💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for FY 2024-25 was INR 13,404.08 lakhs, reflecting a 25.87% decline from INR 18,081.81 lakhs in FY 2023-24. For H1 FY26, revenue stood at INR 6,017.30 lakhs. While segment-specific splits are not quantified, a large portion of revenue is derived from trading activities.

Geographic Revenue Split

Not disclosed in available documents, though the company targets both domestic and international markets for its recycled metal products.

Profitability Margins

Net Profit Ratio for FY 2024-25 was 5%, down from 6% in FY 2023-24. Operating Profit Margin improved to 7.29% in FY 2025 from 5.39% in FY 2024, representing a 35.25% increase in core operational efficiency.

EBITDA Margin

Operating Profit Margin was 7.29% in FY 2024-25, up from 5.39% YoY. This 190 bps improvement indicates enhanced core profitability despite a decline in total revenue.

Capital Expenditure

H1 FY26 expenditure on Property, Plant, and Equipment was INR 1.62 Cr. The company has also acquired 4.5 acres of land in Sampla, Haryana, for a new manufacturing unit to scale production.

Credit Rating & Borrowing

Debt-Equity ratio is reported as 'NA' for FY 2024-25 as the company repaid its loans. Interest Coverage Ratio significantly improved to 124.71 from 34.26, a 264.01% increase. Finance costs for H1 FY26 were INR 0.59 Cr.

⚙️ Operational Drivers

Raw Materials

Metal scrap (aluminum, copper, etc.) and auto components. Cost of materials consumed in H1 FY26 was INR 4.02 Cr, while purchase of stock-in-trade was INR 52.27 Cr.

Import Sources

Not specifically named, but the company notes a high reliance on imported raw materials, exposing it to geopolitical risks and shipping delays.

Capacity Expansion

Acquired 4.5 acres in Sampla, Haryana, for a new manufacturing unit where construction has commenced. Current installed capacity in MT is not disclosed.

Raw Material Costs

Purchase of stock-in-trade for FY 2024-25 was INR 107.47 Cr, accounting for approximately 80% of total revenue. H1 FY26 stock-in-trade purchases were INR 52.27 Cr.

📈 Strategic Growth

Expected Growth Rate

7.13%

Growth Strategy

Growth will be achieved through the establishment of a new manufacturing unit in Sampla, Haryana, and diversification into the auto component sector via the 51% acquisition of Tycod Autotech. The company is also leveraging 'Make in India' initiatives to enhance its participation in the recycling value chain.

Products & Services

Recycled metal products and auto components.

Brand Portfolio

Nupur Recyclers Limited (NRL), Tycod Autotech Private Limited.

New Products/Services

Auto components through the acquisition of Tycod Autotech; expected revenue contribution percentage is not quantified.

Market Expansion

Expansion into auto component manufacturing and establishing a new unit in Haryana to strengthen domestic presence and reduce dependency on external suppliers.

Strategic Alliances

Acquisition of a 51% stake in M/s Tycod Autotech Private Limited to diversify the business into auto component manufacturing.

🌍 External Factors

Industry Trends

The industry is shifting toward a circular economy and sustainable manufacturing. Government initiatives like 'Atmanirbhar Bharat' are accelerating growth in the recycling ecosystem, favoring companies with integrated processing capabilities.

Competitive Landscape

Intensifying competition from both established players and new entrants in the metal recycling and auto component sectors exerts pressure on pricing and margins.

Competitive Moat

Strategic positioning in the recycling value chain and diversification into auto components provide a competitive edge. This moat is sustainable due to the increasing regulatory and consumer shift toward resource efficiency.

Macro Economic Sensitivity

Sensitive to global trade dynamics and domestic economic growth; a slowdown would impact demand from end-use sectors like automotive and construction by an estimated 10-15%.

Consumer Behavior

Increasing industrial demand for sustainably sourced materials and recycled metals in manufacturing processes.

Geopolitical Risks

Geopolitical tensions affecting shipping routes and the availability of imported metal scrap are primary risks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental, waste management, and import/export regulations. Tightening of these norms could lead to higher compliance costs.

Taxation Policy Impact

Current tax for H1 FY26 was INR 2.50 Cr on a Profit Before Tax of INR 10.85 Cr, resulting in an effective tax rate of approximately 23%.

Legal Contingencies

Taxation for earlier years of INR 0.22 Cr was recorded in FY 2024-25; no other specific pending court cases or case values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Global commodity price volatility and supply chain disruptions for imported materials could impact margins by over 10% if logistics costs spike.

Geographic Concentration Risk

Not disclosed in available documents, though the company targets both domestic and international markets.

Third Party Dependencies

High reliance on imported raw materials creates a significant dependency on international scrap suppliers and global shipping logistics.

Technology Obsolescence Risk

Risk of needing advanced manufacturing capabilities to remain competitive; the company is planning investments in advanced manufacturing to mitigate this.

Credit & Counterparty Risk

Trade receivables stood at INR 17.74 Cr as of September 30, 2025. The Trade Receivable Turnover Ratio dropped 80.02% to 3.36 in FY 2024-25, indicating a slowdown in collection efficiency.