Data as of Aug 7, 2026 · FY26 = year ended Mar 2026Focus: Sunlite (holding) + Hindustan CopperLME cash $14,455/t (Aug 6, record zone)USD/INR 95.25

Companies

Deep dives on the six core names. The "recycler purity" badge matters: the EPR / recycled-content mandate rewards genuine scrap processors, and companies converting virgin cathode don't get that tailwind.

Sunlite Recycling Industries

★ HOLDINGNSE SME: SUNLITE · listed Aug 2024 @ ₹105Pure recycler — ~100% scrap input₹477 · ₹658 cr · 16.2x
FY26 revenue
₹2,765 cr
+97.9% YoY
FY26 PAT
₹40.1 cr
CFO −₹2 cr
ROCE FY26
47%
D/E 0.07
Promoter
74.5%
pledge ~Nil*
Q1 FY27 (business update, ~Aug 4)

Rev ₹783.8 cr (+74.6%); copper volume 5,743 MT; value-added utilization 50.17% on 2,540 TPA; ATC ~6 MT/day; busbar started. Plus: ₹37 cr investment adding 20,000 TPA copper + 1,000 TPA value-add by Q1 FY28. Full P&L only at H1 (SME reporting). Detail on the Sunlite Lens tab.

Take: statistically the cheapest quality-adjusted name in the group — but the discount exists for identifiable reasons: SME liquidity, unhedged spread exposure, one governance event (SAPL), and unproven cash conversion. See the stress-test tab for hold/exit triggers.

Pondy Oxides & Chemicals

NSE: POCL · ChennaiPure recycler — lead + copper scrap₹494 (post-split) · ₹3,768 cr · 25.5x
FY26 revenue
₹2,939 cr
+44.9% YoY
FY26 PAT
₹139 cr
OPM 7.3%
ROCE FY26
23.9%
D/E 0.17
Promoter
39.3%
pledge Nil
Q1 FY27 (Aug 4–5)

Rev ₹930.9 cr (+56%), EBITDA ₹55.9 cr (6.0%), PAT ₹36.3 cr. Copper: 4,001 MT sold, EBITDA/t ₹48,488 (+66%); FY27 copper guide raised to >₹40k/t, copper heading to ~45% of revenue. Lead EBITDA/t ₹21,595. Stock sold off post-print to ₹494.

Take: the most credible copper transition in the group — self-funded, hedged, rated. You pay 31x for FY26 earnings that sit near the top of the lead-spread band, so the margin of safety is in execution, not price. Promoter selling is the thing to keep explaining away — or not.

Gravita India

NSE: GRAVITA · JaipurPure recycler — lead/alu/plastic → copper₹1,719 · ₹12,471 cr · 31.8x
FY26 revenue
₹4,265 cr
+10.2% YoY
FY26 PAT
₹378 cr
OPM 10.0%
ROCE FY26
17%
D/E 0.30
CFO/PAT 4y
61%
best in group
Q1 FY27 (Jul 27)

Rev ₹1,475 cr (+42%), PAT ₹106.4 cr (+14%), margins held 9–10% (hedged). Volumes only +4% — Middle-East scrap disruption. RMIL consolidated: 99.44% for ₹562 cr, copper EBITDA/t ₹55,000, ₹376 cr Q1 revenue at 50% utilization; doubling to ~60k TPA planned. Capex guide raised to ~₹1,680 cr through FY29.

Take: the "sleep-at-night" way to own this theme. 35x for 10% growth isn't value yet — but it's the name to buy on further weakness, because its margins and cash conversion are the ones that survive a spread squeeze.

Jain Resource Recycling

NSE: JAINREC · listed Oct 2025 @ ₹232Pure recycler — copper 68% of Q1 rev₹323 · ₹11,131 cr · 31.0x
FY26 revenue
₹9,543 cr
+33.9% YoY
FY26 PAT
₹347 cr
CFO −₹602 cr
ROCE FY26
25%
D/E 0.80
Off 52w high
−46%
P/B 6.8
Q1 FY27 (Aug 3–4)

Rev ₹2,724.5 cr (+76%), EBITDA ₹109.5 cr — margin fell 179bps to 4.0%; PAT ₹69.4 cr (+23%). Copper now 68% of revenue (14,679 MT), but at implied EBITDA/t ~₹31k — bottom of the listed ladder. Stock fell 11% on the print. Anode line fully commissioned; cathode targeted Q2 FY27.

Take: the highest-beta way to own Indian copper recycling. If you trust management, the growth is real and institutionally validated (ADIA, Goldman anchors, CRISIL A+). The cash-flow and governance record say that trust is the entire bet. At 7.2x book, I'd want that trust cheaper.

