Annual reportSep 2026
Sep 2026 · General Updates 7 Sep - 32nd AGM on 29 Sep 2026 via VC/OAVM; annual report link and KYC update reminder sent.
Source: Nse
Baheti Recycling Industries Ltd. (BAHETI)
SME CapIndustrials stocks · SME cap · NSE
Baheti Recycling Industries Ltd. is a 7-decade-old Gujarat-based aluminum recycling business. Its core operations include alloy and deoxidant production. The company is expanding into higher-margin aluminum wire rod products and modernizing its furnace infrastructure for greener, more efficient operations.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result03 May, 01:10 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 -10.3% / mo · MACD +
Stock trend: 52
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAHETID candles · FIT view+23.0%Latest close ₹732.80 on 2026-10-21
Bar
-0.3%
RSI
45
MACD hist
2.65
52W pos
63%
2026-10-21O ₹735.00H ₹748.50L ₹721.00C ₹732.80Vol 12,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAHETINifty India ManufacturingNifty 500
- BAHETI
- +3.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +9.8 pp
Chart stats
21 Oct 2026- From 52W high
- -16.8%
- 52W range position
- 63%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.75x
- Avg traded value
- ₹1.2 Cr
- 20D price channel
- ₹680 - ₹783
₹881
₹478 - ₹881
₹26.5
Latest completed session
20-session average
23.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE53
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +83.9% · PAT +350.0% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +84% YoY · PAT +350% YoY · margin expansion · +30% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹410 Cr | +83.9% | +30.2% |
| EBITDA | ₹40 Cr | NDF | +90.5% |
| Operating margin | 10.0% | NDF | +300 bps |
| PAT | ₹18 Cr | +350.0% | +100.0% |
| PAT margin | 4.4% | NDF | +153 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.40
- P/B
- 8.19
- EV/EBITDA
- 15.63
- Market Cap
- 768.00Cr
Profitability
- ROE
- 35.40%
- ROCE
- 21.60%
- ROA
- 7.18%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 42.00%
- EPS 5Y
- 125.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 72.00%
Balance Sheet
- Debt/Equity
- 2.49
- Interest Coverage
- 2.77×
- Altman Z
- 4.49
- Book Value
- 89.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -36.00 Cr
- EPS TTM
- 25.90
Shareholding
- Promoter Hold
- 74.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 724+38.2% vs prev
Net Profit
₹ CrLatest: 27.0+50.0% vs prev
Return on Equity
%Latest: 29.0-4.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~11.4% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 17% off 52W high · 53% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
83
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.2%
3M return
+3.3%
6M return
+28.3%
1Y return
+25.7%
RS 1D
+2
RS 20D
0
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 7.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
04 Jun 2026
S2 age
97 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 140.94+0.64%
RS vs Nifty 500141
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 53 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth21/25
Quality19/20
Balance Sheet3/15
Cash Flow2/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
53
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
53/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 28.0%.
- Quality contributes 19/20 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
28.4
PB
8.2
EV/EBITDA
15.6
ROE
35.4%
ROCE
21.6%
FCF Yield
—
Debt/Equity
2.5
MoS
+28.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
53
Previous: 53
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+28.0%
Previous: +27.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
53
53
53
53
53
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹228.63
-220.5% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,017.87
+28.0% MoS
PEG
0.27
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUNLITE
SME
Sunlite Recycling Industries Ltd.
Metals Recycling
match 88
57
22.1
25.4%
+40%
FAIR VALUE
NRL
Small
Nupur Recyclers Limited
Metals Recycling
match 77
24
63.2
11.3%
-280%
OVERVALUED
GRAVITA
Large
Gravita India Limited
Metals Recycling
match 52
50
28.0
15.5%
+22%
FAIR VALUE
NIKITA
SME
NIKITA GREENTECH RECYCLING Ltd.
Recycling
match 39
40
14.8
7.8%
+63%
WATCHLIST
DIVYADHAN
SME
Divyadhan Recycling Industries Ltd.
Recycling
match 37
37
32.9
4.7%
+21%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-24T00:39:33.267Z
Management commentary snapshot
Baheti Recycling reported strong FY26 results with revenue up 38% YoY to 725 crores and profit up 50% YoY to 27 crores, driven by improved operational efficiency and margin expansion. The company is expanding capacity and entering the aluminum wire rod segment.
The company delivered robust FY26 growth, supported by new OEM client additions and strategic capacity expansion into higher-margin wire rods. While management is addressing historical negative operating cash flows and high inventory, sustained improvement in working capital efficiency is crucial for long-term thesis validation.
Current business mix
Revenue by Product
Latest issuer-disclosed distribution across 2 reported categories.
Ingots64.0%
Alloy36.0%
Growth engines
Aluminum Wire Rod Product Entry
Entering into aluminum wire rod, a higher margin product segment. Phase 1 targets 12,500 MTPA with 250 crores annual revenue potential, total 25,000 MTPA for 500 crores.
