1. At a Glance – Scrap King or Working Capital Warrior?
Nupur Recyclers Ltd is currently trading at ₹52 with a market cap of ₹359 crore. In the last three months, the stock is down 16.3%, and over one year it has corrected 28.5%. So yes, the price chart looks like it slipped on oil. But fundamentals? That’s where it gets spicy. Q3 FY26 sales came in at ₹58.88 crore, up 71.6% YoY. PAT for the quarter stood at ₹4.76 crore, up 27.8% YoY. Operating margin improved to 10.14%, the best in the last several quarters. Stock P/E stands at 26.6, ROCE at 19.2%, ROE at 14.2%, and debt-to-equity is a calm 0.12. Promoters hold 73%. No pledges. No dividend either. So the question is simple: Is this a smallcap recycler quietly building a metal empire, or just another working capital magician juggling scrap and spreadsheets?
Let’s dig.
2. Introduction – From Scrap Dealer to Subsidiary Collector
Incorporated in 2019, Nupur Recyclers Ltd (NRL) is in the business of importing, trading, manufacturing, and casting non-ferrous metal scrap. Yes, scrap. The stuff most people ignore. These guys make a business out of other people’s waste. Respect.
They are ISO 9001, 14001, and 45001 certified and a member of the Material Recycling Association of India. Sounds official. Feels organized.
Revenue is split 97% from product sales and 3% from interest income. Geographically, 47% exports and 53% domestic in FY23. So this isn’t a pure local mandi operator. There’s global exposure.
Now here’s where the plot thickens.
FY23: acquired 51% stake in Danta LLC.
March 2024: acquired 80% stake in Frank Metals Recyclers Pvt Ltd.
September 2025: acquired 51% stake in Tycod Autotech.
Three acquisitions in under two years. That’s not recycling. That’s expansion mode.
And they also issued a 1:2 bonus in March 2024 and increased authorized share capital from ₹50 crore to ₹70 crore.
So the big question: Is this a disciplined scale-up or a metal recycler discovering the thrill of M&A?
3. Business Model – WTF Do They Even Do?
Let’s simplify this.
NRL imports scrap metal. Think aluminium zorba, shredded brass, shredded zinc, zinc
