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Siyaram Recycling Industries Ltd (544047)

📊 BSE: 544047 🏢 Other Industrial Products 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Siyaram Recycling's revenue was ₹150 Cr (-43.6% year on year, -29.2% on the previous half-year), and net profit ₹1.0 Cr (-85.7% year on year); the operating margin was 5.3%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹150	-43.6%	-29.2%
Operating profit	₹8.0	-38.5%	-11.1%
Net profit	₹1.0	-85.7%	-66.7%
EPS (₹)	0.33	-89.6%	-76.6%
Operating margin	5.3%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Siyaram Recycling Secures ₹4 Cr Export Order from UAE's Green Metals FZCO

🟢 POSITIVE ⭐ 5/10

OTHER 📅 16 Oct 2026, 12:52 PM

Siyaram Recycling Industries Ltd has secured an export order worth Rs. 40 million (₹4 crore) from Green Metals FZCO based in Dubai, UAE. The order is for the supply of Brass Billets on a fixed-cost basis. It has a short execution timeline of within 15 days. Relative to the company's TTM revenue of ₹874 crore (and FY26 annual revenue of ₹362 crore), this order represents a modest ~0.5% to ~1.1% of revenue.

Secured export contract worth Rs. 40 million (₹4 crore) from Green Metals FZCO, Dubai
Scope of work involves the supply of Brass Billets on a fixed-cost basis
Rapid execution schedule requiring completion within 15 days
Transaction is on arm's length terms with no promoter or related-party interest

💡 Track execution and revenue realization in upcoming quarterly results, alongside monitoring further order inflows from overseas clients.

Siyaram Recycling Secures ₹4.07 Cr Export Order from Green Metals FZCO Dubai

🟢 POSITIVE ⭐ 5/10

OTHER 📅 13 Oct 2026, 11:21 AM

Siyaram Recycling Industries Ltd has secured a fixed-cost export order worth ₹4.07 crore from Green Metals FZCO, Dubai, UAE. The order is for the supply of Brass Billets and is slated for execution within 30 days. Relative to the company's FY26 revenue of ₹362 crore (TTM revenue of ₹874 crore), this order accounts for ~1.1% of annual revenue (~0.5% of TTM revenue). The company confirmed that this is an arm's-length international order with no promoter interest.

Order value of ₹4,06,50,695.91 secured from Green Metals FZCO, Dubai
Scope involves supply of Brass Billets on a fixed-cost contract basis
Execution timeline set within 30 days
No promoter interest and transaction is not a related-party deal

💡 Track execution within the 30-day timeline and watch for sustained order flow from export markets in upcoming quarterly results.

Siyaram Recycling Secures ₹2.02 Cr Export Order from Green Metals FZCO

🟢 POSITIVE ⭐ 5/10

OTHER 📅 10 Oct 2026, 03:39 PM

Siyaram Recycling Industries Ltd has secured an international export order worth ₹2.02 crore from Green Metals FZCO, Dubai, UAE. The order is for the supply of brass billets and is contracted on a fixed-cost basis. It has a rapid execution timeline, scheduled for fulfillment within 7 days. Relative to the company's FY26 revenue of ₹362 crore and TTM revenue of ₹874 crore, the order is small (<0.6% of annual sales) but shows ongoing short-cycle export activity.

Total order value: ₹2,02,21,774.52 (approx. ₹2.02 crore)
Customer: Green Metals FZCO, Dubai, United Arab Emirates
Product: Brass Billets on a fixed-cost contract
Execution timeline: Within 7 days
No promoter interest or related-party transaction involved

💡 Track execution in the upcoming quarterly results to observe whether international orders expand gross margins above the current 5% operating margin profile.

Siyaram Recycling Reappoints MD and Whole-Time Director for 5-Year Terms

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 07:28 PM

Siyaram Recycling Industries announced that shareholders at its 20th AGM on September 30, 2026, approved the re-appointment of key leadership. Mr. Bhavesh Ramgopal Maheshwari has been reappointed as Managing Director for a 5-year term from August 24, 2026, to August 23, 2031. Concurrently, Mr. Ramgopal Ochhavlal Maheshwari was reappointed as Whole-time Director for the identical 5-year tenure. This ensures ongoing leadership continuity for the microcap recycler (market cap ₹74 Cr).

