WEBSITE BSE:0 NSE: Inc. Year: 1994 Industry: Aluminium & Aluminium Products My Bucket: Add Stock
Last updated: 15:40
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1. Business Overview
Baheti Recycling Industries Ltd. operates in the aluminium sector in India, specifically focusing on the recycling segment. The company's core business involves processing aluminium scrap into various recycled aluminium products, such as ingots, alloys, and other forms. Its business model relies on sourcing aluminium scrap, processing it efficiently, and then supplying the refined recycled aluminium to industries that require it for manufacturing, such as automotive, construction, electrical, and packaging. The company makes money by selling these recycled aluminium products at a margin over its scrap procurement and processing costs.
2. Key Segments / Revenue Mix
Based on the available information, Baheti Recycling Industries Ltd. appears to operate primarily within a single segment: the processing and sale of recycled aluminium and its alloys. Specific breakdowns of revenue by different product types (e.g., ingots, alloys) or customer industries are not available.
3. Industry & Positioning
The company operates within the Indian Aluminium & Aluminium Products industry, specifically the aluminium recycling sub-sector. This industry is characterized by increasing demand for aluminium, driven by growth in various end-user sectors. Aluminium recycling is a crucial and growing part of the overall aluminium value chain, offering environmental benefits and cost advantages over primary aluminium production (due to significantly lower energy requirements). Baheti Recycling is likely a specialized player within this segment, potentially competing with other dedicated recyclers as well as larger, integrated aluminium producers that may have their own recycling operations or procure recycled content. Its positioning would depend on its scale, geographic reach for scrap collection, and efficiency of processing.
4. Competitive Advantage (Moat)
For a company like Baheti Recycling, potential competitive advantages are likely derived from:
Operational Efficiency: Expertise in sourcing various types of aluminium scrap, efficient processing technologies, and optimized logistics can lead to cost advantages.
Supply Chain Relationships: Established networks for reliable scrap procurement and strong customer relationships for product off-take can provide stability.
Scale (if significant): Larger processing capacities can lead to economies of scale, lower per-unit costs, and better bargaining power for scrap and sales.
However, the recycled aluminium market can be somewhat commoditized, suggesting that strong, durable moats like brand or high switching costs might be limited, and competitive advantage largely relies on sustained operational excellence and cost leadership.
5. Growth Drivers
Increasing Demand for Aluminium: Growth in sectors like automotive, construction, packaging, and electrical industries in India drives overall demand for aluminium.
Sustainability & Circular Economy Focus: Growing environmental awareness and regulatory push for resource conservation make recycled aluminium increasingly attractive due to its lower carbon footprint.
Cost Advantage: Recycled aluminium production is significantly more energy-efficient and often more cost-effective than primary aluminium, making it a preferred option for manufacturers.
Technological Advancements: Improvements in sorting and processing technologies can enhance recovery rates and product quality, expanding market opportunities.
Government Initiatives: Policies promoting waste management, recycling, and local manufacturing can create a favorable environment.
6. Risks
Commodity Price Volatility: Fluctuations in global aluminium prices directly impact the company's revenue and profitability.
Raw Material (Scrap) Availability and Pricing: Dependence on consistent and cost-effective access to aluminium scrap. Supply disruptions or significant price increases can squeeze margins.
Competition: Intense competition from other domestic and international recyclers, as well as integrated primary aluminium producers.
Economic Slowdown: A general downturn in industrial activity or key end-user sectors can reduce demand for aluminium products.
Regulatory Changes: Changes in environmental regulations, import/export policies for scrap, or industrial norms could affect operations or costs.
Technological Obsolescence: Failure to adopt efficient recycling technologies could lead to higher operating costs and reduced competitiveness.
7. Management & Ownership
Baheti Recycling Industries Ltd. is an Indian company, and as is common with many companies of its size in India, it is likely promoter-driven. "Promoters" typically refers to the founding family or individuals who hold a significant stake and often play a key role in management. Specific details regarding the management team's experience or the exact ownership structure are not provided, but promoter-led companies often imply focused, long-term vision, alongside potential risks of concentrated decision-making.
