Tata Metaliks (Delisted) share price

BSE: 513434Ferrous Metals

Tata Metaliks Ltd · Face value ₹10 · Listed Sep 1993

Last traded ₹1,110.55 on 5 Feb 2024

Delisted on 2 Mar 2024.

Last announcements

The company's own last announcements before its shares stopped trading, routine notices left out.

Feb 2024
- 1 Feb · Suspension of Trading
  Members of the Exchange are hereby informed that the trading in Equity Shares of Tata Metaliks Limited shall be suspended w.e.f. February 06, 2024 (i.e., closing hours of trading on February 05, 2024) on account of Scheme of Amalgamation.
- 1 Feb · Business
  Effective Date of the Scheme of Amalgamation amongst Tata Steel Limited and Tata Metaliks Limited and their respective shareholders
- 1 Feb · Business
  Scheme of Arrangement
- 1 Feb · Business
  Effective date of Scheme of Amalgamation amongst Tata Steel Limited and Tata Metaliks Limited and their respective shareholders.
Jan 2024
- 24 Jan · Updates
  Fixing of Record date in the matter of the Scheme of Amalgamation amongst Tata Metaliks Limited and Tata Steel Limited and their respective shareholders
- 24 Jan · Corporate action
  Record date for the purpose of In the matter of the Scheme of Amalgamation amongst Tata Metaliks Limited and Tata Steel Limited is 06-Feb-2024.

Results for the quarter to Sep 2023

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

Revenue: ₹755 Cr−13.9% on a year ago · +16.0% on the quarter before
Operating profit: ₹90 Cr+120.3% on a year ago · +156.4% on the quarter before
Net profit: ₹44 Cr+209.0% on a year ago · +870.5% on the quarter before
Earnings per share: ₹13.98+209.3% on a year ago · +870.8% on the quarter before
Operating margin: 11.9%
Net margin: 5.9%

From revenue to net profit, ₹ crore

Revenue755
Materials and goods−418
Employee costs−48
Other expenses−199
Operating profit90
Depreciation−22
Other income+3.3
Finance costs−9.7
Profit before tax62
Tax−17
Net profit44

Tata Metaliks results by quarter

Standalone: the listed company alone, without its subsidiaries. Latest quarter to Sep 2023. Results for the quarter to Dec 2023 were due by 14 Feb 2024, 45 days after it ends. Every company's dates are on the results calendar.

