Synopsis: Four separate Regulation 30 filings over two days disclosing small brass-scrap and component orders worth a combined Rs. 5 crore bring a Jamnagar-based recycler back into view, at a time when its revenue, profitability, and cash flow have all deteriorated sharply over the past year.
A Jamnagar-based brass recycling and components manufacturer filed four separate Regulation 30 disclosures within two days, each announcing a small order win. Saanvi Metal Craft placed an order for Brass Scrap Honey worth Rs. 2.30 crore, Metal Scrap India ordered brass scrap worth Rs. 97.70 lakh, H K Impex ordered Brass Scrap Honey worth Rs. 92.11 lakh, and Supreme Industries ordered CPVC plumbing components worth Rs. 81.66 lakh. Combined, the four orders total roughly Rs. 5.01 crore, with execution windows ranging from 7 to 15 days.
With a market capitalization of Rs. 85.30 crore, the shares of Siyaram Recycling Industries Limited were trading at Rs. 39.15 per share, up 1.35 percent from its previous closing price of Rs. 38.63 apiece. The stock is trading at a P/E of roughly 22.5 times trailing earnings, a steep multiple for a company whose profit has been shrinking.
None of these four orders carries any related-party involvement, and all are structured as fixed-cost, short-duration contracts, standard for a company that runs on continuous small-batch scrap trading and component supply rather than large fixed-price EPC-style contracts. Retail investors should recognise this pattern before reading too much into any single filing: Siyaram has disclosed a steady stream of similarly small orders through May and June as well, from Anurag Impex, Green Metals FZCO, and Supreme Industries among others, most in the Rs. 1-6 crore range. This is simply how the company’s order book gets built, order by order, rather than through single transformative contracts, and four filings in two days reflects business-as-usual order flow rather than a step-change in demand.
What the Filings Don’t Show
The more important story lies in the numbers Siyaram reported for the year ended March 2026, and it is considerably less encouraging than the steady drumbeat of order announcements might suggest. Full-year revenue fell to Rs. 362 crore from Rs. 511 crore in FY25, a 29 percent decline, and net profit collapsed to Rs. 4 crore from Rs. 15 crore, a fall of nearly three-quarters. The trend worsened as the year progressed: half-yearly data shows the second half of FY26 alone brought sales of just Rs. 150 crore and net profit of Rs. 1 crore, with quarterly EPS falling to Rs. 0.33 against Rs. 3.16 in the same quarter a year earlier.
Cash flow tells an even more pointed story. Siyaram has now posted negative operating cash flow in four of the last five years, including a further outflow of Rs. 28 crore in FY26, despite reporting a positive net profit on paper. The gap comes from working capital: inventory days ballooned to 226 from 161, and the cash conversion cycle, the time between paying for raw material and collecting cash from customers, stretched to 255 days from 167. That is a serious deterioration for a scrap-trading business, where inventory is meant to turn over quickly rather than sit on the balance sheet. To fund this gap, borrowings rose to Rs. 114 crore from Rs. 76 crore, and screener flags the company’s interest coverage ratio as low, meaning a larger share of operating earnings is now going toward servicing debt.
Return on equity and return on capital employed have both fallen sharply, to 3 percent and 7 percent respectively for FY26, down from double digits the year before. Promoter holding has also declined steadily, from 70.8 percent in March 2024 to 51.1 percent by March 2026, including a 7.7 percentage point drop in the most recent quarter alone, a pace of promoter selling that retail investors would do well to track alongside the order announcements. The stock’s roughly 70 percent decline over the past year reflects this underlying deterioration far more than it reflects any single day’s order flow, and CRISIL has reviewed the company’s credit rating three times since September 2025, a frequency that itself suggests the agency is watching the credit profile closely.
None of this means the order wins are meaningless, a functioning order pipeline is a precondition for any recovery in revenue. But for a company this size, a combined Rs. 5 crore across four small orders is not the number that will move the needle on a business that lost Rs. 149 crore of revenue and three-quarters of its profit in a single year. The numbers that matter more right now are inventory days, cash conversion, and promoter behaviour, not the frequency of Regulation 30 filings.
Business Overview
Incorporated in 2007 and based in Jamnagar, Gujarat, Siyaram Recycling Industries segregates brass scrap and manufactures brass ingots, billets, rods, and plumbing and sanitary components, supplying customers including Astral Limited, Kajaria Bathware, and AGI Greenpac. The company is listed on the BSE SME platform and is a subsidiary of Dwarkadhish Venture Private Limited. For the year ended March 2026, the company reported revenue of Rs. 362 crore and net profit of Rs. 4 crore, against Rs. 511 crore and Rs. 15 crore respectively in FY25.
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