Not a recommendation
*Shyam Metalics* (Fast-growing, well-run steel player, BUY, TP Rs514): Shyam Metalics & Energy (SMEL), a diversified player in the steel supply chain, is poised to benefit over the next few years, from capacity growing 1.5-2x of FY21 levels. Strong focus on cost is backed by plants in eastern India, well-sorted logistics and dependence on low-cost captive power for ~80% of its needs. Hence, while SMEL is exposed to commodities for inputs and end products, it has posted healthy margins, which should endure going ahead. Net-cash balance sheet and healthy return-ratios highlight the conservativeness, which is key to a cyclical business. We initiate coverage on SMEL with BUY & TP of Rs514.