Divyadhan Recycling Industries Limited (DIVYADHAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Divyadhan Recycling's revenue was ₹43.3 Cr (+54.2% year on year, +19.8% on the previous half-year), and net profit ₹1.8 Cr; the operating margin was 7.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹43.3 | +54.2% | +19.8% |
| Operating profit | ₹3.4 | +589.8% | +138.0% |
| Net profit | ₹1.8 | — | from loss |
| EPS (₹) | 1.22 | — | from loss |
| Operating margin | 7.8% | — | — |
DIVYADHAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the DIVYADHAN shares traded on NSE were taken to delivery. The stock has too few sessions on record for a normal to compare with. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 3 sessions: 100.0% · 91.7% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Divyadhan Recycling Industries Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter and half-year ended September 30, 2026. The submission is made pursuant to Regulations 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The company confirmed compliance with insider trading maintenance norms and clarified that Regulation 24A of SEBI LODR does not apply as it is listed on the NSE SME Platform. This is a standard quarterly regulatory submission with no financial or operational impact.
- Compliance certificate submitted for the quarter and half-year ended September 30, 2026
- Issued pursuant to Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015
- Company confirmed that Regulation 24A of SEBI LODR Regulations is not applicable due to NSE SME listing
- Certificate dated October 15, 2026, certified by a Practicing Company Secretary
Divyadhan Recycling Industries Limited has formally shifted its registered office from the State of Maharashtra to Noida, Uttar Pradesh, effective after Registrar of Companies (ROC) approval on September 8, 2026. The company filed Form INC-22 in accordance with the Companies Act, 2013, to finalize the transition. All other statutory particulars, including its Corporate Identification Number (CIN) and NSE listing status, remain unchanged. This administrative shift carries no direct financial or operational impact on the company's revenue of Rs 139 Cr or net profit margins.
- Registered office shifted from Maharashtra to Sector 2, Phase 1, Noida, Gautam Buddha Nagar, Uttar Pradesh-201301
- Approval granted by Registrar of Companies vide approval dated September 8, 2026
- Form INC-22 successfully filed pursuant to the Companies Act, 2013
- Company CIN and NSE listing particulars remain unchanged
Divyadhan Recycling Industries Limited has issued the notice for its 16th Annual General Meeting (AGM) to be held on September 28, 2026, alongside publishing its FY 2025-26 Annual Report. In the report, the Chairman highlighted FY26 revenue from operations grew 33.5% year-on-year to ₹79.41 crore (vs ₹59.48 crore in FY25), while Profit After Tax rose ~11% to ₹1.71 crore (vs ₹1.54 crore). Key AGM agenda items include adopting FY26 audited accounts, re-appointing director Mr. Pratik Pramod Gupta, and appointing M/s MAPSS & Co. as statutory auditors for a 5-year term.
- 16th Annual General Meeting scheduled for September 28, 2026 via video conferencing.
- Remote e-voting window open from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM).
- FY26 standalone revenue from operations increased by 33.5% YoY to ₹79.41 crore from ₹59.48 crore in FY25.
- FY26 PAT reached ₹1.71 crore with an EPS of ₹1.19, up from ₹1.54 crore and ₹1.07 EPS in FY25.
- Proposed appointment of M/s MAPSS & Co., Chartered Accountants, as Statutory Auditors for 5 years (FY27 to FY31).
Divyadhan Recycling Industries held its Board meeting on August 25, 2026, approving key administrative and governance items ahead of its 16th AGM. The Board approved the appointment of M/s MAPSS & Co. as Statutory Auditors for a 5-year term (FY 2026-27 to FY 2030-31) and M/s VS Associates as Secretarial Auditors. Additionally, the Board approved shifting the company's registered office to Noida, Uttar Pradesh, and fixed September 21, 2026, as the cut-off date for e-voting.
- Proposed appointment of M/s MAPSS & Co. as Statutory Auditors for a 5-year term from FY 2026-27 to FY 2030-31
- Approved relocation of registered office to Sector 2, Noida, Uttar Pradesh, amending Clause II of MOA
- Set AGM cut-off date as September 21, 2026, with remote e-voting running from September 25 to September 27, 2026
- Approved regularization of Mr. Umesh Gupta as Non-Executive Director, subject to shareholder approval
Divyadhan Recycling Industries has received formal approval from the Regional Director, Western Region, to relocate its registered office from Maharashtra to Uttar Pradesh. This move follows a special resolution passed by shareholders on May 15, 2025, and a subsequent application filed on June 15, 2026. The company received the official order on August 11, 2026. This is a procedural administrative change and does not directly impact the company's current TTM revenue of Rs 139 Cr or its operational margins.
- Special Resolution for the office relocation was passed by members on May 15, 2025
- Application in e-Form INC-23 was filed with the Regional Director on June 15, 2026
- Official order approving the shift was received by the company on August 11, 2026
- Relocation moves the corporate seat from Mumbai, Maharashtra to the state of Uttar Pradesh
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 5.97% YoY, increasing from INR 5,612.99 Lakh in FY24 to INR 5,948.23 Lakh in FY25. Segment-specific growth was not disclosed.
Profitability Margins
Net Profit Margin declined from 5.46% in FY24 to 2.58% in FY25. This compression was driven by a 7.4% increase in material costs and a 125% increase in depreciation expenses.
EBITDA Margin
EBITDA margin decreased from 9.87% in FY24 to 6.29% in FY25. Core profitability was impacted by rising raw material consumption costs which reached 91.5% of operational revenue.
Capital Expenditure
Historical capital expenditure for FY25 was INR 8.87 Cr, as Property, Plant and Equipment increased from INR 12.30 Cr to INR 21.17 Cr (a 72% increase).
Credit Rating & Borrowing
Finance costs were INR 29.63 Lakh in FY25, a reduction of 54% from INR 64.61 Lakh in FY24, suggesting lower debt levels or improved borrowing terms.
Operational Drivers
Raw Materials
Recycling feedstock (implied by industry) represents 91.5% of total revenue from operations, totaling INR 54.45 Cr in FY25.
Raw Material Costs
Raw material costs were INR 54.45 Cr in FY25, representing 91.5% of revenue. Costs grew 7.4% YoY from INR 50.68 Cr in FY24.
Strategic Growth
Growth Strategy
The company is utilizing INR 17.04 Cr from IPO proceeds specifically for working capital requirements to scale operations. As of September 30, 2025, 100% of the working capital funding from the IPO has been utilized to support business growth.
Products & Services
Recycled materials and recycling industry services.
External Factors
Industry Trends
The recycling industry is evolving with a focus on sustainability and environmental standards. The company is positioning itself by strengthening its board with operational excellence and industry insights.
Competitive Moat
The company's moat is linked to its operational efficiency and compliance with environmental standards, though specific durable advantages like patents are not disclosed.
Macro Economic Sensitivity
The business is sensitive to global and domestic economic conditions, government policies, and cyclical demand patterns in the recycling sector.
Geopolitical Risks
Trade agreements and global economic developments are cited as external factors that may affect operations.
Regulatory & Governance
Industry Regulations
Operations are subject to government regulations, tax regimes, and environmental compliance standards specific to the recycling industry.
Environmental Compliance
The company maintains compliance with industry and environmental standards, which is a key focus for the plant's leadership.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 16%, with current tax of INR 34.76 Lakh on a PBT of INR 216.11 Lakh.
Legal Contingencies
The company has zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Raw material price volatility and availability represent the primary business risk, impacting 91.5% of the cost structure.
Credit & Counterparty Risk
Trade receivables increased by INR 1.15 Cr in FY25, indicating a growing credit exposure to customers.
