Parmeshwar Metal Ltd (544330)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Parmeshwar Metal's revenue was ₹1,128 Cr (+50.2% year on year, +33.5% on the previous half-year), and net profit ₹23.0 Cr (+228.6% year on year); the operating margin was 2.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹1,128 | +50.2% | +33.5% |
| Operating profit | ₹31.0 | +244.4% | +158.3% |
| Net profit | ₹23.0 | +228.6% | +155.6% |
| EPS (₹) | 15.33 | +250.0% | +159.4% |
| Operating margin | 2.7% | — | — |
📢 Recent Corporate Announcements
Parmeshwar Metal has released its Annual Report for FY 2025-26 and scheduled its 10th Annual General Meeting for September 19, 2026. The Board has recommended a final dividend of Rs 1.25 per equity share (12.5% on face value of Rs 10). The report also confirms full utilization of its Rs 24.74 crore (Rs 2474.16 lakhs) IPO proceeds across capex, working capital, and general corporate purposes.
- 10th Annual General Meeting scheduled for Saturday, September 19, 2026, via Video Conferencing.
- Proposed final dividend of Rs 1.25 per equity share (12.5% of face value) subject to shareholder approval.
- Total IPO proceeds of Rs 24.74 Cr (Rs 2474.16 Lakhs) reported as 100% utilized by March 31, 2026.
- Capex execution includes Rs 2.18 Cr for new manufacturing facility and Rs 1.87 Cr for furnace renovation.
Parmeshwar Metal Limited has announced key dates for its 10th Annual General Meeting and dividend distribution for FY26. The company proposed a final dividend of ₹1.25 per equity share of face value ₹10 (12.5%), subject to shareholder approval at the AGM scheduled on September 19, 2026. The record date for determining dividend eligibility has been fixed as September 04, 2026, with payment to be completed on or before October 16, 2026. The meeting will also consider approvals for material related-party transactions for FY27.
- Final dividend recommended at ₹1.25 per equity share (12.5% on ₹10 face value) for FY26
- Record date for dividend entitlement fixed as Friday, September 04, 2026
- Dividend payment date set on or before October 16, 2026, subject to AGM approval
- 10th Annual General Meeting scheduled for Saturday, September 19, 2026, via Video Conferencing
- Remote e-voting period runs from September 15 to September 18, 2026 (cut-off date: September 12, 2026)
Parmeshwar Metal Limited has fixed Friday, September 4, 2026, as the record date to determine shareholder eligibility for a final dividend of ₹1.25 per equity share (12.5% on ₹10 face value) for FY26. The 10th Annual General Meeting (AGM) will be held via video conferencing on Saturday, September 19, 2026. If approved, the dividend will be disbursed on or before October 16, 2026. Additionally, the AGM notice seeks shareholder approval for sizeable related-party transactions for FY27, including up to ₹250 crore with Parmeshwar Recycling Limited.
- Final dividend proposed at ₹1.25 per equity share of ₹10 each (12.5%) for FY26
- Record date for dividend entitlement fixed as September 04, 2026
- Dividend payment to be completed on or before October 16, 2026, post AGM approval
- 10th AGM scheduled for September 19, 2026, with remote e-voting from September 15 to September 18, 2026
Parmeshwar Metal Limited has issued the notice for its 10th Annual General Meeting (AGM) scheduled for September 19, 2026. The company fixed September 04, 2026 as the record date for a final dividend of Rs 1.25 per share (12.5% on Rs 10 face value) for FY26, payable on or before October 16, 2026. Key agenda items include adoption of FY26 financials, re-appointment of director Piyush Shah, and approval of sizeable related party transactions for FY27. Remote e-voting is scheduled from September 15 to September 18, 2026.
