SHIVAUM - Shiv Aum Steels
📢 Recent Corporate Announcements
Shiv Aum Steels Limited has filed a revised Limited Review Report for the quarter ended December 31, 2025, after the NSE flagged discrepancies in its initial submission. For Q3 FY26, the company reported a total income of ₹6,016.57 lakhs and a net profit of ₹60.32 lakhs, representing a significant sequential decline from Q2 FY26's ₹10,987.92 lakhs income and ₹181.95 lakhs profit. This reporting period is critical as it marks the company's recent migration from the NSE SME platform to the Main Board on November 14, 2025, and the adoption of Ind AS accounting standards. The rectification ensures regulatory compliance with SEBI Listing Obligations and Disclosure Requirements.
- Total income for Q3 FY26 stood at ₹6,016.57 lakhs, a sharp decline from ₹10,987.92 lakhs in the preceding quarter.
- Net profit for the quarter ended December 31, 2025, was ₹60.32 lakhs compared to ₹181.95 lakhs in Q2 FY26.
- The company successfully migrated from the NSE SME (EMERGE) platform to the Main Board on November 14, 2025.
- Financial results are now prepared under Indian Accounting Standards (Ind AS) effective from April 1, 2025.
- The revised filing addresses specific errors in the Limited Review Report as pointed out by the NSE on March 05, 2026.
Shiv Aum Steels reported a significant decline in revenue for the quarter ended December 31, 2025, with total income from operations falling to ₹59.54 crore compared to ₹135.10 crore in the same quarter last year. Net profit for the quarter stood at ₹0.61 crore, down from ₹0.71 crore YoY and ₹0.79 crore in the preceding quarter. This marks the company's first reporting cycle since migrating from the NSE SME platform to the Main Board in November 2025. The company's EPS also saw a decline to ₹0.45 from ₹0.58 in the previous quarter.
- Revenue from operations fell 55.9% YoY to ₹5,953.95 lakhs from ₹13,509.51 lakhs.
- Net Profit (PAT) decreased to ₹61.14 lakhs from ₹71.18 lakhs in the year-ago period.
- Earnings Per Share (EPS) declined to ₹0.45 for the quarter compared to ₹0.58 in Q2 FY26.
- Total expenses were significantly reduced to ₹5,937.86 lakhs from ₹13,413.35 lakhs YoY.
- Company successfully migrated to the NSE Main Board effective November 14, 2025.
Shiv Aum Steels reported a significant sequential decline in performance for the quarter ended December 31, 2025. Revenue from operations fell to ₹5,953.95 Lakhs from ₹10,866.18 Lakhs in the previous quarter, representing a 45% drop. Net profit also saw a decline to ₹66.54 Lakhs compared to ₹78.93 Lakhs in Q2 FY26. This reporting period is notable as it follows the company's migration from the NSE SME platform to the Main Board on November 14, 2025, and marks the adoption of Ind AS accounting standards.
- Revenue from operations decreased 45.2% QoQ to ₹5,953.95 Lakhs from ₹10,866.18 Lakhs.
- Net Profit (PAT) for the quarter stood at ₹66.54 Lakhs, down from ₹78.93 Lakhs in the preceding quarter.
- Total income for the nine-month period ended December 31, 2025, reached ₹36,267.83 Lakhs.
- Earnings Per Share (EPS) declined to ₹0.49 for Q3 FY26 from ₹0.58 in Q2 FY26.
- The company successfully migrated to the NSE Main Board effective November 14, 2025.
Shiv Aum Steels Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The report, provided by the company's Registrar and Share Transfer Agent, Skyline Financial Services, covers the period ending December 31, 2025. It confirms that no physical share certificates were received for dematerialization during the quarter. This is a standard regulatory filing ensuring the company's adherence to depository norms.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued by Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited
- Confirms zero physical share certificates were received for dematerialization during the period
- Filing submitted to the National Stock Exchange on January 13, 2026
Shiv Aum Steels Limited has informed the exchange that its trading window will be closed from January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the un-audited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are made public. This is a standard regulatory procedure for all listed companies to prevent insider trading during the earnings period.
- Trading window closure begins on Thursday, January 1, 2026.
- Closure is related to the un-audited financial results for the quarter ended December 31, 2025.
- Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
- The window will reopen 48 hours after the board meeting results are officially announced.
Financial Performance
Revenue Growth by Segment
Total revenue grew from INR 495.93 Cr in FY23 to INR 554.66 Cr in FY25, representing an 11.8% increase over two years. H1 FY24 revenue of INR 279 Cr showed an 18.7% YoY growth compared to INR 235 Cr in H1 FY23, driven by a 12.7% increase in sales volume to 42,031 tonnes.
Geographic Revenue Split
The company holds a dominant position in Western Maharashtra as the sole authorized distributor for Jindal Steel and Power Limited (JSPL), which serves as its primary revenue hub. Specific percentage splits for other regions are not disclosed.
Profitability Margins
Net Profit margins have seen a downward trend, declining from 2.89% in FY23 to 2.52% in FY24, and further to 1.74% in FY25 (INR 9.67 Cr profit on INR 554.66 Cr revenue). This decline is attributed to volatile steel prices and stagnant market conditions.
