SHAHALLOYSIndustrials

Shah Alloys Limited

Iron & Steel Products · ISIN INE640C01011 · BSE 513436 · NSE BE · FV ₹10
Last price
₹71
+3.25%today
What this company does

Shah Alloys Limited operates in Iron & Steel Products, part of the Industrials sector. It booked ₹38 L of revenue in its latest quarter (Q4 FY26).

In the report:
34out of 100
Equitytale Health Score
Strained

Healthier than 34% of companies in Industrials, on all six measures of filed financials. Each measure is ranked against the 125–284 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
35

At close. Not part of the score.

Profitability & returns2

How much profit it earns on the money it employs · lowest in its sector on what we could measure

Balance sheet17

How much it owes, and whether earnings cover the interest

Cash quality32

Whether reported profit actually arrives as cash

Growth & consistency32

Whether sales and profit have grown, and how steadily

Valuation71

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Some things to watch
Strengths
✓ Promoters hold 54%
✓ No promoter shares pledged
Watch-outs
! Currently loss-making
! Sales down 99% vs last year
! Low -29.9% return on equity
! Operating cash flow is negative

What if I invest in SHAHALLOYS?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹71▲ +3.25%
latest close · 2026-11-04
1-year return
+99.8%
52-wk low ₹2552-wk high ₹135
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/B ratio1.26Moderate
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-29.9%Loss
WeakFairStrong ▸15%
Return on capital-20.8%Loss
WeakFairStrong
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.56Moderate
LowModerateHigh ▸1
Interest cover-13.9×Risky
RiskyOkayStrong ▸5×
Current ratio0.50Tight
Tight ◂1HealthyAmple
More figures
Market cap
₹141 cr
Book value
₹57
EPS
₹-4.25
latest quarter
Net debt
₹62 cr
owes more than its cash
Enterprise value
₹203 cr
EBITDA
₹-18 cr
annualised
EBIT
₹-25 cr
annualised
Operating margin
—
Return on assets
-16.2%
Earnings yield
—
P/S
92.80
Sales / share
₹0.8
Tax rate
—
Face value
₹10
Shares
2.0 cr
Working capital
₹-45 cr
Current assets
₹45 cr
Current liabilities
₹90 cr
Delivery %
66.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹79–₹107, midpoint ₹93

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q4 FY26 (consolidated)
Revenue from Operations₹38 L
Other Income₹2 cr
Total Income₹2 cr
Cost of Materials₹0 cr
Purchases of Stock-in-Trade₹0 cr
Employee Benefit Expense₹26 L
Finance Costs₹44 L
Depreciation & Amortisation₹2 cr
Other Expenses₹1 cr
Total Expenses₹3 cr
Exceptional Items₹-5 cr
Profit before Tax₹-7 cr
Tax Expense₹2 cr
Share of JV / Associates₹-24 L
Net Profit₹-8 cr
Net margin on total income-373.8%
Where the money goes · Q4 FY26
% of total spend
Employee benefit expense₹26 L5.2%
Finance costs₹44 L8.7%
Depreciation & amortisation₹2 cr31.6%
Other expenses₹1 cr22.7%
Tax expense₹2 cr31.8%
Total income ₹2 cr

The company made a net loss of ₹8 cr this quarter — income covered only ₹45 of every ₹100 it spent on costs and tax.

