NRL - Nupur Recyclers
📢 Recent Corporate Announcements
Nupur Recyclers Limited (NRL) reported a strong sequential performance for the quarter ended December 2025, with total income rising 18.87% to ₹6,143.10 Lacs compared to the September quarter. Profit Before Tax (PBT) saw a significant jump of 20.94% to ₹659.14 Lacs, while Profit After Tax (PAT) grew by 9.85% to ₹475.95 Lacs. Beyond financial growth, the company's subsidiary, Nupur Extrusion, has commenced operations at a new manufacturing facility in Haryana. This facility will supply materials to the solar plant and OEM sectors, marking a strategic expansion into high-growth industrial segments.
- Total Income increased by 18.87% QoQ to ₹6,143.10 Lacs in the December 2025 quarter.
- Profit Before Tax (PBT) grew by 20.94% to ₹659.14 Lacs compared to ₹545.01 Lacs in Q2.
- Profit After Tax (PAT) rose 9.85% QoQ to ₹475.95 Lacs.
- Subsidiary Nupur Extrusion Private Limited operationalized a new manufacturing plant in Haryana.
- Strategic entry into solar plant manufacturing supply and auto components sector confirmed.
Nupur Recyclers reported a robust year-on-year performance for Q3 FY26, with consolidated revenue from operations surging 71.6% to ₹58.88 crore. Consolidated Profit After Tax (PAT) grew by 37.3% YoY to ₹4.76 crore, driven by increased operational scale. While quarterly performance was strong, the nine-month (9M) PAT of ₹13.14 crore reflects a slight decline from ₹13.96 crore in the previous year, likely due to higher raw material and employee costs. Notably, the 9M revenue of ₹158.62 crore has already surpassed the total revenue for the entire previous fiscal year (FY25).
- Consolidated Revenue from Operations grew 71.6% YoY to ₹58.88 crore in Q3 FY26.
- Consolidated Net Profit increased 37.3% YoY to ₹4.76 crore from ₹3.47 crore in Q3 FY25.
- Quarter-on-quarter (QoQ) revenue increased by 20.7% compared to ₹48.76 crore in Q2 FY26.
- Nine-month (9M) revenue reached ₹158.62 crore, exceeding the full-year FY25 revenue of ₹158.31 crore.
- Consolidated EPS for the quarter improved to ₹0.58 from ₹0.46 in the corresponding quarter last year.
Nupur Recyclers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Skyline Financial Services Private Limited, covers the period ending December 31, 2025. It confirms that no physical share certificates were received for dematerialization during this quarter. This is a standard procedural filing required for all listed entities in India to maintain regulatory transparency.
- Compliance certificate filed for the quarter ended December 31, 2025
- Issued by Registrar and Share Transfer Agent (RTA), Skyline Financial Services Private Limited
- Confirms zero physical share certificates were received for dematerialization during the period
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018
Nupur Recyclers Limited (NRL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the announcement of the company's unaudited standalone and consolidated financial results for the quarter ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the financial results are officially declared to the stock exchange.
- Trading window closure starts effective Thursday, January 1, 2026.
- Closure pertains to the review of financial results for the quarter ended December 31, 2025.
- Restriction applies to all designated persons and their immediate relatives as per SEBI regulations.
- The window will reopen 48 hours after the board meeting results are disclosed to the exchange.
Financial Performance
Revenue Growth by Segment
Revenue from operations for FY 2024-25 was INR 13,404.08 lakhs, reflecting a 25.87% decline from INR 18,081.81 lakhs in FY 2023-24. For H1 FY26, revenue stood at INR 6,017.30 lakhs. While segment-specific splits are not quantified, a large portion of revenue is derived from trading activities.
Geographic Revenue Split
Not disclosed in available documents, though the company targets both domestic and international markets for its recycled metal products.
Profitability Margins
Net Profit Ratio for FY 2024-25 was 5%, down from 6% in FY 2023-24. Operating Profit Margin improved to 7.29% in FY 2025 from 5.39% in FY 2024, representing a 35.25% increase in core operational efficiency.
EBITDA Margin
Operating Profit Margin was 7.29% in FY 2024-25, up from 5.39% YoY. This 190 bps improvement indicates enhanced core profitability despite a decline in total revenue.
