Sai Swami Metals

Sai Swami Metals and Alloys Ltd Management Discussions

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₹35.99

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Sep 11, 2025|12:00:00 AM

Sai Swami Metals and Alloys Ltd Share Price Management Discussions

GLOBAL ECONOMY

During FY 2024-25, the global economy continued its gradual recovery, though the pace remained moderated by persistent geopolitical uncertainties, elevated interest rates, and supply chain realignments across regions. Inflationary pressures, which had been a defining feature of the post-pandemic recovery, have started to ease, aided by sustained monetary tightening by major central banks and a stabilization of energy and commodity prices. Advanced economies are witnessing slower but steady growth as restrictive financial conditions continue to weigh on consumption and investment, whereas emerging and developing economies have displayed stronger resilience. According to the International Monetary Funds World Economic Outlook (April 2024), global growth is projected at 3.2% for 2024, unchanged from 2023. Emerging and developing economies are expected to grow at 4.2% in 2024, up from 3.9% in 2023. Headline inflation is projected to decline from 6.8% in 2023 to 5.2% in 2024, with further moderation anticipated in 2025, driven largely by softer food and energy prices and easing supply bottlenecks. Nonetheless, core inflation remains elevated in several economies, compelling central banksto maintain a cautious stance to avoid premature policy easing. Chinas post-zero-COVID reopening offered a temporary boost to global demand, though its recovery remains uneven amid challenges in the real estate sector and subdued consumer confidence. Meanwhile, the U.S. and European Union continue to juggle inflation managementwith growth preservation, making their monetary and fiscal policy choices pivotal for global markets. While risks persist ranging from geopolitical conflicts and high debt burdens in developing economies to climate-related disruptions the global economy is gradually moving towards a more balanced and stable growth trajectory. (Source: IMF World Economic Outlook, April 2024; Euromonitor International - Global Economic Outlook Q1 2024)

INDIAN ECONOMY

^{India remains firmly positioned as one of the fastest-growing major economies
worldwide. Having risen from the 10th largest economy a decade ago to the 5th
largest today (in terms of nominal GP), India continuesto gain global prominence.
According to the Economic Survey 2023-24 and the Second Advance Estimates of National
Income, Indias real GDP growth for FY 2023-24 is pegged at 7.3%, reflecting the countrys
strong recovery momentum. For FY 2024-25, global agencies forecast growth in the 6.5%7.0%
range, reinforcing Indias role as a driver of global expansion.

Key contributors to Indias resilience in FY 2023-24 included:

o Substantial public infrastructure spending across transport, logistics, and housing.
e Improved private sector balance sheets leading to renewed CAPEX.

? Sustained urban consumption supported by higher employment and consumer confidence. e
Robust credit growth and buoyant tax collections.

? Moderation in retail inflation, which largely remained within the RBIs tolerance
band. Looking ahead to FY 2024-25, Indias growth outlook remains supported by:

? Continued government thrust on infrastructure and last-mile connectivity. e Revival
in rural demand, aided by normal monsoon forecasts and farm sector support.

? Astabilizing inflation and interest rate environment. e Expansion in services and
manufacturing, both domestically and through export opportunities.

With manageable fiscal deficit, stable foreign exchange reserves, and the RBIs
proactive policy framework, India is well positioned to weather global uncertainties while
maintaining a robust growth trajectory. (Source: Economic Survey 2023-24, Ministry of
Finance; NSO; IMF; World Bank; RBI)

BUSINESS OVERVIEW

Sai Swami Metals and Alloys Limited was originally incorporated on September 23, 2022
as a private limited company under the Companies Act, 2013, to acquire the running
business of sole proprietorship Steel kraft Industries. It was subsequently converted into
a public limited company on August 10, 2023, and received a fresh Certificate of
Incorporation from the Registrar of Companies, Ahmedabad. Together with its subsidiaries
Bhagat Marketing Private Limited and Dhruvish Metals LLP the Company is engaged in trading
and marketing a wide range of stainless-steel products, catering to diverse customer
needs. Our portfolio includes Dinner Sets, S.S. Casseroles, Multi Kadais, Water Bottles,
Stainless Steel Sheets, Circles, Utensils, as well as trading in raw materials such as
S.5. Patta,

Coils, Scrap, Pipes, M.S. Rounds, and M.S. Beams.

