Nupur Recyclers Q2 profit doubles as revenue reaches Rs 111.57 crore

Nupur Recyclers Limited reported consolidated profit after tax of Rs 8.80 crore for the quarter ended September 30, 2026, up from Rs 4.33 crore a year earlier, as revenue from operations rose 128.8% to Rs 111.57 crore. The company’s reported profit increase was 103.1% year on year.

How did Nupur Recyclers' Q2 earnings change?

Nupur Recyclers more than doubled consolidated quarterly profit after tax to Rs 8.80 crore in the quarter ended September 30, 2026, from Rs 4.33 crore in the corresponding quarter of 2025. Profit before tax increased to Rs 11.72 crore from Rs 5.45 crore, while total income rose to Rs 116.21 crore from Rs 51.68 crore.

Revenue from operations was Rs 111.57 crore in Q2, compared with Rs 48.76 crore a year earlier and Rs 79.34 crore in the immediately preceding June 2026 quarter. This means revenue increased 40.6% sequentially, while quarterly profit after tax rose 19.1% from Rs 7.39 crore in Q1.

Nupur Recyclers reported basic earnings per share of Rs 1.16 for Q2, compared with Rs 0.56 a year earlier and Rs 0.84 in Q1, with the figure not annualised. Paid-up equity share capital remained Rs 69.07 crore across all three reported quarters, each based on shares with a face value of Rs 10.

What changed in Nupur Recyclers' first-half results?

Nupur Recyclers reported consolidated revenue from operations of Rs 190.91 crore for the half year ended September 30, 2026, compared with Rs 99.74 crore in the first half of 2025. Half-year profit after tax increased to Rs 16.18 crore from Rs 8.38 crore, while profit before tax rose to Rs 21.50 crore from Rs 10.85 crore.

The six-month figures show that the group generated 91.4% more operating revenue year on year and 93.2% more profit after tax. Total income rose to Rs 199.24 crore from Rs 104.71 crore, including other income of Rs 8.33 crore, compared with Rs 4.97 crore in the earlier half year.

Nupur Recyclers recorded total expenses of Rs 177.74 crore in the first half, against Rs 93.86 crore a year earlier. On a calculated basis, profit before tax represented 11.3% of first-half revenue from operations, compared with 10.9% in the corresponding prior-year period, indicating that the higher sales were accompanied by a similar pre-tax margin relative to revenue.

What is Nupur Recyclers' business and reported earnings mix?

Nupur Recyclers said the group is primarily engaged in importing ferrous and non-ferrous metal scrap and in processing and trading that material across India. It reported one operating segment under Indian Accounting Standard 108, which covers operating-segment reporting, rather than providing separate revenue or profit figures by scrap category or geography.

The September-quarter result included Rs 4.64 crore of other income, compared with Rs 2.92 crore in Q2 of 2025 and Rs 3.69 crore in Q1. Tax expense was Rs 2.92 crore in Q2, versus Rs 1.17 crore a year earlier, leaving the reported Rs 8.80 crore consolidated profit after tax.

Profit attributable to owners of Nupur Recyclers was Rs 8.05 crore for Q2, up from Rs 3.87 crore a year earlier. Non-controlling interests accounted for Rs 0.75 crore of quarterly profit, compared with Rs 0.46 crore in the prior-year quarter; together, these amounts reconcile to the group’s Rs 8.80 crore profit after tax.

How did Nupur Recyclers' balance sheet and borrowing change?

Nupur Recyclers' consolidated total assets rose to Rs 247.30 crore on September 30, 2026, from Rs 198.01 crore on March 31, 2026. Current assets increased to Rs 170.64 crore from Rs 128.66 crore, while non-current assets rose to Rs 76.66 crore from Rs 69.35 crore.

Total equity was Rs 148.65 crore at September 30, compared with Rs 134.12 crore at the March year end, and non-controlling interest was Rs 14.55 crore. Long-term borrowings increased to Rs 35.37 crore from Rs 24.14 crore, while short-term borrowings rose to Rs 20.05 crore from Rs 9.29 crore over the same six-month period.

Current liabilities increased to Rs 46.03 crore at September 30 from Rs 24.39 crore at March 31. Other current liabilities rose to Rs 10.95 crore from Rs 3.33 crore, and short-term provisions increased to Rs 6.65 crore from Rs 2.95 crore, alongside the higher short-term borrowing balance.

Why was Nupur Recyclers' operating cash flow negative?

Nupur Recyclers reported net cash used in operating activities of Rs 1.77 crore for the half year ended September 30, 2026, compared with net cash generated of Rs 18.39 crore in the prior-year half. The movement occurred despite operating profit before working-capital changes rising to Rs 20.32 crore from Rs 11.59 crore.

Working-capital movements included a Rs 20.19 crore cash outflow related to inventories, versus a Rs 6.55 crore inflow in the prior-year half, and a Rs 6.57 crore outflow in non-current and current financial and other assets. Trade receivables used Rs 0.91 crore, while trade payables used Rs 3.10 crore; movements in other liabilities and provisions provided Rs 13.93 crore.

Investing activities used Rs 21.80 crore during the 2026 half year, compared with Rs 4.64 crore in the comparable 2025 period, including Rs 12.32 crore spent on property, plant and equipment and Rs 17.43 crore in loans and advances. Financing activities generated Rs 19.12 crore, compared with a Rs 16.40 crore outflow a year earlier, as net borrowings provided Rs 21.98 crore and finance costs paid were Rs 2.86 crore.

Conclusion

Nupur Recyclers delivered higher consolidated revenue and profit in both Q2 and the first half ended September 30, 2026, with Q2 revenue reaching Rs 111.57 crore and profit after tax reaching Rs 8.80 crore. The balance-sheet data and cash-flow statement show that the expansion coincided with higher inventories, borrowings and current liabilities, resulting in Rs 1.77 crore of negative operating cash flow for the half year.

The next reported comparison will show whether the Rs 20.19 crore inventory-related cash outflow and the rise in short-term borrowings to Rs 20.05 crore moderate after September 30, 2026. Nupur Recyclers disclosed no numerical forecast or target in its November 12, 2026 results filing, while retaining one reportable segment for its scrap import, processing and trading business.