Revenue and net profit by quarter, ₹ crore

Revenue
Net profit

Peak revenue ₹926 Cr, quarter to Mar 2023; lowest ₹526 Cr, quarter to Dec 2020

Operating and net margin by quarter, per cent

Operating margin
Net margin

₹ crore	Dec 2018Q3	Mar 2019	Jun 2019Q1	Sep 2019	Dec 2019Q3	Mar 2020	Jun 2020Q1	Sep 2020	Dec 2020Q3	Mar 2021	Jun 2021Q1	Sep 2021	Dec 2021Q3	Mar 2022	Jun 2022Q1	Sep 2022	Dec 2022Q3	Mar 2023	Jun 2023Q1	Sep 2023Filed 18 Oct
Revenue from operations	546	594	499	511	519	522	210	520	526	661	603	645	690	808	666	877	790	926	650	755
	472	513	454	470	440	401	200	410	400	518	449	545	622	751	642	836	751	833	615	665
Materials and goods bought	339	381	312	316	309	267	114	258	257	339	302	388	456	560	458	628	535	586	409	418
Employee costs	28	29	30	30	31	35	29	28	35	35	35	35	36	40	38	38	41	47	42	48
Other expenses	105	103	113	124	100	100	56	124	107	144	113	122	130	151	147	170	176	200	164	199
Operating profit before depreciation	75	81	45	41	78	120	10	109	126	143	154	100	68	57	24	41	39	93	35	90
Operating margin	13.7%	13.6%	9.0%	8.0%	15.1%	23.1%	4.9%	21.1%	24.0%	21.7%	25.5%	15.5%	9.8%	7.0%	3.6%	4.7%	4.9%	10.1%	5.4%	11.9%
Depreciation and amortisation	14	15	14	16	17	17	20	16	15	16	16	16	15	15	18	19	19	22	21	22
Other income	1	3	4	6	3	3	1	2	2	3	3	3	3	7	3	5	2	4	3	3
Finance costs	11	12	7	8	9	9	8	5	4	6	6	6	6	7	7	7	10	9	11	10
Profit before one-off items and tax	51	57	28	23	55	97	−16	90	109	124	135	81	50	42	2	20	12	67	6	62
One-off items	0	0	0	0	0	0	0	0	0	0	0	0	0	31	0	0	0	0	0	0
Profit before tax	51	57	28	23	55	97	−16	90	109	124	135	81	50	73	2	20	12	67	6	62
	11	−8	8	−1	9	19	−4	8	34	49	40	26	14	21	1	6	3	11	2	17
Current tax	12	12	6	3	10	17	0	21	34	38	35	23	10	8	0	4	2	12	1	11
Deferred tax	0	−19	2	−4	−1	2	−4	−13	−1	11	5	3	4	13	0	2	1	−1	0	7
Tax rate	22.0%	−13.5%	27.9%	−2.8%	16.5%	20.0%	–	8.9%	30.8%	39.3%	29.6%	32.3%	28.7%	28.3%	29.5%	29.0%	22.6%	16.6%	25.5%	28.4%
Profit from discontinued businesses	0	0	0	0	0	0	0	0	0	0	0	0	0	–	–	–	–	–	–	–
Net profit	40	64	20	23	46	77	−12	82	75	75	95	55	36	52	1	14	9	56	5	44
Other comprehensive income	0	0	0	0	0	−1	0	0	0	0	0	0	0	0	0	0	0	−2	0	−1
Total comprehensive income	39	64	19	23	46	76	−12	82	75	75	95	55	36	53	2	15	10	53	4	43
Net margin	7.3%	10.8%	3.9%	4.6%	8.9%	14.8%	−5.9%	15.8%	14.3%	11.3%	15.7%	8.5%	5.2%	6.5%	0.2%	1.6%	1.2%	6.0%	0.7%	5.9%
Earnings per share	₹15.67	₹25.40	₹6.98	₹8.32	₹16.35	₹27.43	−₹4.40	₹28.96	₹23.81	₹23.75	₹29.99	₹17.30	₹11.29	₹16.61	₹0.39	₹4.52	₹3.01	₹17.59	₹1.44	₹13.98
Diluted earnings per share	₹15.67	₹25.36	₹6.21	₹7.40	₹14.54	₹24.39	−₹4.40	₹25.96	₹23.81	₹23.75	₹29.99	₹17.30	₹11.29	₹16.10	₹0.39	₹4.52	₹3.01	₹17.59	₹1.44	₹13.98

Earnings per share in rupees, restated for later splits and bonuses.

Segment results by quarter

Standalone, ₹ crore, quarters to Sep 2023.

Pig iron
Revenue, ₹ crore
435
497
519
539
535
641
597
711
616
620
443
483
Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23
Profit, ₹ crore
96
114
134
62
27
26
3
1
3
2
−4
6
Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23
Ductile iron pipes
Revenue, ₹ crore
210
336
226
245
332
363
278
447
488
683
492
583
Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23
Profit, ₹ crore
16
13
5
23
28
20
3
23
19
73
21
65
Dec 20Mar 21Jun 21Sep 21Dec 21Mar 22Jun 22Sep 22Dec 22Mar 23Jun 23Sep 23