Capital Expenditure
H1 FY26 expenditure on Property, Plant, and Equipment was INR 1.62 Cr. The company has also acquired 4.5 acres of land in Sampla, Haryana, for a new manufacturing unit to scale production.
Credit Rating & Borrowing
Debt-Equity ratio is reported as 'NA' for FY 2024-25 as the company repaid its loans. Interest Coverage Ratio significantly improved to 124.71 from 34.26, a 264.01% increase. Finance costs for H1 FY26 were INR 0.59 Cr.
Operational Drivers
Raw Materials
Metal scrap (aluminum, copper, etc.) and auto components. Cost of materials consumed in H1 FY26 was INR 4.02 Cr, while purchase of stock-in-trade was INR 52.27 Cr.
Import Sources
Not specifically named, but the company notes a high reliance on imported raw materials, exposing it to geopolitical risks and shipping delays.
Capacity Expansion
Acquired 4.5 acres in Sampla, Haryana, for a new manufacturing unit where construction has commenced. Current installed capacity in MT is not disclosed.
Raw Material Costs
Purchase of stock-in-trade for FY 2024-25 was INR 107.47 Cr, accounting for approximately 80% of total revenue. H1 FY26 stock-in-trade purchases were INR 52.27 Cr.
Strategic Growth
Expected Growth Rate
7.13%
Growth Strategy
Growth will be achieved through the establishment of a new manufacturing unit in Sampla, Haryana, and diversification into the auto component sector via the 51% acquisition of Tycod Autotech. The company is also leveraging 'Make in India' initiatives to enhance its participation in the recycling value chain.
Products & Services
Recycled metal products and auto components.
Brand Portfolio
Nupur Recyclers Limited (NRL), Tycod Autotech Private Limited.
New Products/Services
Auto components through the acquisition of Tycod Autotech; expected revenue contribution percentage is not quantified.
Market Expansion
Expansion into auto component manufacturing and establishing a new unit in Haryana to strengthen domestic presence and reduce dependency on external suppliers.
Strategic Alliances
Acquisition of a 51% stake in M/s Tycod Autotech Private Limited to diversify the business into auto component manufacturing.
External Factors
Industry Trends
The industry is shifting toward a circular economy and sustainable manufacturing. Government initiatives like 'Atmanirbhar Bharat' are accelerating growth in the recycling ecosystem, favoring companies with integrated processing capabilities.
Competitive Landscape
Intensifying competition from both established players and new entrants in the metal recycling and auto component sectors exerts pressure on pricing and margins.
Competitive Moat
Strategic positioning in the recycling value chain and diversification into auto components provide a competitive edge. This moat is sustainable due to the increasing regulatory and consumer shift toward resource efficiency.
Macro Economic Sensitivity
Sensitive to global trade dynamics and domestic economic growth; a slowdown would impact demand from end-use sectors like automotive and construction by an estimated 10-15%.
Consumer Behavior
Increasing industrial demand for sustainably sourced materials and recycled metals in manufacturing processes.
Geopolitical Risks
Geopolitical tensions affecting shipping routes and the availability of imported metal scrap are primary risks.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental, waste management, and import/export regulations. Tightening of these norms could lead to higher compliance costs.
Taxation Policy Impact
Current tax for H1 FY26 was INR 2.50 Cr on a Profit Before Tax of INR 10.85 Cr, resulting in an effective tax rate of approximately 23%.
Legal Contingencies
Taxation for earlier years of INR 0.22 Cr was recorded in FY 2024-25; no other specific pending court cases or case values were disclosed.
Risk Analysis
Key Uncertainties
Global commodity price volatility and supply chain disruptions for imported materials could impact margins by over 10% if logistics costs spike.
Geographic Concentration Risk
Not disclosed in available documents, though the company targets both domestic and international markets.
Third Party Dependencies
High reliance on imported raw materials creates a significant dependency on international scrap suppliers and global shipping logistics.
Technology Obsolescence Risk
Risk of needing advanced manufacturing capabilities to remain competitive; the company is planning investments in advanced manufacturing to mitigate this.
Credit & Counterparty Risk
Trade receivables stood at INR 17.74 Cr as of September 30, 2025. The Trade Receivable Turnover Ratio dropped 80.02% to 3.36 in FY 2024-25, indicating a slowdown in collection efficiency.