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Siyaram Recycling Industries Q2 FY27 results: net profit ₹2.64 crore, revenue up 8.6%
Siyaram Recycling Industries Ltd reported standalone revenue of ₹230.03 crore for Q2 FY27, up 8.6% from ₹211.85 crore in the year-ago quarter. EBITDA rose to ₹9.13 crore from ₹8.65 crore, but the margin eased to 4.0% from 4.1%, while profit before tax fell to ₹3.54 crore and basic EPS to ₹1.21 from ₹1.41.
Key points
- Revenue rose 8.6% to ₹230.03 crore in Q2 FY27 from ₹211.85 crore in Q2 FY26.
- EBITDA was ₹9.13 crore, up 5.5% from ₹8.65 crore, with the margin at 4.0% against 4.1%.
- Profit before tax fell 25.6% to ₹3.54 crore and basic EPS declined 14.2% to ₹1.21.
- Total expenses rose 9.2% to ₹226.76 crore, higher than the 8.6% rise in revenue.
- Borrowings rose to ₹127.4 crore from ₹114.23 crore as at 31 March 2026, while cash fell to ₹0.03 crore from ₹0.18 crore.
How did Siyaram Recycling Industries perform in Q2 FY27?
Siyaram Recycling Industries reported standalone revenue of ₹230.03 crore for Q2 FY27, the July–September 2026 quarter, against ₹211.85 crore in Q2 FY26, a rise of 8.6%. Total income was ₹230.3 crore, up 8.4% from ₹212.4 crore. The results were filed with the BSE on 29 October 2026 as unaudited standalone figures for the half year ended 30 September 2026.
EBITDA rose to ₹9.13 crore from ₹8.65 crore in the year-ago quarter, while the EBITDA margin was 4.0% against 4.1%. Profit before tax fell 25.6% to ₹3.54 crore from ₹4.76 crore, and basic EPS was ₹1.21 against ₹1.41 in Q2 FY26. No previous-quarter figures were provided for comparison, and the filings did not report consolidated results for the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | YoY |
|---|---|---|---|
| Revenue from operations | 230.03 | 211.85 | +8.6% |
| Other income | 0.28 | 0.55 | −49.1% |
| Total expenses | 226.76 | 207.64 | +9.2% |
| EBITDA | 9.13 | 8.65 | +5.5% |
| EBITDA margin | 4.0% | 4.1% | −0.1 pp |
| Profit before tax | 3.54 | 4.76 | −25.6% |
| Tax | 0.91 | 1.68 | −45.8% |
| Net profit | 2.64 | ||
| EPS (₹) | 1.21 | 1.41 | −14.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Siyaram Recycling Industries' costs and profit?
Total expenses rose 9.2% to ₹226.76 crore from ₹207.64 crore, outpacing the 8.6% increase in revenue. Cost of materials consumed fell 12.0% to ₹205.39 crore from ₹233.53 crore, while other expenses declined 30.8% to ₹4.36 crore from ₹6.30 crore. The filings do not state the reasons behind the changes in these cost lines.
Employee cost rose 31.1% to ₹1.73 crore from ₹1.32 crore, and finance costs increased 18.5% to ₹5.26 crore from ₹4.44 crore. Other income fell 49.1% to ₹0.28 crore from ₹0.55 crore. There was no exceptional item in either quarter, and tax expense was lower at ₹0.91 crore against ₹1.68 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 205.39 | 233.53 | −28.14 | −12.0% |
| Employee cost | 1.73 | 1.32 | +0.41 | +31.1% |
| Finance costs | 5.26 | 4.44 | +0.82 | +18.5% |
| Other expenses | 4.36 | 6.30 | −1.94 | −30.8% |
| Total expenses | 226.76 | 207.64 | +19.12 | +9.2% |
| Other income | 0.28 | 0.55 | −0.27 | −49.1% |
| Tax | 0.91 | 1.68 | −0.77 | −45.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, total assets stood at ₹332.73 crore against ₹273.89 crore at 31 March 2026, and total equity was ₹132.65 crore against ₹130.02 crore. Borrowings rose to ₹127.4 crore from ₹114.23 crore, while cash and cash equivalents fell to ₹0.03 crore from ₹0.18 crore. Inventories were ₹230.14 crore against ₹203.86 crore, trade receivables ₹79.56 crore against ₹54.58 crore, and trade payables ₹49.36 crore against ₹23.72 crore.
