The global economy in 2026 continues to experience moderate growth amid a challenging and evolving geopolitical landscape. While inflationary pressures have eased across several major economies compared to previous years, global growth remains uneven due to persistent geopolitical tensions, trade uncertainties, and fluctuations in commodity markets.
Advanced economies, including the United States and Europe, have shown resilience supported by relatively stable labour markets and easing inflation. However, higher borrowing costs, subdued consumer spending, and slower industrial activity continue to moderate growth prospects. Chinas economic recovery remains gradual, influenced by structural adjustments in its real estate sector, changing global trade patterns, and evolving domestic demand dynamics.
A key challenge facing the global economy is the continuation of geopolitical conflicts and regional wars, particularly in Eastern Europe and the Middle East. These conflicts have increased uncertainty across global markets, disrupted supply chains, and created volatility in energy, commodity, and freight markets. Any escalation of such conflicts could lead to higher crude oil prices, increased transportation costs, supply shortages, and renewed inflationary pressures, thereby affecting business confidence and investment decisions worldwide.
Emerging Market and Developing Economies (EMDEs) continue to demonstrate resilience supported by domestic demand and infrastructure investments. However, these economies remain exposed to risks arising from capital flow volatility, currency fluctuations, geopolitical developments, and changing global trade conditions.
Commodity markets continue to remain sensitive to geopolitical developments and supply-side disruptions. Energy prices, particularly crude oil and natural gas, have witnessed periodic volatility due to ongoing conflicts and concerns regarding global supply security. Similarly, industrial metals and raw materials have experienced fluctuations driven by demand uncertainties and logistics-related challenges.
Despite these headwinds, global economic activity is expected to remain positive, supported by technological advancements, infrastructure investments, and the gradual normalization of inflation levels. Nevertheless, policymakers and businesses across the world continue to closely monitor geopolitical risks, trade developments, climate-related
events, and financial market volatility, which may significantly influence the pace of global economic growth in the coming years.
Overall, while the global economy is expected to maintain a moderate growth trajectory in 2026, the outlook remains subject to considerable uncertainty arising from geopolitical conflicts, regional wars, trade policy changes, commodity price fluctuations, and evolving macroeconomic conditions.
India continues to remain one of the fastest-growing major economies globally, supported by strong domestic demand, government-led infrastructure investments, a resilient financial sector, and a stable macroeconomic framework. Despite rising global uncertainties arising from geopolitical conflicts, elevated energy prices, and volatile financial markets, Indias growth outlook remains comparatively robust.
The countrys economic momentum is being driven by sustained public capital expenditure, increasing private investments, expanding manufacturing capabilities, and continued strength in the services sector. Government initiatives such as Production Linked Incentive (PLI) schemes, infrastructure modernization, digital transformation, and the Make in India programme continue to support long-term economic growth and enhance Indias competitiveness in global supply chains.
Domestic consumption remains a key pillar of Indias growth story. A large and growing consumer base, rising urbanization, increasing digital adoption, and improving income levels continue to support demand across sectors. Strong domestic demand has helped India remain relatively insulated from external economic slowdowns and global trade disruptions, contributing significantly to economic stability.
Indias external sector remains resilient, supported by strong services exports, healthy foreign exchange reserves, and steady remittance inflows. However, ongoing geopolitical tensions and conflicts in the Middle East have increased risks to global energy markets. Rising crude oil prices and supply-chain disruptions have the potential to increase import costs, exert pressure on the current account deficit, and contribute to inflationary pressures. Given Indias dependence on imported energy, developments in global oil markets continue to be closely monitored.
Indias banking sector continues to demonstrate strong resilience, supported by improved asset quality, healthy capitalization levels, adequate liquidity, and prudent regulatory oversight. The financial system remains well-positioned to support credit growth across infrastructure, manufacturing, MSMEs, and consumer sectors. Continued digitalization of financial services and strengthening of the credit ecosystem are expected to further enhance financial inclusion and economic growth.
While inflation remains broadly within the Reserve Bank of Indias medium-term target range, risks have increased due to higher crude oil prices, currency volatility, supply-side disruptions, and weather-related uncertainties. The RBI has adopted a cautious approach in balancing inflation management with growth objectives amid evolving global conditions. Geopolitical developments, particularly in West Asia, continue to pose risks to both inflation and economic growth through their impact on commodity prices and external trade.
