BAHETI
Baheti Recycling financials
- Market cap
- ₹858 Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Baheti Recycling Q4 FY26
What went well
- Revenue for FY26 grew 38% YoY to ₹725 crores, demonstrating strong top-line performance.
- Profit for FY26 increased 50% YoY to ₹27 crores, indicating improved operational efficiency and margin expansion.
- Strategic entry into the higher-margin aluminum wire rod segment, with a total revenue potential of ₹500 crores by FY28.
What to watch
- The company has experienced negative cash flows for the past four years, leading to a substantial increase in debt.
- High inventory levels, specifically 30-40 days of extra inventory, contribute to working capital intensity and cash flow stress.
What Baheti Recycling does
Baheti Recycling Industries processes aluminium-based metal scrap at a single integrated facility in Dehgam, Gujarat into aluminium alloy ingots and de-oxidizer products (notch bars, cubes, ingots, shots) used by automotive, steel, electrical and engineering customers. It sources roughly 80% of its scrap imported from the UK, Europe and the US, melts and refines it through tilting rotary and electric furnaces, and sells the recycled alloys domestically and to export markets. The company is now also building an aluminium wire rod line at the same site to supply cables, conductors and wire manufacturers.
Segments
- Aluminium Alloy Ingots
- Aluminium De-Ox Products
- Aluminium Wire Rods
- Installed production capacity
- 38,000 MT/yr
- Capacity utilisation
- 60.46%
- Volume sold
- 22,976 MT (FY26)
- Manufacturing site
- 5 acres, Dehgam, Gujarat (2.5 acres idle land available)
- Furnaces
- 8 furnaces of 300kg + 7 electric furnaces of 700kg + 2 Tilting Rotary/Skelner furnace pairs (40 MTPD each)
- Worldwide customers
- 150+
Guidance record · Q4 FY26
what the last two calls moved 15 tracked 3 delivered 2 missed 10 open- IATF Certification delivered said Q4 FY25 Promised: IATF certificate will get by the month of June end Q4 FY26: Certification continues to yield results, adding OEM clients like Bajaj, TVS, Royal Enfield.
- Capacity Utilization missed said Q4 FY25 Promised: 75% to 80% by this end of financial year [FY26] Q4 FY26: Actual utilization reported at 60% for FY26. Target pushed again to 75-80% for FY27.
- New Furnace Installation delayed said Q4 FY25 Promised: It will be installed by July or by August Q4 FY26: Management noted commencement of 5 new electrical furnaces in FY27, indicating a significant delay from original July/Aug FY26 timeline.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 83.9%, net profit up 350.0% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 160 | 200 | 207 | 223 | 257 +61% | 267 +34% | 315 +52% | 410 +84% |
| EBITDA | -9 | 22 | 8 | 13 | 16 +278% | 24 +9% | 21 +163% | 40 +208% |
| Net profit | -11 | 17 | 3 | 4 | 7 +164% | 11 −35% | 9 +200% | 18 +350% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +45.7% 1Y
1Y: ₹563.45 on 10 Sept 2025 → ₹820.85. High ₹861.8 (31 Aug 2026), low ₹483.95 (23 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.9%
- 5 May
- Q2 FY26
- −3.3%
- 15 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹7 Cr | ₹12 Cr | ₹24 Cr | ₹31 Cr | ₹58 Cr | ₹83 Cr |
| Borrowings | ₹38 Cr | ₹51 Cr | ₹71 Cr | ₹102 Cr | ₹203 Cr | ₹229 Cr |
| Other liabilities | ₹14 Cr | ₹14 Cr | ₹21 Cr | ₹21 Cr | ₹58 Cr | ₹53 Cr |
| Total liabilities | ₹63 Cr | ₹82 Cr | ₹127 Cr | ₹165 Cr | ₹329 Cr | ₹376 Cr |
| Fixed assets | ₹7 Cr | ₹7 Cr | ₹9 Cr | ₹10 Cr | ₹20 Cr | ₹34 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹2 Cr | ₹6 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹2 Cr |
| Other assets | ₹56 Cr | ₹75 Cr | ₹118 Cr | ₹147 Cr | ₹305 Cr | ₹335 Cr |
| Total assets | ₹63 Cr | ₹82 Cr | ₹127 Cr | ₹165 Cr | ₹329 Cr | ₹376 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −0.38 pp while the public added +0.34 pp. The shareholder count grew 38% to 1,035.
- Promoters
- 74.1%
- FIIs
- 0.0%
- Public
- 25.8%
Since Mar 2025
- Promoters −0.38 pp
- Public +0.34 pp
- FIIs +0.04 pp
How it drifted, 7 quarters
Ownership split by quarter, oldest first. Mar '23: Promoters 73.4%, Public 26.6%.Sep '23: Promoters 73.4%, Public 26.6%.Mar '24: Promoters 73.4%, Public 26.6%.Sep '24: Promoters 74.0%, Public 26.0%.Mar '25: Promoters 74.5%, Public 25.5%.Sep '25: Promoters 74.7%, FIIs 0.2%, Public 25.1%.Mar '26: Promoters 74.1%, FIIs 0.0%, Public 25.8%.
Who is on the register
Named in the Mar 2026 filing
Every holder of Baheti Recycling above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Shankerlal Bansilal Shah | 28.86% | −0.22 pp |
| Balkishan Shankerlal Shah | 14.36% | −0.11 pp |
| Yash Shankerbhai Shah | 14.36% | −0.11 pp |
| Savitaben Shankerlal Shah | 7.44% | −0.06 pp |
| Rashmi Balkishan Shah | 3.19% | unchanged |
| Ayushi Yash Shah | 3.18% | unchanged |
| Srishti Somani | 2.87% | −1.12 pp |
| Shankerlal Bansilal Shah Huf - | 2.74% | unchanged |
| Nirmal Aggarwal | 1.45% | unchanged |
| Market Maker Unclassified | 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Baheti Recycling
Guides on how to read this kind of business and the numbers that matter.