₹ crore	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Revenue of all businesses	645	833	745	784	867	1,005	875	1,159	1,104	1,303	935	1,067
Company revenue, as in its results	526	661	603	645	690	808	666	877	790	926	650	755
Revenue	435	497	519	539	535	641	597	711	616	620	443	483
Revenue growth	12.6%	28.3%	276.0%	35.4%	23.0%	29.1%	14.9%	32.1%	15.2%	−3.4%	−25.7%	−32.1%
Profit	96	114	134	62	27	26	3	1	3	2	−4	6
Profit growth	365.1%	134.4%	–	−0.2%	−72.4%	−77.0%	−98.0%	−97.7%	−89.9%	−90.9%	–	308.5%
Margin	22.1%	23.0%	25.7%	11.4%	5.0%	4.1%	0.5%	0.2%	0.4%	0.4%	−0.8%	1.2%
Assets	923	1,017	1,063	1,146	1,120	1,052	1,130	1,140	1,204	1,091	1,095	1,135
Liabilities	283	388	432	479	580	565	554	663	609	579	555	556
Capital employed	640	630	632	667	540	487	576	476	595	512	539	579
Revenue	210	336	226	245	332	363	278	447	488	683	492	583
Revenue growth	−19.5%	26.0%	86.8%	0.8%	57.8%	8.1%	23.1%	82.4%	47.0%	88.0%	77.1%	30.4%
Profit	16	13	5	23	28	20	3	23	19	73	21	65
Profit growth	−63.3%	−76.5%	707.5%	−29.1%	71.7%	47.0%	−36.8%	0.7%	−31.7%	271.0%	500.6%	179.6%
Margin	7.6%	4.0%	2.4%	9.4%	8.3%	5.4%	1.2%	5.2%	3.9%	10.6%	4.2%	11.2%
Assets	624	643	700	724	890	950	1,010	1,073	1,135	1,191	1,258	1,247
Liabilities	172	146	129	143	173	198	166	196	242	283	263	248
Capital employed	452	497	571	581	717	752	845	878	894	909	994	998

Profit is before tax and finance costs, the way companies report their segments.

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2017, the company's revenue for that year, ₹1,410 Cr, differs from its quarters added, ₹1,232 Cr. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2023

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue3,260
Materials and goods−2,207
Employee costs−164
Other expenses−692
Operating profit197
Depreciation−77
Other income+14
One-off items0.0
Finance costs−33
Profit before tax101
Tax−20
Net profit81

What the company owns

Plant, investments and other assets₹1,426 Cr
Inventory₹569 Cr
Receivables₹304 Cr
Cash and bank₹106 Cr
Current investments₹100 Cr

What pays for it: net worth and liabilities

Net worth₹1,579 Cr
Owed to suppliers₹531 Cr
Other liabilities₹396 Cr

Tata Metaliks business segments, year to Mar 2023

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.

Revenue by segment

₹4,440 CrTotal

Pig iron₹2,544 Cr57.3% of total
Ductile iron pipes₹1,896 Cr42.7% of total

Profit by segment

Pig iron₹9 Cr7.2% of total
Ductile iron pipes₹118 Cr92.8% of total

Segment results by year

Standalone, ₹ crore, years to March.

Pig iron
Revenue, ₹ crore
1,647
1,539
1,468
2,234
2,544
Mar 19Mar 20Mar 21Mar 22Mar 23
Profit, ₹ crore
127
54
263
248
9
Mar 19Mar 20Mar 21Mar 22Mar 23
Ductile iron pipes
Revenue, ₹ crore
1,142
1,062
910
1,166
1,896
Mar 19Mar 20Mar 21Mar 22Mar 23
Profit, ₹ crore
130
182
63
76
118
Mar 19Mar 20Mar 21Mar 22Mar 23

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Revenue of all businesses	2,789	2,602	2,378	3,400	4,440
Company revenue, as in its results	2,155	2,051	1,917	2,746	3,260
Revenue	1,647	1,539	1,468	2,234	2,544
Revenue growth	–	−6.5%	−4.7%	52.2%	13.9%
Profit	127	54	263	248	9
Profit growth	–	−57.8%	390.6%	−5.5%	−96.3%
Margin	7.7%	3.5%	17.9%	11.1%	0.4%
Return on capital	37.2%	10.5%	41.7%	51.0%	1.8%
Assets	773	955	1,017	1,052	1,091
Liabilities	432	445	388	565	579
Capital employed	341	510	630	487	512
Revenue	1,142	1,062	910	1,166	1,896
Revenue growth	–	−7.0%	−14.3%	28.1%	62.6%
Profit	130	182	63	76	118
Profit growth	–	40.4%	−65.6%	20.8%	56.1%
Margin	11.3%	17.1%	6.9%	6.5%	6.2%
Return on capital	30.9%	38.1%	12.6%	10.1%	13.0%
Assets	556	593	643	950	1,191
Liabilities	137	116	146	198	283
Capital employed	419	477	497	752	909

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Sep 2023, the latest four quarters added.

