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About
Shah Alloys Ltd (SHAHALLOYS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513436 NSE: SHAHALLOYS Steel & Iron Products | Small Cap | Shah Alloys Share Price
₹107.10 -5.60 (-4.97%)
As on 03-Sep'26 16:59
Shah Alloys Ltd (SHAHALLOYS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513436 NSE: SHAHALLOYS Steel & Iron Products | Small Cap | Shah Alloys Share Price
₹107.10 -5.60 (-4.97%)
As on 03-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹223 Cr.
Current Price
₹107.1
52-Week Low / High
₹53 / 117
TTM EPS
₹37.1
TTM Sales
₹13.6 Cr.
Book Value per Share
₹55.7
P/E Ratio
3.04
Higher than its 5-year historical median
Industry PE
24.9
Price to Book (P/B)
2.02
Higher than its 5-year historical median
Price to Sales (P/S)
16.37
Higher than its 5-year historical median
EV/EBITDA
17.79
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
95.11%
Outperforms industry median
Return on Capital Employed (ROCE)
68.62%
Outperforms industry median
Return on Assets (ROA)
45.52%
Operating Profit Margin
13.4%
Net Profit Margin
194.81%
Gross Profit Margin
33.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-86.02%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
53.75%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹90 Cr.
Equity
₹19.8 Cr.
Face Value
₹10
All Time Low / High
₹3.00 / 252.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Shah Alloys Ltd a good quality company?
Shah Alloys Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Shah Alloys Ltd performance compare with that of its Peers?
Revenue growth of Shah Alloys Ltd vs industry peers?
Shah Alloys Ltd revenue CAGR is -40.55%, compared to the industry median CAGR of 7.75%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Shah Alloys Ltd?
Promoters hold 53.75% of the Shah Alloys Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Shah Alloys Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 28.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Shah Alloys Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 68.3% | 76.4% | -7.2% | 8.1% | 28.8% | 84.4% | 5.1% | 4.5% | -21.4% | 68.6% | - |
| Value Creation Index ⓘ | NA | NA | -1.5 | NA | NA | 5.0 | -0.6 | -0.7 | -2.5 | 3.9 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 311 | 480 | 570 | 489 | 502 | 880 | 626 | 592 | 267 | 37.3 | 14 |
| Sales YoY Gr. | - | 54.1% | 18.8% | -14.2% | 2.6% | 75.3% | -28.8% | -5.4% | -55% | -86% | - |
| Adj EPS ⓘ | -7.1 | -28.7 | 1.7 | -4.1 | -34.5 | 50 | 3.3 | 3.4 | -10.3 | 4.3 | 37.1 |
| YoY Gr. | - | NA | NA | -338.2% | NA | NA | -93.3% | 3% | -400.6% | NA | - |
| BVPS (₹) ⓘ | -131.3 | -76.6 | -76.2 | -6.4 | -22.9 | 29.1 | 32.8 | 33.7 | 20.4 | 56.8 | 55.7 |
| Adj Net Profit ⓘ | -14 | -56.8 | 3.4 | -8.2 | -68.3 | 99 | 6.6 | 6.8 | -20.5 | 8.5 | 73 |
| Cash Flow from Ops. ⓘ | 78 | 124 | 14.3 | 121 | 151 | 67.9 | 43.2 | -6.3 | 6.8 | -71 | - |
| Debt/CF from Ops. ⓘ | 5.3 | 2.7 | 21.8 | 1.7 | 1.2 | 1.7 | 1.7 | -12.8 | 11.5 | -0.9 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -21% | -40.6% | -61% | -86% | ||||
| Adj EPS ⓘ | NA | NA | 8.6% | NA | ||||
| BVPSⓘ | NA | NA | 20.1% | 178.7% | ||||
| Share Price | 28.4% | 48.7% | 24% | 74.7% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4.4 | 27.6 | -2.3 | 10 | 235.3 | 1626.3 | 10.8 | 10.3 | -38.2 | 11.1 | 65.9 |
| Op. Profit Mgn % ⓘ | -0.2 | -0.2 | 0.2 | -11.4 | 3.2 | 13.3 | 0.7 | -3 | -3.8 | 13.4 | 124.1 |
| Net Profit Mgn % ⓘ | -4.5 | -11.8 | 0.6 | -1.7 | -13.6 | 11.3 | 1.1 | 1.2 | -7.7 | 22.7 | 538.4 |
| Debt to Equity ⓘ | -1.6 | -2.2 | -2.1 | -16.4 | -4.1 | 2 | 1.1 | 1.2 | 2 | 0.6 | - |
| Working Cap Days ⓘ | 128 | 92 | 87 | 107 | 81 | 53 | 85 | 74 | 98 | 473 | 2,999 |
| Cash Conv. Cycle ⓘ | 32 | 30 | 27 | 13 | -36 | -13 | 2 | -6 | -43 | -134 | -3,794 |
Valuation of Shah Alloys - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 311 | 480 | 570 | 489 | 502 | 880 | 626 | 592 | 267 | 37 |
| Operating Expenses ⓘ + | 312 | 481 | 569 | 555 | 486 | 763 | 622 | 610 | 287 | 32 |
| Operating Profit ⓘ | -1 | -1 | 1 | -66 | 16 | 117 | 4 | -17 | -20 | 5 |
| Operating Profit Margin (%) | -0.2% | -0.2% | 0.2% | -13.4% | 3.2% | 13.3% | 0.6% | -2.9% | -7.5% | 13.4% |
| Other Income ⓘ + | 1 | 1 | 7 | 1 | 29 | 27 | 13 | 42 | 1 | 11 |
| Interest ⓘ | 14 | 0 | 0 | 0 | 2 | 2 | 3 | 4 | 4 | 4 |
| Depreciation ⓘ | 14 | 14 | 13 | 13 | 13 | 11 | 9 | 9 | 9 | 7 |
| Profit Before Tax ⓘ | 53 | 127 | -12 | 14 | 47 | 130 | 5 | 2 | -33 | 97 |
