1. At a Glance
Rajputana Industries is basically that Jaipur jeweller’s cousin who decided, “Gold is overrated, let’s melt scrap copper and brass instead.” Established in 2011, the company recycles scrap into copper rods, brass billets, aluminium wires, even bullet shells (yes, actual bullet shells — talk about diversified demand). FY25 revenue hit ₹601 Cr with a PAT of ₹8.8 Cr (NPM = chai-pakora margins of 1.5%). CMP is ₹83, valuing it at ~₹184 Cr. In short: a ₹600 Cr topline company sweating for a single-digit crore profit.
2. Introduction
The metals industry is always dramatic. Copper prices go up, everyone looks like Ambani; copper prices fall, suddenly even tea stalls refuse credit. Rajputana sits in the non-ferrous recycling niche — basically turning “kabadiwala maal” into export-worthy rods, billets, busbars, and conductors.
It’s a subsidiary of Shera Energy Ltd (so, family ties intact), and runs a 13,150 MT plant in Rajasthan. With 85% revenue tied to its top 5 customers, this isn’t “Make in India,” it’s more like “Please Keep Ordering from Us, Sir.”
Expansion into nickel alloys and copper cables is underway, but delayed. Project cost revised from ₹23 Cr → ₹20 Cr (jugaad savings on machinery). Commercial production? Pushed from FY25 to Q2 FY26. Classic smallcap storyline: plans are always bigger than profits.
3. Business Model (WTF Do They Even Do?)
The logic is simple:
- Procure scrap of copper, aluminium, brass.
- Process & recycle → turn into billets, rods, busbars, conductors.
- Sell to OEMs, infrastructure players, and — judging by bullet shells — maybe defence procurement agents.
Product Mix (FY25 Revenue %)
- Copper Products: 55% (main bread & butter)
- Brass & Alloy: 23%
- Aluminium: 19%
- Others (conductors, busbars, shells):
