At a Glance:Jamnagar-based Siyaram Recycling has quietly smelted its way into ₹500+ Cr annual revenue from brass plumbing and sanitary components. But don’t confuse it with the textile-wale Siyaram. This one’s a brass baller, growing profits 94% YoY, but still refuses to share the loot (0% dividend). Fair value? Read on.
🧱 1. Business Model – Desi Metallica
- Convertsbrass scrap → billets/rods → sanitary components
- Deep in theJamnagar brass cluster, with value-chain control
- Sellsinserts, valves, nipples, and even spindles (yup, that too)
- Margin expansion visible (OPM: 2% →
- 5% over 5 years)
🛁 TL;DR: They make the sexy parts inside your bathroom fittings, not the ones you show off on Instagram.
📈 2. Financials – Growth Without Gimmicks
| FY | Sales (₹ Cr) | Net Profit (₹ Cr) | OPM | ROCE | ROE |
|---|---|---|---|---|---|
| FY21 | 139 | 1 | 3% | – | – |
| FY22 | 423 | 3 | 1% | 11% | – |
| FY23 | 492 | 7 | 2% | 16% | 14% |
| FY24 | 413 | 8 | 4% | 14% | 14% |
| FY25 | 512 | 15 | 5% | 17% | 14% |
- 3-Year Sales CAGR: ~7%
- 3-Year PAT CAGR: 🔥 65%
- FY25 EPS: ₹6.69 (vs ₹4.00 in FY24)
🧠 Smart improvement in profitability despite flat-ish revenues in FY23–24.
🧾 3. Balance Sheet – Brass-Powered Growth
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