Reappointment of Mr. Bhavesh Ramgopal Maheshwari as MD for 5 years effective August 24, 2026, to August 23, 2031
Reappointment of Mr. Ramgopal Ochhavlal Maheshwari as Whole-time Director for 5 years effective August 24, 2026, to August 23, 2031
Shareholder approvals secured at the 20th AGM held on September 30, 2026

💡 Monitor upcoming quarterly financial filings to evaluate if leadership can reverse recent declines in annual profit (FY26 PAT was ₹4.0 Cr vs ₹15.0 Cr in FY25).

Siyaram Recycling Expands Authorised Share Capital to ₹45 Cr from ₹25 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 12:20 PM

Siyaram Recycling Industries has received shareholder approval via postal ballot to increase its authorised share capital from ₹25.00 Cr to ₹45.00 Cr. The new authorised capital consists of 4,50,00,000 equity shares with a face value of ₹10 each. Consequently, Clause V (Capital Clause) of the company's Memorandum of Association has been amended. This is an enabling corporate action that gives the company headroom for future equity issuances or restructuring.

Authorised share capital increased from ₹25.00 Cr to ₹45.00 Cr, an addition of ₹20.00 Cr.
Authorised equity share count expanded to 4,50,00,000 shares of face value ₹10 each.
Shareholder approval was secured through a Postal Ballot concluded on August 29, 2026.
Clause V of the Memorandum of Association was altered to reflect the updated capital base.

💡 Track upcoming board announcements to see if the company announces any fresh equity fundraising, preferential allotment, or bonus issue utilizing the expanded capital headroom.

Siyaram Recycling Secures Rs 2.47 Cr Domestic Order for Brass Meter Bodies

🟢 POSITIVE ⭐ 5/10

ROUTINE 📅 26 Aug 2026, 11:43 AM

Siyaram Recycling Industries Ltd has secured a fixed-cost domestic purchase order valued at Rs 2.47 crore (Rs 2,47,42,800) from Sahjanand Impex. The contract is for the supply of Brass Meter bodies and must be executed within 30 days. Relative to the company's FY26 revenue of Rs 362 crore, the order represents approximately 0.68% of annual turnover. The transaction does not involve any related parties.

Secured domestic order worth Rs 2,47,42,800 from Sahjanand Impex
Scope involves the supply of Brass Meter body products on a fixed-cost basis
Execution timeline is within 30 days from award
Order value constitutes ~0.68% of FY26 revenue of Rs 362 crore

💡 Track execution and revenue realization within the next 30 days, alongside upcoming quarterly financial results.

Siyaram Recycling Secures ₹2.47 Cr Order for Brass Meter Bodies

🟢 POSITIVE ⭐ 5/10

OTHER 📅 26 Aug 2026, 11:40 AM

Siyaram Recycling Industries has received a domestic purchase order valued at ₹2,47,42,800 (approx. ₹2.47 Cr) from Sahjanand Impex for Brass Meter bodies. The contract is on a fixed-cost basis and is scheduled to be executed within 30 days. Relative to the company's FY26 revenue of ₹362 Cr, the order value represents approximately 0.68%, making it an incremental operational addition rather than a transformative win. The order does not involve related party transactions or promoter interest.

Order value totals ₹2,47,42,800 (~₹2.47 Cr) from domestic client Sahjanand Impex
Scope involves supply of Brass Meter bodies on a fixed-cost structure
Short execution timeline of within 30 days
Order has zero promoter interest and is not a related party transaction

💡 Track execution and revenue realization in upcoming quarterly results, alongside broader order inflow trends in the industrial recycling segment.

Siyaram Recycling Re-appoints MD Bhavesh Maheshwari & WTD Ramgopal Maheshwari for 5 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Aug 2026, 12:17 PM

Siyaram Recycling Industries has approved the re-appointment of Mr. Bhavesh Ramgopal Maheshwari as Managing Director for a 5-year tenure from August 24, 2026, to August 23, 2031. Additionally, the Board approved the re-appointment of Mr. Ramgopal Ochhavlal Maheshwari as Whole-Time Director for the identical 5-year period. Both extensions come upon the expiry of their previous tenures and remain subject to shareholder approval. The moves ensure executive and operational continuity at the promoter-led recycling business.