EBITDA Margin
EBITDA margin was 4.78% in FY23 (INR 23.73 Cr), down from 5.06% in FY22. Operating margins were reported at 4% in H1 FY24 compared to 7% in FY23, reflecting pressure from higher raw material costs which offset lower employee expenses.
Capital Expenditure
Tangible assets stood at INR 4.40 Cr as of September 2023. While specific future capex figures are not disclosed, the company is focusing on expansion through its subsidiary, Shivoham Ventures Pvt Ltd (SVPL).
Credit Rating & Borrowing
The company maintains a CRISIL BBB/Stable rating for long-term facilities and CRISIL A3+ for short-term facilities. Interest coverage ratio stood at 2.6x in FY25, declining from 3.0x in FY24 and 4.9x in FY23.
Operational Drivers
Raw Materials
Mild steel structural products including angles, plates, channels, and thermo-mechanically treated (TMT) bars. Raw material costs represent approximately 92.5% of total revenue (INR 459.09 Cr out of INR 495.93 Cr in FY23).
Import Sources
Sourced domestically within India, primarily from major steel plants in states like Chhattisgarh and Odisha where principals like JSPL and SAIL operate.
Key Suppliers
Jindal Steel and Power Limited (JSPL) (Sole distributor for Western Maharashtra), Steel Authority of India Ltd (SAIL), RINL, and JSW Special Products.
Capacity Expansion
The company operates as a trading and distribution entity rather than a manufacturer; it maintains an average inventory of 10,000-12,000 MT to support its distribution scale.
Raw Material Costs
Raw material costs increased to INR 459.09 Cr in FY23, a 23.7% increase YoY from INR 371.14 Cr in FY22, tracking the 21.9% growth in total income.
Manufacturing Efficiency
Not applicable as the company is a trading house; efficiency is measured by inventory turnover which was 5.07 in FY25, a 10.4% decline from 5.66 in FY24.
Logistics & Distribution
Distribution is centralized in Western Maharashtra; logistics costs are embedded in 'Other Expenses' which decreased from INR 11.41 Cr in FY22 to INR 8.71 Cr in FY23.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Growth is targeted through the expansion of the dealership network via the subsidiary SVPL and leveraging the migration to the NSE Main Board (effective Nov 14, 2025) to enhance financial flexibility and market visibility.
Products & Services
Mild steel structural products (angles, plates, channels, TMT bars), coils, and plates sold to infrastructure and real estate sectors.
Brand Portfolio
Shiv Aum Steels; authorized distributor for Jindal Steel and Power Limited (JSPL).
New Products/Services
Expansion into new dealership lines through SVPL is expected to diversify the product basket beyond traditional structural steel.
Market Expansion
Focusing on deepening penetration in Western Maharashtra and exploring new territories through subsidiary-led dealerships.
Market Share & Ranking
Sole distributor for JSPL in Western Maharashtra, establishing a dominant local market position in the organized steel trading segment.
Strategic Alliances
MOU dealership with Steel Authority of India Ltd (SAIL) and JSW Special Products; sole distributorship with JSPL.
External Factors
Industry Trends
Steel Service Centers (SSCs) are estimated to process 25% of Indian steel output due to growing demand for smaller batches and shorter lead times, favoring organized players like SHIVAUM.
Competitive Landscape
Faces intense competition from both fragmented unorganized traders and other organized dealers of SAIL, RINL, and JSW.
Competitive Moat
Sustainable moat derived from 30+ years of promoter experience and the 'Sole Distributor' status for JSPL in a key industrial belt (Western Maharashtra), creating high entry barriers for competitors.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending; demand is strongly correlated to the capital expenditure cycles of the Indian economy.
Consumer Behavior
Shift toward organized SSCs that offer stringent quality requirements, tight delivery commitments, and professional service.
Geopolitical Risks
Indirect exposure through global steel price fluctuations which dictate domestic pricing and inventory valuation.
Regulatory & Governance
Industry Regulations
Subject to labor laws, tax regulations, and SEBI directives. Compliance is monitored by the Board's Audit Committee to ensure smooth operational flow.
Environmental Compliance
Not disclosed; company operates in trading which has lower environmental impact than manufacturing.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 24.5% (INR 3.13 Cr tax on INR 12.79 Cr PBT).
Legal Contingencies
The company maintains stringent compliance mechanisms to mitigate risks related to the Companies Act and SEBI directives; no specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Cyclicality in end-user industries (infrastructure/real estate) and volatility in steel prices which can impact operating margins (expected to remain around 4%).
Geographic Concentration Risk
High concentration in Western Maharashtra due to the JSPL sole distributorship agreement.
Third Party Dependencies
Significant dependency on JSPL for product supply; however, this is partially mitigated by dealer status with SAIL and RINL.
Technology Obsolescence Risk
Low risk for steel trading, but the company is implementing internal control systems to facilitate smoother information flow and resource management.
Credit & Counterparty Risk
Trade receivables stood at INR 60.97 Cr as of Sept 2023, up from INR 34.76 Cr in March 2023, indicating a potential stretch in the working capital cycle.