Baheti Recycling Industries Ltd(BAHETI)

NSE: BAHETI

₹ 709.9-0.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 742 crUpdated: 24 Oct 2026

About

Baheti Recycling Industries recycles aluminium-based metal scrap into aluminium alloy ingots and aluminium de-ox alloys used in steelmaking, and has expanded into aluminium wire rods. It reported revenue of Rs 724.86 Cr in FY26 as a single aluminium recycling segment. The Chairman describes it as one of India's emerging aluminium recycling and value-added aluminium products companies.^[1][2]

Business segments

The company reports one segment, aluminium recycling, with sale of goods of Rs 724.86 Cr in FY26.^[1]
Revenue mix in FY26: about 64% alloy ingots and 36% aluminium deox, per management.^[3]
Volume mix in H1FY26: alloy ingots 58% vs 51% in H1FY25, with deox and others making up the rest.^[4]

Products

Products: aluminium alloys as ingots, and aluminium de-ox alloys as cubes, ingots, shots and notch bars (FY26).^[1]
Aluminium de-ox alloys are used in steel manufacturing to remove excess oxygen from molten steel.^[1]
The company has expanded into aluminium wire rods for the electrical and industrial sectors (FY26 annual report).^[1]
Zinc alloys and aluminium billets have been named as new product categories (Q1 and Q2 FY26 calls).^[5][4]

Capacity and operations

Installed capacity rose to 38,000 MT in FY26 from 29,160 MT after two new pairs of tilting and rotary furnaces with Skelner furnaces were commissioned.^[3]
Production was 22,976 MT in FY26 vs 18,160 MT in FY25.^[6]
Capacity utilisation was 60.46% in FY26 vs 63.80% in FY25.^[6][5]
FY25 production was split between 11,576 MT of ingots and 7,034 MT of deox.^[5]
EBITDA per MT was Rs 26,536.36 in FY26.^[6]
Sale and purchase prices are both linked to LME times the USD rate with a fixed INR delta and a one-month lag, per management (Q4 FY26).^[3]
The company has more than 450 employees and workers (FY26).^[1]

Customers and markets

The company serves more than 150 customers and reaches more than 7 countries (FY26).^[1]
TVS Motor, Royal Enfield and Bajaj Auto were added as direct OEM customers in March 2026, with about 500 tons sold to them that month.^[3][6]
Motherson, Caparo Maruti and Ashley Alteams were onboarded in FY26 after IATF 16949 certification was received in June 2025.^[4]
Other named automotive customers include Uno Minda, Samvardhana Motherson and Caparo India (FY26).^[4]
The company entered South India in FY25 and is targeting Hungary, Turkey, Germany and the UK.^[5][6]

Expansion and capex

Aluminium wire rod Phase 1 of 12,500 MT at Dahegam is targeted for October to November 2026, with Rs 20-25 Cr being invested in infrastructure.^[3][6]
Wire rod Phase 2 would take capacity to 25,000 MT. Management expects Rs 200-250 Cr of revenue from Phase 1 and Rs 500 Cr from the division in total.^[6]
Five new electric furnaces, replacing pit furnaces, are to be commissioned in FY27.^[6]
A captive 1.65 MW solar plant was due to be operational by end of May 2026.^[6]
Management targets 75-80% utilisation in FY27 and plans an additional 5,000-7,000 MT of capacity in H2FY27 (Q4 FY26 call).^[3]
Capital work in progress stood at 558.35 at FY26 year end vs 150.96 a year earlier, as printed in the FY26 annual report.^[1]

Orders

Gross orders worth Rs 71 Cr received from ArcelorMittal Nippon Steel India (Q1 FY27 call).^[6]
Confirmed order book over Rs 175 Cr at the start of Q1FY27, excluding wire rod.^[3]
A Rs 50 Cr order from ArcelorMittal Nippon Steel India for 1,720 MT of aluminium deoxidants was secured in H1FY26.^[4]

Recent developments

Rs 7.48 Cr was raised through a preferential allotment in FY26 for working capital.^[6]
IATF 16949 automotive certification received in June 2025.^[5]
Management targets revenue of Rs 1,200+ Cr and a top 3-4 position among Indian secondary aluminium alloy makers by FY28.^[6]

Market Cap

₹742 Cr

High / Low

₹881 / 478

Stock P/E

28.0

Price / Book

8.1

Book Value

₹90

EPS

₹25.9

No. of Shares

1.04 Cr

ROCE

22.3%

ROE

35.4%

OPM

8.1%

Debt / Equity

2.45

Sales

₹725 Cr

Net Profit

₹27 Cr

Promoter holding

74.1%

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