SUNLITE
Sunlite Recycling Industries financials
- Market cap
- ₹944 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
SUNLITE Q4 FY26
What went well
- Standalone revenue for FY26 grew 98% YoY to INR 2,764 crores, demonstrating strong market demand.
- EBITDA for FY26 increased by 151% YoY to INR 59.69 crores, driven by value-added products.
- PAT for FY26 surged by over 181% YoY to INR 40.14 crores, indicating enhanced profitability.
What to watch
- Cash flow from operating activities was negative in H2 FY26, attributed to increased inventory levels.
- Geopolitical events (West Asia crisis) are causing delayed raw material shipments, though not yet leading to stress.
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 2 delivered 3 missed 9 open- PAT Margin delivered said Q2 FY26 Promised: 1.35% Q4 FY26: FY26 PAT of INR 40.14 cr on INR 2764 cr revenue yields a 1.45% margin, exceeding the target.
- Copper Cathode Gross Margin missed said Q2 FY26 Promised: 5% Q4 FY26: Management explicitly abandoned the cathode plant project due to market saturation, pivoting to an anode plant instead.
- Capital Expenditure revised down said Q2 FY26 Promised: INR 40 crores by FY28 for copper anodes/cathodes Q4 FY26: Revised to INR 30-35 crores over the next 1.5 years, shifting focus to doubling rod/busbar capacity and a smaller anode plant (INR 6 cr) instead of a cathode plant.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 192.2%, net profit up 420.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 604 | 562 | 637 | 760 | 1,122 +86% | 1,642 +192% |
| EBITDA | 9 | 10 | 12 | 12 | 22 +144% | 38 +280% |
| Net profit | 4 | 5 | 7 | 7 | 14 +250% | 26 +420% |
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 +311.8% 1Y
1Y: ₹166 on 10 Sept 2025 → ₹683.65. High ₹705.5 (10 Sept 2026), low ₹166 (10 Sept 2025).
How the price took the results
close before → close after
- Q4 FY26
- −3.1%
- 29 Apr
- Q2 FY26
- +5.0%
- 17 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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹8 Cr | ₹11 Cr | ₹14 Cr |
| Reserves | ₹3 Cr | ₹11 Cr | ₹63 Cr | ₹147 Cr |
| Borrowings | ₹46 Cr | ₹35 Cr | ₹23 Cr | ₹12 Cr |
| Other liabilities | ₹22 Cr | ₹8 Cr | ₹48 Cr | ₹52 Cr |
| Total liabilities | ₹72 Cr | ₹61 Cr | ₹145 Cr | ₹224 Cr |
| Fixed assets | ₹14 Cr | ₹12 Cr | ₹18 Cr | ₹22 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹50 Cr |
| Other assets | ₹58 Cr | ₹49 Cr | ₹127 Cr | ₹152 Cr |
| Total assets | ₹72 Cr | ₹61 Cr | ₹145 Cr | ₹224 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 added +0.70 pp while DIIs trimmed −0.47 pp. The shareholder count grew 17% to 901.
- Promoters
- 74.5%
- DIIs
- 0.8%
- Public
- 24.7%
Since Mar 2025
- Promoters +0.70 pp
- DIIs −0.47 pp
- FIIs −0.32 pp
How it drifted, 7 quarters
Over this window the public went from 19.9% to 24.7% — +4.8 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 73.5%, FIIs 2.6%, DIIs 4.0%, Public 19.9%.Dec '24: Promoters 73.5%, FIIs 0.3%, DIIs 1.6%, Public 24.5%.Mar '25: Promoters 73.8%, FIIs 0.3%, DIIs 1.3%, Public 24.6%.Jun '25: Promoters 74.3%, FIIs 0.3%, DIIs 1.2%, Public 24.2%.Sep '25: Promoters 74.8%, FIIs 0.1%, DIIs 1.0%, Public 24.1%.Dec '25: Promoters 74.2%, DIIs 0.7%, Public 25.1%.Mar '26: Promoters 74.5%, DIIs 0.8%, Public 24.7%.
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Trathi Ventures Llp newly disclosed 1.76% held
- Vinod Kumar Daga (Huf) . newly disclosed 1.06% held
- Khushboo Manishkumar Heda +0.30 pp 14.79% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Sunlite Recycling Industries Ltd above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Nitin Kumar Heda | 28.97% | unchanged |
| Khushboo Manishkumar Heda | 14.79% | +0.30 pp |
| Prahlad Rai Ramdayal Heda | 14.49% | unchanged |
| Manish Kumar Heda | 8.06% | unchanged |
| Akshay Kumar Heda | 4.35% | unchanged |
| Reena Pankaj Heda | 3.81% | unchanged |
| Trathi Ventures Llp | 1.76% | newly disclosed |
| Jyotiprasad Taparia | 1.40% | unchanged |
| Vinod Kumar Daga (Huf) . | 1.06% | newly disclosed |
| Jenisha Nitinkumar Heda | 0.00% | unchanged |
| Rajbai Ramdayal Heda | 0.00% | unchanged |
| CHAND MAL SOMANIn | 0.00% | 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.
What the price assumes
- Growth the price implies
- 9.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Sunlite Recycling Industries Ltd
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