Siyaram Recycling Industries Reports Sharp Decline in FY26 Revenue and Profit

Siyaram Recycling Industries held its Board of Directors meeting on May 18, 2026, at its registered office in Jamnagar, Gujarat, where the board considered, approved, and took on record the audited standalone financial results for the half-year and year ended March 31, 2026, in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 3:45 PM and concluded at 4:30 PM. The statutory auditors, M/s. Kamlesh Rathod & Associates (Firm Registration No. 117930W), issued an unmodified audit opinion on the standalone financial results.

Financial Performance Overview

The company reported a significant decline in revenue and profitability for FY26. The following table summarises the key financial results (Amount in Lakhs):

Particulars:	H2 FY26 (Audited)	H1 FY26 (Unaudited)	H2 FY25 (Audited)	FY26 (Audited)	FY25 (Audited)
Revenue from Operations	14,983.98	21,185.12	26,589.23	36,169.10	51,155.84
Other Income	46.18	54.71	154.93	100.89	223.35
Total Income	15,030.15	21,239.83	26,744.16	36,269.99	51,379.19
Total Expenses	14,927.69	20,764.10	25,727.93	35,691.79	49,337.61
Profit Before Tax	102.46	475.73	1,016.23	578.20	2,041.58
Current Tax	32.11	122.84	329.53	154.95	589.29
Deferred Tax	(1.11)	45.16	(2.34)	44.05	(5.10)
Net Profit	71.47	307.73	689.04	379.20	1,457.39
Basic EPS (₹10 face value)	0.33	1.41	3.16	1.74	6.69
Diluted EPS (₹10 face value)	0.33	1.41	3.16	1.74	6.69

For FY26, revenue from operations declined to ₹36,169.10 lakhs from ₹51,155.84 lakhs in FY25, while net profit fell to ₹379.20 lakhs compared to ₹1,457.39 lakhs in the previous year. Profit before tax stood at ₹578.20 lakhs against ₹2,041.58 lakhs in FY25. The paid-up equity share capital remained unchanged at ₹2,178.92 lakhs, and other equity stood at ₹10,822.75 lakhs as at March 31, 2026.

Balance Sheet Highlights

The company's total assets stood at ₹27,388.88 lakhs as at March 31, 2026, compared to ₹28,324.50 lakhs in the previous year. Key balance sheet figures are presented below (Amount in Lakhs):

Particulars:	As at 31/03/2026 (Audited)	As at 31/03/2025 (Audited)
Property, Plant and Equipment	618.34	766.12
Total Non-Current Assets	1,081.59	1,381.04
Inventories	20,385.99	20,067.28
Trade & Other Receivables	5,457.56	5,094.50
Cash and Cash Equivalents	18.26	1.42
Total Current Assets	26,307.29	26,943.46
Total Assets	27,388.88	28,324.50
Equity Share Capital	2,178.92	2,178.92
Other Equity	10,822.75	10,510.14
Total Equity	13,001.68	12,689.06
Non-Current Borrowings	1,554.57	707.54
Current Borrowings	9,868.36	6,900.43
Total Equity and Liabilities	27,388.88	28,324.50

Cash Flow Summary

The company reported a net cash outflow from operating activities of ₹2,828.66 lakhs for FY26, compared to an outflow of ₹4,320.75 lakhs in FY25. Net cash used in investing activities was ₹14.40 lakhs, while financing activities generated a net inflow of ₹2,859.91 lakhs. Cash and cash equivalents at the end of the period stood at ₹18.26 lakhs, up from ₹1.42 lakhs at the beginning of the period.

Other Income Breakdown

Other income for FY26 totalled ₹100.89 lakhs, compared to ₹223.35 lakhs in FY25. The breakdown is as follows (Amount in Lakhs):

Particulars:	FY26 (Audited)	FY25 (Audited)
Currency Rate Changes	53.89	121.10
Interest Income	7.47	7.42
Profit on Sale of Asset	-	2.01
Others	39.52	92.83
Total	100.89	223.35

Auditor and Key Appointments

The board also approved the reappointment of Prafulla and Associates, Chartered Accountants, Jamnagar (Firm Registration No. 128094W), as Internal Auditors for FY 2026-27, and the appointment of M/s. Ankit Kushal & Associates, Cost Accountants (Firm Registration No. 004655), as Cost Auditors for FY 2026-27. The company noted that no investor complaints were pending or received during the period, and no capital was raised through equity shares or preferential allotment during the year.

Trading Window Closure

Pursuant to the Company's Code of Conduct and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for insiders will remain closed until 48 hours after the financial results are made public, in compliance with regulatory standards.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.71%	-5.80%	-18.54%	-37.08%	-75.00%	-40.95%

Siyaram Recycling Industries Limited has secured a domestic order worth Rs. 4,45,87,480 from Anurag Impex for Brass Scrap Honey. The company made this disclosure pursuant to Regulation 30(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Circular dated July 13, 2023. The announcement was signed by Managing Director Bhavesh Ramgopal Maheshwari from Jamnagar on 14th May, 2026.

Order Details

The order is a fixed-cost domestic contract with no related-party involvement. The contract is to be executed within 7 days of being awarded. Below is a summary of the key details as disclosed in Annexure A filed with BSE Limited:

Parameter:	Details
Awarding Entity:	Anurag Impex
Product:	Brass Scrap Honey
Order Value:	Rs. 4,45,87,480
Nature of Contract:	Fixed Cost
Order Type:	Domestic
Execution Timeline:	Within 7 Days
Related Party Transaction:	No
Promoter/Group Interest in Awarding Entity:	No

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Circular SEBI/HO/CFD/CFD-Pod-1/P/CIR/2023/123 dated July 13, 2023. The company confirmed that the transaction does not fall within the purview of related-party transactions and that no promoter, promoter group, or group companies hold any interest in the awarding entity, Anurag Impex.