8. Outlook
Baheti Recycling Industries Ltd. operates in a structurally attractive segment within the broader aluminium industry, driven by global trends towards sustainability and the inherent cost advantages of recycled materials. The increasing demand for aluminium across various industries in India provides a favorable backdrop. However, the company faces typical challenges of a commodity-oriented business, including sensitivity to fluctuating aluminium and scrap prices, and the need for continuous operational efficiency to maintain competitiveness against other recyclers and primary producers. Its future performance will largely depend on its ability to secure consistent and cost-effective scrap supply, efficiently process it, manage price volatility, and expand its market reach in a growing but competitive environment.
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Market Cap ₹629 Cr.
Stock P/E 34.9
P/B 7
Current Price ₹606.9
Book Value ₹ 86.9
Face Value 10
52W High ₹640
Dividend Yield 0%
52W Low ₹ 478
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 62 | 57 | 72 | 117 | 148 | 106 | 127 | 248 | 360 | 429 | 524 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | |
| Total Income | 62 | 57 | 72 | 118 | 148 | 106 | 128 | 249 | 361 | 429 | 525 | |
| Total Expenditure | 59 | 55 | 70 | 115 | 144 | 102 | 123 | 241 | 347 | 409 | 484 | |
| Operating Profit | 3 | 2 | 3 | 3 | 4 | 4 | 5 | 8 | 14 | 20 | 41 | |
| Interest | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 6 | 10 | 15 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 4 | 7 | 9 | 24 | |
| Provision for Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 6 | |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 7 | 18 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 5 | 7 | 18 | |
| Adjusted Earnings Per Share | 0.3 | 0.4 | 0.4 | 0.5 | 0.8 | 0.3 | 0.8 | 3.9 | 5.1 | 6.9 | 17.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 22% | 28% | 38% | 24% |
| Operating Profit CAGR | 105% | 72% | 59% | 30% |
| PAT CAGR | 157% | 82% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 1% | 78% | NA% | NA% |
| ROE Average | 36% | 25% | 20% | 11% |
| ROCE Average | 22% | 17% | 15% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 9 | 9 | 10 | 10 | 10 | 10 | 11 | 17 | 34 | 42 | 59 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 4 | 7 | 3 | 2 | 7 | 6 | 11 | 10 | 15 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Total Current Liabilities | 16 | 13 | 14 | 25 | 30 | 32 | 44 | 59 | 81 | 112 | 173 |
| Total Liabilities | 27 | 23 | 28 | 42 | 45 | 45 | 63 | 82 | 127 | 165 | 249 |
| Fixed Assets | 3 | 3 | 3 | 5 | 6 | 6 | 7 | 7 | 9 | 10 | 20 |
| Other Non-Current Assets | 1 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 2 |
| Total Current Assets | 23 | 19 | 22 | 37 | 38 | 39 | 56 | 75 | 118 | 146 | 226 |
| Total Assets | 27 | 23 | 28 | 42 | 45 | 45 | 63 | 82 | 127 | 165 | 249 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | -0 | -1 | 3 | 6 | -1 | 3 | -9 | -11 | -23 |
| Cash Flow from Investing Activities | 0 | 0 | -2 | 0 | -2 | -1 | -1 | 2 | -3 | -10 | -5 |
| Cash Flow from Financing Activities | 0 | 0 | 2 | 1 | -2 | -4 | 3 | -4 | 12 | 20 | 28 |
