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Last Updated: April 2, 2026, 3:38 am
Author: Getaka|Social: XLinkedIn

Shah Alloys Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹702.51Undervalued by 1,102.93%vs CMP ₹58.40

P/E (15.0) × ROE (1,108.0%) × BV (₹5.18) × DY (2.00%)

Defaults: P/E=15

₹275.93Undervalued by 372.48%vs CMP ₹58.40
MoS: +78.8% (Strong)Confidence: 49/100 (Moderate)Models: 4 Under, 1 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹614.2331%Under (+951.8%)
Graham NumberEarnings₹49.7023%Over (-14.9%)
DCFCash Flow₹168.7523%Under (+189%)
Earnings YieldEarnings₹211.9013%Under (+262.8%)
Revenue MultipleRevenue₹67.219%Under (+15.1%)
Consensus (5 models)₹275.93100%Undervalued
Key Drivers: Wide model spread (₹50–₹614) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -12.6% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

55
Shah Alloys Ltd scores 55/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 25.8% ExcellentROE 1,108.0% ExcellentD/E -1.64 Low debtInterest Coverage 0.0x RiskyProfitable 1/5 years Inconsistent
Smart Money60/100 · Moderate
FII holding up 0.08% (6mo) Slight increasePromoter holding at 53.8% Stable
Earnings Quality50/100 · Moderate
OPM contracting (7% → -4%) DecliningWorking capital: -224 days (improving) Efficient
Quarterly Momentum45/100 · Moderate
Revenue (4Q): -81% YoY DecliningOPM: 72.0% (up 70.0% YoY) Margin expansion
Industry Rank65/100 · Strong
ROCE 25.8% vs industry 13.3% Above peersROE 1,108.0% vs industry 192.3% Above peers3Y sales CAGR: -33% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:38 am

Market Cap 116 Cr.
Current Price 58.4
Intrinsic Value₹275.93
High / Low 83.8/46.8
Stock P/E
Book Value 5.18
Dividend Yield0.00 %
ROCE25.8 %
ROE1,108 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Shah Alloys Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Shah Alloys Ltd 116 Cr. 58.4 83.8/46.8 5.180.00 %25.8 %1,108 % 10.0
Mukand Ltd 1,800 Cr. 125 162/84.430.0 66.31.61 %9.91 %7.84 % 10.0
Usha Martin Ltd 12,392 Cr. 407 498/28127.7 97.30.74 %18.8 %15.8 % 1.00
Jindal Stainless Ltd 58,109 Cr. 705 884/49719.7 2190.43 %18.2 %16.2 % 2.00
Elango Industries Ltd 3.31 Cr. 8.67 16.1/7.84 9.720.00 %5.67 %5.67 % 10.0
Industry Average18,104.25 Cr217.8983.3566.630.46%13.27%192.30%5.67

All Competitor Stocks of Shah Alloys Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 15415416018114512811966523024311
Expenses 1511591561771521261247151302443
Operating Profit 3-544-73-6-510-0-18
OPM % 2%-4%3%2%-5%2%-5%-8%2%1%-2%-29%72%
Other Income 0000-166000001754
Interest 1111111111111
Depreciation 2222222222222
Profit before tax 0-910-266-9-8-3-3-31359
Tax % 24%-24%18%13%-10%39%-25%-24%-25%-26%-25%7%39%
Net Profit 0-610-244-7-6-2-4-61438
EPS in Rs 0.16-3.220.350.18-12.182.23-3.38-3.22-1.09-2.27-2.916.9419.43

Last Updated: March 3, 2026, 2:52 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 6:16 pm

