Recyclers
The head-to-head: one sortable table across valuation, scale, profitability, earnings quality and ownership — then the same numbers drawn.
Comparison table — updated Aug 11, Q1 FY27 largely complete
Click any column header to sort. FY26 = year ended March 2026, consolidated where available. Columns include Q1 FY27 revenue (YoY) and PAT. Vidya's Q1 lands tonight (its figures are still FY26). Pondy figures are post-split (FV ₹2); promoter stake now 36.4% after the Jun sale. CFO/PAT = cumulative FY23–26 operating cash flow ÷ net profit. Toggle adds the extended peer census (metrics as of mid-Jul build).
| Valuation | Scale & Growth | Profitability | Quality | Ownership | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Price | MCap ₹cr | P/E | P/B | EV/EBITDA | Rev FY26 ₹cr | Rev g FY26 | 3y CAGR | Q1FY27 rev | Q1 YoY | EBITDA m. | PAT ₹cr | Q1 PAT | ROCE | ROE | D/E | CFO/PAT 4y | Promoter | Pledge | Off 52w high |
| Sunlite Recycling★SUNLITE · SME · Pure copper recycler | ₹490 | 677 | 15.6 | 4.2 | ~10 | 2,765 | 97.9% | 34% | 783.8 | +74.6% | 2.2% | 40 | n/a (SME) | 47% | 36% | 0.1 | 28% | 74.5% | ~Nil* | -16% |
| Vidya WiresVIDYAWIRES · Cathode converter (not a recycler) | ₹89 | 1,950 | 32 | 4 | ~23 | 1,840 | 24.4% | 22.4% | 549.7 | +33.5% | 4.7% | 58 | 17.1 | 20.7% | 17.8% | 0.2 | 10% | 72.8% | None rep.* | -24% |
| Bhagyanagar IndiaBHAGYANGR · Scrap-based busbar maker | ₹398 | 1,333 | 20.3 | 4.6 | ~14 | 2,378 | 46.3% | 8.8% | 705.1 | +45.2% | 4.5% | 50 | 20.3 | 21% | 22% | 1 | -24% | 64.8% | 6.1% prom. | -8% |
| Pondy OxidesPOCL (post-split) · Lead recycler → copper cathode | ₹500 | 3,760 | 28.5 | 4.4 | ~17 | 2,939 | 44.9% | 25.9% | 930.9 | +56% | 7.3% | 139 | 36.3 | 23.9% | 19.5% | 0.2 | -1% | 36.4% | Nil | -23% |
| Jain ResourceJAINREC · Largest listed Cu-recycling exposure | ₹296 | 10,234 | 28.4 | 6.3 | ~20 | 9,543 | 33.9% | 46% | 2,724.5 | +76% | 5.8% | 347 | 69.4 | 25% | 30% | 0.8 | -67% | 73.6% | Nil | -50% |
| Gravita IndiaGRAVITA · Lead/alu recycler; copper live (RMIL) | ₹1,811 | 13,183 | 33.7 | 4.9 | ~30 | 4,265 | 10.2% | 15.1% | 1,475 | +42% | 10% | 378 | 106.4 | 17% | 16.8% | 0.3 | 61% | 55.9% | Nil | -36% |
* EV/EBITDA marked ~ are computed from market cap + borrowings − estimated cash (cash not always disclosed). Sunlite pledge "nil" is from secondary sources, not a primary filing. Vidya 1-yr = return over Dec-2025 issue price (listed 7 months). Jain 1-yr = return over Sep-2025 IPO price.
The copper value-add ladder — Q1 FY27, published
Copper segment EBITDA per tonne (₹/t)
The single most important comparative number in this space now that Q1 FY27 has printed it. Higher = more value-added product mix. Sunlite's bar is its H2 FY26 print (SME half-yearly reporting) — different period, flagged.
Gravita = RMIL copper semis/alloys (first consolidated quarter, 50% utilization). Pondy raised FY27 copper guidance to >₹40k/t. Jain's figure is implied (segment EBITDA ₹45.5 cr ÷ 14,679 MT). Sunlite target zone per your scenario note: <₹25k weakens the thesis, >₹30k strengthens it.
The same table, drawn
EBITDA margin, FY26
Operating profit ÷ revenue. This is a conversion-spread industry — margins are structurally thin.
ROCE, FY26
Return on capital employed (screener.in basis).
Earnings quality: cumulative CFO ÷ PAT, FY23–26
Above zero = profits back by cash; below = profits absorbed into working capital. Diverging scale.
Revenue growth, FY26 over FY25
A copper-price rally inflates everyone's topline — compare with the 3-yr CAGR column in the table above.