Bhagyanagar India Ltd is a copper recycler that turns scrap into precision components for the world’s electrical backbone - from transformer windings to AI data-centre bus bars. Founded in 1985 by the Surana family and now run by three generations, the company spent four decades moving up the value chain from commodity rods to a portfolio of over 200 specialised copper products, all made on a single 60-acre site near Hyderabad. Its recurring approach is a closed-loop philosophy: nothing leaves the factory without value being added, which is why it backward-integrated into global scrap sourcing in 2017 and is now building a plant to recycle the plastic and aluminium that arrive mixed with the copper. # Business segments Two engines at different stages - a copper-products manufacturer that is the entire operating business, and a small wind farm held for separation - both built on the same recycling and value-addition logic. ## 1. Copper products: where the group makes its living **A secondary copper manufacturer that imports scrap from over 30 countries, recycles it, and sells value-added components to more than 500 OEM customers - earning a margin per kilogram while passing copper-price risk straight through to the buyer.** - **Paid per kilo, not on the copper price** - revenue comes from manufacturing and selling copper products by weight; the underlying copper price is a pass-through because both purchase and sale prices are tied to the London Metal Exchange benchmark, and 70-80% of inventory is hedged on the LME or MCX, insulating the company from metal-price swings. - **Scrap is the raw material, not mined ore** - the company is a secondary producer, meaning it recycles copper scrap rather than smelting virgin ore; in FY26, 75% of its scrap came from imports (led by the US at 36%, then Spain and Brazil at 11% each) and 25% from domestic sources, giving it a cost advantage over primary producers and aligning with government mandates that will require 20% recycled content in copper by 2031. - **Value-added products are the growth engine** - 62% of FY26 output was value-added items like bus bars, enamelled wire, and transformer conductors, up from 43% two years earlier; commodity rods and wires made up the remaining 38%, and the shift toward specialised products lifted EBITDA per kilogram from roughly ₹43 for the full year to about ₹62 in the fourth quarter alone. - **The widest bus bar in India** - it is the only manufacturer in the country producing copper bus bars up to 300 mm in width, a capability that feeds directly into demand from AI data centres, where silver-plated bus bars are exported to the US and other markets. - **Customers stay for decades** - the business is almost entirely B2B, selling to OEMs like Larsen & Toubro, Lucas TVS, and Amara Raja, with many relationships lasting over 30 years; OEM receivables are collected in 15-60 days and write-offs have been below 0.1% annually, while commodity sales are settled within a week. ## 2. Wind power: a legacy diversification being separated **A 9-megawatt wind farm in Karnataka that generates and sells electricity - a non-core asset that will stay with the parent company after the copper business is demerged.** - **Small, standalone generation** - the project operates at Kapatigudda in Gadag District with an installed capacity of 9 MW, and it has been reported as a distinct segment alongside copper for years, though it is not the focus of the business. - **Earmarked for the post-restructure entity** - under the ongoing Composite Scheme of Arrangement, the wind mill and three land parcels will remain with Bhagyanagar India Ltd, while the entire copper business moves to a new listed company called Tieramet Limited. # Group structure and partners **The Surana family’s flagship is splitting in two: a listed copper pure-play called Tieramet and a legacy holding company with land and a wind farm - a restructuring designed to separate industrial manufacturing from infrastructure assets.** - **A three-step corporate reorganisation** - first, the wholly owned subsidiary Bhagyanagar Copper Private Limited (BCPL), which has held the copper plant since a slump sale in January 2024, is being amalgamated into BIL; then the combined copper business is demerged into Tieramet Limited, a newly incorporated public company that will list separately. - **Shareholder and creditor approval is secured** - at a meeting on 14 March 2026, BIL’s equity shareholders voted 99.9998% in favour of the scheme, and BCPL’s trade creditors approved it unanimously; the National Company Law Tribunal admitted the petition in April 2026 and set a hearing for June. - **Tieramet is a clean-slate copper company** - incorporated on 29 August 2025 with authorised capital of ₹1,00,000, its objects cover the full chain of copper manufacturing, from smelting and casting to fabricating finished components for electrical and telecom applications; it will issue equity shares to BIL’s shareholders as consideration for the demerger.