Sunlite Recycling Industries Limited (SUNLITE)
📢 Recent Corporate Announcements
Sunlite Recycling Industries Limited has issued the notice for its 4th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key ordinary business includes the adoption of FY26 financial statements and approval of a final dividend of ₹1 per equity share (10% on face value of ₹10). Remote e-voting runs from September 27 to September 29, 2026, with an established shareholder cut-off date of August 28, 2026. Other items include the re-appointment of Director Mrs. Khushboo Manishkumar Heda and ratification of ₹60,000 remuneration for cost auditors.
- 4th Annual General Meeting scheduled for September 30, 2026 at 12:00 PM IST via VC/OAVM
- Final dividend proposed at ₹1.00 per share (10% on ₹10 face value) for FY25-26
- Remote e-voting window open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Ratification of ₹60,000 cost auditor remuneration to M/s P P Amipara & Co. for FY26-27
- Mrs. Khushboo Manishkumar Heda, holding 20,41,900 shares (14.79%), stands for re-appointment by rotation
Sunlite Recycling Industries Limited has informed the exchange that its Board of Directors approved the reconstitution of 4 key board committees on September 5, 2026, with immediate effect. The committees reconstituted include the Audit Committee, Nomination and Remuneration Committee (NRC), Stakeholder Relationship Committee (SRC), and Corporate Social Responsibility (CSR) Committee. Independent Directors Mr. Ronak Ashokbhai Mehta and Mrs. Krisa Kairav Shah chair the Audit and NRC/SRC committees, respectively. This is a routine corporate governance alignment under Regulation 30 of SEBI LODR Regulations.
- Board approved reconstitution of 4 Board committees on September 5, 2026 with immediate effect
- Audit Committee to be chaired by Independent Director Ronak Ashokbhai Mehta
- Nomination & Remuneration Committee and Stakeholder Relationship Committee to be chaired by Independent Director Krisa Kairav Shah
- CSR Committee to be chaired by Managing Director Nitin Kumar Heda
Sunlite Recycling Industries has fixed Wednesday, September 23, 2026, as the record date for its recommended final dividend of FY 2025-26. The proposed dividend is 10%, amounting to Rs 1 per equity share of face value Rs 10 each. The payout remains subject to shareholder approval at the company's upcoming 4th Annual General Meeting (AGM). The dividend was originally recommended by the Board on April 27, 2026.
- Record date fixed as September 23, 2026, for determining dividend eligibility
- Final dividend recommended at 10%, or Rs 1 per equity share (face value Rs 10)
- Payment subject to approval by shareholders at the 4th Annual General Meeting
- Board originally recommended the dividend on April 27, 2026
Sunlite Recycling Industries has approved the notice for its 4th Annual General Meeting, scheduled for September 30, 2026. The Board fixed Wednesday, September 23, 2026, as the record date for the proposed final dividend of ₹1.00 per share (10% on ₹10 face value), subject to shareholder approval. The remote e-voting period is set from September 27 to September 29, 2026.
- Final dividend of ₹1.00 per equity share of ₹10 face value (10%) recommended
- Record date for dividend entitlement and e-voting fixed as September 23, 2026
- 4th Annual General Meeting to be held virtually on September 30, 2026
- Remote e-voting window active from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
Sunlite Recycling Industries Limited has scheduled participation in the Kaptify Investor Conference in Mumbai on August 31, 2026. The meeting will be conducted in a physical group format. The company stated that discussions will be strictly based on publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Meeting scheduled for August 31, 2026 in Mumbai
- Format of interaction is a physical group meeting
- Organized by investor relations firm Kaptify
- Discussions will be limited strictly to publicly available information
Sunlite Recycling Industries Limited has scheduled a virtual 1x1 investor interaction with Wallfort PMS on August 21, 2026, at 4:00 PM IST. The meeting is being coordinated by the company's investor relations firm, Kaptify. As per standard regulatory disclosures, the company confirmed that no unpublished price-sensitive information (UPSI) will be shared during the discussion.
