Poojawestern Metaliks Limited (PML), established in **1991** and headquartered in the industrial hub of **Jamnagar, Gujarat**, is a leading manufacturer, trader, and exporter of brass and copper-based products. Operating under the brand name **P-Alloys**, the company follows an "everything under one roof" philosophy, integrating the entire production lifecycle from foundry to finishing. PML serves critical global industries, including construction, automotive, electrical, and plumbing. --- ### Integrated Manufacturing & Product Portfolio The company operates through a single reportable business segment—manufacturing, trading, and exporting brass items—utilizing state-of-the-art facilities to produce parts adhering to international standards such as **Swiss, DIN, JIS, and BS**. #### 1. Manufacturing Facilities | Facility | Location | Key Functions | | :--- | :--- | :--- | | **Manufacturing Facility No. 1** | GIDC, Dared, Jamnagar | Registered Office; Primary foundry and manufacturing operations. | | **Manufacturing Facility No. 2** | Village Kansumara, Jamnagar | Production of Brass & Chrome sanitary fittings, inserts, and CNC/VMC turned parts. | #### 2. Core Product Segments * **Alloys (Industrial Raw Materials):** Production of **Brass Ingots, Billets, Bars, Hex/Round/Square Rods**, and **Section Hollows** for the automotive and electrical sectors. * **Finished Goods (Unit II):** Specializes in **Brass & Chrome sanitary fittings**, **Brass Pipe Inserts**, and adapters for **CPVC** and **PPR** pipe fittings used in residential and infrastructure construction. * **Trading Operations:** Procurement and domestic resale of **Brass Honey** and **Brass Scrap** sourced from both international and domestic markets. --- ### Strategic Growth & Global Expansion PML is positioning itself to capitalize on the projected **8.5% CAGR** of the Indian brass industry (2022–2027) and the global brass market, which is expected to reach **USD 31.56 billion by 2033**. * **International Footprint:** In February 2026, the company approved the acquisition of a **51% majority stake** in **Saffron Feathers Pte. Ltd., Singapore**, to strengthen its presence in international jurisdictions. Its current export network spans the **Gulf, Middle East, Europe, and America**. * **Subsidiary Development:** * **Sierra Metal Industries Pvt Ltd (99.98%):** Formerly Sierra Automation; focused on fabricated metal products. * **Brasscraft Engineering Pvt Ltd (100%):** Incorporated in **June 2025** to bolster engineering and manufacturing capabilities. * **Technological Modernization:** Transitioning toward **Industry 4.0** by adopting **CNC machining**, **SPM**, and **VMC turned** processes to achieve tighter tolerances and superior surface finishes. * **Policy Alignment:** Leveraging government initiatives such as **"Make in India,"** the **Production Linked Incentive (PLI) Scheme**, and the **PM Vishwakarma Scheme**. --- ### Financial Performance & Capital Structure PML has experienced significant volatility, with a massive expansion in FY 2023-24 followed by a market-driven contraction in FY 2024-25. #### Consolidated Financial Summary | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **50.37** | **61.29** | **31.18** | | **Total Income** | **51.45** | **62.07** | **31.77** | | **Profit After Tax (PAT)** | **1.55** | **1.75** | **1.06** | | **Earnings Per Share (₹)** | **1.53** | **1.73** | **1.05** | | **Dividend Per Share (₹)** | **1.00** | **1.00** | **1.00** | #### Capital Management * **Authorized Share Capital:** Increased from **₹11 Crore** to **₹21 Crore** in September 2023. * **Borrowing Limits:** Enhanced to **₹100 Crore** in September 2024 to support credit facilities and business growth. * **Lending/Security Limit:** Approved up to **₹50 Crore** for loans or guarantees to subsidiaries. * **Rights Issue:** A proposed **₹16.23 Crore** Rights Issue (81,13,600 shares at ₹20 each) was **withdrawn** in March 2026. --- ### Supply Chain & Operational Sustainability * **Sourcing:** Approximately **95%** of raw material scrap is imported from **Europe and America**. The company utilizes **Customs duty exemptions** on copper and zinc scrap to maintain cost competitiveness. * **Circular Economy:** Products emphasize high **recyclability**, aligning with the **National Non-Ferrous Metal Scrap Recycling Framework**. * **Material Advantages:** Focus on brass for its **corrosion resistance**, **high conductivity**, and **antimicrobial** properties, essential for modern industrial applications. --- ### Risk Profile & Mitigation PML operates within a structured Risk Management framework to address the challenges of a high-volume, low-margin industry. #### Market & Operational Risks * **Commodity Volatility:** Fluctuations in **copper and zinc** prices impact margins. PML employs a **Price Pass-Through** strategy to transfer these costs to clients. * **Global Competition:** Intense pressure from low-cost producers in **China, Vietnam, and Turkey**, as well as alternative materials like aluminum and plastics. * **Geopolitical Sensitivity:** High dependency on imported scrap makes the supply chain vulnerable to international trade barriers and shipping costs. #### Governance & Compliance Observations * **Independent Directors:** As of September 2025, **three directors** had not appeared for the mandatory **Online Self Proficiency Test**, and **two** did not hold valid **Certificates of Registration**. * **Regulatory Disclosures:** The Promoter Group previously failed to disclose transactions exceeding **₹10 Lakhs** within the required **2 trading days** under **SEBI (PIT) Regulations**. * **Taxation:** Reported **₹43.5 lakhs** in unpaid income tax for FY 2023-24. * **Leadership:** Led by Promoter-Chairman **Sunil Devram Panchmatiya** (**28+ years experience**), who notably drew **nil remuneration** for **FY 2024-25**. --- ### Investment Outlook Poojawestern Metaliks Limited remains a key player in the brass components sector, characterized by a strong export orientation and integrated manufacturing. While the company faces short-term revenue headwinds and regulatory compliance gaps, its strategic expansion into **Singapore**, increased borrowing capacity for scaling, and adoption of **Industry 4.0** technologies suggest a long-term focus on value-added, high-precision engineering.