- Final dividend declared at Rs 1.25 (12.5%) per equity share of face value Rs 10 for FY26
- Record date for dividend entitlement fixed as September 04, 2026; dividend payout by October 16, 2026
- 10th AGM to be held virtually on September 19, 2026, with cut-off date for e-voting on September 12, 2026
- Shareholder approval sought for significant FY27 related-party transactions, including up to Rs 250 Cr with Parmeshwar Recycling Ltd
Parmeshwar Metal Limited responded to BSE's surveillance query dated August 25, 2026, regarding significant movement in its share price. The company confirmed that it has disclosed all material information under Regulation 30 of SEBI LODR and is not withholding any price-sensitive information. Management stated that the recent price movement is entirely market-driven and not connected to internal operational changes.
- Response to BSE query reference L/SURV/ONL/PV/SJ/2026-2027/4172 dated August 25, 2026
- Company confirmed compliance with Regulation 30 of SEBI LODR Regulations, 2015
- No undisclosed material event or impending announcement affecting price behavior
- Management clarified that price movement is purely driven by market conditions
Parmeshwar Metal Limited has received approval from the Ministry of Corporate Affairs for the incorporation of its subsidiary, Parmeshwar Copperx Private Limited, effective August 17, 2026. The subsidiary has an authorized and paid-up share capital of Rs 10,00,000, divided into 1,00,000 equity shares of Rs 10 each. Parmeshwar Metal holds a 51% stake (51,000 shares) acquired via cash consideration totaling Rs 5,10,000. The newly formed entity will focus on metal manufacturing, specifically copper extrusion and related metal products in Gujarat.
- Incorporated subsidiary 'Parmeshwar Copperx Private Limited' on August 17, 2026 in Gujarat.
- Parmeshwar Metal holds 51% equity control by subscribing to 51,000 shares of Rs 10 each.
- Total initial investment by the company stands at Rs 5,10,000 in cash.
- Subsidiary authorized and paid-up capital is Rs 10,00,000 (1,00,000 shares of Rs 10 each).
Financial Performance
Revenue Growth by Segment
The company operates in a single segment of manufacturing and trading copper products, which generated INR 1,382.43 Cr in FY25, representing a growth of 25.65% compared to INR 1,100.22 Cr in FY24. This growth is driven by strategic market positioning and increased operational scale following the SME-IPO.
Geographic Revenue Split
The company identifies 'Limited Regional Reach' as a primary risk, suggesting high concentration in Western India, specifically Gujarat where its 18,000 MTPA manufacturing unit is located in Dehgam.
Profitability Margins
Gross profit stood at INR 14.92 Cr in FY25 compared to INR 9.65 Cr in FY24. The Net Profit Ratio improved from 0.65% to 0.79% YoY, reflecting better operational efficiency despite high raw material costs.
EBITDA Margin
Operating margins are constrained by low value addition and high raw material costs, which account for 96-97% of production expenses. Credit rating sensitivity indicates an upward factor if operating margins increase to 2.5%.
Capital Expenditure
The company utilized INR 3.13 Cr from IPO proceeds for capital expenditure in FY25. No major debt-funded capex is planned for the medium term as the company focuses on steady accretion to reserves.
Credit Rating & Borrowing
The company maintains a 'Crisil BBB-/Stable/Crisil A3' rating. Interest coverage ratio is healthy at 8.88 times in FY25, up from 5.20 times in FY24, due to reduced interest expenses following the repayment of unsecured loans.
Operational Drivers
Raw Materials
Copper scrap, copper cathode, and various metallic substances. Raw material costs are the dominant expense, representing 96-97% of the total production cost in FY25.
Import Sources
While specific countries are not named, the company reported a Foreign Exchange Outgo of INR 263.69 Cr in FY25, up 42.58% from INR 184.95 Cr in FY24, indicating significant import of raw materials.
Key Suppliers
Not specifically named in the documents, but the company notes a high 'Dependency on Suppliers' as a key business risk that could affect production continuity.
Capacity Expansion
Current installed capacity is 18,000 MTPA at the Dehgam, Gujarat unit. No specific future capacity expansion figures were disclosed beyond the INR 3.13 Cr IPO-funded capex already executed.
