SHYAMMETL Q2 FY27 Guidance vs Delivery (SHYAMMETL Management Mirror)

Aluminum Foil Facility Commissioned in Jul'26, Meeting Q2 FY27 Timeline Guided in Jun'26 Qtr

During Q2 FY27, the company commissioned an 18,000 TPA aluminum foil facility at Sambalpur in Jul'26, alongside a 1.5 million ton ore beneficiation plant and a 9 MW solar plant. This successfully met the Jun'26 Qtr guidance that had targeted the aluminum flat roll product and power plant projects for commissioning in Q2 FY27, drawing down the planned capex which had been estimated at approximately Rs 10,000 crore in the Mar'26 Qtr concall and Rs 9,580 crore in the Jun'26 Qtr. For periods beyond Sep'26 Qtr, management expects to deploy the balance capex of approximately Rs 8,864 crore over the next 2 to 3 years, funded primarily through internal accruals and operating cash flows while maintaining minimal leverage. Upcoming milestones include the 1.6 million ton HR mill at Jamuria scheduled by 2028, and a Rs 900 crore specialty bar combo mill at Kharagpur targeted for commissioning by Mar'29, with all newly planned downstream projects projected to generate EBITDA above Rs 10,000 per ton.