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 26126029948057048950288062659226768
Expenses 30052530648756954548676362261027961
Operating Profit -39-265-7-71-56161174-17-137
OPM % -15%-102%-2%-1%0%-11%3%13%1%-3%-5%10%
Other Income -3649682142793416312171
Interest 702314000223444
Depreciation 39181414131313119997
Profit before tax -18418947121-62442109-5-19-2566
Tax % -27%34%22%70%-232%120%231%25%-29%-1%-22%
Net Profit -14012136368-5-5682-3-19-2042
EPS in Rs -70.9561.0918.4317.993.80-2.35-28.1941.47-1.62-9.42-9.9721.19
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)186.43%-70.25%0.00%-77.78%-162.50%-1020.00%246.43%-103.66%-533.33%-5.26%
Change in YoY Net Profit Growth (%)0.00%-256.68%70.25%-77.78%-84.72%-857.50%1266.43%-350.09%-429.67%528.07%

Shah Alloys Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:0%
5 Years:-11%
3 Years:-33%
TTM:-70%
Compounded Profit Growth
10 Years:6%
5 Years:11%
3 Years:%
TTM:-31%
Stock Price CAGR
10 Years:26%
5 Years:50%
3 Years:3%
1 Year:-24%
Return on Equity
10 Years:%
5 Years:%
3 Years:-59%
Last Year:-1108%

Last Updated: September 5, 2025, 1:26 pm

Balance Sheet

Last Updated: December 4, 2025, 1:57 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 202020202020202020202020
Reserves -735-400-295-193-186-38-741311-9-27-30
Borrowings 65341933826323820918411774807979
Other Liabilities 801587566368448241175172197166123121
Total Liabilities 738626628457520431305322301257195190
Fixed Assets 175157143131119106938273675754
CWIP 1399999999999
Investments 000000067750
Other Assets 551460476317392316202225212174124127
Total Assets 738626628457520431305322301257195190

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 497812414121576843-7-5
Cash from Investing Activity + 60-1-1000041
Cash from Financing Activity + -53-80-124-13-121-56-70-4436
Net Cash Flow 2-1-1-1-01-1-0-02
Free Cash Flow 497812313121576843-3-4
CFO/OP -18%-1,099%-1,758%1,619%-217%351%58%1,067%37%36%

Free Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-692.00-684.00-345.00-270.00-237.00-265.00-168.000.00-70.00-97.00-92.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2114931818106942
Inventory Days 16015824189114877574907057
Days Payable 117140164531051481387310396143
Cash Conversion Cycle 6432853927-43-537-4-22-85
Working Capital Days -1,475-924-641-209-223-112-125-46-69-91-224
ROCE %-39%-26%2%-51%17%80%-2%-5%-26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 53.75%53.75%53.77%53.78%53.78%53.78%53.78%53.78%53.78%53.78%53.75%53.75%
FIIs 0.00%0.00%0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.03%0.08%
Public 46.26%46.24%46.22%46.22%46.22%46.22%46.22%46.21%46.22%46.22%46.22%46.18%
No. of Shareholders 9,7599,9139,8489,4949,4569,53810,98310,25910,41710,0969,9619,530