Despite these challenges, Indias medium-to-long-term economic outlook remains favourable. Strong domestic fundamentals, a growing manufacturing base, ongoing infrastructure investments, demographic advantages, and increasing integration with global supply chains are expected to support sustainable economic growth in the years ahead. India remains well-positioned to capitalize on emerging opportunities while effectively navigating global economic and geopolitical uncertainties.
The global metals industry in 2026 continues to operate in a dynamic environment shaped by geopolitical developments, evolving trade policies, energy transition initiatives, and changing demand patterns across major economies. While global economic growth remains moderate, demand for metals is being supported by investments in infrastructure, renewable energy, electric mobility, urbanization, and technological advancements.
Global metal markets have witnessed periodic volatility during the year due to ongoing geopolitical tensions, particularly in Eastern Europe and the Middle East. These developments have impacted energy prices, freight costs, supply chains, and commodity markets, creating fluctuations in metal prices and raw material availability. Despite these challenges, long-term demand fundamentals for both ferrous and non-ferrous metals remain positive, driven by sustainability initiatives and the global transition towards cleaner energy sources.
India continues to emerge as one of the fastest-growing markets for metal consumption. Strong government spending on infrastructure, transportation networks, railways, renewable energy projects, defence manufacturing, housing, and industrial development continues to drive demand across the metals value chain. Government initiatives such as the National Infrastructure Pipeline (NIP), PM Gati Shakti, Make in India, and Production Linked Incentive (PLI) schemes are expected to provide sustained support to the sector.
The growing emphasis on circular economy practices and sustainable resource management is further accelerating demand for recycled metals, creating significant opportunities for companies engaged in metal recycling and trading activities.
The outlook for zinc remains favourable, supported by increasing demand from infrastructure, construction, transportation, and industrial sectors. The continued use of galvanized steel in highways, bridges, railway infrastructure, renewable energy installations, and urban development projects is expected to support steady zinc consumption. Rising investments in corrosion-resistant infrastructure are likely to sustain long-term demand growth.
India continues to strengthen its position as one of the worlds largest steel producers and consumers. Demand for steel is expected to remain robust, supported by infrastructure expansion, housing projects, industrial manufacturing, railways, logistics, and urban development initiatives. Government capital expenditure and private sector investments continue to create significant opportunities for the steel industry. However, global steel markets remain exposed to trade policy changes, import pressures, and fluctuations in raw material prices.
Aluminium continues to play a critical role in Indias growth story owing to its lightweight, durable, and recyclable characteristics. Demand is being driven by renewable energy installations, electric vehicles, power transmission infrastructure, packaging, construction, transportation, and aerospace applications. The increasing focus on decarbonization, energy efficiency, and sustainable manufacturing is expected to further enhance aluminium consumption in the coming years.
Overall, the Indian metals sector remains well-positioned for long-term growth, supported by favourable government policies, infrastructure investments, industrial expansion, increasing urbanization, and the accelerating transition towards renewable energy and sustainable development.
India continues to strengthen its position as one of the worlds fastest-growing major economies, creating significant opportunities for the metals and recycling industry. Strong government focus on infrastructure development, manufacturing expansion, renewable energy, urbanization, and logistics modernization is expected to drive sustained demand for ferrous and non-ferrous metals.
Government initiatives such as Make in India, PM Gati Shakti, National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) Schemes, and the push towards self-reliance under the vision of Aatmanirbhar Bharat are creating a conducive environment for domestic manufacturing and industrial growth. These initiatives are expected to increase metal consumption across infrastructure, construction, transportation, defence, power, and engineering sectors.
The global transition towards renewable energy, electric vehicles (EVs), energy storage systems, and sustainable manufacturing practices is expected to significantly increase demand for recycled metals. Growing awareness regarding resource conservation, carbon footprint reduction, and circular economy practices is further accelerating the adoption of recycled materials across industries.
Indias emergence as an alternative manufacturing destination within global supply chains presents long-term opportunities for the metals sector. Increasing foreign direct investment (FDI), favourable demographics, digital transformation, and policy support are expected to strengthen industrial activity and create additional demand for metal products.
