Cr | ₹54 Cr | ₹50 Cr |
| Capital work in progress | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹0 Cr |
| Investments | ₹9 Cr | ₹30 Cr | ₹41 Cr | ₹63 Cr | ₹0 Cr | ₹49 Cr |
| Other assets | ₹202 Cr | ₹225 Cr | ₹212 Cr | ₹174 Cr | ₹127 Cr | ₹108 Cr |
| Total assets | ₹314 Cr | ₹346 Cr | ₹335 Cr | ₹313 Cr | ₹190 Cr | ₹208 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 9% to 9,156.
- Promoters
- 53.8%
- Public
- 46.3%
Since Jun 2025
- Public +0.04 pp
- Promoters −0.03 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 53.8%, FIIs 0.0%, Public 46.2%.Dec '23: Promoters 53.8%, Public 46.2%.Mar '24: Promoters 53.8%, Public 46.2%.Jun '24: Promoters 53.8%, Public 46.2%.Sep '24: Promoters 53.8%, Public 46.2%.Dec '24: Promoters 53.8%, Public 46.2%.Mar '25: Promoters 53.8%, Public 46.2%.Jun '25: Promoters 53.8%, Public 46.2%.Sep '25: Promoters 53.8%, FIIs 0.0%, Public 46.2%.Dec '25: Promoters 53.8%, FIIs 0.1%, Public 46.2%.Mar '26: Promoters 53.8%, Public 46.3%.Jun '26: Promoters 53.8%, Public 46.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Raviraj Developers Limited +0.05 pp 2.04% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Shah Alloys Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rajendrabhai V Shah | 39.97% | unchanged |
| Rajendrabhai V Shah Huf | 7.74% | unchanged |
| Ragini Rajendrabhai Shah | 5.79% | unchanged |
| Krone Finstock Private Limited | 2.67% | unchanged |
| Anand Mohan | 2.49% | unchanged |
| Monarch Infraparks Private Limited | 2.20% | unchanged |
| Raviraj Developers Limited | 2.04% | +0.05 pp |
| Ashvinkumar Vijaykumar Shah | 0.17% | unchanged |
| Shah Jayeshkumar Vijaykumar | 0.08% | unchanged |
| Karan R Shah | 0.00% | unchanged |
| Prakash V Shah | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Shah Alloys Limited
Guides on how to read this kind of business and the numbers that matter.