Synopsis: A small-cap stock where ace investor Mukul Agrawal holds over 10 percent stake is gaining strong brass alloy orders, driven by rising copper prices, boosting demand, order inflows, and growth visibility.
With Global copper prices have surged nearly 40 percent in FY26 as it touched about $13,000 per tonne by January 2026, after a brief price dip. There exists an opportunity for a recycling stock that is in the business with exposure into the copper alloy industry, where the metal is 40-50 percent cheaper than copper.
Since the fall in late January, metal has recovered and is currently being traded around $6 per lbs. The metal is of great use and in demand in the construction, power, EVs, electronics, and data centers space.
With a market cap of around Rs 100 Cr, Siyaram Recycling Industries Ltd’s stock is currently trading at a price of Rs 45 and has a PE of 10, which is significantly below the industry PE of 24.
Incorporated in 2007, Siyaram Recycling Industries Ltd is engaged in recycling plastic waste, primarily PET bottles, into value-added products like recycled polyester staple fibre and chips, catering to textile, packaging, and sustainability-driven industries. The company is into making products like Copper Alloy Ingots and Billets, Brass Fittings, Brass Extrusion Roads, and Bath Fittings.
In February, the company secured eight orders, all for Brass Scrap Honey, an alloy of copper and zinc. The total value of these orders aggregates to nearly Rs 18 crore, reflecting strong demand for the product and a healthy order inflow during the month, which supports revenue growth and operational momentum.
Using Brass Scrap Honey, an alloy derived from recycled copper and zinc, is more cost-efficient than sourcing newly mined copper. Scrap metal needs 90 percent less energy, shorter processing time, and lower raw-material costs, helping improve margins, reduce environmental impact, and ensure steady supply without relying on volatile global copper mining prices.
As of late February 2026, copper prices hover near $5.98 per pound on the COMEX, having surged by over 31 percent in the past year. This rally is fueled by massive demand for electric vehicle (EV) wiring, renewable energy grids, and AI-driven data center infrastructure, alongside significant mining supply disruptions.
To manage costs, industries use cheaper substitutes like brass, which as mentioned above is an alloy of copper and zinc costing roughly 40-50 percent less. Alloys are vital because they combine metals to enhance properties; for instance, brass offers superior machinability and corrosion resistance compared to pure copper, making it ideal for durable industrial valves and fittings.
Global copper prices have been volatile amid geopolitical tensions, with supply risks, tariff concerns and trade uncertainty pushing prices to record highs, while safe-haven flows and demand shifts keep markets jittery. This reflects tight supply expectations and strategic stockpiling against rising global conflicts and trade barriers.
As of the latest half yearly result, Siyaram Recycling Industries Ltd saw a YoY revenue fall of 14 percent, going from Rs 246 Cr in H1FY25 to Rs 212 Cr in H1FY26. The YoY Net Profits also fell by 62 percent, going from Rs 8 Cr in H1FY25 to Rs 3 Cr in H1 FY26.
Additionally, the company has a 3 year sales CAGR of 7 percent, while the TTM is at 8 percent. The 3 year profit CAGR is at 66 percent, while the TTM is at negative 9 percent.
As of Q2FY26, Mukul Agrawal holds more than 10 percent stake in the company. According to the available sources, the ace investor has held the same percent of stake since Q3FY25.
Rising copper prices are driving industries to adopt cost-effective substitutes like brass, which offers durability, corrosion resistance, and easy machinability that too at a lower cost. This shift benefits companies like Siyaram Recycling, supporting strong order inflows, improving capacity utilization, and positioning the firm to capture growing demand from construction, EVs, power, and data center sectors.
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