Baheti Recycling Industries H1 profit doubles to ₹19.1 crore

Baheti Recycling Industries Limited reported H1 FY27 standalone revenue of ₹528.47 crore, up 68% year-on-year, while reported net profit doubled to ₹19.1 crore from ₹9.3 crore and EBITDA rose to ₹42.4 crore. The performance points to higher sales and improved operating margin in the aluminium recycling business.

What did Baheti Recycling Industries report for H1 FY27?

Baheti Recycling Industries reported sales of ₹528 crore for the half year ended September 2026, compared with ₹315 crore in the corresponding prior-year period. The company separately stated that H1 FY27 revenue was ₹528.47 crore, representing a 68% increase year-on-year.

Operating profit for the period was ₹42 crore, compared with ₹21 crore a year earlier, based on the half-yearly financial data. Other company updates put H1 EBITDA at ₹42.4 crore, exactly double the ₹21.2 crore reported for the comparable period. EBITDA margin improved to 8% from 6.7%, an expansion of 130 basis points.

The supplied results summary reported standalone net profit of ₹19.1 crore, against ₹9.3 crore in H1 of the prior year. The half-yearly table similarly shows net profit of about ₹19 crore for September 2026, compared with ₹9 crore for September 2025. Earnings per share rose to ₹18.26 from ₹8.94.

However, a separate 2 November update on the board-approved unaudited standalone results cited profit after tax of ₹13.08 crore alongside revenue of ₹528.47 crore. The provided material does not explain the difference between this figure and the ₹19.1 crore net-profit figure cited in other updates. Investors should therefore refer to the detailed exchange filing and financial statements for the final reported profit figure and its reconciliation.

What drove Baheti Recycling Industries' revenue growth?

Baheti Recycling Industries' reported growth was supported by demand in its aluminium recycling operations, a better product mix and operating execution across its facilities, according to the company-related updates. The business manufactures aluminium alloys and de-oxidation alloys, serving industrial demand linked to secondary aluminium processing.

The first quarter had already indicated a sharp rise in activity. Baheti Recycling reported Q1 FY27 net revenue of ₹253.94 crore, up 88.90% from ₹134.43 crore in Q1 FY26. Alloy ingots were the largest contributor, generating ₹149.27 crore of Q1 revenue, while the De-Ox segment contributed ₹63.87 crore.

The company also started commercial sales of copper alloy ingots during Q1 FY27. This new value-added segment contributed ₹4.72 crore of revenue in the quarter. The available information does not provide a separate H1 revenue split by product, so the full contribution of copper alloy ingots to the half-year result has not been disclosed.

How does the H1 FY27 result compare with Baheti Recycling Industries' earlier performance?

Baheti Recycling Industries' H1 FY27 sales of ₹528 crore were substantially above the ₹315 crore recorded in H1 FY26, while operating profit increased from ₹21 crore to ₹42 crore. The rise in operating profit broadly kept pace with the growth in sales and coincided with the improvement in EBITDA margin to 8%.

For the year ended 31 March 2026, the company reported total revenue of ₹725.42 crore, including ₹724.86 crore from operations and ₹0.56 crore of other income. This represented growth of 38.30% over the previous financial year. Profit before tax for FY26 rose 51.42% to ₹36.52 crore from ₹24.12 crore.

The H1 FY27 revenue of ₹528.47 crore is therefore already a sizeable portion of the FY26 full-year revenue base. But half-year and full-year figures are not directly comparable because the September 2026 results cover only six months, and the company has not provided full-year FY27 results.

What are the disclosed plans and governance updates?

Baheti Recycling Industries has raised its FY28 revenue guidance to more than ₹1,300 crore, according to the 2 November update. The company did not provide a detailed product-wise or capacity-wise bridge in the material supplied for how it expects to reach that level.

The company also reported no deviation in the use of proceeds from its ₹7.48 crore preferential issue for the half year ended 30 September 2026. Such disclosures are relevant because they address whether capital raised through the preferential issue was used in line with the stated purpose.

A revised H1 FY27 earnings conference call was scheduled for 4 November 2026 at 4:00 PM IST. The call may offer investors additional clarity on the reported profit figures, margins, product mix, demand conditions and the basis for the FY28 revenue guidance.

How does the H1 result matter for investors and the recycling industry?

The H1 result shows that Baheti Recycling Industries expanded both revenue and operating margin during the period. For investors, the combination of 68% revenue growth, a doubling of EBITDA and a 130-basis-point margin increase is more informative than sales growth alone, as it indicates that operating earnings rose faster than revenue.

The results also underline the importance of product mix in the secondary aluminium business. Alloy ingots remained the largest disclosed Q1 revenue stream, while De-Ox products and the new copper alloy ingot line added to the company's revenue base. The available updates attribute the performance to demand and execution, but do not quantify volumes, raw-material costs or realisations.

The key item requiring clarification is the difference between the ₹19.1 crore H1 net-profit figure in the performance summary and the ₹13.08 crore PAT figure in the board-results update. Until the detailed unaudited statements and management commentary are reviewed, investors should avoid treating the two figures as interchangeable.

Conclusion

Baheti Recycling Industries reported a sharp H1 FY27 increase in sales and operating earnings, with revenue at ₹528.47 crore and EBITDA at ₹42.4 crore. The reported ₹19.1 crore net profit, if confirmed in the detailed filing, would represent more than a doubling from the prior-year half. Margin expansion to 8% and the early contribution from copper alloy ingots add context to the operating performance.

The next disclosed event is the 4 November 2026 earnings call. Investors will watch for management's explanation of the reported PAT figures, the durability of the 8% EBITDA margin, product-level growth trends and details supporting the revised FY28 revenue guidance of more than ₹1,300 crore.