Shyam Metalics (SMEL) reported robust performance in Q1FY24. Key points: 1) QoQ drop in realisation was partially offset by lower thermal coal prices; 2) rolled products volume was up 36% YoY at 312.8kte; 3) EBITDA margin at 12.2% was at a similar level as Q4FY23; 4) company has announced its new capex plan envisaging INR39.2bn to further increase presence in downstream products.