Outcome of the Board Meeting held on Friday, 14 November 2025 and Submission of the Unaudited Financial Results and Limited Review Report on Financial Result for the half year ended on ....
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The Board of Directors of Siyaram Recycling Industries Ltd, listed on the BSE SME platform (Script Code: 544047), approved unaudited standalone financial results for the half year ended 30 September 2025 at a meeting held on 14 November 2025 in Jamnagar. Revenue from operations stood at approximately Rs. 274.86 crore (Rs. 27,485.72 lakh), with the company posting a profit after tax reflected in an EPS of Rs. 7.47 for H1 FY26 compared to Rs. 6.69 in H1 FY25, indicating healthy YoY growth. The Limited Review Report issued by Kamlesh Rathod & Associates, Chartered Accountants, is unmodified (clean) with no qualifications. However, net cash flow from operating activities was significantly negative at around Rs. (81.40) crore for H1 FY26, compared to Rs. (43.21) crore for full FY25, signalling a worsening cash conversion position. The company operates in a single segment - manufacturing of brass-based plumbing and sanitary components.
Strong revenue and PAT growth is positive for shareholders, but the sharply negative operating cash flow (worsening from the prior year) is a red flag suggesting potential stress in working capital management or receivables collection. Investors should monitor whether this is a temporary expansion-related dip or a structural cash conversion problem.