Siyaram Recycling Industries Limited (SRIL) announced its financial results for the half year ended September 30, 2026 (H1 FY27), reporting strong sequential recovery in revenue and operating performance.
Financial Performance Highlights
- Revenue: ₹230.0 crores in H1 FY27, representing 54% increase over H2 FY26 (₹149.8 crores) and 9% year-over-year increase over H1 FY26 (₹211.9 crores)
- EBITDA: ₹9.1 crores, reflecting 20% sequential improvement from ₹7.6 crores in H2 FY26
- EBITDA Margin: 4.0% in H1 FY27 compared to 5.1% in H2 FY26 and 4.4% in H1 FY26
- Profit After Tax (PAT): ₹2.6 crores, showing nearly fourfold increase from ₹0.7 crores in H2 FY26
- PAT Margin: 1.1% in H1 FY27 compared to 0.5% in H2 FY26 and 1.5% in H1 FY26
FY27 Outlook and Guidance
Management expects business momentum to strengthen further in the second half of FY27, supported by:
- Improving operational efficiency
- Higher capacity utilization
- Better execution timelines
- Increasing contribution from value-added brass components
- Gradual normalization of freight movement, raw material availability, and labor deployment
The Company targets lifetime-high annual revenue exceeding ₹600 crore for FY27, which would represent a significant step-up in business scale.
Strategic Focus
The Company continues to advance its strategic transition toward higher value-added brass components, which is expected to support:
- Deeper customer relationships
- Improved product differentiation
- Strengthened business model resilience over the longer term
Management Commentary
Mr. Bhavesh Maheshwari, Managing Director, stated: "H1 FY27 marks a meaningful recovery in our business, with improved revenue and EBITDA reflecting stronger operational momentum and better execution. With operating conditions continuing to normalize, we expect H2 FY27 to be stronger, positioning us to achieve our highest-ever annual revenue of ₹600 crore-plus. Our focus remains on improving operational efficiency, strengthening profitability and expanding our higher value-added product portfolio to drive sustainable growth."
Risk Factors
The document includes a safe harbor statement noting that forward-looking statements are subject to risks and uncertainties including government actions, local/political/economic developments, technological risks, and other factors that could cause actual results to differ materially.
Company Background
Siyaram Recycling Industries Limited is a Jamnagar-based manufacturer engaged in recycling and processing of brass scrap into brass ingots, billets, rods, and value-added brass components for plumbing, sanitary, and industrial applications. Established in 2007, the Company operates manufacturing facilities in Jamnagar, Gujarat, and serves both domestic and export markets. The business model involves sourcing imported brass scrap from global markets including USA, UK, Europe, and Middle East, followed by segregation, recycling, alloying, and precision manufacturing.