BSE: 544047
Siyaram Recycling Industries L
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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.8 | 18.4 | 3 of 27 | 92% |
| 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 | 75 | 102 | 20 of 31 | 37% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Siyaram Recycling wins Rs 17.28 crore brass billets order | business updates | high | — | — |
| 22 Oct 2026 · Board Meeting on 29 Oct 2026 to Consider H1 FY26 Results | results | low | — | — |
| 16 Oct 2026 · Siyaram Recycling bags Rs 40 million export order from Dubai | business updates | medium | — | — |
| 13 Oct 2026 · Siyaram Recycling bags Rs 4.06 cr export order from Dubai client | business updates | high | — | — |
| 10 Oct 2026 · Quarterly compliance certificate filed under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 10 Oct 2026 · Siyaram Recycling bags Rs 2.02 cr export order from Dubai for brass billets | business updates | medium | — | — |
| 30 Sept 2026 · Reappointment of Managing Director and Whole Time Director for 5 years | management changes | medium | — | — |
| 30 Sept 2026 · Siyaram Recycling AGM 2026: All 5 resolutions passed, directors re-appointed | compliance | minimal | — | — |
| 30 Sept 2026 · Proceedings of 20th AGM of Siyaram Recycling Industries | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Siyaram Recycling wins Excellence in Brass Recycling award | compliance | low | — | — |
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.