The Company remains well-positioned to capitalize on these opportunities through its established market presence, operational efficiencies, customer relationships, and focus on sustainable business practices. Continued emphasis on cost optimization, product diversification, digital adoption, and operational excellence is expected to support future growth.
While the long-term outlook remains positive, the Company operates in an environment exposed to various external and internal risks:
? Geopolitical and War-Related Risks: Ongoing geopolitical conflicts and regional tensions, particularly in Eastern Europe and the Middle East, may disrupt global supply chains, increase freight and logistics costs, impact commodity availability, and crea te volatility in metal and energy prices.
? Commodity Price Volatility: Fluctuations in global prices of metals, crude oil, energy, and other commodities may adversely impact procurement costs, inventory valuation, and operating margins.
? Economic Slowdown: Any slowdown in domestic or global economic growth may reduce demand from key end-user industries such as construction, infrastructure, automotive, engineering, and manufacturing.
? Market Competition: Increasing competition from domestic and international players may exert pressure on pricing, market share, and profitability.
? Supply Chain Disruptions: Dependence on imported raw materials and international trade routes exposes the Company to risks arising from geopolitical developments, shipping constraints, container shortages, and logistics disruptions.
? Regulatory and Compliance Risks: Changes in environmental regulations, waste management norms, import-export policies, taxation frameworks, and ESG-related disclosure requirements may increase compliance costs and operational complexities.
? Technological Changes: Rapid technological advancements in recycling, metal processing, and automation may necessitate continuous investments to remain competitive and efficient.
? Cybersecurity Risks: Increased reliance on digital systems and technology platforms exposes the Company to cyber threats, data breaches, and operational disruptions.
? Climate Change and Environmental Risks: Extreme weather events, changing climatic conditions, and environmental concerns may impact operations, supply chains, logistics, and raw material availability.
? Foreign Exchange and Financial Risks: Currency fluctuations, interest rate movements, liquidity constraints, and volatility in financial markets may impact profitability, cash flows, and financing costs.
? ESG and Sustainability Expectations: Increasing stakeholder focus on environmental, social, and governance (ESG) performance may require continuous investments in sustainability initiatives, responsible sourcing practices, and transparent reporting mech anisms.
The Company is primarily engaged in the business of trading and recycling of non-ferrous metals. Considering the nature of operations, products, risks, returns, and the internal financial reporting framework, the business constitutes a single reportable segment in accordance with the applicable provisions of the Indian Accounting Standards (Ind AS).
The Company is engaged in the sourcing and processing of ferrous and non-ferrous metal scrap, with its principal product categories comprising stainless steel, zinc and aluminium. During the year, the Company imported approximately 8,000-10,000 tonnes of scrap metal, comprising around 4,000 tonnes of stainless steel, 3,000 tonnes of zinc and 2,000 tonnes of aluminium.
Stainless steel constituted the largest portion of the Companys imported scrap volumes, with approximately 4,000 tonnes sourced during the year. The Company undertakes processing of stainless steel scrap through activities such as sorting, cleaning and segregation, followed by melting and alloying, as appropriate, to produce material suitable for onward use by customers. The processed material is supplied to end-user industries based on their specific requirements.
The Company imported approximately 3,000 tonnes of zinc scrap during the year. The Company adds value to the sourced material through systematic sorting, cleaning, processing and melting operations before converting it into suitable forms for sale. The Companys zinc-related products cater to diverse industrial applications and benefit from demand across manufacturing and other end-user sectors.
The Company sourced approximately 2,000 tonnes of aluminium scrap during the year. The Company processes aluminium scrap through sorting, cleaning, segregation and melting, with further processing and alloying undertaken based on product requirements. The resulting material is supplied in suitable forms, including ingots, extrusion products and other finished forms, to customers across various industries.
The Companys business model extends beyond the sourcing and trading of scrap metal. Once the imported material reaches India, the Company undertakes sorting, cleaning, melting, alloying and conversion into ingots, extrusion products and other finished forms, thereby adding value to the sourced material before its onward sale.
The Companys products serve customers across a diversified range of end-user industries, including automotive, solar, electrical and industrial sectors. This diversified customer base enables the Company to participate in multiple end-use applications and provides opportunities to expand its product portfolio and value-added offerings.