₹ crore	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023Twelve monthsFiled 18 Oct
Revenue from operations	1,150	1,099	929	1,410	1,894	2,155	2,051	1,917	2,746	3,260	3,121
	–	947	818	1,186	1,617	1,848	1,766	1,527	2,368	3,062	2,864
Materials and goods bought	860	734	608	653	1,088	1,333	1,204	968	1,706	2,207	1,948
Employee costs	–	36	40	–	–	112	125	128	146	164	178
Other expenses	–	178	170	–	–	403	437	431	516	692	738
Operating profit before depreciation	–	152	111	224	277	307	285	389	378	197	257
Operating margin	–	13.8%	11.9%	15.9%	14.6%	14.3%	13.9%	20.3%	13.8%	6.0%	8.2%
Materials, % of revenue	–	66.8%	65.5%	–	–	61.8%	58.7%	50.5%	62.1%	67.7%	62.4%
Employee costs, % of revenue	–	3.2%	4.3%	–	–	5.2%	6.1%	6.7%	5.3%	5.0%	5.7%
Other expenses, % of revenue	–	16.2%	18.3%	–	–	18.7%	21.3%	22.5%	18.8%	21.2%	23.6%
Depreciation and amortisation	–	13	14	36	49	58	65	67	62	77	84
Operating profit after depreciation	–	139	97	188	228	250	220	322	316	120	173
Other income	1	1	1	1	20	7	16	8	17	14	13
Finance costs	26	32	33	38	47	43	33	24	25	33	40
Profit before one-off items and tax	53	109	65	152	201	213	202	307	308	101	147
One-off items	−21	−2	–	–	–	0	0	0	31	0	0
Profit before tax	32	107	65	152	201	213	202	307	339	101	147
	−7	23	14	36	41	30	35	86	101	20	33
Current tax	–	–	–	–	44	47	36	93	77	18	26
Deferred tax	–	–	–	–	−3	−17	0	−7	25	2	7
Profit from discontinued businesses	–	–	–	–	–	−1	−1	−1	−1	–	–
Net profit	39	84	51	116	159	182	166	220	237	81	114
Other comprehensive income	–	–	–	–	–	0	−2	0	0	−1	−3
Total comprehensive income	–	–	–	–	–	182	164	220	238	79	111
Net margin	3.4%	7.6%	5.4%	8.2%	8.4%	8.4%	8.1%	11.5%	8.6%	2.5%	3.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2014: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Earlier years, Mar 2008 to Mar 2013

