Nupur Recyclers Ltd Q2 FY2026 – From Scrap to Swag: Profit Up, Auto Dreams Begin, and Metal Still Hotter Than Management’s Press Releases

1. At a Glance

If you ever wondered how to turn junk into joy (and aluminium scrap into an IPO-ready empire), Nupur Recyclers Ltd (NRL) is your shiny example — literally. With a market cap of around ₹427 crore and a stock price chilling near ₹61.8, the company is trading at a P/E of 33.8x. That’s not cheap for a scrap trader, but then again, neither is ambition.

The latest Q2 FY2026 results show consolidated revenue of ₹51.68 crore and PAT of ₹4.33 crore, marking a QoQ drop of 18.7% and YoY decline of 4.73% — the kind of “recycling” even the accountants didn’t expect. Yet, despite falling quarterly numbers, the management has been busier than a kabadiwala at Diwali, acquiring a 51% stake in Tycod Autotech, bagging 4.5 acres in Sampla for a new facility, and boosting authorized capital to ₹70 crore.

ROCE at 19.2% and ROE at 14.2% are still respectable, like a middle-class uncle with three FDs and a clean credit history. But the stock’s -40.9% return over one year shows investor enthusiasm has cooled faster than molten zinc in winter. The business remains solid, the vision bold, and the volatility… very much alive.

2. Introduction

Nupur Recyclers Ltd — the company that decided India’s trash could have class. Born in 2019 and baptized in the fires of ferrous and non-ferrous metals, it’s now trying to turn that metal into gold. Or at least, a decent EPS.

The company has come a long way from being a humble importer and processor of metal scrap. Now it’s venturing into manufacturing, casting, and even auto components. With its latest subsidiary spree — Frank Metals Recyclers, Nupur Polymers, Nupur Extrusion, and the shiny new Tycod Autotech — it’s like watching a scrap trader evolve into a mini conglomerate one press release at a time.

Yet, investors are torn. The fundamentals are sturdy, but the cash flows are more dramatic than a soap opera: negative for three consecutive years. The bonus issues and preferential warrants have added glamour, but not necessarily clarity.

Still, Nupur’s growth story is interesting — it’s not every day you see a metal recycler trying to become an auto component giant while juggling subsidiaries like a circus performer.

Can Nupur convert its metal might into manufacturing magic, or will it remain the flashy recycler with great PR and a tired balance sheet? Stick around; the data tells a juicy story.

3. Business Model – WTF Do They Even Do?

Nupur Recyclers takes discarded metal scrap — aluminium, brass, zinc, die-cast waste, zurik (no, that’s not a Swiss watch), and turns it into reusable non-ferrous materials. Basically, they’re the “Swiggy” of the recycling world — picking up what others don’t want and serving it hot to manufacturers who do.

Their business lines include:

• Aluminium Zorba: A fancy name for shredded aluminium scrap.
• Shredded Brass & Zinc: Think of it as the confetti version of industrial metal.
• Zinc Diecast and Zurik: Premium recycled alloys with applications in automobiles and electronics.

The company sources these through imports and domestic channels, processes them, and sells both in India and abroad — 53% domestic and 47% export revenue split in FY23.

In FY23, sales of products formed a whopping 97% of total income, with a small 3% from interest income. But post-2023, they’ve been aggressively expanding into value-added manufacturing. With subsidiaries like Nupur Polymers and Nupur Extrusion, they’re now in plastics and extrusion — yes, from metals to polymers, because why limit your confusion?

And now, after acquiring Tycod Autotech, they’re eyeing the auto components space. So, in short — Nupur Recyclers started as a scrap trader, became a recycler, turned into a manufacturer, and is now trying to become an auto OEM supplier. Bold move. The only question — will it pay off, or just rust over time?

4. Financials Overview

Let’s look at the juicy Q2 FY2026 numbers straight from the filings.

Annualized EPS = ₹0.56 × 4 = ₹2.24
At the current price of ₹61.8, the P/E (annualized) works out to