India continues to maintain its position as one of the fastest-growing major economies globally, supported by strong domestic demand, sustained infrastructure spending, policy reforms, digital transformation, and increasing manufacturing activity. Government initiatives such as Make in India, PM Gati Shakti, Production Linked Incentive (PLI) Schemes, and the continued focus on renewable energy and electric mobility are expected to create significant opportunities for the metals and recycling industry.
The long-term outlook for non-ferrous metals remains positive, driven by growing demand from infrastructure, construction, transportation, renewable energy, power transmission, electric vehicles, and industrial manufacturing sectors. Increasing emphasis on sustainability, resource efficiency, and circular economy practices is expected to further enhance the demand for recycled metals.
Indias increasing integration with global supply chains and its emergence as a preferred manufacturing destination continue to create new business opportunities. At the same time, technological advancements, digitalization, and operational efficiencies are expected to improve productivity and competitiveness across the industry.
While geopolitical tensions, global trade uncertainties, commodity price fluctuations, and energy market volatility may continue to pose short-term challenges, the Companys strong business fundamentals, customer relationships, operational capabilities, and prudent risk management practices position it favourably to capitalize on future growth opportunities and create long-term value for stakeholders.
The Company recognizes that effective risk management is critical for achieving sustainable growth and protecting stakeholder interests. Risk identification, assessment, monitoring, and mitigation are integrated into the Companys business processes and are regularly reviewed by the management and the Board.
The Company operates in an environment exposed to various macroeconomic, operational, financial, and regulatory risks. Key external risks include fluctuations in global commodity prices, volatility in foreign exchange rates, inflationary pressures, interest rate movements, changing trade policies, and geopolitical developments. Ongoing geopolitical conflicts and regional tensions may impact global supply chains, freight costs, energy prices, and the availability of raw materials.
The Company is also exposed to risks arising from changing environmental regulations, sustainability-related compliance requirements, cybersecurity threats, technological advancements, and increasing stakeholder expectations regarding Environmental, Social and Governance (ESG) practices. In addition, climate-related events and extreme weather conditions may affect logistics, supply chains, and business continuity.
The Company continuously evaluates emerging risks and undertakes appropriate mitigation measures to strengthen operational resilience, maintain business continuity, safeguard assets, and ensure compliance with applicable laws and regulations.
The Company maintains an adequate and effective internal control framework designed to ensure operational efficiency, safeguarding of assets, reliability of financial reporting, prevention and detection of fraud, and compliance with applicable laws, regulations, and internal policies.
The internal control systems are commensurate with the size, scale, and complexity of the Companys operations. Periodic internal audits are conducted to evaluate the effectiveness of internal controls, identify improvement opportunities, and ensure adherence to established procedures.
The Audit Committee regularly reviews the adequacy and effectiveness of the internal control environment, risk management processes, and audit findings. Appropriate corrective actions are implemented wherever necessary to strengthen controls and enhance governance standards. The Company continues to focus on improving its risk management framework through the adoption of technology, process improvements, and continuous monitoring of emerging business risks.
During the financial year 2025-26, the Company recorded Revenue from Operations of 13,575.71 lakhs, as compared to 13,404.08 lakhs in FY 2024-25, reflecting a marginal growth of 1.28% driven by stable trading activities and improved business volumes.
Other Income increased to 683.96 lakhs in FY 2025-26 from 597.02 lakhs in the previous year, primarily attributable to higher treasury and ancillary income.
Consequently, the Companys Total Income stood at 14,259.67 lakhs in FY 2025-26, as against 14,001.10 lakhs in FY 2024-25, representing an increase of 1.85%.
The Company reported Profit Before Tax (PBT) of 1,098.82 lakhs in FY 2025-26, compared to 958.86 lakhs in FY 2024-25, registering a growth of 14.60%.
The total tax expense for FY 2025-26 amounted to 285.31 lakhs, as against 256.70 lakhs in FY 2024-25.
As a result, Profit After Tax (PAT) increased to 813.51 lakhs in FY 2025-26 from 702.16 lakhs in FY 2024-25, reflecting a growth of 15.86%.
Further, the Company reported Total Comprehensive Income of 827.52 lakhs during FY 2025-26 as compared to 543.53 lakhs in FY 2024-25.
