Synopsis: Siyaram Recycling Industries Ltd shares are likely to remain focused after securing five domestic orders totalling ₹5.43 crore for recycled brass products such as brass scrap, brass scrap honey, brass scrap honey (UK), brass scrap, and brass scrap turnings. While the contracts are small, the steady flow of orders from multiple customers shows continued demand for the company’s products and boosts the non-ferrous metal recycling business.
Unlike EPC or infrastructure companies, where revenues are often driven by a handful of large contracts, metal recycling businesses typically grow through a steady flow of supply orders and efficient processing of scrap into value-added products. In such businesses, the consistency of order inflows often provides a better indication of operational stability than the size of any single contract.
Shares of Siyaram Recycling Industries Limited were trading at Rs 42.24, up by 1.81 percent from the previous close of Rs 41.49. The stock opened at an intraday high of Rs 42.63, and the lowest so far is Rs 42.15. The company currently commands a market capitalisation of Rs. 92 crore.
Company Secures Five Orders
Siyaram Recycling Industries announced that it has secured five domestic purchase orders aggregating Rs. 5.43 crore from multiple customers over 15–16 July 2026, reflecting continued demand for its recycled brass products across domestic industrial markets.
All the contracts have been awarded on a fixed-cost basis, are not related-party transactions, and will be executed within five to seven days, ensuring quick conversion into revenue and efficient working capital management. The largest order, valued at Rs. 2.90 crore, was received from Saanvi Metal Craft for the supply of Brass Scrap Honey, with execution scheduled within seven days.
In addition, the company secured an order worth Rs. 97.94 lakh from Metal Scrap India for the supply of brass scrap, which is expected to be completed within five days, making it the fastest-executing contract among the latest announcements.
Siyaram also received three separate orders from Bhavya Impex. These include an order worth Rs. 67.38 lakh for the supply of brass scrap honey and brass scrap turning, another order worth Rs. 49.86 lakh for brass scrap honey (UK), and a third order worth Rs. 38.23 lakh for brass scrap. All three contracts are scheduled to be executed within seven days.
Collectively, these orders demonstrate a diversified customer base and continued demand across multiple recycled brass product categories, supporting the company’s near-term execution pipeline and business continuity.
Why These Orders Matter
While the aggregate order value of Rs. 5.43 crore may appear modest compared to the large contracts announced by EPC or defence companies, the business dynamics of a metal recycling company are fundamentally different.
Rather than depending on a few high-value projects, recycling businesses generate revenues through recurring supply contracts, high inventory turnover, and consistent customer demand. The fact that Siyaram secured five orders from multiple customers within two days reflects steady business momentum and continued demand for its products.
Manufacturers increasingly prefer recycled brass over virgin metal, as it reduces production costs, consumes significantly less energy, and supports sustainability initiatives, making it an important raw material across several industries.
Another positive aspect is the short execution timeline of five to seven days, which enables faster revenue recognition, better inventory turnover, and improved working capital efficiency. With industrial activity rising and manufacturers increasingly adopting recycled metals to lower costs and reduce carbon emissions, organised recycling companies like Siyaram are well positioned to benefit from the growing demand for processed non-ferrous metals.
Financial Highlights
The company reported a weak performance in H2 FY26, with revenue declining 43.6 percent YoY to Rs 150 crore in H2 FY26, compared to Rs 266 crore in H2 FY25. On a sequential basis, revenue also declined 29.2 percent from Rs 212 crore in H1 FY26 to Rs 150 crore in H2 FY26, indicating weaker demand during the second half.
Operating performance also softened, with operating profit declining to Rs 8 crore in H2 FY26 from Rs 13 crore in H2 FY25 and Rs 9 crore in H1 FY26. However, operating margin improved to 5 percent in H2 FY26 from 4 percent in H1 FY26, although it remained in line with the 5 percent reported in H2 FY25, reflecting better cost control despite lower revenue.
Net profit fell to Rs 1 crore in H2 FY26 from Rs 7 crore in H2 FY25 and Rs 3 crore in H1 FY26, reflecting pressure on overall earnings. EPS also declined to Rs 0.33 in H2 FY26, compared with Rs 3.16 in H2 FY25 and Rs 1.41 in H1 FY26, in line with the weaker profitability.
The balance sheet remained adequately liquid, with total assets of Rs 274 crore, working capital of Rs 135 crore, and a current ratio of 2.06. However, the company carried debt of 0.88x debt-to-equity, while cash and cash equivalents remained low at just Rs 0.18 crore. Profitability ratios also stayed subdued, with ROCE at 7.34 percent and ROE at 2.95 percent, indicating relatively weak returns on capital.
Working capital efficiency weakened during FY26. The cash conversion cycle increased to 255 days in FY26 from 167 days in FY25, indicating that significantly more capital was locked in operations.
This was primarily driven by inventory days increasing sharply to 226 days from 161 days, while debtor days also rose to 55 days from 36 days, reflecting slower inventory movement and collections. Although payable days declined to 26 days from 30 days, the overall increase in working capital days to 136 from 86 indicates that the company required substantially more working capital to support its operations during FY26.
The announcement is significant for its Rs. 5.43 crore aggregate order value and steady business flow. Five orders from multiple domestic customers in a short time indicate strong demand for the company’s recycled brass products and strengthen its presence in the organised non-ferrous metal recycling market.
Instead of a few large contracts, recycling businesses grow through consistent order inflows, efficient execution, stable processing margins, and disciplined working capital management. Investors will watch to see if Siyaram can keep winning orders, grow its customer base, and turn recurring business into revenue.
Siyaram Recycling Industries Limited is engaged in the recycling and processing of non-ferrous metal scrap, primarily manufacturing recycled brass products supplied to customers across engineering, electrical, automotive, plumbing, and industrial sectors. Through organised recycling and value-added processing, the company supports resource efficiency and meets the growing demand for sustainable metal inputs across India’s manufacturing ecosystem
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