- Virtual 1x1 meeting scheduled with Wallfort PMS on August 21, 2026
- Interaction set to take place at 04:00 pm IST
- Meeting organized via IR firm Kaptify
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Sunlite Recycling reported a strong Q1 FY27 with consolidated revenue growing 74.62% YoY to ₹783.77 Cr, marking the first full quarter since the integration of its aluminium subsidiary. The core copper business contributed ₹730.91 Cr (up 72.91% YoY), while the aluminium segment doubled its revenue to ₹52.86 Cr. The company approved a ₹37 Cr capex plan, representing approximately 23% of its current net worth, to expand copper wire rod capacity from 37,000 MTPA to 45,000 MTPA. This expansion, targeted for completion by Q1 FY28, focuses on high-value products like ATC wires and busbars to improve margins.
- Consolidated revenue increased 74.62% YoY to ₹783.77 Cr in Q1 FY27
- Copper business sales volume grew 15.43% to 5,743.04 MT
- Aluminium business revenue surged 102.25% to ₹52.86 Cr
- Approved ₹37 Cr capex to reach 45,000 MTPA copper rod capacity by Q1 FY28
- Value-added products capacity targeted to reach 3,540 MTPA using advanced Upcast technology
Sunlite Recycling reported a strong Q1 FY27 with consolidated revenue reaching ₹783.77 Cr, a 74.62% YoY increase, largely driven by the first full quarter of Sunlite Aluminium integration. The core Copper business saw volumes grow 15.43% to 5,743 MT, while the Aluminium segment revenue doubled to ₹52.86 Cr. The company approved a ₹37 Cr strategic capex (approx. 23% of Net Worth) to expand copper wire rod capacity to 45,000 MTPA by Q1 FY28. This expansion focuses on high-margin value-added products like ATC wires and busbars to improve overall profitability.
- Consolidated revenue grew 74.62% YoY to ₹783.77 Cr in Q1 FY27
- Copper business sales volume increased 15.43% to 5,743.04 MT
- Aluminium business revenue doubled (+102.25%) to ₹52.86 Cr
- Strategic capex of ₹37 Cr approved to reach 45,000 MTPA copper wire rod capacity
- Target completion for the expansion project is set for Q1 FY2027-28
Sunlite Recycling Industries Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026. The filing confirms that the company captured 1 required event involving Unpublished Price Sensitive Information (UPSI) during the period. The certificate, issued by a practicing company secretary, reports zero non-compliances. This is a routine procedural filing required under SEBI (Prohibition of Insider Trading) Regulations.
- 1 event involving UPSI was required to be captured and was successfully recorded in the database
- The Structured Digital Database (SDD) is confirmed to be non-tamperable with an audit trail
- The system is capable of maintaining records for a period of 8 years as per regulations
- Zero non-compliances were observed for the quarter ended June 30, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 76% YoY in H1 FY26 to INR 1,102.23 Cr. The copper rod segment remains the primary driver, while the newly acquired Sunlite Aluminium Private Limited (SAPL) contributed INR 139.62 Cr in FY25.
Geographic Revenue Split
Sunlite has established a footprint across 10+ Indian states and Union Territories. Specific % split per region is not disclosed.
Profitability Margins
Operating Profit Margin was 1.59% in FY25 (up from 1.42% in FY24). H1 FY26 PAT margin improved to 1.28% from 1.11% YoY, driven by operational efficiencies and higher capacity utilization.
EBITDA Margin
EBITDA margin for H1 FY26 was 1.95%, reflecting an 8 bps YoY expansion. EBITDA grew 83% YoY to INR 21.9 Cr.
Capital Expenditure
Property, Plant, and Equipment (PPE) stood at INR 18.28 Cr in H1 FY26, up from INR 14.84 Cr in FY25. Planned CapEx includes a new copper cathode plant expected to be operational by mid-to-late FY27.
Credit Rating & Borrowing
Finance costs were INR 3.06 Cr in FY25. The company utilizes a 7% interest subsidy through its subsidiary SAPL to lower overall borrowing costs.