Raw Material Costs
Raw material costs represent 96-97% of production costs. Operating profitability is highly vulnerable to volatility in global copper prices because the company has limited ability to pass on sudden price spikes in a competitive market.
Manufacturing Efficiency
The company focuses on recycling copper scrap, which is a cost-effective manufacturing route compared to primary smelting, though it results in low value-addition margins.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but 'Limited Regional Reach' is cited as a constraint, implying that logistics costs likely prevent competitive expansion into distant domestic markets.
Strategic Growth
Expected Growth Rate
13%
Growth Strategy
Growth will be achieved through the 18,000 MTPA capacity utilization, leveraging the 15+ years of promoter experience to deepen client relationships, and utilizing the strengthened net worth of INR 70.68 Cr from the 2025 IPO to support larger trading and manufacturing volumes.
Products & Services
Copper wire and copper wire rods manufactured primarily through the recycling of copper scrap and other metallic substances.
Brand Portfolio
Parmeshwar Metal Limited (PML).
New Products/Services
Not disclosed in available documents; the company remains focused on its core copper wire and rod recycling business.
Market Expansion
The company aims to mitigate its 'Limited Regional Reach' by leveraging its BSE SME listing to increase brand visibility and potentially expand its marketing network beyond Gujarat.
Market Share & Ranking
Not disclosed; however, the company faces intense competition from large-scale copper players which limits its pricing power.
External Factors
Industry Trends
The industry is shifting toward sustainable manufacturing and recycling. The IMF projects India's nominal growth at 10.2% through FY30, and the PLI scheme for renewable energy is expected to boost copper demand for solar and wind equipment.
Competitive Landscape
Intense competition from both large organized players and small unorganized recyclers in the copper industry, which constrains the company's ability to control market prices.
Competitive Moat
The moat is based on the promoters' 15-year industry experience and the company's established recycling infrastructure in Gujarat. However, this moat is narrow due to low product differentiation and low entry barriers in the copper recycling trade.
Macro Economic Sensitivity
Highly sensitive to the metallurgical industry trends and the National Mineral Policy. Growth is linked to infrastructure and automotive sectors which drive copper demand.
Consumer Behavior
Increased demand for copper in 'green' technologies (EVs, Renewables) is a positive shift affecting long-term demand for the company's wire products.
Geopolitical Risks
Global recessionary trends and uncertainties affect the availability and cost of imported copper scrap, which is the primary feedstock.
Regulatory & Governance
Industry Regulations
Operations are governed by the Central Goods and Service Tax Act, 2017 and the Gujarat Goods and Service Tax Act, 2017. The company must also comply with the National Mineral Policy and environmental norms for recycling units.
Environmental Compliance
The company assesses environment and climate change impacts on a continuous basis as part of its operating strategy, focusing on sustainable growth through metal recycling.
Taxation Policy Impact
The company is subject to standard corporate tax rates. Average net profit for CSR calculation was INR 10.44 Cr.
Legal Contingencies
The company received an order from the GST Authority, Gujarat on January 03, 2026, confirming a tax demand of INR 1.56 Cr along with interest and penalties of INR 3.62 Cr, totaling a potential liability of INR 5.18 Cr.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (97% of costs) and the outcome of the INR 5.18 Cr GST demand are the primary uncertainties that could impact cash flows by more than 40% of annual accruals.
Geographic Concentration Risk
High concentration in Gujarat; the single manufacturing unit in Dehgam makes the company vulnerable to regional economic or regulatory shifts in that state.
Third Party Dependencies
High dependency on external suppliers for copper scrap; any disruption in the scrap supply chain would immediately impact the 18,000 MTPA production capacity.
Technology Obsolescence Risk
Low risk of immediate obsolescence in copper wire products, but the company notes the need to monitor emerging technologies like AI and Gen AI in manufacturing to maintain efficiency.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio was 51.68 in FY25, showing stable collection cycles. Bank limit utilization was moderate at 54% through March 2025, providing a liquidity cushion.
