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Revenue
₹725 Cr
verification pending
Revenue YoY
39.4%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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, and new OEM wins. The company is commissioning five new electric furnaces (total capacity 38,000 tonnes) and entering the higher-margin aluminum wire rod segment with a ₹25 crore capex targeting ₹500 crore revenue potential. Management guided for ₹1,000 crore revenue in FY27 (excluding wire rod) and EBITDA margins improving to ~10% by FY28. Key risks include negative operating cash flows due to high inventory, reliance on imported scrap (80%), and potential margin compression from a sharp fall in LME aluminum prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to reach four-digit revenue in FY27 from existing operations, excluding wire rod contribution.
- Phase one (12,500 tonnes) to be operational by end of October/early November 2026, with initial utilization of 10-15% in Q4.
- Current EBITDA margin of ~8% expected to inch towards 10% in FY28 driven by wire rod segment and operational efficiencies.
- Management aims to reach 75-80% utilization of the 38,000-tonne capacity in FY27.
Risks flagged
- Company has reported negative operating cash flows for four consecutive years, with debt increasing to fund operations due to high inventory levels.
- 80% of raw material is imported from UK, Europe, and US, exposing the company to geopolitical disruptions, freight cost volatility, and currency fluctuations.
- Management acknowledged that a vertical fall in LME prices over 6-12 months could cause losses, though natural hedging provides some protection.
- A planned preferential issue of ₹40 crore was canceled after a key investor backed out due to market conditions and internal CIO restrictions.
Key quotes
- We are heading into FY27 with a order book of minimum 200 crores with us and there are lot of excitement development.
- Our target is four digit from the existing plant. As of now we have catered only to the three OEMs and that too only the trial lots. We have not catered a maximum chunk of their business. So we are more than hopeful and the journey is just started.
- The EBITDA margin will improve by one or two percentage from the existing business.
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