Shareholding Pattern Chart

No. of Shareholders

Shah Alloys Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -9.97-9.42-1.6241.47-28.18
Diluted EPS (Rs.) -9.97-9.42-1.6241.47-28.18
Cash EPS (Rs.) -4.17-5.002.2647.18-21.63
Book Value[Excl.RevalReserv]/Share (Rs.) -3.885.6815.4013.84-27.62
Book Value[Incl.RevalReserv]/Share (Rs.) -3.885.6815.4013.84-27.62
Revenue From Operations / Share (Rs.) 134.62299.22316.33444.54253.53
PBDIT / Share (Rs.) -4.781.712.8962.0520.65
PBIT / Share (Rs.) -9.42-2.79-1.6356.3414.10
PBT / Share (Rs.) -11.68-9.62-2.9455.2421.46
Net Profit / Share (Rs.) -8.81-9.50-2.2641.47-28.18
NP After MI And SOA / Share (Rs.) -9.97-9.42-1.6241.47-28.18
PBDIT Margin (%) -3.540.570.9113.958.14
PBIT Margin (%) -6.99-0.93-0.5112.675.56
PBT Margin (%) -8.67-3.21-0.9212.428.46
Net Profit Margin (%) -6.54-3.17-0.719.32-11.11
NP After MI And SOA Margin (%) -7.40-3.14-0.519.32-11.11
Return on Networth / Equity (%) 0.00-165.83-10.53299.690.00
Return on Capital Employeed (%) 1571.57-29.98-6.28185.5369.43
Return On Assets (%) -10.13-7.24-1.0625.98-18.31
Long Term Debt / Equity (X) -0.470.320.120.47-1.37
Total Debt / Equity (X) -10.267.132.424.27-1.64
Asset Turnover Ratio (%) 1.182.122.032.711.35
Current Ratio (X) 0.170.380.520.560.35
Quick Ratio (X) 0.020.030.080.100.08
Inventory Turnover Ratio (X) 4.756.213.666.504.12
Interest Coverage Ratio (X) -2.110.842.2156.2125.15
Interest Coverage Ratio (Post Tax) (X) -2.90-1.31-0.7338.57-43.27
Enterprise Value (Cr.) 167.26195.04158.99315.72104.38
EV / Net Operating Revenue (X) 0.620.320.250.350.20
EV / EBITDA (X) -17.6857.5927.812.572.55
MarketCap / Net Operating Revenue (X) 0.340.190.130.220.03
Price / BV (X) -11.8410.232.807.27-0.29
Price / Net Operating Revenue (X) 0.340.190.130.220.03
EarningsYield -0.21-0.16-0.030.41-3.47

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Shah Alloys Ltd. is a Public Limited Listed company incorporated on 23/11/1990 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L27100GJ1990PLC014698 and registration number is 014698. Currently Company is involved in the business activities of Manufacture of steel in ingots or other primary forms, and other semi- finished products of steel. Company's Total Operating Revenue is Rs. 266.52 Cr. and Equity Capital is Rs. 19.80 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Alloys/Special5/1, Shreeji House, B/h M.J.Library, Ahmedabad Gujarat 380006Contact not found
Management
NamePosition Held
Mr. Rajendra V ShahNon Executive Chairman
Mr. Ashok SharmaWhole Time Director
Mr. Prakash PatelWhole Time Director
Mr. Mitesh JariwalaIndependent Director
Mr. Ambalal C PatelIndependent Director
Mrs. Shefali M PatelIndependent Director
Mr. Bipin GosaliaIndependent Director
Mrs. Nipa Jairaj ShahIndependent Director

FAQ

What is the intrinsic value of Shah Alloys Ltd and is it undervalued?

As of 18 April 2026, Shah Alloys Ltd's intrinsic value is ₹275.93, which is 372.48% higher than the current market price of ₹58.40, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (1,108 %), book value (₹5.18), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Shah Alloys Ltd?

Shah Alloys Ltd is trading at ₹58.40 as of 18 April 2026, with a FY2026-2027 high of ₹83.8 and low of ₹46.8. The stock is currently in the middle of its 52-week range. Market cap stands at ₹116 Cr..

How does Shah Alloys Ltd's P/E ratio compare to its industry?

Shah Alloys Ltd has a P/E ratio of , which is below the industry average of 83.35. This is broadly in line with or below the industry average.

Is Shah Alloys Ltd financially healthy?

Key indicators for Shah Alloys Ltd: ROCE of 25.8 % indicates efficient capital utilization; ROE of 1,108 % is below ideal levels (industry average: 192.30%). Dividend yield is 0.00 %.

Is Shah Alloys Ltd profitable and how is the profit trend?

Shah Alloys Ltd reported a net profit of ₹-20 Cr in Mar 2025 on revenue of ₹267 Cr. Compared to ₹82 Cr in Mar 2022, the net profit shows a declining trend.

Does Shah Alloys Ltd pay dividends?

Shah Alloys Ltd has a dividend yield of 0.00 % at the current price of ₹58.40. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Shah Alloys Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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