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013
Revenue from operations	1,033	1,024	1,056	1,313	1,133	866
	917	1,144	966	1,246	–	864
Materials and goods bought	777	1,026	840	1,113	1,037	700
Employee costs	24	20	24	27	–	33
Other expenses	117	99	102	106	–	131
Operating profit before depreciation	116	−120	90	66	–	2
Operating margin	11.2%	−11.7%	8.5%	5.1%	–	0.3%
Materials, % of revenue	75.2%	100.2%	79.6%	84.8%	–	80.8%
Employee costs, % of revenue	2.3%	2.0%	2.3%	2.0%	–	3.9%
Other expenses, % of revenue	11.3%	9.6%	9.7%	8.1%	–	15.1%
Depreciation and amortisation	16	16	16	17	–	16
Operating profit after depreciation	101	−136	73	50	–	−14
Other income	25	1	13	8	29	34
Finance costs	19	30	36	29	26	19
Profit before one-off items and tax	–	−165	51	29	−125	1
One-off items	–	–	–	–	–	−56
Profit before tax	106	−165	51	29	−125	−55
Tax	37	−17	5	6	−35	–
Net profit	70	−149	46	23	−91	−55
Net margin	6.7%	−14.5%	4.3%	1.7%	−8.0%	−6.3%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March. The last column is the half year to Sep 2023, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023Half yearFiled 18 Oct
	767	919	1,300	1,525	1,579	1,611
Share capital	28	28	32	32	32	32
Reserves	739	891	1,268	1,494	1,548	1,580
	39	211	10	0	0	0
Repayable after a year	38	0	0	0	0	0
Repayable within a year	1	211	10	0	0	0
	563	671	385	609	714	659
Trade payables	481	390	270	447	531	0
Other financial liabilities	14	31	8	52	12	13
Other liabilities	59	29	82	90	148	620
Provisions	5	8	11	15	19	22
Tax owed	2	1	4	4	4	4
	53	104	176	215	212	217
Other financial liabilities	–	86	142	160	134	129
Provisions	15	18	23	0	21	24
Deferred tax	–	–	12	55	57	65
Total assets	1,382	1,695	1,862	2,349	2,506	2,487
	701	845	966	1,267	1,381	1,473
Plant in use, after depreciation	630	575	622	842	1,029	–
Plant being built	31	98	134	233	164	–
Intangible assets	0	3	2	163	154	147
Property held to earn rent	–	–	0	0	0	0
Investments	0	0	0	0	0	0
Other financial assets	11	1	8	30	0	0
Deferred tax	20	20	0	–	17	25
Other assets	9	149	200	–	18	11
	681	849	896	1,082	1,125	1,014
Inventories	315	385	409	477	569	579
Trade receivables	278	280	247	211	304	304
Cash and cash equivalents	28	108	40	74	102	75
Other bank balances	1	2	2	53	4	4
Current investments	0	10	0	60	100	0
Loans given	0	0	150	150	0	0
Other financial assets	37	32	24	56	11	21
Other assets	23	32	24	0	35	31
Net debt	10	92	−32	−187	−207	−79

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March. The last column is the half year to Sep 2023, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Sep 2023Half year
	281	470	92	19
	334	380	217	135
	−62	0	0	0
Receivables	28	0	0	0
Inventories	−11	0	0	0
Payables	−118	0	0	0
Other working capital	39	0	0	0
Tax paid	−53	−59	−25	−20
Capital spending	144	325	165	105
Free cash flow	137	146	−73	−86
	−279	−381	5	−3
Plant and property sold	0	44	0	0
Interest received	5	10	8	0
Dividends received	1	1	1	0
	−70	−56	−68	−43
Borrowings raised	419	66	140	45
Borrowings repaid	−620	−76	−143	−45
Interest paid	−24	−25	−33	−21
Lease payments	0	−9	−9	−6
Dividends paid	7	13	24	16
Shares bought back	0	0	0	0
Shares issued	168	0	0	0
Net change in cash	−68	33	28	−27

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings per share	₹45.89	₹62.95	₹71.84	₹59.09	₹73.55	₹75.58	₹25.51
Diluted earnings per share	₹45.89	₹62.95	₹71.73	₹52.52	₹69.59	₹75.58	₹25.51
Book value per share	–	–	₹273.08	₹327.31	₹411.67	₹482.99	₹500.19
Shareholder yield	–	–	–	–	−6.3%	0.5%	1.0%
Market cap at the year end (₹ crore)	–	–	1,643	932	2,577	2,436	2,368

Ratios

Standalone, years to March.

