Nagpur Power FY26: A Slag Recovery Business That Runs on Interest Income, Real Estate Dreams, and an NBFC Application

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1 — At a Glance

FY26 revenue reached ₹84.12 crore, a fresh high for a company whose headline line item grew 35% over the trailing year. Underneath that record top line sits a net loss of ₹2.14 crore. Sales are climbing at a 23% five-year pace; profit refuses to follow.

This is a company that extracts metal from decades-old furnace slag, whose annual report says investment income now exceeds income from its core operations, and which is applying for an NBFC registration because the RBI told it to. Operating profit for the full year was ₹2.84 crore on ₹84.12 crore of sales — an operating margin of 3.38%. Other income of ₹1.38 crore sits right beside that.

The market caps the whole thing at ₹191 crore against a book value of ₹63.3 per share. A record top line and a bottom line in red is the tension the rest of this entry works through.

Where does the money actually come from — the slag, the subsidiary, or the securities portfolio?

2 — Introduction

Nagpur Power and Industries Limited was incorporated in 1996 and operates from a 20th-floor office at Nariman Point, Mumbai — an address that costs more per square foot than most of the ferro-alloy sector it nominally belongs to.

The company once manufactured high- and medium-carbon ferro manganese and silico manganese. It has since discontinued that manufacturing. What remains is a slag recovery process: the furnace waste that piled up around the old plant over the years is now processed to extract reusable metal content. Per the company’s own filings, income from surplus funds parked in bank deposits and financial securities exceeds income from the curtailed business — which is why the RBI has directed it toward NBFC registration, an application already initiated.

Recent months brought a set of board actions on May 29, 2026: FY26 audited results, the appointment of M/s. M. V. Ghelani & Co. as internal auditors for FY2026-27, and the re-appointment of Gautam Khandelwal as Executive Chairman from June 30, 2026 for three years. Earlier, on October 3, 2025, Company Secretary Praveen Bhati resigned.

The consolidated numbers also carry a subsidiary — Motwane Manufacturing Company Private Limited — which makes test and measurement products. Much of the “power and industries” story is now this measurement business plus an investment portfolio.

3 — Business Model: WTF Do They Even Do?

Three divisions carry the flag: the Ferro Manganese / Silico Manganese Slag division, the Electrical (Electronal) division, and the Electro-Mechanical division. The name promises a foundry; the segment split tells a different story.

By the FY22 segment disclosure, the Electrical division brought roughly 83% of segment revenue and Electro-Mechanical about 16.5% — leaving the carbon ferro manganese and silico manganese slag business, the one the company is literally named after, at around 0.5%. The eponymous product line is a rounding error. The slag recovery process is the elegant part: waste from a manufacturing operation that no longer runs is combed for salvageable metal. A business that mines its own history.

The consolidated revenue leans heavily on the Motwane subsidiary, which develops test and measurement instruments and holds its own subsidiary in underground cable-fault locating equipment. Add to this a stated ambition to develop company land into a large warehousing facility and commercial real estate. So the corporate identity now spans: recovering metal from old slag, making electronic test gear, holding an investment portfolio large enough to trigger NBFC rules, and someday building warehouses.

An investment portfolio that generates more income than the operations, wrapped inside a ferro-alloy holding company — the manufacturing is the branding, the balance sheet is the business.

4 — Financials Overview

Figures are consolidated, in ₹ crore.

Revenue rose by more than a third while operating profit slipped slightly and the bottom