| Net Cash Inflow / Outflow | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 1 | -1 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.31 | 0.38 | 0.44 | 0.46 | 0.76 | 0.31 | 0.76 | 3.85 | 5.1 | 6.94 | 17.37 |
| CEPS(Rs) | 0.76 | 0.84 | 0.9 | 0.98 | 1.39 | 1.25 | 1.8 | 4.83 | 5.87 | 7.94 | 18.78 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 0 |
| Book NAV/Share(Rs) | 14.42 | 14.8 | 15.24 | 15.7 | 16.46 | 16.53 | 17.3 | 21.98 | 33.21 | 40.15 | 57.02 |
| Core EBITDA Margin(%) | 3.68 | 2.9 | 2.99 | 2.45 | 2.61 | 3.36 | 3.3 | 3 | 3.59 | 4.74 | 7.75 |
| EBIT Margin(%) | 3.39 | 2.75 | 2.77 | 2.27 | 2.41 | 2.99 | 3.04 | 3.04 | 3.54 | 4.52 | 7.52 |
| Pre Tax Margin(%) | 0.4 | 0.3 | 0.46 | 0.4 | 0.43 | 0.26 | 0.59 | 1.63 | 1.93 | 2.16 | 4.6 |
| PAT Margin (%) | 0.28 | 0.37 | 0.34 | 0.24 | 0.32 | 0.18 | 0.37 | 1.18 | 1.47 | 1.68 | 3.44 |
| Cash Profit Margin (%) | 0.68 | 0.82 | 0.69 | 0.51 | 0.59 | 0.74 | 0.88 | 1.48 | 1.69 | 1.92 | 3.71 |
| ROA(%) | 0.71 | 0.94 | 1.08 | 0.83 | 1.1 | 0.43 | 0.88 | 4.04 | 5.06 | 4.94 | 8.71 |
| ROE(%) | 2.15 | 2.58 | 2.94 | 2.99 | 4.72 | 1.86 | 4.52 | 21.28 | 20.66 | 18.93 | 35.75 |
| ROCE(%) | 9.91 | 7.73 | 9.05 | 8.37 | 9.28 | 7.9 | 8.63 | 13.04 | 14.71 | 15.6 | 21.86 |
| Receivable days | 67.11 | 68.17 | 42.13 | 49.31 | 49.93 | 64.58 | 67.2 | 46.78 | 46.81 | 43.59 | 41.91 |
| Inventory Days | 49.49 | 47.39 | 43.11 | 32.4 | 36.2 | 59.08 | 54.79 | 39.81 | 43.07 | 60.69 | 80.78 |
| Payable days | 15.57 | 10.61 | 0.93 | 5.89 | 10.08 | 11.79 | 19.34 | 16.79 | 16.16 | 16.78 | 16.76 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.36 | 27.86 | 33.47 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.66 | 4.82 | 10.2 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.26 | 0 |
| EV/Net Sales(x) | 0.29 | 0.29 | 0.3 | 0.27 | 0.22 | 0.33 | 0.32 | 0.22 | 0.45 | 0.7 | 1.45 |
| EV/Core EBITDA(x) | 6.78 | 8.15 | 8.41 | 10.33 | 8.08 | 9.22 | 9.09 | 6.61 | 11.96 | 14.77 | 18.61 |
| Net Sales Growth(%) | -10.67 | -7.47 | 25.84 | 63.2 | 25.69 | -28.38 | 20.54 | 94.85 | 44.91 | 19.27 | 22.12 |
| EBIT Growth(%) | 2.93 | -24.73 | 26.54 | 21.67 | 30.48 | -11.2 | 22.4 | 95.08 | 68.4 | 52.48 | 103.1 |
| PAT Growth(%) | -44.64 | 22.75 | 17.1 | 4.87 | 63.99 | -59.53 | 148.98 | 513.12 | 80.37 | 36.28 | 150.11 |
| EPS Growth(%) | -44.64 | 22.75 | 17.1 | 4.87 | 63.99 | -59.53 | 148.98 | 403.65 | 32.36 | 36.28 | 150.11 |
| Debt/Equity(x) | 1.6 | 1.43 | 1.85 | 2.88 | 2.76 | 3.01 | 3.48 | 3.03 | 2.06 | 2.44 | 2.68 |
| Current Ratio(x) | 1.41 | 1.5 | 1.62 | 1.5 | 1.26 | 1.2 | 1.27 | 1.28 | 1.46 | 1.3 | 1.31 |
| Quick Ratio(x) | 0.86 | 0.89 | 0.8 | 1.1 | 0.63 | 0.74 | 0.74 | 0.75 | 0.79 | 0.51 | 0.48 |
| Interest Cover(x) | 1.13 | 1.12 | 1.2 | 1.22 | 1.22 | 1.1 | 1.24 | 2.16 | 2.21 | 1.92 | 2.58 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.78 | 0.51 | 0.26 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 73.37 | 73.4 | 73.4 | 73.98 | 74.51 | 74.69 | 74.13 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.18 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.63 | 26.6 | 26.6 | 26.02 | 25.49 | 25.13 | 25.83 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoter | 0.76 | 0.76 | 0.76 | 0.77 | 0.77 | 0.77 | 0.77 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 | 1.04 |
* The pros and cons are machine generated.
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