Shyam Metalics and Energy’s (SMEL) Q4FY23 performance was slightly lower than estimates. Key points: 1) EBITDA rebounded 86% QoQ to Rs4.1bn; 2) revenue contribution from finished steel products surged to an all-time high level of 53.5%; 3) pellet and sponge iron volume rose QoQ as capacities commissioned in Dec’22 ramped up.