NRL Q1 FY27 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹79.34 Cr
verified against source
Revenue YoY
56.6%
reported change
EBITDA
₹12.86 Cr
latest reported figure
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What the record says.
Nupur Recyclers reported a strong Q1 FY27 with consolidated revenue of ₹83.03 crore (up 56.6% YoY) driven by higher volumes in core scrap processing, better realizations, and ramp-up at Frank Metal and Nupur Exclusion. EBITDA surged 111% YoY to ₹12.86 crore, expanding margins by 402bps to 15.48% — a structural shift management attributes to higher capacity utilization at Frank Metal's fully-loaded facilities and growing contribution from value-added extrusion and OEM businesses. PAT grew 82.6% YoY to ₹7.39 crore. The company remains debt-free and plans to fund the 6,000 ton/month LFP battery recycling plant at Sampla (commissioning in 2-3 months) and extrusion capacity expansion from internal accruals. With 70% capacity utilization still available across key assets and new businesses ramping, management sees continued quarterly improvement. Key risk: geopolitical disruptions to multi-geography scrap sourcing and commodity price volatility since the company does not hedge.
Colored figures show movement against the previous available record.
Guidance to track
- New 6,000 tons/month LFP battery recycling facility at Sampla expected to become operational in 2-3 months, extracting lithium, iron phosphate, graphite, copper, and aluminium.
- Every quarter will show some improvement as all facilities are now running well and new plant and machinery is ramping up.
- Management expects battery recycling business to yield approximately 10% EBITDA margin, higher than current blended margins.
- Adding one more Chinese automatic 4-inch press machine to take Nupur Extrusion capacity from 200 tons/month to 350 tons/month by financial year end.
Risks flagged
- Inventory days increased due to shipping delays (Europe to India takes 20+ days) requiring 45-60 days of buffer stock; carrying unhedged inventory exposes the company to commodity price fluctuations.
- Management acknowledged geopolitical tensions can force inventory increases; multi-geography sourcing mitigates but does not eliminate country-specific risks for specialized scrap grades.
- Company explicitly does not hedge USD, EUR, or GBP exposure and operates on spot pricing; this exposes margins to currency and metal price swings unlike larger listed peers.
- Analyst raised concern about import restrictions on lithium-ion batteries; management stated licenses are required but not banned — a risk that regulatory tightening could delay battery recycling ramp-up.
Key quotes
- We are a debt-free, we are almost debt-free company at our core and we intend to fund our ongoing expansion plans including the extrusion facility, the Frank Metal aluminium exclusion investment and the upcoming LFP plant largely through internal accruals other than relying on external bonds.
- For the trading business we are doing business on a margin of 2 to 3%. If we go for the forward integration smelting and others again 2 to 3% and if we go for the machinery and for the OEM business again 2 to 3%. So mostly our business is about from 7 to 10% of the margin.
- This is a structural shift not regular pricing in one particular quarter.
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