Siyaram Recycling Industries (SRIL) reported financial results for the year ended March 31, 2026, with revenue from operations of Rs 3617 mn, EBITDA of Rs 170 mn and profit after tax of Rs 38 mn. EBITDA margin was 4.9 per cent and PAT margin was 1.0 per cent. The company said these outcomes followed a year of operational challenges across the sector. SRIL reported that FY26 was affected by macroeconomic and geopolitical disruptions, including volatility in raw material prices, global freight disruptions, temporary labour shortages and working capital pressures. These factors constrained operational throughput and delayed execution timelines, particularly because of the industry's reliance on imported scrap and global logistics networks. The company continued to invest in manufacturing capabilities, process efficiency and customer development during the period. Management indicated that early FY27 trends show visible improvement in freight movement, supply chain stability, labour availability and execution efficiency, and that customer activity and dispatch trends have improved compared with the disruption-impacted period. The company expects business momentum to recover progressively through FY27 as logistics and raw material availability normalise, working capital flexibility improves and capacity utilisation rises. SRIL said it anticipates greater contribution from higher value-added brass components across end-user industries, supporting margin resilience and deeper customer integration. Siyaram Recycling was established in 2007 and operates manufacturing facilities in Jamnagar, Gujarat, serving domestic and export markets. The business model involves sourcing imported brass scrap from markets including the USA, the UK, Europe and the Middle East, followed by segregation, recycling, alloying and precision manufacturing of brass ingots, billets, rods and components. The company emphasised its focus on long-term scalability and a transition towards higher value-added manufacturing.