For H1 FY27, operating cash flow was negative ₹3.2 crore, compared with negative ₹27.97 crore in H1 FY26. Investing cash flow was ₹0.02 crore against negative ₹0.14 crore, and financing cash flow was ₹3.07 crore against ₹28.26 crore. Capital expenditure was ₹0.04 crore, compared with ₹1.89 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 332.73 | 273.89 |
| Total equity | 132.65 | 130.02 |
| Borrowings | 127.40 | 114.23 |
| Cash and equivalents | 0.03 | 0.18 |
| Inventories | 230.14 | 203.86 |
| Trade receivables | 79.56 | 54.58 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −3.20 | −27.97 |
| Cash from investing | 0.02 | −0.14 |
| Cash from financing | 3.07 | 28.26 |
| Capital expenditure | 0.04 | 1.89 |
Source: Company's results filing (XBRL).
How has Siyaram Recycling Industries done over the last 6 quarters?
Revenue reached ₹265.89 crore at Q4 FY25 before falling to ₹149.84 crore at Q4 FY26 and recovering to ₹230.03 crore in Q2 FY27. Profit after tax was highest at ₹7.68 crore in Q2 FY25 and lowest at ₹0.71 crore in Q4 FY26, before rising to ₹2.64 crore in the latest quarter.
The EBITDA margin peaked at 5.8% in Q2 FY25 and was lowest at 3.6% in Q4 FY24. It stood at 4.0% in Q2 FY27, below the 4.1% recorded a year earlier. The latest reading reflects a recovery in revenue and profit from the Q4 FY26 lows, with margin slightly lower.
What else did the company announce?
The board approved the unaudited standalone financial results for the half year ended 30 September 2026, together with the limited review report, at its meeting held on 29 October 2026. Kamlesh Rathod & Associates, the independent auditors, reported that nothing had come to their attention causing them to believe the statements did not disclose the required information or contained any material misstatement.
In a separate filing on 29 October 2026, the company said it had secured an order from Sahjanand Impex for Brass Scrap Honey worth Rs. 3,09,28,500 including GST. The order is domestic and on a fixed-cost basis, to be executed within 20 days, and does not fall within related party transactions. No dividend or fund raise was disclosed in the filings.
How did Siyaram Recycling Industries shares react?
| After the filing | Stock | Other Industrial Products median |
|---|---|---|
| Reaction day | −0.7% | −1.3% |
| Next day | −0.9% | +0.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 18 May 2026 | −5.3% |
| 14 November 2025 | −4.5% |
| 20 May 2025 | −8.8% |
| 28 May 2024 | −7.1% |
Source: MarketPing price-reaction measurement.
How did other Other Industrial Products companies do?
Twelve other Other Industrial Products companies had filed results for the quarter by 4 November 2026, with a median revenue growth of 19.5%. Among those peers, 7 grew revenue faster than Siyaram Recycling and 5 grew more slowly. Of the 9 peers for which profit was compared, 6 reported higher profit.
| Siyaram Recycling Industries revenue growth (YoY) | +8.6% |
|---|---|
| Median of 12 other Other Industrial Products companies | +19.5% |
| Companies with slower revenue growth than Siyaram Recycling Industries | 5 of 12 |
| Companies with faster revenue growth than Siyaram Recycling Industries | 7 of 12 |
| Companies whose net profit rose | 6 of 9 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Siyaram Recycling Industries' revenue in Q2 FY27?
Revenue from operations was ₹230.03 crore, up 8.6% from ₹211.85 crore in Q2 FY26 (standalone).
Did Siyaram Recycling Industries make a profit in Q2 FY27?
Yes. Net profit was ₹2.64 crore.
What was Siyaram Recycling Industries' EPS in Q2 FY27?
Basic earnings per share were ₹1.21, against ₹1.41 in Q2 FY26.
How did Siyaram Recycling Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.7% from the previous close; the median Other Industrial Products stock moved −1.3%.
When did Siyaram Recycling Industries announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Be Held On Thursday, 29Th October, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On Thursday, 29 October 2026 And Submission Of The Unaudited Financial Results And Limited Review Report On Financial Results For The Half Year Ended On 30Th September, 2026 (BSE, 29 October 2026) · PDF
- Submission Of The Unaudited Financial Results And Limited Review Report On Financial Results For The Half Year Ended On 30Th September, 2026 (BSE, 29 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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