Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Sandur Manganese & Iron Ore / Equity Bottom-Up

<ul>
<li>Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.</li>
<li>Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.</li>
<li>Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.</li>
</ul>


Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.
Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.
Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.


SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

Commodities

<ul>
<li>Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.</li>
<li>Top picks: <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a><a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a><a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>, <a href="https://www.smartkarma.com/entities/lloyds-metals-energy-ltd" target="_blank" data-smartkarma-citation="entities:15467:1" rel="noopener">Lloyds Metals &amp; Energy (LYDM IN)</a> , <a href="https://www.smartkarma.com/entities/paladin-energy-ltd" target="_blank" data-smartkarma-citation="entities:10117:1" rel="noopener">Paladin Energy (PDN AU)</a> </li>
<li>Top shorts: <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> , <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a><a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a><a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> </li>
</ul>


Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals &amp; Energy (LYDM IN) , Paladin Energy (PDN AU) 
Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN) 


Global Metals & Mining Playbook – July 2025

Shyam Metalics and Energy / Equity Bottom-Up

<ul>
<li>Shyam Metalics reported robust FY25 results with 15% revenue growth and 21% EBITDA rise, driven by higher volumes and a shift toward value-added products.</li>
<li>The company is executing a ₹10,025 Cr capex plan to double capacity by FY27, targeting high-margin segments like stainless steel and aluminium foil with backward integration.</li>
<li>With zero net debt, strong cash flows, and a forward P/E of ~14×, Shyam Metalics offers a rare blend of growth, capital discipline, and low leverage in the steel sector.</li>
</ul>


Shyam Metalics reported robust FY25 results with 15% revenue growth and 21% EBITDA rise, driven by higher volumes and a shift toward value-added products.
The company is executing a ₹10,025 Cr capex plan to double capacity by FY27, targeting high-margin segments like stainless steel and aluminium foil with backward integration.
With zero net debt, strong cash flows, and a forward P/E of ~14×, Shyam Metalics offers a rare blend of growth, capital discipline, and low leverage in the steel sector.


Shyam Metalics & Energy Ltd (NSE: SHYAMMETL) – A Capital-Efficient Growth Play in Indian Metals

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Thematic (Sector/Industry)

<ul>
<li>Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. </li>
<li>Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. </li>
</ul>


Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. 
Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. 

Waaree Energies (0656504D IN) is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. 


#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

India

The Sandur Manganese & Iron Ores Limited manufactures, ferrosilicon, ferro manganese, pig iron, silica manganese and, dot matrix printers.

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Sandur Manganese & Iron Ore (SMIO IN)

SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Rahul Jain

Global Metals & Mining Playbook – July 2025

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Shyam Metalics & Energy Ltd (NSE: SHYAMMETL) – A Capital-Efficient Growth Play in Indian Metals

Shyam Metalics posts strong FY25 results, plans to double capacity by FY27 with focus on high-margin segments, showcasing growth potential and...

Rahul Jain

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse

​Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Rahul Jain

Global Metals & Mining Playbook – July 2025

​Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Rahul Jain

Shyam Metalics & Energy Ltd (NSE: SHYAMMETL) – A Capital-Efficient Growth Play in Indian Metals

​Shyam Metalics posts strong FY25 results, plans to double capacity by FY27 with focus on high-margin segments, showcasing growth potential and...

Rahul Jain

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

​Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

Mining company scales up iron ore capacity, acquires Arjas Steel for integrated steel production, poised for valuation rerating as steel margins...

Commodity trends show gold, copper, and uranium surging, while iron ore and coal struggle. Top picks include Zijin Mining Group, Shandong Gold...

Shyam Metalics posts strong FY25 results, plans to double capacity by FY27 with focus on high-margin segments, showcasing growth potential and...

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...