Re-appointment of MD Bhavesh Ramgopal Maheshwari for a 5-year term from August 24, 2026, to August 23, 2031
Re-appointment of WTD Ramgopal Ochhavlal Maheshwari for a 5-year term from August 24, 2026, to August 23, 2031
Both re-appointments are subject to shareholder approval

💡 Track the shareholder voting results on the re-appointment resolutions at the upcoming general meeting.

Siyaram Recycling Reappoints MD & WTD for 5 Years; AGM Set for Sept 30, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Aug 2026, 12:07 PM

The Board of Siyaram Recycling Industries approved the reappointment of Mr. Bhavesh Ramgopal Maheshwari as Managing Director and Mr. Ramgopal Ochhavlal Maheshwari as Whole-time Director, each for a 5-year term from August 24, 2026, to August 23, 2031, subject to shareholder approval. The 20th Annual General Meeting (AGM) has been scheduled for September 30, 2026. The record date to determine voting eligibility has been fixed as September 23, 2026, with remote e-voting running from September 27 to September 29, 2026.

Reappointed MD Bhavesh Maheshwari for a 5-year term from August 24, 2026, to August 23, 2031.
Reappointed WTD Ramgopal Maheshwari for a 5-year term ending August 23, 2031.
20th AGM scheduled for September 30, 2026, at 02:00 P.M. in Jamnagar, Gujarat.
Cut-off date for e-voting eligibility set as September 23, 2026.

💡 Track shareholder voting results post-AGM on September 30, 2026, and monitor upcoming quarterly operational performance amid declining annual revenue.

Siyaram Recycling Re-Appoints MD & Whole-Time Director for 5-Year Terms; 20th AGM on Sept 30

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Aug 2026, 12:03 PM

Siyaram Recycling Industries announced that its Board of Directors approved the re-appointment of Managing Director Bhavesh Ramgopal Maheshwari and Whole-time Director Ramgopal Ochhavlal Maheshwari for 5-year terms from August 24, 2026, to August 23, 2031, subject to shareholder approval. The company also scheduled its 20th Annual General Meeting for September 30, 2026. The record date for e-voting eligibility has been set as September 23, 2026, with remote voting open from September 27 to September 29, 2026.

Re-appointment of Bhavesh Ramgopal Maheshwari as Managing Director for 5 years (Aug 24, 2026 – Aug 23, 2031)
Re-appointment of Ramgopal Ochhavlal Maheshwari as Whole-time Director for 5 years (Aug 24, 2026 – Aug 23, 2031)
20th AGM scheduled for September 30, 2026, at 02:00 PM
Record/Cut-off date for e-voting fixed as September 23, 2026 (remote e-voting runs Sept 27 to Sept 29, 2026)

💡 Track shareholder voting results at the AGM on September 30, 2026, and look for disclosures on operational recovery following FY26 revenue contraction.

Rs 1.08 Cr order win for Siyaram Recycling from Metal Scrap India

🟡 NEUTRAL ⭐ 3/10

ROCE 📅 10 Aug 2026, 02:54 PM

Siyaram Recycling Industries Ltd has secured a domestic order worth Rs 1.08 crore from Metal Scrap India for the supply of Brass Scrap. The order is structured as a fixed-cost contract and is expected to be executed within a very short timeframe of 7 days. Given the company's TTM revenue of Rs 874 crore, this order is small, representing approximately 0.12% of annual turnover. This comes at a time when the company has seen a significant decline in revenue (FY26 revenue of Rs 362 Cr vs FY25 of Rs 511 Cr) and a reduction in promoter holding.

Order value of Rs 1,07,73,400 for the supply of Brass Scrap
Execution timeline is extremely short, set for completion within 7 days
Order awarded by domestic entity Metal Scrap India on a fixed-cost basis
Order magnitude is negligible at ~0.12% of TTM revenue (Rs 874 Cr)
Promoter holding has decreased from 61.17% in March 2025 to 51.12% in March 2026

💡 Investors should monitor the company's ability to secure larger, higher-margin contracts to reverse the current trend of declining annual revenues and operating margins.

