Recycles brass scrap into products such as Brass Scrap Honey, Brass Scrap Turning, Brass Billets, and brass-CPVC fittings (male and female inserts, aqua thread toppers), supplying industrial buyers both in India and overseas. For the period ending 31 March 2024, the company reported segment revenue of Rs 364.6725 crore from domestic operations (88.0% share) and Rs 49.5021 crore from exports (12.0% share). FY26 total revenue stood at Rs 361.691 crore with net profit of Rs 3.792 crore and an EBITDA margin of 4.9851%. The cost structure is dominated by materials at 94.5% of revenue, with employee costs at 0.7%, other operating expenses at 3.5%, and depreciation at 0.4%. Customers are domestic metal traders (Metal Scrap India, Saanvi Metal Craft, Bhavya Impex, Micronova Industries, H K Impex) and industrial buyers (The Supreme Industries Limited for CPVC fittings), plus one disclosed export buyer (Green Metals FZCO). Orders disclosed in mid-2026 were typically on fixed-cost terms with execution windows of 5-15 days. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (88%), Export (12%). Asset-light brass scrap recycling and brass-product trading with thin margins
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 413 | 512 | 362 |
| EBITDA (ex other income) | 17 | 27 | 17 |
| margin % | 4.1 | 5.3 | 4.7 |
| Owners' profit | 8 | 15 | 4 |
| EPS, as reported (₹) | 4.00 | 6.69 | 1.74 |
| ROE % · ROCE % | 9.8 · 21.3 | 11.5 · 20.9 | 2.9 · 11.2 |
| Debt / equity (x) | 0.77 | 0.60 | 0.88 |
| Cash from operations | (4) | (43) | (28) |
| Capex | (1) | (3) | 0 |
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 198 | 246 | 266 | 212 | 150 |
| Profit before tax | 4 | 10 | 10 | 5 | 1 |
| Net profit | 3 | 8 | 7 | — | 1 |
| EPS (₹) | 1.74 | 4.09 | 3.16 | 1.41 | 0.33 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| HBL ENGINEERING LTD | 19,890 | 21.5 | 8.99 | 17.0 | 36.8 | 45.3 | 29.4 | 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,268 | 27.0 | 2.17 | 12.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · 20th AGM notice published; meeting on 30 September 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 20th AGM on 30 Sept 2026; director re-appointments on agenda | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Siyaram Recycling files FY2025-26 annual report and sets AGM date | compliance | minimal | — | — |
| 1 Sept 2026 · Authorised capital raised from Rs 25 crore to Rs 45 crore via postal ballot | corporate actions | medium | — | — |
| 31 Aug 2026 · Postal Ballot: Shareholders approve increase in Authorised Share Capital | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Postal Ballot: Shareholders approve increase in Authorised Share Capital | corporate actions | medium | — | — |
| 31 Aug 2026 · Postal Ballot: Share Capital Hike Resolution Passed | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Postal ballot: shareholders approve hike in authorised share capital | corporate actions | medium | — | — |
| 26 Aug 2026 · Siyaram Recycling bags Rs 3.19 crore brass scrap order | business updates | medium | — | — |
| 26 Aug 2026 · Siyaram Recycling bags Rs 2.47 cr order from Sahjanand Impex | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| — |
| 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.9 | 17.3 | 2 of 29 | 96% |
| P/B | 0.6 | 2.5 | 2 of 24 | 96% |
| ROCE | 4.0 | 12.3 | 26 of 31 | 17% |
| ROE | 2.9 | 10.3 | 19 of 24 | 22% |
| Debt / Equity | 0.9 | 0.2 | 20 of 24 | 17% |
| EBITDA margin | 5.4 | 10.8 | 20 of 23 | 14% |
| Revenue growth | (24.3) | (5.5) | 18 of 23 | 23% |
| Profit growth | (78.2) | (5.0) | 18 of 23 | 23% |
| Market cap | 77 | 108 | 21 of 31 | 33% |
| 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 |
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.
