Baheti Recycling Industries Ltd — Q4 FY26
Baheti Recycling reported a strong FY26 with revenue of ₹725 crore (up ~39% YoY) and PAT of ₹27 crore (up 50% YoY), driven by favorable industry dynamics, capacity expansion, an...
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedConsistentNumbers vs filing
Answered
High priority
When will aluminium wire rod phase 1 commission and what utilization?
Asked by Disha, Safaya Capital
Management gave specific timeline and utilization estimate.
Read the exchange
Question
firstly, on this aluminium wire rod division, this phase one, when do we expect this to commission?
Management (Manoj)
By the end of October, you can say early November. So initially 2050 12 12,500 tons and practically we'll get 3 4 months. So 300 400 into 4200 on maybe 10 15%age of the entire 12,500 tons capacity utilization for 3 months.
Answered
High priority
What EBITDA margins can we expect from wire rod?
Asked by Disha, Safaya Capital
Management quantified margin improvement.
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Question
What sort of epida margins can we see here?
Management (Manoj)
The epida margin will be will improve by one or two percentage from the existing business.
Answered
High priority
Can we expect 30-40% CAGR in FY27 and FY28?
Asked by Disha, Safaya Capital
Management confirmed growth expectation.
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Question
you mentioned sir this 1200 cr revenue milestone for FR28. So can we expect a 30 40% sort of kagger in this year and FRA as well?
Management (Manoj)
100% you'll be you'll you'll see that and I'm more than hopeful that we'll we'll reach somewhere around four digit in this financial uh alone.
Answered
High priority
What will be the EBITDA margin for the entire year?
Asked by Disha, Safaya Capital
Management gave a range and referenced current margin.
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Question
where do we see a margins for the entire year?
Management (Manoj)
It will be in the same range. ... anywhere between 7 to 10% is very it's quite sustainable AITA margin ... this year I think we did around 8% so we sort of expect that to continue.
Answered
Medium priority
What is the capex for phase 2 of wire rod?
Asked by Disha, Safaya Capital
Management gave a specific number for phase 2.
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Question
this 20 to 25 CR this capeex that we putting is this only for phase one what be the additional amount for phase two.
Management (Manoj)
Phase two would be five crores maximum in putting up the fundness and all the apart from it the major cost consist that of infrastructure.
Answered
Medium priority
What is the revenue split between alloy ingots and deox?
Asked by Jagger
Management provided percentage split.
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Question
what is the full year revenues for uh inwards and deox the split out of 725 in the splitting in what manner?
Management (Manoj)
In percentage term it's an year around 64 36 64 would be in god 36 for the
Evasive
High priority
How much of margin increase is product mix vs pricing?
Asked by Jagger
Management avoided attribution and redirected to percentage margin focus.
did not quantify mix vs pricingreframed to percentage basis
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Question
how much of this increase that you are seeing is more product mixled and how much is it more pricing increases in the uh core aluminium product that has helped us increase this margin.
Management (Manoj)
I'll tell you one thing good question ... you have to see business in terms of percentage basis. ... the percentage basis why it is more relevant as it is metal industry. So the prices is not in our hands.
Answered
High priority
Who are customers for wire rod and what approvals needed?
Asked by Jagger
Management specified customer types and approval timelines.
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Question
who would be our customers and what would be the timeline for approval of these products. Are there any approvals needed, testing needed uh from the customer
Management (Manoj)
See that there that would be two wire rods. ... aluminum primary wire rod ... will be sellable to our existing client like Arsal Tatastel Jindel Steel. ... we don't need any approval. ... aluminum alloy wire rod ... will require a testing phase ... that would be for 3 months.
Partial answer
High priority
Why are cash flows negative despite revenue and PAT growth?
Asked by Man (Walford Fund Management), Walford Fund Management LLP
Management explained inventory reason but did not provide cash flow improvement timeline or numbers.
no specific cash flow numbersblamed inventory without quantifying impact
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Question
we see that our revenues have increased ... our aid has increased ... our debt has also increased substantially. ... our cash flows are negative for the past four years. So can you explain something around that
Management (Manoj)
See the regarding the operating cash flow you are talking about we are also addressing that kind of concern but ultimately our business is like that we we are keeping an excess inventory of 30 40 odd days only because of to cater to the OEMs
Answered
Medium priority
Are we planning further capex in existing facility?
Asked by Bhavika
Management confirmed additional capacity plans.
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Question
we can see that it's already uh 60% utilization in 2026 that 38,000 metric tons. So are we planning for further capex in um the same facility
Management (Manoj)
Yeah. we will will target another uh 5 7,000 tons in the same capa in the same premises and 12,500 tons for aluminum wire rod.
Partial answer
Medium priority
What is our market share and competition in current and new segments?
Asked by Shya (Yash)
Management gave qualitative positioning but no specific market share data.
no market share numbersdeferred wire rod details to next call
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Question
I just want to understand our current market positioning. What is the competition? What is our current market share in our current segment which is our alloys and ingots and what are we expecting in our new segment in the aluminium wire rods?
Management (Manoj)
See the market share in terms of aluminum would be really difficult to tell you but in terms of aluminum alloy we are well placed ... top 10 ... aluminum deoxxidant ... we are the pioneers and we are the still the leader ... aluminum wire rod ... I'll able to tell you more about aluminum wrote in next con call
Evasive
Medium priority
Why was preferential issue at 50% discount to CMP?
Asked by Minerva Research, Minerva Research
Management did not explain the valuation report discrepancy and deflected.
denied discount without addressing valuation reportblamed market conditions
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Question
the valuation report which is there on the website of the company in that it is giving the value as 300 rupees and at that time it was uh at 50% to the CMP so that is why investors backed out or what was the reason
Management (Manoj)
No. No. Something is mistaken from your side. ... the market condition was the reason ... the stakeholder who was investing somewhere around 40 odd crores he has backed out because of the market condition
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin 8% this year, sustainable 7-10% | 8% | 8% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.