Siyaram Recycling FY26 Profit Falls 74% as Revenue Drops

FY26 results show a broad decline

Siyaram Recycling Industries Limited reported a sharp year-on-year decline in its standalone financial performance for the year ended March 31, 2026. Revenue from operations fell to ₹361.69 crore in FY26 from ₹511.56 crore in FY25. This represented a decline of about 29%. Net profit dropped more sharply, to ₹3.79 crore from ₹14.57 crore in the preceding financial year. The company’s basic and diluted earnings per share fell to ₹1.74 from ₹6.69. The audited results were considered and approved by the board on May 18, 2026. The outcome places the focus on the significant reduction in revenue and the resulting pressure on profitability during the year.

Board approves audited standalone accounts

The board meeting was held at the company’s registered office in Jamnagar, Gujarat. Directors considered, approved and took on record the audited standalone financial results for the half-year and full year ended March 31, 2026. The disclosure was made under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Statutory auditor Kamlesh Rathod & Associates issued an unmodified opinion on the standalone audited financial results. An unmodified opinion indicates that the auditor did not modify its conclusion on the financial statements presented. The board also approved appointments connected with the company’s audit framework for FY27. Prafulla and Associates was appointed internal auditor, while Ankit Kushal & Associates was appointed cost auditor.

Revenue declined by nearly ₹150 crore

Revenue from operations decreased by ₹149.87 crore between FY25 and FY26. FY26 revenue of ₹361.69 crore was lower than the ₹511.56 crore reported a year earlier. Total income, which includes other income, declined to ₹362.70 crore from ₹513.79 crore. Other income was ₹1.01 crore in FY26, compared with ₹2.23 crore in FY25. The fall in total income broadly followed the lower revenue from operations. The company’s reported profit margin declined to 1.0% from 2.8% in FY25. The available financial disclosure attributes the margin decrease to lower revenue.

Net profit and EPS contract sharply

FY26 net profit stood at ₹3.79 crore, against ₹14.57 crore in FY25. This was a decline of about 74%, substantially steeper than the fall in revenue. Profit before tax declined to ₹5.78 crore from ₹20.42 crore, a fall of about 72%. Basic earnings per share and diluted earnings per share were both ₹1.74 on a face value of ₹10 per share. In FY25, both measures were ₹6.69. The paid-up equity share capital remained unchanged at ₹21.79 crore as of March 31, 2026. Other equity was reported at ₹108.23 crore at the end of FY26.

Half-year performance remained lower than last year

For the second half of FY26, revenue from operations was ₹149.84 crore. This compared with ₹265.89 crore in the second half of FY25, a decline of about 44%. H2 FY26 total income was ₹150.30 crore, compared with ₹267.44 crore in H2 FY25. Net profit for H2 FY26 was ₹0.71 crore, down from ₹6.89 crore a year earlier. Basic and diluted EPS for the half-year were ₹0.33, compared with ₹3.16 in H2 FY25. The first half of FY26 had revenue from operations of ₹211.85 crore and net profit of ₹3.08 crore. These figures show that the full-year decline reflected weaker results across both reported half-years.

Key audited financial figures

Balance sheet position at year-end

Total assets were ₹273.89 crore as of March 31, 2026. This was lower than ₹283.25 crore reported at the end of the prior year. The reduction in assets was modest relative to the decline in revenue and profit. The company’s paid-up share capital did not change during the year, according to the reported figures. Other equity of ₹108.23 crore was reported at March 31, 2026. The balance sheet data provides context for investors assessing the FY26 earnings outcome alongside the company’s year-end financial position. The disclosed results do not provide further details in the supplied information on the components driving the movement in total assets.

Annual report and trading-window disclosure

Siyaram Recycling Industries announced its 20th annual report for FY2025-26 on September 2, 2026. The annual report follows the audited results approved in May for the year ended March 31, 2026. The company has also issued an intimation regarding closure of its trading window for the half-year ended September 30, 2026. Trading-window closures are part of listed-company compliance processes designed to restrict trading by designated persons during sensitive periods. The supplied disclosure does not specify the date on which the trading window will reopen. Investors will therefore need to rely on the company’s subsequent exchange disclosures for the related half-yearly results and trading-window reopening information. The company’s recent corporate-action calendar lists audited results on May 20, 2025, half-yearly results on November 14, 2025, and half-yearly results on May 18, 2026.

Why the FY26 outcome matters

The FY26 figures show that Siyaram Recycling’s earnings were affected by both lower revenue and a reduced profit margin. Revenue fell 29%, while net profit fell 74%, indicating that profitability declined faster than sales. The drop in EPS from ₹6.69 to ₹1.74 reflects this change on a per-share basis. The unmodified audit opinion confirms that the statutory auditor issued its opinion without modification on the standalone results. Meanwhile, the board’s FY27 internal-auditor and cost-auditor appointments form part of the company’s governance and compliance process. No share-price movement, customer impact, operational explanation or future earnings guidance was included in the supplied disclosures. As a result, the reported numbers and future statutory announcements remain the central reference points for evaluating the company’s financial performance.

What investors can track next

The next key disclosure will relate to the half-year ended September 30, 2026, following the trading-window closure intimation. Investors can track the company’s filing for the date of the board meeting, the approved financial results and the reopening of the trading window. The FY2025-26 annual report is also relevant for the company’s formal disclosures for the completed year. For now, the audited FY26 results establish a clear comparison with FY25: lower revenue, lower profit before tax, lower net profit and lower earnings per share. The company’s total assets also declined year on year, though at a much slower rate than earnings. Any assessment of a subsequent financial period will depend on figures released by the company through its official disclosures.

Conclusion

Siyaram Recycling Industries closed FY26 with revenue from operations of ₹361.69 crore and net profit of ₹3.79 crore, compared with ₹511.56 crore and ₹14.57 crore, respectively, in FY25. The board has approved the audited standalone accounts, received an unmodified audit opinion and made auditor appointments for FY27. The company’s next reported half-yearly financial update will provide the next confirmed measure of performance after the September 2026 period.