Rs 1.08 Cr Order Win from Metal Scrap India for Brass Scrap

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Aug 2026, 02:47 PM

Siyaram Recycling Industries Ltd has secured a domestic order worth Rs 1.08 crore from Metal Scrap India for the supply of Brass Scrap. The contract is on a fixed-cost basis and requires execution within a very short window of 7 days. While the win is positive, the order value is small, representing only ~0.12% of the company's TTM revenue of Rs 874 crore. This comes at a time when the company has seen a significant decline in annual revenue from Rs 511 crore in FY25 to Rs 362 crore in FY26.

Secured a domestic order worth Rs 1,07,73,400 from Metal Scrap India.
The order involves the supply of Brass Scrap on a fixed-cost basis.
Execution timeline is extremely short, set for completion within 7 days.
Order value represents approximately 0.12% of the TTM revenue of Rs 874 crore.
Promoter holding has decreased from 61.17% in March 2025 to 51.12% in March 2026.

💡 Investors should monitor the company's ability to secure larger, higher-margin contracts to offset the recent decline in annual revenue and promoter stake.

Siyaram Recycling Appoints Samoil Akilbhai Lokhandwala as Company Secretary

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jul 2026, 12:46 PM

Siyaram Recycling Industries has appointed Mr. Samoil Akilbhai Lokhandwala as Company Secretary and Compliance Officer, effective August 1, 2026. This appointment, approved by the Board on July 29, 2026, fills a mandatory Key Managerial Personnel (KMP) role. The appointee is an Associate Member of ICSI with previous experience in a listed NBFC. Given the company's small-cap status (Rs 87 Cr market cap), maintaining stable compliance leadership is a routine but necessary administrative function.

Appointment of Mr. Samoil Akilbhai Lokhandwala effective from August 1, 2026
Appointee holds ICSI Membership No. A73225 and has prior listed NBFC experience
Board approval granted on July 29, 2026, following NRC recommendation
Company maintains a TTM revenue of Rs 874 Cr against a market cap of Rs 87 Cr

💡 No immediate action required; investors should monitor the company's upcoming quarterly results to see if management stability impacts operational execution.

July 31, 2026: Resignation of Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 29 Jul 2026, 12:27 PM

Siyaram Recycling Industries Ltd has announced the resignation of Ms. Kesha Ravi Shah from the position of Company Secretary and Compliance Officer, effective July 31, 2026. The resignation is attributed to personal reasons and was formally noted by the Board on July 29, 2026. As a Key Managerial Personnel (KMP), her departure requires the company to find a replacement to maintain regulatory compliance. This is a routine administrative change for the company, which currently holds a market capitalization of Rs 87 Cr.

Resignation of Ms. Kesha Ravi Shah effective from the closing of business hours on July 31, 2026.
The departure is classified as a resignation of a Key Managerial Personnel (KMP) under SEBI LODR regulations.
The company reported a TTM revenue of Rs 874 Cr, significantly higher than its current market cap of Rs 87 Cr.
The Board of Directors has placed on record their appreciation for her contribution during her tenure.

💡 Monitor future filings for the appointment of a successor to ensure continuity in corporate governance and regulatory reporting.

Rs 45 Cr: Siyaram Recycling to Increase Authorized Share Capital by 80%

🔵 WATCH ⭐ 4/10

FUNDRAISE 📅 29 Jul 2026, 12:20 PM

Siyaram Recycling Industries has approved an increase in its authorized share capital from Rs 25 crore to Rs 45 crore. This 80% increase in the share issuance ceiling involves the creation of 2 crore additional equity shares at a face value of Rs 10 each. While this is a procedural step, it provides the necessary headroom for future corporate actions such as a rights issue, preferential allotment, or bonus issue. The amendment to the Memorandum of Association (MOA) is subject to shareholder approval.

Authorized share capital to be increased from Rs 25,00,00,000 to Rs 45,00,00,000
Creation of 2,00,00,000 additional equity shares of Rs 10 each
Board approval finalized on July 29, 2026, pending shareholder consent
Amendment specifically targets Clause V of the Memorandum of Association
The proposed increase of Rs 20 crore represents approximately 15.4% of the company's current net worth of Rs 130 crore

💡 Investors should monitor upcoming announcements for the specific purpose of this capital increase, such as a potential fundraise or bonus issue, and check the upcoming shareholder meeting notice for further details.

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