Siyaram Recycling Industries Ltd reported a significant decline in profitability for FY26, with net profit falling 74% year-on-year to ₹3.79 crore. Revenue from operations contracted 29% to ₹3,616.9 crore, reflecting broader volatility in the scrap recycling market.

The Jamnagar-based brass recycler also announced the reappointment of Ramgopal Ochhavlal Maheshwari as Chairman and Whole-Time Director, and Bhavesh Ramgopal Maheshwari as Managing Director for five-year terms effective August 2026. Both executives will receive remuneration of up to ₹1.2 crore per annum.

Financial Performance

The company's financial results for the year ended March 31, 2026, highlight a sharp contraction in earnings despite disciplined cost management. Total income stood at ₹3,626.9 crore, down from ₹5,137.9 crore in the previous year. Expenses were moderated to ₹3,569.1 crore from ₹4,933.7 crore, but this was insufficient to offset the top-line decline.

Other income dropped 55% to ₹10.0 crore from ₹22.3 crore in FY25. Tax expenses totaled ₹19.8 crore, comprising current tax of ₹15.4 crore and deferred tax of ₹4.4 crore.

What the Numbers Show

A notable divergence exists between the company's revenue decline and its inventory buildup. While revenue fell nearly 30%, closing inventories rose 2% to ₹2,038.5 crore from ₹2,006.7 crore. This suggests that cost of materials consumed (₹3,416.3 crore) did not decrease proportionately to sales, potentially indicating slower stock turnover or strategic stocking ahead of anticipated price movements. Additionally, finance costs increased 38% to ₹106.2 crore, driven by higher borrowing levels to support working capital needs.

Corporate Governance and Board Changes

The company convened its 20th Annual General Meeting on September 30, 2026. Key resolutions included the reappointment of Mrs. Madhu Ramgopal Maheshwari as a director liable to retire by rotation.

The Board also approved the remuneration of M/s Ankit Kushal & Associates as Cost Auditor for FY27 at ₹60,000. Subsequent to the fiscal year-end, the authorized share capital was proposed to be increased from ₹25 crore to ₹45 crore via postal ballot.

Operational Outlook

Management attributed the performance variance to global commodity price volatility and elevated energy tariffs. The company emphasized its focus on modernizing plant machinery and expanding high-demand product lines to stabilize margins. No dividend was recommended for FY26 to conserve internal accruals for working capital requirements.

Shareholders of Siyaram Recycling Industries Ltd approved an ordinary resolution to increase the authorised share capital and alter the capital clause of the Memorandum of Association. The remote e-voting period closed on August 29, 2026.

The postal ballot notice was dated July 29, 2026, and the record date for shareholder eligibility was July 24, 2026. The scrutinizer's report was submitted on August 31, 2026, by CS Murtuza Mandor of Murtuza Mandorwala & Associates, Ahmedabad. The total number of shareholders on the record date stood at 2,614.

Voting results summary

The resolution was passed with requisite majority. Of the total shares held across all categories, 11,692,500 votes were polled against a total of 21,789,212 shares, representing a participation rate of 53.6619% of outstanding shares. The following table captures the overall outcome.

Category-wise voting breakdown

The promoter and promoter group category held 11,233,500 shares and cast all votes via postal ballot, with 11,233,500 votes in favour and none against, representing 100% participation. The public non-institutions category held 10,555,712 shares, of which 459,000 votes were polled — a participation rate of 4.3484%. Within this category, 454,500 votes were in favour and 4,500 were against, translating to 99.0196% in favour and 0.9804% against on votes polled. No data was reported for the public institutions category.

E-voting process and scrutinizer details

The e-voting facility was provided through the National Securities Depository Limited platform. Votes were unblocked on August 29, 2026, at around 6:45 pm in the presence of two witnesses not employed by the company. The scrutinizer was appointed by the Board of Directors at its meeting on July 29, 2026, and the report was issued to the company on August 31, 2026.

The promoter and promoter group were not interested in the agenda or resolution, as disclosed in the voting results. No invalid or abstained votes were recorded across any category.