Baheti Recycling Industries Limited has submitted the transcript of its H2 and FY26 Earnings Conference Call to the National Stock Exchange of India, in accordance with Regulation 30(6) read with Para-A of Part-A of Schedule-III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript, signed by Yash Shankerlal Shah, Joint Managing Director, was submitted on May 08, 2026, and has been uploaded on the company's official website at www.bahetiindustries.com . The earnings call was held on May 05, 2026 at 11:30 A.M. (IST) via digital means, with analysts and investors in attendance, and was hosted by Arihant Capital.

Earnings Call Details

The call featured remarks from Mr. Yash Shah, Joint Managing Director, and Mr. Manoj Shah, Chief Financial Officer, moderated by Ms. Natasha Singh of Arihant Capital and Mr. Ayush Divecha of Merlin Capital Advisors.

Financial Performance Highlights

CFO Manoj Shah presented the financial results for FY26, highlighting strong year-on-year growth across key metrics. Revenue rose to approximately ₹725 crores from ₹520 crores in the previous year, while net profit increased to ₹27 crores from ₹18 crores.

Management attributed the performance to improved operational efficiency and successful margin expansion, and noted that the company is actively focused on reducing debt and improving key financial ratios.

Business Operations and Capacity Expansion

Joint Managing Director Yash Shah outlined the company's operational profile and near-term expansion plans. The company, a seven-decade-old aluminum recycling business headquartered in Gujarat, currently operates at 60% utilization. With the commissioning of 5 new electrical furnaces in FY27 and a solar plant expected to be operational by end of May 2026, total installed capacity will stand at 38,000 tons annually. Management targets 75–80% utilization of the 38,000-ton capacity in FY27, with full capacity utilization targeted by FY28.

The company has also recently added direct OEM clients, including Bajaj Auto, TVS Motor, and Royal Enfield, in March. In that month, approximately 250 tons were sold to Bajaj Auto, 150 tons to TVS Motor, and 100 tons to Royal Enfield, with the same orders repeated in May. The top five customers identified by management are Tata Steel, Sigma Electronics, Minda Corporation, Sriram Pistons, and ArcelorMittal. Approximately 80% of raw materials are imported, primarily from the UK, Europe, and the US.

Aluminum Wire Rod Expansion

Baheti Recycling is entering the aluminum wire rod segment, described as a higher-margin, value-added product category. The company is investing approximately ₹25 crores across two phases on its existing freehold land in Dahegam.

Management indicated that Phase 1 utilization is expected to reach approximately 70% by FY28, with Phase 2 commencing once Phase 1 reaches 75–80% utilization. Revenue from the wire rod plant is expected to contribute meaningfully from FY28 onwards, with EBITDA margins from the segment expected to be 1–2% higher than the existing business.

Margin Profile and Hedging Strategy

Management reaffirmed a sustainable EBITDA margin range of 7–10% for the core business, with the wire rod segment expected to push margins closer to 10% in FY28. The company follows a natural hedging strategy, with both procurement and sales prices linked to LME aluminum prices and the US dollar, with a fixed INR delta per ton. Sales are priced on a month-minus-one (M-1) formula, resulting in a one-month lag. Management noted that production costs increased by 15% due to geopolitical-related freight and processing cost pressures, all of which have been passed on to customers. The revenue split between alloy ingots and deoxidant stood at approximately 64% and 36%, respectively, for the full year.

Regulatory Tailwinds and Market Positioning

Management highlighted favorable policy and market dynamics supporting the business. The government's Extended Producer Responsibility (EPR) norms will make secondary aluminum mandatory at 5% from FY28 and 10% from FY29, opening new markets including the cable conductor industry. The India-UK Free Trade Agreement is expected to reduce the cost of manufacturing by approximately 2.75% by eliminating the existing basic customs duty and educational cess on imports. Baheti Recycling described itself as a leader in aluminum deoxidant in India and among the top 10 secondary aluminum alloy manufacturers, with aspirations to reach the top 3–4 by FY28. The company enters FY27 with a minimum order book of ₹200 crores, excluding the aluminum wire rod segment, and management expressed confidence in achieving four-digit revenue from the existing plant in the current financial year.

Baheti Recycling Industries Limited has announced the scheduling of an earnings conference call to discuss the audited standalone financial results for the half year and year ended March 31, 2026. The announcement was submitted to the National Stock Exchange on April 28, 2026, in accordance with Regulation 30(6) read with Para-A of Part-A of Schedule-III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The conference call is scheduled for Monday, May 4, 2026, at 11:30 AM IST. The event will be conducted through a virtual conference call format, providing investors and analysts an opportunity to engage with the company's management regarding the H2 and FY26 financial performance. The call will be hosted by Arihant Capital Markets Limited, with Ms. Natasha Singh serving as the call leader.

Conference Call Details

Meeting Access Information

Participants can join the conference call through the following registration and access details:

The company has requested the exchange to take note of this announcement and record the same in their official records. The intimation was signed by Yash Shankerlal Shah, Joint Managing Director of Baheti Recycling Industries Limited, on behalf of the company.