The Company markets its stainless-steel kitchenware under the brand
“DOLPHIN.” Through an outsourcing arrangement, subsidiary Dhruvish Metals LLP
undertakes the manufacturing and packaging of kitchenware, which is then marketed and
distributed by the Company. This integrated approach ensures consistency, efficiency, and
superior quality in product offerings. The Companys foundation is led by Mr. Nipun
Anantlal Bhagat and Ms. Kashmira Dhirajlal Mehta, who collectively bring over 30 years of
experience in the metals and stainless-steel sector. Their expertise, combined with a
skilled management team, has strengthened the brands positioning across Gujarat and
beyond. Financial and Operation Highlights: The Gross Revenue from operations is Rs.
3768.93 lakhs for the financial year 2024-25 as compared to Rs. 1631.69 lakh for the
financial year 2023-24. (on Standalone Basis) Financial and Operation Highlights: The
Gross Revenue from operations is Rs. 6515.6172 lakhs for the financial year 2024-25 as
compared to Rs. 4073.08 lakh for the financial year 202-24. (on Consolidated Basis)

KEY FINANCIAL RATIOS (Standalone basis):

Ratios

M sr.
Ratios .
Asat Numerator Denominator . March 2
Asat March Variance .
Explanation for any change in the . ratio by more than 25% as compared
to the preceding year "

?

205
312024

1

) Current Ratio
current Assets

Current liabilities

793
1.98

3011

The Risein current ratio can be attributed to heightened inventory
& receivables, Coupled \yith a reductionin Short term borrowing & Other Current
Liabilities

2

Debt?quity Ratio et sorvice
Total Debt ommines

shareholders 7 d

015
1.02

-086

The Down in Debt-Equity Ratio can be attributed to
heightened Shareholders equity , Coupled with areductionin Total Debt.

3

Coverage Ratio)
debt service iy

Debt service

9.75
047

19.74

This Ratio is increased due to repayment nent of debt and increase
in operating income

4

Retur on Equity Ratio! a
Net her s profit tess preference dividend e (if am)
V:

Average shareholders " equity

014
0.41

066

This Ratio shows that increse in Profitability L of the company and
Effectiveness of generating profit compare mf with shareholder equities . Because
1st year of ) Company, and production Start in F.y.23 -24 i.e. Current Year.

5

\mventory turnover entory ratio
O O goods sold or sales

average ?Ver28 inventory

415
2.50

0.66

Because Lst year of Company, and production Startin F.y. 23-24 i.e.
Current Year.

6

Trade Receivables ! turnover ratio
Net credit sales

Average trade receivables

427
091

3.69

This Ratio! is Decreased ? due to Decrese in Trade Receivables .

7

Trade payables turnover ratio
Net credit purchases

Average g payables

3247
0.45

71.16

This Ratio is Decreased due to Decrese in Trade payables .

8

) Net ) capital turnover ratio
Net sales

Average working ? capital

213
618

-066

Because 1styear of Company, and production duction Startin Startin
F.y. Fy. 23-24 1ie . Current Year.

9

Netprofit ratio
Nt Profit ea e: 1

Net sales

0.06
006

-003

Because Lst year of Company, and production Startin F.y. 23-24 i.e.
Current Year.

10

Return on Capital . employed
Earning before interest and taxes

Capital employed

0.. 18
0.. 31

0.043

Because Lst year of Company, and production Startin F.y. 23-24 i.e.
Current urrent Year. Year.

4

Rewrn on investment
income from N investments

Cost of investment

ooo
020

100

Because Lst year of Company, and ProductionStrtinFy.23-24 . Current
Year.

sd/-

Sd/-

NIPUN ANANTLAL BHAGAT
KASHMIRA DHIRAJBHAI MEHTA

Date: 28.08.2025
Chairman cum
Whole-time
Director

Place: Ahmedabad
^{Managing Director DIN: 00065495}
DIN:
00522086}

Sai Swami Metals and Alloys Ltd Management Discussions

Sai Swami Metals and Alloys Ltd Share Price Management Discussions

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

		Ratios
M sr.	Ratios .	Asat Numerator Denominator . March 2	Asat March Variance .	Explanation for any change in the . ratio by more than 25% as compared to the preceding year "
?		205	312024

	sd/-		Sd/-
	NIPUN ANANTLAL BHAGAT	KASHMIRA DHIRAJBHAI MEHTA
Date: 28.08.2025	Chairman cum	Whole-time	Director
Place: Ahmedabad	^{Managing Director DIN: 00065495}	DIN:	00522086