Siyaram Recycling Industries Ltd H1 FY26 – ₹212 Cr Revenue, ₹3.08 Cr PAT, Debt ₹107 Cr, and a Brass Business That’s Literally Recycling Itself
1. At a Glance – Brass Hai, Class Hai, Cash Thoda Tight Hai
Siyaram Recycling Industries Ltd is one of those Jamnagar-based brass companies that reminds you why Gujarat runs India’s metal recycling kitchen like a well-oiled pressure cooker. With a market cap of about ₹131 crore and a current price hovering around ₹60, the stock has already humbled anyone who bought the top near ₹172. In the last three months alone, returns are down over 45%, which means this stock didn’t just correct — it did pranayam, yoga, and full detox.
The latest half-yearly results (H1 FY26) show revenue of ₹212 crore and PAT of ₹3.08 crore. Sounds decent until you realise the quarter profit variation is down nearly 60% and sales are down almost 14% sequentially. OPM sits at a thin 4.68%, ROCE at 16.6%, and ROE at 14.3%, which is respectable but not champagne-worthy. Debt stands tall at ₹107 crore, almost the same height as the market cap’s confidence.
Promoters still hold 58.8%, but that number has been slipping quarter after quarter like a loose plumbing joint — ironic for a plumbing components company. The business trades at around 13x earnings and roughly book value, so valuation-wise it’s not screaming “overpriced”, but operationally it’s asking you to read the fine print.
So the big question before we dive deep: is Siyaram a cyclical brass recycler temporarily bruised, or is this a structurally low-margin metal grinder pretending to be a manufacturing story?
2. Introduction – Welcome to Jamnagar, Where Scrap Becomes Cash (Sometimes)
Siyaram Recycling Industries Ltd started life in 2007, back when brass recycling wasn’t a buzzword ESG investors liked to throw around, but a very real, sweaty business done near furnaces in Jamnagar. Formerly known as Siyaram Impex Pvt Ltd, the company later came under the umbrella of Dwarkadhish Venture Private Limited, which now acts as the holding company.
The company sits in a classic Indian SME sweet spot: recycling scrap, converting it into brass ingots, billets, rods, and then further pushing into plumbing and sanitary components. This is not a luxury business. This is volume, margin-thin, working-capital-heavy, price-sensitive manufacturing where copper prices, scrap availability, and customer bargaining power decide your mood every quarter.
What makes Siyaram interesting is that it straddles two worlds. One, the commodity-style brass scrap and ingot business, and two, value-added components like inserts, valves, spindles, and cartridges. In theory, this should mean margin expansion. In practice, the numbers suggest the theory is still waiting for practical exams.
Add to this a flurry of export orders from Hong Kong and Dubai, a preferential allotment in November 2024, and frequent management changes, and you’ve got a company that’s busy — sometimes productively, sometimes nervously.
Before forming any opinion, let’s tear open the pipes and see what’s flowing inside.
3. Business Model – WTF Do They Even Do?
Imagine you collect brass scrap, clean it, melt it, reshape it, and then sell it either as raw brass products or as finished plumbing components. That’s Siyaram’s core business in one paragraph.
The company’s operations start with segregation of brass scrap — which is not just junkyard work but requires sorting by alloy composition. This scrap is then melted and converted into brass ingots, billets, and rods at their Jamnagar facility. From there, part of the output goes further downstream into manufacturing brass-based components like inserts, ceramic cartridges (spindles), valves, and extension nipples.
Customers include sanitaryware manufacturers, plumbing companies, electrical component makers, and also plain vanilla metal traders. Importantly, the company usually does not enter into long-term customer contracts. Translation: pricing power is limited, relationships are transactional, and demand visibility is only as good as your next purchase order email.
The FY24 product-wise sales split tells a very honest story. Scrap sales (local) alone account for around 73% of revenue. Components and rods together are still a small chunk. This means Siyaram today behaves more like a scrap trader-cum-processor than a high-margin component manufacturer.
Exports contribute about 12% of revenue, with the rest coming domestically. Recent export orders from Greenland Trading (Hong Kong) and Al Qaryan International (Dubai) suggest the company is pushing hard to grow this piece. Whether exports lift margins or just volumes remains to be seen.
So here’s the lazy-investor question: is Siyaram a manufacturing company upgrading its value chain, or a scrap recycler occasionally wearing a components hat?
4. Financials Overview – Numbers Don’t Lie, They Just Roast Quietly
Result Type Lock
The latest official announcement clearly states “Half Yearly Results” for the period ended 30 September 2025. This is HALF-YEARLY RESULTS, locked and loaded. EPS annualisation will therefore be latest EPS × 2.
Half-Yearly Performance Comparison (Figures in ₹ Crores)
