Nupur Recyclers Ltd(NRL)

NSE: NRL

₹ 157.1-2.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,085 crWebsite: www.nupurrecyclers.comUpdated: 24 Oct 2026

About

Nupur Recyclers Ltd (NRL) sources, processes and trades non-ferrous metal scrap - principally stainless steel, zinc and aluminium - and converts it into ingots, extrusion products and auto components through its subsidiaries. On a consolidated basis the group reported revenue of ₹215.94 crore in FY26, with Q1 FY27 consolidated revenue reaching ₹83.03 crore. The company operates as a single reportable segment: trading and recycling of non-ferrous metals.^[1][2][3]

Business segments

NRL operates as a single reportable segment - trading and recycling of non-ferrous metals - encompassing sourcing of imported scrap, value-addition (sorting, cleaning, melting, alloying) and sale of finished forms including ingots and extrusion products.^[3]
About 70% of value-added products are sold to third-party customers and 30% flows to own subsidiaries for further processing, as of Q1 FY27.^[2]
OEM auto-component sales (primarily to Tata Motors) constituted approximately 22% of consolidated revenue in Q1 FY27.^[2]

Products and value chain

Principal product categories are stainless steel, zinc and aluminium, processed into ingots, extrusion products and auto components for customers in automotive, solar, electrical and industrial sectors.^[3]
Frank Metals Recycling (Palwal, Haryana) produces zinc ingots (2,500 MT/annum capacity) and aluminium ingots (1,200 MT/annum capacity) and aluminium extrusion (2,000 MT/annum capacity).^[2]
Nupur Extrusion (Sampla, Haryana) produces aluminium extrusion at 200 MT/month current capacity, running at 75% utilisation in Q1 FY27.^[2]
Tycod Autotech (51% stake, acquired at ~₹24 crore enterprise value) manufactures OEM auto components for Tata Motors (Pune, Jamshedpur, Rudrapur), Sundaram, Havells and Interpump Hydraulics.^[2]

Key operating numbers

NRL imported approximately 8,000 - 10,000 tonnes of scrap metal in FY26: ~4,000 tonnes stainless steel, ~3,000 tonnes zinc, ~2,000 tonnes aluminium.^[3]
Consolidated revenue grew 56.6% YoY to ~₹83.03 crore in Q1 FY27, vs ₹53.03 crore in Q1 FY26 and ₹60.47 crore in Q4 FY26.^[2]
Consolidated EBITDA grew ~111% YoY to ~₹12.86 crore in Q1 FY27; EBITDA margin expanded to 15.48% from 11.46% in Q1 FY26.^[2]
Frank Metals zinc ingot ran at 100% utilisation and aluminium billet at 30% in Q1 FY27; NRL Mandoli zinc ingot ran at 83.33%; Tycod Autotech at 48% of 2,500 MT/annum.^[2]

Raw material sourcing

All raw material is imported (100%); the company does not hedge its foreign exchange risk and pays for material fully in advance.^[4]
Stainless steel is the largest imported scrap category at ~4,000 tonnes in FY26, followed by zinc (~3,000 tonnes) and aluminium (~2,000 tonnes).^[3]

Customers and distribution

End-markets include automotive, solar, electrical and industrial sectors; named OEM customers include Tata Motors (three plants), Sundaram, Havells and Interpump Hydraulics.^[3][2]

Expansion and capex

A 6,000 MT/annum LFP (lithium iron phosphate) battery recycling plant using hydro+pyro technology is under construction on 5 acres in Sampla, Haryana, with capex of ~₹50 - 70 crore; expected operational in 2 - 3 months from Q1 FY27.^[2]
A second 4-inch automatic extrusion machine has been ordered for the Nupur Extrusion Sampla plant; on delivery (within 2 - 3 quarters or by FY27-end) capacity will rise from 200 MT/month to 350 MT/month.^[2]
Management is evaluating LFP plant capacity expansion beyond 6,000 MT/annum to ~10,000 MT/annum; a decision is expected after 1 - 1.5 years of operations.^[2]
The company is looking to acquire plants in the ₹50 - 150 crore range via NCLT proceedings and also a lead recycling unit; domestic acquisitions only.^[2]

Recent developments

On July 2, 2025, the Board allotted 4,30,000 equity shares on conversion of warrants at ₹91 each, raising paid-up capital to ₹69,06,89,950.^[4]
In FY25, NRL raised funds via up to 81 lakh convertible warrants at ₹91 each, earmarking ₹20.71 crore for working capital, ₹20 crore for subsidiaries Frank Metals and Nupur Extrusion, ₹15 crore for capex and ₹18 crore for general corporate purposes.^[4]
Ms. Palakh Jain ceased to be an Independent Director on September 30, 2026, upon completion of her second term.^[5]

Market Cap

₹1,085 Cr

High / Low

₹169 / 45

Stock P/E

63.1

Price / Book

8.4

Book Value

₹19

EPS

₹2.1

No. of Shares

6.91 Cr

ROCE

15.0%

ROE

11.3%

OPM

10.6%

Debt / Equity

0.25

Sales

₹216 Cr

Net Profit

₹16 Cr

Promoter holding

73.6%

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Nupur Recyclers Ltd(NRL)

About

Business segments

Products and value chain

Key operating numbers

Raw material sourcing

Customers and distribution

Expansion and capex

Recent developments

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