OEM Client Penetration
Added automotive clients like Bajaj Auto, TVS Motor, Royal Enfield directly to OEMs in H2 FY26. Targeting Maruti Suzuki, Hero Motors, Honda Motors, and Yamaha.
Capacity Expansion & Utilization Ramp-up
Commencing 5 new electrical furnaces in FY27, increasing total installed capacity to 38,000 tons annually. Plan to ramp up to full capacity utilization by FY28.
Government EPR Norms
EPR norms will be mandatory from FY28 (5%) and FY29 (10%), pushing demand for secondary aluminum in industries like cable conductors.
Capacity and execution
New Electrical Furnaces
5 new electrical furnaces are ready to commence in FY27, increasing total installed capacity to 38,000 tons annually.
Solar Plant Commissioning
Solar plant is on track and will be commenced by the end of May 2026.
Aluminum Wire Rod Plant (Phase 1)
Investing 25 crores to build Phase 1 (12,500 MTPA) on existing freehold land, targeting commissioning by end of October/early November FY27.
Additional Capacity in Existing Premises
Planning another 5000-7000 tons capacity addition in the same premises in H2 FY27.
Tailwinds
Favorable Recycling Industry Environment
Global primary aluminum supply disruption, particularly from geopolitical tension, is pushing customers towards reliable secondary sources.
Government Policy Support for Sustainability
Government is pushing EPR norms and initiatives like JNARDCC, focusing on sustainability and cleaner aluminum.
Potential FTA Benefits
FTAs like India-UK could decrease manufacturing cost by 2.75% (basic custom duty plus educational sales cess) on 80% imported raw material.
Headwinds
Increased Cost of Production
Fuel prices increased cost of production by 15%, though it has been passed on to the selling price.
Domestic Scrap Availability & Cost
Domestic scrap is 7-8% more expensive and difficult to obtain in consistent quality and quantum; vehicle scrap policy implementation is slow.
Risk radar
Working Capital Management
Company has faced negative cash flow for the past 4 years, attributed to maintaining excess inventory and paying creditors upfront.
LME Price Volatility
While naturally hedged, a vertical fall in LME prices over 6-12 months could lead to losses, though management expects recovery in subsequent periods.
New Product Customer Approvals
Aluminum alloy wire rod and EC grade wire rod require a 3-month testing phase with new customers like Polycab, APAR, KEI, RR cable.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Financial results for FY26 are explicitly compared to the previous year (FY25) for revenue and profit, indicating that annual performance trends are most relevant for assessing growth and profitability.
Sector KPIs management disclosed
Revenue
FY26 revenue rose to 725 crores, a significant increase compared to the previous year's 520 crores, growing approximately 38% year-on-year.
Profit
FY26 profit reached 27 crores, compared to 18 crores in the previous year, increasing by 50%.
EBITDA Margin
EBITDA margin in our industry is sustainable, anywhere between 7% to 10%. This year we did around 8%.
Order Book
Heading into FY27 with an order of Minimum 200 crores (excluding aluminum wire rod plant).
Management forward view
FY27 Revenue Target
Management is hopeful to reach somewhere around 4-digit (1000+ crores) revenue in FY27 from the existing plant, excluding aluminum wire rod.
FY28 Utilization Target
Plan to ramp up to full capacity utilization (38,000 tons) by FY28. Aluminum wire rod Phase 1 is expected to reach 70% utilization in FY28.
Working Capital Improvement
Expect substantial change in inventory levels in FY27 and FY28 by getting clarity from OEMs and utilizing 'build to ship to' facilities.
EBITDA Margin Outlook
Sustainable EBITDA margin of 7-10%. Expect 1-2% improvement from aluminum wire rod in FY28, potentially closer to 10% for the overall business.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 revenue: 725 crores (38% YoY growth). | Achievement of FY27 target of 1000+ crores from existing plant, excluding wire rod contribution. |
| Working Capital Efficiency | Negative operating cash flow for 4 years due to high inventory and upfront creditor payments. | Reduction in inventory days and improvement in operating cash flow in FY27-FY28 as OEM relationships stabilize. |
| Wire Rod Project Execution & Ramp-up | Phase 1 commissioning by Oct/Nov FY27, initial 10-15% utilization for 3 months. | Timely commissioning, achievement of 70% utilization in FY28, and realization of expected margin improvement. |
| OEM Client Penetration | Recently started with trial lots to Bajaj Auto, TVS Motor, Royal Enfield. | Scaling up business with existing OEMs and securing approvals from targeted new OEMs (Maruti, Hero, Honda, Yamaha). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 32nd percentile within Industrials. Main check: cash conversion is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Industrials: 32nd pctile, median 68 · SME: 41st pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
48
watch · leverage and solvency
Discipline
90
strong · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 21.7%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-36 Cr.
- ▸Debt/equity is 2.46.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Baheti Recycling Industries Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 7 Sep - FY2025-26 annual report released; 32nd AGM on 29 September 2026 via VC/OAVM.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJul 2025
Jul 2025 · PPT
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.