Vidya Wires

NSE: VIDYAWIRES · listed Dec 2025 @ ₹52Not a recycler — virgin cathode converter₹94.2 · ₹2,005 cr · 34.8x
FY26 revenue
₹1,840 cr
+24.4% YoY
FY26 PAT
₹58 cr
OPM 4.7%
ROCE FY26
20.7%
D/E 0.18
Promoter
72.8%
None rep.*
Q1 FY27

Results due Aug 11, 2026 (with final-dividend consideration). First full ALCU quarter — the utilization/margin print decides the 35x debate. Prior-year comp: ₹412 cr / ₹12 cr PAT.

Take: arguably the best industry exposure (grid capex) with the least theme exposure (no recycling angle). Quality of story is high; price already assumes the capacity doubling works. A de-rate toward ~25x or a slow ALCU ramp is the entry opportunity.

Bhagyanagar India

NSE: BHAGYANGR · Hyderabad (Surana group)Scrap-based secondary producer₹384 · ₹1,219 cr · 19.4x consol.
FY26 revenue
₹2,378 cr
+46.3% YoY
FY26 PAT
₹50 cr
OPM 4.5%
ROCE FY26
21%
D/E 1.0
CFO/PAT 4y
−24%
pledge 6.1% prom.
Q1 FY27 (Jul 27)

Rev ₹705.1 cr (+45%), PBT ₹27.1 cr (+168%), PAT ₹20.25 cr (+167%). Pref issue (₹52.25 cr @ ₹348) approved at the Jul 23 EGM (e-voting re-run Aug 1–3 after a corrigendum); first tranche expected Aug 2026, mostly working capital for the copper subsidiary.

Take: the highest-octane narrative (data centers + demerger) attached to the weakest governance stack in the group. After a 5x year, you are paying 25x for one good year of margins. The demerger may well work — but this is a trade on catalysts, not a value holding.

Extended peer census

The rest of listed Indian non-ferrous recycling — for completeness and relative-value context. Nile at 8.8x and Rajputana at 13x are the statistically cheap names; both come with concentration or group-structure caveats. Excluded as not-genuine-recyclers or uninvestable: Cerebra (SEBI-barred, in insolvency), Arcvac (ferrous), Mahickra (dyes), CuNext (Spanish, unlisted in India), Hindustan Copper/Hindalco (primary producers), Chloride Metals (unlisted Exide arm).

CompanyFocusMCap ₹crP/ERev FY26OPMROCEProm.One-line read
NileNILELead (+ Li-ion arm)5248.81,0308%26.8%50.4%Debt-free; statistically cheapest in the space; zero copper
Rajputana IndustriesRAJINDLTD · SMECopper/brass/alu scrap159136984%20%66.1%Pure-play converter; 51% owned by Shera — one group exposure
Shera EnergySHERA · SMERecycled winding wires39126.31,0424%17%62.4%Parent of Rajputana; Zambia expansion + warrant fundraise
Baheti RecyclingBAHETI · SMEAluminium scrap73327.17258%21.7%74.7%Mainboard migration underway; debt doubled in 2 yrs
CMR Green TechCMRGREENAluminium (India’s largest)5,36437.36,6665%12.4%84%Jun-2026 IPO (127x subscribed); FY24 carried a ₹839 cr exceptional loss
Eco RecyclingBSE 530643E-waste (Cu/precious recovery)1,01942.94860%30.7%73.4%₹48 cr revenue vs ₹1,019 cr mcap — priced for flawless EPR scale-up
POCL EnterprisesPOCLENTERPLead/zinc/copper50612.71,4324.5%26.5%40.3%Pondy sister lineage; flat FY26 topline; low promoter stake
M Tek CopperMCLCopper wires14933.12344%13%65.2%Ex-Madhav Copper; GST-fraud litigation history; falling margins
Cubex TubingsCUBEXTUBCu-alloy tubes (partial scrap)12016.12882%11.4%44.4%Defence niche; 2% OPM microcap
Arfin IndiaARFINAluminium recycling1,4521076257%14%69.8%107x P/E — disconnected from fundamentals vs Baheti at 27x

Watch the pipeline: Ardee Industries (lead/non-ferrous, 104 KTPA, FY25 rev ₹743 cr, ROE 72%) has SEBI approval (Feb 2026) for a ₹320 cr-fresh IPO — the next comp for this group. Shera consolidates 51% of Rajputana — owning both doubles the same exposure.