| Tax ⓘ | 10 | 85 | -13 | 28 | 98 | 27 | -1 | -0 | -6 | 25 |
| Profit After Tax | 43 | 42 | 1 | -14 | -52 | 103 | 7 | 3 | -27 | 73 |
| PAT Margin (%) | 13.8% | 8.8% | 0.1% | -3.0% | -10.3% | 11.7% | 1.1% | 0.4% | -10.3% | 194.8% |
| Adjusted EPS (₹) | 21.8 | 21.3 | 0.4 | -7.3 | -26.1 | 52.0 | 3.4 | 1.3 | -13.8 | 36.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | -260 | -152 | -151 | -13 | -45 | 58 | 65 | 67 | 40 | 112 | |
| Debt + | 296 | 238 | 157 | 170 | 106 | 55 | 74 | 80 | 79 | 63 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 80 | 50 | 116 | 145 | 130 | 116 | 124 | 113 | 71 | 1 | |
| Others Liabilities ⓘ | 190 | 130 | 188 | -63 | 24 | 47 | 0 | -20 | -25 | -22 | |
| Total Liabilities ⓘ | 306 | 267 | 310 | 240 | 216 | 275 | 263 | 240 | 165 | 154 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 143 | 131 | 119 | 106 | 93 | 82 | 73 | 67 | 57 | 50 | |
| CWIP ⓘ | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 0 | |
| Investments ⓘ | 15 | 22 | 15 | 5 | 9 | 30 | 41 | 63 | 53 | 49 | |
| Inventories | 117 | 84 | 125 | 85 | 71 | 118 | 109 | 82 | 30 | 19 | |
| Trade Receivables | 7 | 4 | 29 | 24 | 14 | 14 | 15 | 7 | 1 | 1 | |
| Cash Equivalents | 2 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 3 | 1 | |
| Others Assets ⓘ | 12 | 17 | 13 | 10 | 18 | 22 | 16 | 12 | 12 | 34 | |
| Total Assets ⓘ | 306 | 267 | 310 | 240 | 216 | 275 | 263 | 240 | 165 | 154 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 78 | 124 | 14 | 121 | 151 | 68 | 43 | -6 | 7 | -71 |
| Cash Flow From Investing Activity ⓘ + | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 4 | 1 | 89 |
| Cash Flow From Financing Activity ⓘ + | -80 | -124 | -13 | -121 | -150 | -70 | -44 | 3 | -6 | -20 |
| Net Cash Flow ⓘ | -1 | -1 | -1 | -0 | 1 | -1 | -0 | 0 | 2 | -2 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | N/A | N/A | N/A | N/A | 1690.14 | 10.94 | 3.91 | -50.99 | 95.11 |
| ROCE (%) | N/A | N/A | N/A | N/A | N/A | 84.44 | 5.08 | 4.46 | -21.42 | 68.62 |
| Asset Turnover Ratio | 1.18 | 1.68 | 1.97 | 1.78 | 2.2 | 3.59 | 2.35 | 2.37 | 1.32 | 0.23 |
| PAT to CFO Conversion(x) | 1.81 | 2.95 | 14 | N/A | N/A | 0.66 | 6.14 | -2 | N/A | -0.97 |
| Working Capital Days | ||||||||||
| Receivable Days | 8.90 | 4.10 | 10.30 | 19.70 | 13.70 | 5.70 | 8.30 | 6.80 | 5.70 | 11.30 |
| Inventory Days | 104.20 | 76.50 | 67.10 | 78.50 | 56.70 | 39.20 | 65.50 | 58.40 | 76.30 | 241.10 |
| Payable Days | 155.20 | 69.80 | 75.60 | 133.10 | 145.70 | 77.60 | 99.50 | 100.70 | 173 | 708.90 |
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Shah Alloys Ltd FAQs
The current trading price of Shah Alloys on 03-Sep-2026 16:59 is ₹107.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 02-Sep-2026 the market cap of Shah Alloys stood at ₹223.1 Cr
The latest P/E ratio of Shah Alloys as of 02-Sep-2026 is 3.04.
The latest P/B ratio of Shah Alloys as of 02-Sep-2026 is 2.02.
The 52-week high of Shah Alloys is ₹116.7 and the 52-week low is ₹53.10.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Shah Alloys is ₹13.63 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Shah Alloys Ltd is a average quality company.
The key valuation ratios of Shah Alloys Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Shah Alloys Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Shah Alloys Ltd
Shah Alloys was incorporated as a private limited company on November 23, 1990 and got converted into a public limited company on April 23, 1992. The registered office of the company is located at Ahmedabad, Gujarat.
The company’s manufacturing facilities are located in the Gandhinagar district of Gujarat with a capacity of 260,000 MTPA steel products. The backward integration measures conducted by the company has ensured the low cost supply of sponge iron and ferro alloys required for stainless steel manufacture and forward integration has added value with SS CR sheet production.
Products of the company includes:-
- Utensil grade
- Austenitic stainless and martensitic stainless steel
- Stainless steel plates and HR coils
- Stainless steel black bars
- Wire rod in coil
- Bright bars, wires
- Stainless steelflat
- RCS, and angles
- Rolled, annealed and pickled white rods; billets and other products.
The main area of the business:- Shah Alloys is engaged in the manufacturing of stainless steel. The Company also has a minor operation in the form of a medical store.
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