Ratio	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Revenue growth	32.7%	−4.5%	−15.5%	–	–	–	−4.8%	−6.5%	43.2%	18.7%
Operating profit growth	–	–	−27.2%	–	23.7%	10.8%	−7.4%	36.8%	−2.9%	−47.9%
Net profit growth	–	116.7%	−39.5%	–	37.2%	14.3%	−8.8%	32.4%	8.0%	−66.1%
Earnings per share growth	–	–	–	–	37.2%	14.1%	−17.7%	24.5%	2.8%	−66.2%
	–	–	–	–	–	23.7%	19.7%	19.8%	16.8%	5.2%
	–	–	–	–	–	–	−4.0 pts	0.1 pts	−3.0 pts	−11.6 pts
From the net margin	–	–	–	–	–	–	−1.0 pts	8.2 pts	−4.9 pts	−12.0 pts
From asset turnover	–	–	–	–	–	–	−3.3 pts	−5.3 pts	3.1 pts	0.1 pts
From borrowing	–	–	–	–	–	–	0.2 pts	−2.7 pts	−1.3 pts	0.2 pts
Return on capital employed	–	–	–	–	–	31.0%	19.4%	24.6%	20.7%	7.6%
Cash conversion	–	–	–	–	–	–	–	127.9%	198.1%	114.2%
Interest cover	–	4.3	2.9	5.0	4.8	5.8	6.6	13.6	12.9	3.7
Debt to equity	–	–	–	–	–	0.05	0.23	0.01	0.00	0.00
Receivable days	–	–	–	–	–	47	50	47	28	34
Inventory days	–	–	–	–	–	86	117	154	102	94
Payable days	–	–	–	–	–	132	118	102	96	88
Cash conversion cycle, days	–	–	–	–	–	2	48	99	34	40
Working capital days	–	–	–	–	–	15	48	91	38	23
Asset turnover	–	–	–	–	–	1.56	1.33	1.08	1.30	1.34
Assets per rupee of net worth	–	–	–	–	–	1.80	1.82	1.60	1.49	1.56
Sales per rupee of plant	–	–	–	–	–	3.42	3.57	3.08	3.26	3.17
Capital spending to depreciation	–	–	–	–	–	–	–	2.14	5.26	2.13
Plant being built, % of plant in use	–	–	–	–	–	5.0%	17.1%	21.5%	27.7%	15.9%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2014, Mar 2015, Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2023.

Return on assets, latest year: 3.3%
Cash from operations against operating profit: 46.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	–	16.7%
Profit growth, yearly rate	–	−12.7%	−21.4%
Return on equity, average	–	17.0%	13.9%
Return on capital employed, average	–	20.7%	17.6%
Operating margin, average	13.8%	13.7%	13.4%
Net margin, average	7.2%	7.8%	7.5%
Asset turnover, average	–	1.32	1.24
Cash conversion cycle, days, average	–	45	58
Interest cover, average	6.6	8.5	10.1
Debt to equity, average	–	0.06	0.00

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2023.

₹ crore	3 years	Latest year
Cash from operations	844	92
Cash from investing	−655	5
Cash from financing	−194	−68
Capital spending	633	165
Dividends paid	44	24
Shares bought back	0	0
Shares issued for cash	168	0
Borrowings raised	625	140
Borrowings repaid	838	143

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	–	–	6	5	4
Altman Z-scorePublished threshold 1.81	–	–	–	–	–	4.80	3.25	5.65	4.59	4.07
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	–	–	−2.58	−2.77	−2.19
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	–	–	12.22	7.02	−0.66
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	–	–	1.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	–	–	5.73	−5.35	−57.80	25.43
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	32.05	25.58	−59.44	−10.20
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	–	–	0.20	−0.82	0.29	−0.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	–	–	9.56	1.16	0.83	0.62
Effective tax ratePublished threshold 17.16 per cent	−20.81	21.70	–	23.48	20.47	14.17	17.52	28.05	29.84	20.01
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	–	–	12.55	−5.23

A threshold marked as ours has no published figure; it is the line we read the check against.

Where the return came from

Yearly rates to Mar 2023, per-share figures restated for splits and bonuses.

Over	Return a year	Earnings growth	Change in P/E	Dividend yield
1 year	−2.8%	−66.2%	+188.0%	0.0%
3 years	+31.2%	−24.4%	+73.7%	0.0%
5 years	+0.2%	−16.5%	+20.0%	0.0%

Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2022.