Operational Drivers
Raw Materials
Copper scrap (recycled) is the primary raw material, with cost of materials consumed representing approximately 94% of total revenue (INR 131.43 Cr in FY25).
Import Sources
Raw materials are sourced from the domestic Indian market and imported from Saudi Arabia, UAE, and the USA.
Key Suppliers
Not specifically named in the documents; sourcing is diversified across domestic and international scrap markets.
Capacity Expansion
Current copper rod smelting capacity is 25,000 MTPA. Capacity was expanded 1.5x in August 2025. Copper busbar utilization is currently 25-30%, with a target to reach 70%.
Raw Material Costs
Raw material costs were INR 131.43 Cr in FY25, a 19% increase from INR 110.51 Cr in FY24, tracking revenue growth.
Manufacturing Efficiency
Capacity utilization for copper rods is high (92%), while busbar utilization is being scaled from 18-30% toward 70% to capture higher value-added margins.
Logistics & Distribution
The combined setup with SAPL enables shared logistics and optimized manufacturing to serve power and transmission sector customers more efficiently.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through forward integration into value-added products like busbars and wires, the acquisition of Sunlite Aluminium (SAPL) to leverage a 15% tax rate and SGST reimbursements, and the commissioning of a copper cathode plant by FY27 to capture more of the value chain.
Products & Services
Copper rods, copper wires, copper cables, copper busbars, and Annealed Tinned Copper (ATC) products.
Brand Portfolio
Sunlite
New Products/Services
Forward integration into value-added wires and busbars is expected to improve PAT margins from the current 1.28% toward higher levels as utilization reaches 70%.
Market Expansion
Expanding deeper into the power and transmission sectors through the SAPL subsidiary and targeting a revenue of INR 3,000 - 3,500 Cr by FY27.
Market Share & Ranking
One of the largest copper recycling facilities in Western India with 25,000 MTPA capacity.
Strategic Alliances
Acquisition of Sunlite Aluminium Private Limited (SAPL) as a subsidiary to simplify corporate structure and gain tax incentives.
External Factors
Industry Trends
The industry is shifting toward recycling to meet sustainability goals. Infrastructure growth (40% of demand) and power sector expansion (11-13% of demand) are key drivers for Sunlite's 25,000 MTPA capacity.
Competitive Landscape
Competes with other secondary copper producers in Western India; positioning is strengthened by integrated aluminium and copper platforms.
Competitive Moat
Moat is built on scale (largest in Western India) and a cost-efficient recycling model. Sustainability is enhanced by the 15% corporate tax rate and 10-year SGST reimbursement for the aluminium subsidiary.
Macro Economic Sensitivity
Highly sensitive to infrastructure and construction demand, which consumes 40% of domestic copper.
Consumer Behavior
Increasing demand for recycled copper in the automotive and electronic sectors due to ESG mandates.
Geopolitical Risks
Trade barriers or supply chain disruptions in Saudi Arabia, UAE, or the USA could impact scrap availability.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI (LODR) Regulations, though SME listing exempts them from certain Corporate Governance Report filings (Regulation 27(2)).
Environmental Compliance
As a recycling-focused entity, the company must adhere to pollution control board norms for smelting, though specific ESG costs are not disclosed.
Taxation Policy Impact
The company benefits from a 15% corporate tax rate and 100% net SGST reimbursement for 10 years through its Sunlite Aluminium subsidiary.
Legal Contingencies
Auditors reported no material legal contingencies or misstatements in the FY25 financial statements.
Risk Analysis
Key Uncertainties
Volatility in copper scrap prices (94% of costs) and the successful ramp-up of the copper cathode plant by FY27.
Geographic Concentration Risk
Operations are concentrated in Kheda, Gujarat, though sales span 10+ states.
Third Party Dependencies
50% revenue dependency on the top 20 customers creates concentration risk.
Technology Obsolescence Risk
The shift toward high-purity cathode production is a necessary digital/technical transformation to maintain competitiveness against primary producers.
Credit & Counterparty Risk
Trade receivables rose to INR 49.09 Cr in H1 FY26, reflecting the 76% revenue jump; management monitors these to ensure timely collection.
