NSE: NRL
NUPUR RECYCLERS LIMITED
Recycles and trades metals, selling across domestic and overseas markets, with FY26 revenue of Rs. 215.94 crore and a reported EBITDA margin of 12.85%. The business is split between a Domestic segment, which made up 75.5% of FY24 segment revenue, and an Overseas segment at 24.5%. Its biggest cost is raw materials at 50.6% of revenue, with smaller spends on employees (3.4%), other opex (4.0%), depreciation (1.7%) and capex (8.1%). The company is expanding beyond trading into processing and manufacturing: it acquired a 51% stake in Tycod Autotech for approximately Rs. 2,400 lakhs, which supplies auto components to Tata Motors and other OEMs; its subsidiary Nupur Extrusion began full commercial operations at a Haryana facility in January 2026 serving solar and OEM customers; and it has purchased 4.5 acres at Sampla, Haryana for a new zinc ingots plant targeted for FY27. The board has also proposed widening the objects clause into battery recycling, lithium, rare earths and critical minerals. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (76%), Overseas (25%). Cyclical metals recycling and trading business expanding into processing, auto components and solar extrusion
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 187 | 240 | 158 | 216 |
| EBITDA (ex other income) | 13 | 7 | 16 | 17 |
| margin % | 6.8 | 2.9 | 9.9 | 7.9 |
| Owners' profit | 12 | 7 | 14 | 14 |
| EPS, as reported (₹) | 2.67 | 1.05 | 2.11 | 2.06 |
| ROE % · ROCE % | 18.5 · 23.4 | 9.4 · 12.8 | 12.9 · 17.7 | 11.2 · 13.9 |
| Debt / equity (x) | 0.00 | 0.15 | 0.10 | 0.23 |
| Cash from operations | (17) | (11) | (19) | 18 |
| Capex | (0) | (1) | (4) | (17) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51 | 34 | 37 | 51 | 49 | 59 | 57 | 79 |
| Profit before tax | 7 | 5 | 3 | 5 | 5 | 7 | 4 | 10 |
| Net profit | 5 | 3 | 2 | 4 | 4 | 5 | 3 | 7 |
| EPS (₹) | 1.38 | 0.46 | 0.30 | 0.52 | 0.56 | 0.58 | 0.40 | 0.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SG MART LIMITED | 10,105 | 81.3 | 6.33 | 47.7 | 7.0 | 8.7 | — | 5.2 |
| LLOYDS ENTERPRISES LTD | 9,442 | 30.8 | 1.74 | 18.2 | 7.7 | 7.5 | 365.3 | 23.2 |
| NUPUR RECYCLERS LIMITED ◆ | 1,091 | 63.7 | 7.42 | 40.3 | 11.2 | 12.4 | — | 16.2 |
| BMW VENTURES LIMITED | 550 | 12.9 | 1.24 | — | 8.5 | 11.1 | — | 3.6 |
| EMERGENT INDUSTRIAL SOLUTIONS | 218 | 171.3 | 7.51 | 63.9 | 4.4 | 5.8 | (3.4) | 1.8 |
| La Tim Metal & Industries Limi | 129 | 16.0 | 1.63 | 8.3 | 10.4 | 11.7 | (0.3) | 4.9 |
| BONLON INDUSTRIES LIMITED | 56 | 18.4 | 0.56 | 11.5 | 2.6 | 3.0 | 32.7 | 2.6 |
| RR METALMAKERS INDIA LIMITED | 39 | — | 6.13 | 41.4 | (4.9) | (5.7) | — | 4.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.7 | 30.8 | 7 of 9 | 25% |
| P/B | 7.4 | 1.7 | 9 of 10 | 11% |
| ROCE | 12.4 | 7.7 | 1 of 10 | 100% |
| ROE | 11.2 | 7.3 | 1 of 10 | 100% |
| Debt / Equity | 0.2 | 0.3 | 5 of 10 | 56% |
| EBITDA margin | 16.2 | 4.7 | 3 of 10 | 78% |
| Revenue growth | 55.6 | 20.0 | 3 of 10 | 78% |
| Profit growth | 82.6 | 61.8 | 5 of 10 | 56% |
| Market cap | 1091 | 173 | 3 of 10 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Nupur Recyclers files quarterly dematerialisation compliance certificate | compliance | minimal | — | — |
| 30 Sept 2026 · Independent Director Palakh Jain completes second tenure | management changes | medium | — | — |
| 30 Sept 2026 · AGM results: all 5 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 8th AGM held on Sep 29, 2026; five resolutions transacted | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · Nupur Recyclers to attend Arihant Bharat Connect Conference on 28 Sept | board shareholder meetings | low | — | — |
| 6 Sept 2026 · Nupur Recyclers - 8th AGM Notice Published in Newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 8th AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Nupur Recyclers: 8th AGM notice published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Nupur Recyclers appoints independent director and auditors | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.