Baheti Recycling Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Baheti Recycling Industries Ltd trades at ₹786, in a confirmed uptrend and 13 weeks into that stage. That is +25.8% against its own 200-day average. It sits at 100% of a 52-week range of ₹485 to ₹786. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 20 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹786 it trades +25.8% versus its 200-day average and sits at 100% of its 52-week range (₹485–₹786).

Against the market, two honest reads. Cumulative: over the last 3.7 years the stock moved +626% while the NIFTY 500 moved +48% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 20 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Baheti Recycling Industries Ltd trades at 30.1× P/E, mid-range by its own standards (40th percentile). Its long-run median P/E is 32.5×, measured across 3.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 30.1× is mid-range by its own standards (40th percentile), against a long-run median of 32.5× measured over 3.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +50.3% against a +39.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +91.6%/yr price move, ~+59.6%/yr came from earnings growth and ~+32.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 15 June 2026, Baheti Recycling Industries Ltd was priced for profit growth of about 5.1% a year. The market pays that at 30.1× P/E, the 40th percentile of its own 4-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 15 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Baheti Recycling Industries Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

70.5/100 — rank 1 of 1 in Aluminium - Sheets/Coils/Wires/Others · 78% evidence confidence

Baheti Recycling Industries Ltd scores 70.5 out of 100 against the 1 companies it is compared with in Aluminium - Sheets/Coils/Wires/Others, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 30.8 + 15.9 + 11.3 + 12.5 = 70.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Baheti Recycling Industries Ltd reported ₹410 Cr of revenue in the Mar 26 quarter, +53.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 9 years it has compounded at 29.3% a year. The last full year, FY26, came in at ₹725 Cr. The last four reported quarters add to ₹1,249 Cr.

FY26 revenue came in at ₹725 Cr (+38.4% on the year), capping 9 years at 29.3% compound. The latest quarter (Mar 26) printed ₹410 Cr, +53.6% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +30.0% growth against the decade's 29.3% — the current year is running in line with its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Baheti Recycling Industries Ltd's operating margin is 10.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +4.0 percentage points.

The latest quarter's operating margin is 10.0%, +1.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 2.5%–8.0%, and FY26's 8.0% is the top of that band — a record year.

Why the margin moved: operating margin went +4.0 pp year on year while gross margin went +2.9 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Baheti Recycling Industries Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +63.6% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹27.0 Cr. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹4.0 Cr. 1 of the last 8 reported quarters were loss-making.

Mar 26 profit was ₹18.0 Cr, +63.6% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹27.0 Cr (+50.0%).

Why profit moved: revenue contributed +53.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +100.1% vs revenue +30.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −135% of Baheti Recycling Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−36.0 Cr of operating cash against ₹27.0 Cr of profit. After ₹21.0 Cr of capital spending, ₹−57.0 Cr was left as free cash.

FY26: operating cash of ₹−36.0 Cr against reported profit of ₹27.0 Cr, leaving free cash of ₹−57.0 Cr after ₹21.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −135% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −135%: the cash cycle stretched 37 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 37 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Baheti Recycling Industries Ltd's cash conversion cycle runs 155 days in FY26, up from 118 days in FY21. Capital spending ran ₹36.0 Cr over the last 3 years. At FY26 sales of ₹725 Cr each day of that cycle holds about ₹2.0 Cr, so roughly ₹308 Cr sits inside the business at any moment.

FY26: debtors at 46 days, inventory at 134 days — roughly 4.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 155 days, looser than FY21's 118.

The full loop: cash goes out to suppliers and production on day 0; stock waits 134 days to sell; customers pay about 46 days after that; and suppliers themselves are paid at 25 days — netting out to the 155-day cycle.

In money terms: at FY26 sales of ₹725 Cr, each day of the cycle holds about ₹2.0 Cr — so the 155-day loop keeps roughly ₹308 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹36.0 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹6.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Baheti Recycling Industries Ltd earns a ROCE of 22% in FY26. That is up from a trough of 8% in FY18. Return on invested capital clears the cost of that capital by +1.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.7% net margin on 1.93× asset turns.

FY26 ROCE is 22%, recovered from a FY18 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.7% net margin × 1.93× asset turns × 4.04× balance-sheet leverage ≈ 28.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.1% − 12.0% = a +1.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Baheti Recycling Industries Ltd carries total debt of ₹235 Cr against shareholder equity of ₹94.0 Cr as of Mar 26, a debt-to-equity of 2.50. On the annual view that ratio went from 2.09 in FY23 to 2.50 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹235 Cr against shareholder equity of ₹94.0 Cr — a debt-to-equity of 2.50. On the annual view, debt-to-equity went from 2.09 (FY23) to 2.50 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Baheti Recycling Industries Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.0 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.8 points over 6 quarters to 74.1%; Foreign institutions: +0.0 points over 6 quarters to 0.0%.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Baheti Recycling Industries Ltd: the Z-score reads 4.23. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 4.23 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 4.23.

Frequently asked questions