The net worth of the Company increased to 12,069.98 lakhs as at March 31, 2026, from 10,952.18 lakhs as at March 31, 2025, reflecting continued profitability and strengthening of shareholders funds during the year.
Cash and cash equivalents stood at 119.37 lakhs as at March 31, 2026, as compared to 130.73 lakhs as at March 31, 2025. The marginal decrease reflects deployment of funds towards business operations and strategic investments while maintaining adequate liquidity.
Inventory decreased to 242.69 lakhs as at March 31, 2026, from 312.39 lakhs as at March 31, 2025, indicating efficient inventory management and improved working capital utilization.
Trade Payables:Trade payables to micro and small enterprises aggregated to 0.33 lakhs as at March 31, 2026, as against 0.13 lakhs as at March 31, 2025. The Company continues to maintain timely settlement of its obligations towards suppliers.
Trade receivables stood at 3,418.63 lakhs as at March 31, 2026, compared to 3,496.39 lakhs as at March 31, 2025. The marginal reduction reflects effective receivables management and timely collection efforts.
At Nupur Recyclers Limited (NRL), we recognize that human capital is a vital component of our success. As of March 31, 2026, the Company employed 13 permanent employees.
Throughout the fiscal year, NRL has actively invested in the development of its workforce by organizing numerous training programs. These initiatives are designed to nurture and enhance the skills and talents of our employees, aligning with our commitment to fostering a supportive and growth-oriented work environment.
Accounting PoliciesThe accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The financial statements have been prepared under the historical cost convention on an accrual basis. The management accepts responsibility for the integrity and objectivity of the financial statements, as well as for the various estimates and judgment used therein.
The Company has followed all relevant Accounting Standards laid down by the Institute of Chartered Accountants of India (ICAI) while preparing Financial Statements.
Details of significant changes (i.e., Change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios Accounting Policies
Following are important ratios showing better performance in FY 2026:
| Particulars | As at 31 March, 2026 | As at 31 March, 2025 | % Change |
| Current Ratio* | 13.20 | 25.27 | (48%) |
| Debt-Equity Ratio | NA | NA | NA |
| Debt Service Coverage Ratio | NA | NA | NA |
| Return on Equity (ROE) | 7% | 6% | 17% |
| Inventory Turnover Ratio | 52.68 | 38.63 | 36% |
| Trade Receivables Turnover Ratio | 3.97 | 3.83 | 4% |
| Trade Payables Turnover Ratio | NA | NA | NA |
| Net Capital Turnover Ratio | 2.21 | 2.57 | (14%) |
| Net Profit Ratio | 6% | 5% | 14% |
| Return on Investment | NA | NA | NA |
| Return on Capital Employed (ROCE) | 7% | 6% | 17% |
| Debtors Turnover*** | 3.93 | 5.98 | (34.28)% |
| Interest Coverage Ratio**** | 56.50 | 56.50 | 56.50 |
| Operating Profit Margin (%) | 8.14% | 8.54% | (5%) |
| Net Profit Margin (%) | 5.99% | 5.24% | 14% |
*Primarily due to changes in the composition of current assets and current liabilities during the year. Despite the reduction, the Company continues to maintain a strong liquidity position with adequate current assets to meet its short-term obligations.
**Primarily attributable to more efficient inventory utilisation and faster movement of inventory during the year, reflecting improved working capital efficiency.
***Primarily attributable to higher average trade receivables during the year while revenue remained broadly stable, reflecting the timing of collections and credit terms extended to customers in the ordinary course of business.
****Primarily driven by higher earnings before interest and tax coupled with a reduction in finance costs, indicating enhanced capacity to service finance costs from earnings.
The Return on Net Worth decreased marginally from 7.19% in FY 2024-25 to 7.07% in FY 2025-26. The change is not significant. The marginal decrease is primarily attributable to the increase in the Companys average net worth being higher than the corresponding growth in Profit After Tax during the year.
Statements in the Management discussion and analysis describing the Companys objectives, projections, estimates and expectations may be forward looking statements within the meaning of applicable laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the companys operations include economic conditions affecting demand/supply and prices, conditions in the domestic and overseas markets in which the company operates/ going to operate, changes in government regulations, tax laws and other statutes and other incidental factors.
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