Who owns Tata Metaliks, filing by filing

Per cent of the company's shares. Every filing on record, from Sep 2021; the latest is the filing for Dec 2023.

Dec 2023 filing

Promoters60.03%
Foreign institutions3.83%
Indian institutions6.37%
Governments0.79%
Individuals and others28.97%

Shareholding pattern, per cent, from Sep 2022

Promoters
Foreign institutions
Indian institutions
Governments
Individuals and others

Per cent	Sep 2021	Dec 2021	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%
Indian promoters	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%	60.03%
	39.97%	39.97%	39.97%	39.97%	39.97%	39.97%	39.97%	39.97%	39.97%
	–	–	–	1.49%	1.45%	4.19%	3.53%	3.44%	3.83%
Foreign portfolio investors, category II	–	–	–	1.49%	1.45%	4.19%	3.53%	3.44%	3.83%
	–	–	–	8.81%	8.64%	6.81%	6.73%	6.75%	6.37%
Mutual funds	10.35%	10.51%	8.96%	8.81%	8.63%	6.75%	6.66%	6.61%	6.37%
Insurance companies	0.13%	0.00%	0.00%	0.00%	0.00%	0.06%	0.06%	0.14%	0.00%
Banks	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Non-bank lenders registered with RBI	–	–	–	Under 0.01%	Under 0.01%	0.00%	0.00%	0.00%	0.00%
	–	–	–	0.79%	0.79%	0.79%	0.79%	0.79%	0.79%
State governments	–	–	–	0.79%	0.79%	0.79%	0.79%	0.79%	0.79%
	–	–	–	28.87%	29.09%	28.18%	28.92%	28.99%	28.97%
Resident individuals, up to ₹2 lakh at face value	–	–	–	26.13%	25.27%	23.82%	23.44%	22.68%	21.34%
Resident individuals, over ₹2 lakh at face value	–	–	–	0.66%	0.66%	0.70%	0.53%	0.69%	0.52%
Companies	–	–	–	1.16%	2.27%	2.86%	4.07%	3.59%	4.97%
Non-resident Indians	–	–	–	0.80%	0.83%	0.80%	0.89%	1.18%	1.31%
Investor education fund	–	–	–	0.00%	0.00%	0.00%	0.00%	0.84%	0.84%
	–	–	–	0.11%	0.05%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Clearing Members	–	–	–	0.11%	0.05%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Trusts	–	–	–	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%	Under 0.01%
Shares in issue	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500	3,15,77,500
Shares locked in	62,89,500	62,89,500	62,89,500	0	0	0	0	0	0
Promoters' shares locked in	62,89,500	62,89,500	62,89,500	0	0	0	0	0	0

Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.

Number of Tata Metaliks shareholders

Shareholders on the company's register in each filing.

Shareholders, filing by filing

Shareholders	Sep 2021	Dec 2021	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
All shareholders	1,01,938	1,10,043	1,19,934	1,22,855	1,17,028	1,09,374	1,06,062	1,19,751	1,12,035
	1	1	1	1	1	1	1	1	1
Indian promoters	1	1	1	1	1	1	1	1	1
	1,01,937	1,10,042	1,19,933	1,22,854	1,17,027	1,09,373	1,06,061	1,19,750	1,12,034
	–	–	–	27	27	33	32	36	31
Foreign portfolio investors, category II	–	–	–	27	27	33	32	36	31
	–	–	–	23	21	17	13	16	15
Mutual funds	32	27	21	19	17	14	10	11	12
Insurance companies	1	0	0	0	0	1	1	2	0
Banks	–	–	–	2	2	2	2	3	3
Non-bank lenders registered with RBI	–	–	–	2	2	0	0	0	0
	–	–	–	1	1	1	1	1	1
State governments	–	–	–	1	1	1	1	1	1
	–	–	–	1,22,803	1,16,978	1,09,322	1,06,015	1,19,697	1,11,987
Resident individuals, up to ₹2 lakh at face value	–	–	–	1,20,663	1,14,895	1,07,333	1,04,108	1,17,386	1,09,729
Resident individuals, over ₹2 lakh at face value	–	–	–	7	7	7	5	6	5
Companies	–	–	–	416	386	395	373	379	373
Non-resident Indians	–	–	–	1,615	1,655	1,569	1,520	1,920	1,872
Investor education fund	–	–	–	0	0	0	0	1	1
	–	–	–	102	35	18	9	5	7
Clearing Members	–	–	–	100	33	17	8	4	6
Trusts	–	–	–	2	2	1	1	1	1

