Shyam Metalics shares: Goldman Sachs maintains 'buy' call, says this 

Shares of Shyam Metalics Ltd are set to hit the Rs 1,120 mark, believes Goldman Sachs. Maintaining a buy call on the iron and steel major, the brokerage's price target is still below the record high of Rs 1146.95 reached on September 24, 2026.

The brokerage said the firm reported strong Q2 operating performance. In September 2026, the company logged the highest monthly revenue.

According to the brokerage, Maharashtra MoU adds significant long-term growth optionality.

On October 2, the firm inked a Memorandum of Understanding (MoU) with the Maharashtra government to establish a 9 million tonnes capacity integrated steel complex in Chandrapur.

The project will be set up at an estimated investment of 50,000 crore and will mark one of Vidarbha region's largest single industrial investments. It also aligns with the state's vision to accelerate manufacturing growth and expand India's domestic steel-making capabilities.

Shyam Metalics and Energy's carbon-steel flat-product sales increased 164.4% year on year to 31,742 tonnes in September 2026, according to the company's latest monthly business update.

Sales of metallics, including pellets, sponge iron and pig iron, increased 54.9% year on year to 314,238 tonnes, while stainless-steel sales rose 35.1% to 9,778 tonnes.

Carbon-steel long-product sales, comprising billets and long products, declined 8.4% year on year to 135,963 tonnes.

In Q2 of the current fiscal, flat-steel sales increased 64.5% quarter on quarter to 81,493 tonnes, while metallics sales rose 11.1% to 943,020 tonnes.

Shyam Metalics and Energy Limited (SMEL) is a leading multi metal conglomerate with footprints in carbon steel, stainless steel, speciality alloys and aluminium foil along with captive power plants.