Quarterly results · consolidated (₹ cr)
MetricQ2 FY26Q3 FY26Q4 FY26
Revenue3 cr10 cr38 L
Total income3 cr11 cr2 cr
Expenses7 cr6 cr3 cr
Profit before tax13 cr59 cr-7 cr
Tax92 L23 cr2 cr
Net profit (owners' share)14 cr38 cr-8 cr
Net margin (owners' share, on revenue)463.9%373.8%—
EPS (₹)6.9319.42-4.25
YoY (latest quarter): total income -92.6% · net profit —
Balance sheet & cash flow · as of Mar 2026
Moderate debt
Total assets
₹208 cr
Shareholder equity
₹112 cr
parent shareholders
Total debt
₹63 cr
Cash
₹1 cr
Cash flow · H1 FY26
Operating
₹-17 cr
Investing
₹17 cr
Financing
₹-3 cr
Peer comparison
Iron & Steel Products · by market value
CompanyPriceMarket capP/E
Welspun Corp Limited₹2,316₹61,083 cr30.6
APL Apollo Tubes Limited₹2,153₹59,783 cr39.5
Shyam Metalics and Energy Limited₹1,220₹33,885 cr16.6
Ratnamani Metals & Tubes Limited₹2,380₹16,682 cr50.8
Jindal Saw Limited₹247₹15,794 cr83.4
Usha Martin Limited₹461₹14,057 cr24.7
Gallantt Ispat Limited₹526₹12,693 cr52.4
Godawari Power And Ispat limited₹193₹11,889 cr13.4
Jayaswal Neco Industries Limited₹90₹8,704 cr9.5
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-09-30
No pledge
Promoter
53.8%
FII / Foreign
0.0%
DII / Domestic
—
Retail / others
46.3%
Smart-money activity
Insider trades
SoldRAJENDRA V. SHAH · Promoters1.45 L12 Mar 18
BoughtRAJENDRA V. SHAH · Promoters40,000 · ₹15.2 L12 Mar 18
SoldKARAN SHAH · Promoters40,000 · ₹15.2 L12 Mar 18
Bulk / block deals
SoldMANSI SHARE AND STOCK BROKING PRIVATE LIMITED · NSE1.50 L @ ₹65.7426 Oct 26
BoughtMANSI SHARE AND STOCK BROKING PRIVATE LIMITED · NSE5,000 @ ₹69.4826 Oct 26
SoldKRONE INVESTMENTS · NSE2.10 L @ ₹999 Sep 26
Stake changes
BoughtMr. Bhadresh J. Shah and Mr. Manish J. Shah through associated companies→ 6.61% · 4.36 L9 Sep 26
SoldRajendra V. Shah · promoter→ 39.97% · 1.45 L13 Mar 18
BoughtRajendra V. Shah · promoter→ 40.70% · 40,00012 Mar 18
Promoter pledges
ReleasedUnion Bank Of India11.46 L · 5.79% held19 Jul 23
ReleasedUnion Bank Of India68.44 L · 39.97% held19 Jul 23
ReleasedSBI20,000 · 0.10% held12 Mar 19
What shareholders were asked to approve
4 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 18 Sep 2026
See the official result
1
To receive, consider and adopt the Audited Financial Statements of the Company on Standalone and Consolidated basis for the financial year ended 31st March 2026, and the Reports of Board of Directors and the Auditors thereon.
Backed by 97% of shareholders other than promotersneeded 50%
19.36 L votes for, 66,155 against
2
To appoint a Director in place of Shri Ashok Sharma (DIN: 00038360), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 96% of shareholders other than promotersneeded 50%
19.31 L votes for, 72,005 against
3
ADOPTION OF NEW SET OF MEMORANDUM OF ASSOCIATION AND ALERATION OF THE OBJECT CLAUSE BY INSERTION OF ADDITIONAL MAIN OBJECTS
⚑ Passed only because promoters voted yes
Backed by 3% of shareholders other than promotersneeded 75%
53,257 votes for, 19.49 L against
4
ADOPTION OF NEW SET OF ARTICLES OF ASSOCIATION OF THE COMPANY IN CONFORMITY WITH THE COMPANIES ACT, 2013.
⚑ Passed only because promoters voted yes
Backed by 3% of shareholders other than promotersneeded 75%
53,257 votes for, 19.49 L against
5
APPROVAL FOR STRATEGIC RESTRUCTURING AND VARIOUS STRATEGIC ALTERNATIVES IN RELATION TO THE STEEL PLANT UNDERTAKING INCLUDING INDUCTION OF STRATEGIC INVESTOR/TECHNOLOGY PARTNER, LEASE, RELOCATION, SALE OR DISPOSAL OF PLANT, MACHINERY AND OTHER MOVEABLE & NON-MOVEABLE ASSETS
⚑ Passed only because promoters voted yes
Backed by 3% of shareholders other than promotersneeded 75%
53,257 votes for, 19.49 L against
6
APPROVAL FOR SALE, LEASE, DEVELOPMENT, REDEVELOPMENT, JOINT DEVELOPMENT OR OTHER MONETISATION OF LAND, BUILDINGS AND OTHER MOVEABLE &IMMOVABLE ASSETS OF THE COMPANY
⚑ Passed only because promoters voted yes
Backed by 2% of shareholders other than promotersneeded 75%
47,407 votes for, 19.55 L against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 6 named members
owning 46.0% between them · as of 2026-09-30
RAJENDRABHAI V SHAH39.97%
RAGINI RAJENDRABHAI SHAH5.79%
ASHVIN V SHAH0.17%
SHAH JAYESHKUMAR VIJAYKUMAR0.08%
KARAN R SHAHno shares
PRAKASH V SHAHno shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.