Tata Metaliks promoters

Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Dec 2023; the largest is Tata Steel Limited, 60.03%.

Holder
Tata Steel LimitedIndian companies, trusts and others	60.03%	1,89,57,090	0.00%

Pledged is the share of the holder's own shares pledged to a lender.

Largest public holders of Tata Metaliks, filing by filing

Per cent, on the same shares as the split above.

Holder	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Global Capital Market LimitedCompanies	–	–	–	1.73%
Globe Capital Market LimitedCompanies	–	1.81%	–	–
MORGAN STANLEY ASIAForeign portfolio investors, category II	–	1.07%	–	–
Morgan StanleyForeign portfolio investors, category II	1.11%	–	–	–
ALPHA ALTERNATIVEForeign portfolio investors, category II	1.08%	–	–	–

A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.

Who moved in the Dec 2023 filing

Against the Sep 2023 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.

Individuals and others: Global Capital Market Limited newly named at 1.73%

Tata Metaliks share price by year

Each calendar year to 2024.

Year	Close at year end	Change	Highest close	Lowest close
2024	1,110.55	+3.4%	1,110.55	1,020.50
2023	1,074.10	+34.3%	1,074.10	728.85
2022	799.75	−4.7%	923.10	635.05
2021	838.80	+37.9%	1,334.75	616.90
2020	608.45	−0.7%	668.40	319.90
2019	612.45	−1.3%	678.25	500.55
2018	620.25	−29.8%	946.20	555.70
2017	884.15	+172.3%	884.15	330.90
2016	324.75	+220.3%	481.20	79.55
2015	101.40	−30.3%	149.65	91.65

₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. The 2024 close is its last trade, on 5 Feb 2024.

Recent sessions

The 10 trading days to 5 Feb 2024, as traded on BSE.

Date	Open	High	Low	Close	Average price	Volume
5 Feb 2024	1,111.00	1,128.80	1,096.00	1,110.55	1,114.06	2,57,937
2 Feb 2024	1,059.00	1,099.80	1,058.70	1,090.50	1,085.35	2,14,969
1 Feb 2024	1,080.00	1,080.00	1,056.00	1,059.00	1,065.35	81,818
31 Jan 2024	1,068.40	1,074.30	1,054.05	1,066.35	1,066.55	48,210
30 Jan 2024	1,068.00	1,083.90	1,056.00	1,060.40	1,071.41	80,185
29 Jan 2024	1,069.00	1,069.00	1,050.55	1,061.45	1,059.10	90,591
25 Jan 2024	1,067.70	1,073.95	1,036.10	1,047.55	1,052.70	1,01,678
24 Jan 2024	1,024.95	1,063.50	1,017.80	1,059.75	1,045.39	96,189
23 Jan 2024	1,053.70	1,058.95	1,014.00	1,020.50	1,037.73	66,480
20 Jan 2024	1,058.00	1,058.00	1,040.85	1,053.75	1,052.75	47,337

Prices in ₹ per share as traded, not adjusted.

Company details

BSE code: 513434
ISIN: INE056C01010
Industry: Ferrous Metals
Former symbols: TATAMETALI
Website: www.tatametaliks.com
CIN: L27310WB1990PLC050000; Corporate identity number, the registrar of companies' code for it
Incorporated: 1990
Registered office: 43, Tata Centre, 10th Floor, J L Nehru Road, Kolkata 700071, West Bengal
Share registrar: R&D Infotech Pvt. Ltd; Keeps the register of shareholders and handles transfers and dividend payments