SUNLITERECYCLING Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,764 Cr
verification pending
Revenue YoY
98%
reported change
EBITDA
₹59.69 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sunlite Recycling delivered standout FY26 standalone results with revenue nearly doubling to 2,764 crore (+98% YoY), EBITDA surging 151% to 59.69 crore, and PAT jumping 181% to 40.14 crore—driven by 50% volume growth and higher value-added product mix. H2 momentum was even stronger with PAT growth exceeding 258%. The company successfully transitioned to a consolidated platform post-Sunlight Aluminium acquisition (effective February 2026), diversifying from copper-only to multi-metal operations. Management guided for 10-15% volume growth in FY27 as capex (30-35 crore over 18 months) ramps up, with new copper anode plant and doubled copper rod/busbar capacity expected live in FY28. EBITDA per ton improved from 14K to 23K on value addition. Key risks include commodity price volatility, working capital intensity in inventory (liquid but elevated), and execution risk on capacity expansion during geopolitical supply disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for 10-15% volume growth in FY27 as capex will only be live in FY28; revenue guidance not provided due to commodity price volatility.
- Sunlight Aluminium operating at 56% utilization currently; targeting 70-80% utilization in FY27 through product expansion (from single product to 3-4 products).
- Phased capex of 30-35 crore to double copper rod capacity, double busbar capacity, and set up copper anode plant (5-6 crore investment); land acquired equivalent to current capacity.
- Copper anode plant and expanded copper rod/busbar facilities expected operational in FY28, aiming for 50-60% initial utilization with copper anode and 60% for new rod plant.
Risks flagged
- Top 5 customers represent 50-55% of revenue; management deflected question about OEM approval timelines and did not name major customers, raising transparency concerns for a listed company.
- Multiple analysts requested segment-wise EBITDA per ton for copper rods, ATC, busbars, and aluminium; management consistently deflected saying 'mail me offline,' preventing proper margin analysis.
- Operating cash flow turned negative due to inventory buildup (increased from working capital needs); while management claims inventory is 'liquid like black gold,' this represents 29 crore increase in loans and advances.
- Management switched from cathode plant (40 crore investment) to anode plant (5-6 crore) citing 'each and everyone setting up cathode plant' causing margin pressure—admission of competitive positioning challenge.
Key quotes
- Looking into market scenario, each and everyone is setting up cathode plant, so I think the margins would be decreasing. So I have demand in copper rods and other value added product. So why to waste money in that plant if so much of plants are coming because I'm seeing each and every industries putting that plant.
- In our industry, EBITDA only increases when we increase value added products. So as we will increase our value added production, our EBITDA will increase.
- For FY27, I'm hoping for 10 to 12% growth because we are planning for new machineries and new products. It will take time to grow. For 27-28, you can see a significant growth if everything goes right.
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