New Delhi: Shyam Metalics and Energy Limited (SMEL), one of India’s leading integrated metal producers, announced its ambitious Vision 2031 strategy, setting a transformative roadmap to scale operations, enhance value creation, and drive sustainable growth across its diversified portfolio. The company aims to achieve a 2.5x increase in revenue, reaching ₹400 billion by 2031, supported by a ₹100 billion capital expenditure plan.
Vision 2031 is anchored on sustainable, capital-efficient, and value-driven expansion. SMEL plans to strengthen its integrated business model by expanding into downstream and high-value segments, including specialty steel, stainless steel, flat products, and aluminum. These initiatives are designed to deepen the company’s footprint in critical sectors such as defence, engineering, railways, infrastructure, and real estate.
To optimize returns and minimize execution risks, SMEL will leverage brownfield expansions across West Bengal, Odisha, and Madhya Pradesh. The company aims to increase its aggregate production capacity from 15 million tons to 27 million tons, covering both intermediate and finished products. This capacity enhancement will be complemented by product mix diversification and export growth.
Post-expansion, SMEL anticipates an EBITDA margin improvement of 200–300 basis points, driven by operational leverage and enhanced product value realization. The growth strategy is expected to generate over 10,000 new direct and indirect jobs, taking total employment to approximately 27,500. Export revenues are projected to double from US$150 million to US$300 million, reinforcing SMEL’s global competitiveness.
In stainless steel, SMEL plans to scale its flat product capacity by 6.5x, targeting high-demand downstream applications such as tubes, utensils, defence components, and railway infrastructure. The long products segment will continue to focus on precision engineering and automotive applications, with a strong export-oriented approach.
The ₹100 billion capex plan will be funded primarily through internal accruals and directed toward technology upgrades, process innovation, energy efficiency, and downstream integration. SMEL’s recent acquisition of iron ore mining assets in Maharashtra (currently under due diligence) will further strengthen its raw material security and support cost optimization.
The company will also continue leveraging European technology partnerships to develop value-added products and enhance process excellence. These collaborations are expected to accelerate innovation and improve operational benchmarks across SMEL’s facilities.
Currently, SMEL stands as India’s largest specialty aluminum foil manufacturer and the second-largest coal-based Direct Reduced Iron (DRI) producer. It is also among the few players in the country with an integrated ferrous and non-ferrous portfolio, offering 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.
Commenting on the announcement, Mr. Brij Bhushan Agarwal, Chairman and Managing Director of Shyam Metalics & Energy Limited, stated, “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.”
With Vision 2031, SMEL is positioning itself as a future-ready enterprise capable of navigating global market dynamics while contributing meaningfully to India’s industrial evolution.