Mukul Agrawal Stock + Multibagger IPO: Siyaram Recycling Reports FY25 Results: Net Profit Surges 94% YoY

As a major player in the brass recycling market, Siyaram Recycling Industries Ltd has consistently outperformed the rest of the market. As of March 31, 2025 (FY25) the company's revenue and profitability stood at an all-time high. The company reported a net profit of Rs 14.57 crore with a growth rate of 94% YoY. This record is a testament to the company's growth prospects and sustained operational presence across the globe.

Since its initial public offering (IPO) launch in December 2023, shares of Siyaram Recycling Industries Ltd., a BSE SME-listed company owned by renowned investor Mukul Agrawal, have provided shareholders with a substantial return. In just 1.5 years, the stock has soared over 200% from its issue price of Rs 46 to Rs 133, yielding multibagger returns.

Siyaram Recycling had a revenue of Rs 511.56 crore during FY25, which is a Rs 412.99 crore increase from FY24. The company's total income also increased to Rs 513.79 crore from Rs 414.25 crore last year. Net profit increased to Rs 14.57 crore from Rs 7.52 crore in the previous fiscal year. Growth in the company's profit was accompanied by a 67% increase in EPS, thereby making it Rs 6.69 as opposed to Rs 4.00 in the last fiscal year.
The operating expenses for filling the company's bottom line rose by 22% over the previous year to Rs 493.38 crore alongside a growth of profit before tax (PBT) of over double to Rs 20.42 crore from Rs 10.16 crore in FY 24, which indicates a growth in margin along with efficiency.

In the second half of the financial year (H2FY25), the figures were extremely positive as revenue grew by 34% to Rs 265.89 crore compared to Rs 197.93 crore in H2FY24. Net profit for the period rose over two times to Rs 6.89 crore, while EPS increased by 82% to Rs 3.16 from Rs 1.74.

Commenting on the performance, Bhavesh Maheshwari, Managing Director of Siyaram Recycling Industries Ltd, said: "FY25 has been a landmark year for us, reflecting the strength of our business model and the growing demand for recycled brass products globally. Our sustained focus on quality, customer relationships, and operational efficiency has resulted in record-breaking performance. We're especially encouraged by the rising interest from international clients and marquee investors, which validates our long-term growth strategy."

This clearly highlights the improving interest from international markets and highly acclaimed investors while reinforcing confidence towards the long-term sustainable growth of the company. The firm recently received a significant export contract with M/s. Al Qaryan International, based in Dubai, for the delivery of 100 tons of brass billets, amounting to USD 590,000 (around Rs 5 crore). Such a deal reinforces the acceptance of gemstone and its further goals of expanding its brand presence internationally.

By allying with the leading industry performers, a marked step towards the sustainable global product acceptance of the corporation is now possible, therefore meeting expectations while strengthening the identity of Siyaram Gemstones.

The investor enthusiasm towards Siyaram Recycling has surged substantially. In a striking development, distinguished investor Mukul Mahavir Agrawal purchased 22 lakh shares, which is equivalent to a 10.1 per cent stake in the company, as per the shareholding records for the quarter ended December 2024. This showed evidence of optimism regarding the company's business conditions and possibilities for expansion.

Siyaram Recycling Industries Ltd., founded in 2007, has become famous for its brass scrap recycling. The company has three manufacturing units where they segregate and process brass scrap into ingots, billets, rods, and components. They also have a wide market within India with 18 states and union territories, as well as exports to China, Germany, Belgium, and Oman, which strengthens their global image. Gujarat is also a key supplier of revenue.