Shah Alloys LimitedQ2 FY27 Results & Financial Update
Shah Alloys Limited: Q2 FY27 standalone results and company financials – revenue ₹0.00 Cr, PAT ₹-1.85 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Shah Alloys Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Shah Alloys reported zero revenue from operations for the quarter ended September 30, 2026, consistent with the shutdown of its manufacturing plant since August 2025.
Total income for Q2 FY27 stood at INR 0.24 crore, entirely comprising other operating income, matching the total income reported in the preceding quarter (Q1 FY27).
The company registered a loss before tax (PBT) of INR 2.63 crore for the quarter, compared to a PBT loss of INR 2.79 crore in Q1 FY27.
Net loss after tax (PAT) narrowed slightly to INR 1.85 crore for Q2 FY27 from INR 2.07 crore in the previous quarter, aided by a net tax credit of INR 0.78 crore reflecting deferred tax movements.
Basic and diluted earnings per share (EPS) for the quarter were recorded at negative INR 0.93, compared to negative INR 1.05 in the preceding quarter.
Statutory auditors Parikh & Majmudar issued an emphasis of matter regarding material uncertainty related to the company's going concern status, noting the permanent plant shutdown and unresolved asset impairment assessments.
01 · Business model
What does Shah Alloys do?
Shah Alloys Limited operates in the iron and steel manufacturing sector, historically engaging in the production of iron and steel products from its manufacturing facility located in Gujarat, India.
The company's primary operational focus has undergone major structural shifts following the formal decision by the board of directors in July 2025 to shut down its existing iron and steel manufacturing plant due to technology obsolescence and persistent operating losses.
With core manufacturing operations suspended since August 2025, the company's financial results currently reflect zero revenue from operations, deriving minor income primarily from other operating and non-operating sources while management evaluates strategic alternatives.
02 · Historical context
What shaped the business before this quarter
In a board meeting held on July 21, 2025, the company declared the closure of its existing iron and steel plant at Santej, Gujarat, citing technology obsolescence, rising production costs, and persistent financial losses.
Following the board's resolution, operational activities at the Santej manufacturing facility were completely shut down effective August 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹0.00 Cr |
| Total income | ₹0.24 Cr |
| Profit before tax | ₹-2.63 Cr |
| Profit after tax | ₹-1.85 Cr |
| EPS | ₹-0.93 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations remained at nil (INR 0.00 crore) for Q2 FY27, reflecting the ongoing suspension of all commercial manufacturing and sales following the August 2025 plant shutdown.
Total income of INR 0.24 crore for the quarter was entirely driven by other operating income, with zero contribution from non-operating sources.
What drove margins
Despite the absence of active manufacturing, the company incurred ongoing fixed expenses including depreciation of INR 1.00 crore, finance costs of INR 0.89 crore, and employee benefit expenses of INR 0.31 crore.
The net loss for the period was partially cushioned by a deferred tax credit of INR 0.78 crore, moderating the bottom-line deficit.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The iron and steel manufacturing plant located at Santej, Kalol, Gandhinagar, Gujarat, has remained completely shut down since August 2025, resulting in zero capacity utilization.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Management represents that it is exploring various options in the best interest of stakeholders following the shutdown of the legacy iron and steel operations.
07 · Items worth noticing
The line items that can distort a quick read
The quarter's results include a deferred tax credit of INR 0.78 crore, which reduced the pre-tax loss of INR 2.63 crore to a net loss of INR 1.85 crore.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Cash and cash equivalents stood at INR 0.21 crore as at September 30, 2026, down from INR 1.09 crore at the end of the previous financial year.
Capital allocation & funding
As at September 30, 2026, the company reported current borrowings of INR 59.31 crore and non-current financial borrowings of INR 2.68 crore.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Expected Credit Loss Assessment
Management noted that potential loss allowances under the expected credit loss method on financial assets were not expected to be material enough to warrant an adjustment in the financial results for the quarter ended September 30, 2026.
10 · Previous-quarter changes
What changed since the previous quarter
Net loss narrowed slightly to INR 1.85 crore in Q2 FY27 from INR 2.07 crore in Q1 FY27, accompanied by an unchanged total income of INR 0.24 crore.
11 · Key Q&A
The quarter, answered directly
What does Shah Alloys do?
Shah Alloys Limited operates in the iron and steel manufacturing sector, historically engaging in the production of iron and steel products from its manufacturing facility located in Gujarat, India.
What is the clearest takeaway from Q2 FY27?
Shah Alloys reported zero revenue from operations for the quarter ended September 30, 2026, consistent with the shutdown of its manufacturing plant since August 2025.
What drove revenue or demand?
Revenue from operations remained at nil (INR 0.00 crore) for Q2 FY27, reflecting the ongoing suspension of all commercial manufacturing and sales following the August 2025 plant shutdown.
What mattered most for margins or profitability?
Despite the absence of active manufacturing, the company incurred ongoing fixed expenses including depreciation of INR 1.00 crore, finance costs of INR 0.89 crore, and employee benefit expenses of INR 0.31 crore.
What changed operationally beyond the headline numbers?
The iron and steel manufacturing plant located at Santej, Kalol, Gandhinagar, Gujarat, has remained completely shut down since August 2025, resulting in zero capacity utilization.
What should the next disclosure help confirm?
Monitor management updates regarding potential restructuring, asset monetization, or alternative business plans for the Santej facility.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Strategic Developments: Monitor management updates regarding potential restructuring, asset monetization, or alternative business plans for the Santej facility.
- 02
Audit Observations: Track future auditor reviews regarding the going concern assumption and potential asset impairment provisioning.
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