Shyam Metalics Board Approves Q2 Results, Acquires 51% Stake in Alom Solar, Approves Capex
Shyam Metalics Board approved Q2 FY27 results. They approved acquiring 51% stake in Alom Solar Private Limited, securing mining rights for Phutamura Coal Block. The company also approved an initial Capex of ₹360 Crores for the coal block, with Shyam Metalics contributing ₹183.60 Crores. Mr. Debashis Prasad Pattanaik's induction as a nominee director was also approved.
The acquisition of a controlling stake in Alom Solar Private Limited and the associated capital expenditure for a coal block represent a major strategic move towards backward integration, which is expected to have a significant long-term impact on the company's operations and profitability.
The company reported financial results, approved a significant acquisition for strategic backward integration, and allocated substantial capex for a coal block, all of which are positive developments for future growth and operational efficiency.
Shyam Metalics and Energy Limited announced the outcome of its Board Meeting held on October 31, 2026. The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the Second Quarter and Half Year ended September 30, 2026, along with the Limited Review Report from M/s. MSKA & Associates LLP.
The Board also gave in-principle approval for the induction of Mr. Debashis Prasad Pattanaik as a nominee director representing LIC, subject to necessary approvals. Mr. Pattanaik is a seasoned professional with extensive experience in insurance, corporate governance, and international operations.
Furthermore, the company approved the proposal to acquire a 51% controlling equity stake in Alom Solar Private Limited, subject to definitive agreements and necessary approvals. This acquisition makes Alom Solar Private Limited a subsidiary of Shyam Metalics and Energy Limited. Alom Solar Private Limited holds mining rights for the Phutamura Coal Block in Raigarh District, Chhattisgarh. The acquisition aims for strategic backward integration to secure long-term coal supply for captive power generation and steel plant manufacturing.
Additionally, the Board approved an initial Capital Expenditure (Capex) budget of approximately ₹360 Crores for the development and operationalization of the Phutamura Coal Block. Shyam Metalics' financial contribution to this capex will be 51% (approximately ₹183.60 Crores), with the remaining 49% funded by the joint venture partner. The meeting commenced at 11:00 AM and concluded at 12:45 PM.
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Shyam Metalics and Energy Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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