Shyam Metalics Unveils Vision 2031 — Targets 2.5x Revenue Growth

MUMBAI:
Shyam Metalics and Energy Limited (SMEL), one of India’s leading integrated metal producers, today announced its Vision 2031, outlining a transformative strategy to drive scale, value, and sustainability across its operations.

Vision 2031 is anchored on sustainable, value-driven, and capital-efficient growth. SMEL plans to strengthen its integrated business model by expanding across downstream and high value-added segments, including specialty steel, stainless steel, flat products, and aluminum.

These initiatives are designed to deepen SMEL’s presence in critical sectors like defence, engineering, railways, and real estate, while enhancing operating efficiencies through backward integration in energy, mining, and beneficiation.

The company will leverage brownfield expansions across West Bengal, Odisha, and Madhya Pradesh to optimize return on invested capital and minimize execution risk.

SMEL is targeting a 2.5x increase in topline to reach ₹ 400bn by 2031, driven by capacity expansion, product mix enhancement, and export diversification. The company aims to expand its aggregate capacity from 15mn tons to 27mn tons, covering intermediate and finished products.

Post expansion, SMEL anticipates EBITDA margin improvement of 200–300 basis points, supported by operational leverage and enhanced product value realization.

The growth program is expected to create over 10,000 new direct and indirect jobs, taking total employment to around 27,500, while also doubling export revenues from US$ 150mn to US$ 300mn.

In stainless steel, SMEL plans to achieve 6.5x of its current flat product capacity, targeting high-demand downstream applications in tubes, utensils, defence, and railways. The long products business will continue to focus on precision engineering and automotive sectors, with an export-oriented approach.

SMEL has earmarked ₹ 100bn in capital expenditure, mostly from the internal accruals, to execute Vision 2031. The investment will be directed towards technology upgradation, process innovation, energy efficiency, and downstream integration.

The company recently secured iron ore mining assets in Maharashtra (due diligence underway), further strengthening its raw material security and supporting cost optimization. SMEL will also continue leveraging European technology partnerships for value-added product development and process excellence.

SMEL today stands as India’s largest specialty aluminum foil manufacturer, the second-largest coal-based DRI producer, and one of the few players with an integrated ferrous and non-ferrous portfolio, providing a diversified and de-risked product mix.

All initiatives under Vision 2031 are aligned with India’s Atmanirbhar Bharat and Vision 2047 frameworks, underscoring SMEL’s commitment to national growth, employment generation, and sustainable industrialization.

Brij Bhushan Agarwal, Chairman & Managing Director, Shyam Metalics & Energy Limited, said: “Vision 2031 reflects our confidence in India’s long-term growth story and our readiness to capitalize on emerging opportunities in the metal and manufacturing sectors. Through prudent capital allocation, backward integration, and technology-led efficiencies, we aim to deliver sustainable growth, higher margins, and stronger shareholder value over the next decade.”