Nupur Recyclers is a metal-scrap importer and trader that turns the world’s discarded zinc, aluminium and other non-ferrous metals into raw material for Indian factories - a secondary-sector link in the circular economy that exists because India does not generate enough scrap of its own. Incorporated in 2019 and led by a managing director with over three decades in the trade, the company moved from the NSE’s small-company platform to its Main Board in early 2023 and has since used its trading cash flows to buy or build a cluster of subsidiaries in plastics, aluminium extrusion and auto components. The recurring approach is operational synergy: the company deliberately co-operates with related entities in the same line of business, cross-selling products and sharing market expertise to secure competitive pricing and a streamlined supply chain. # Business segments A single trading engine that imports non-ferrous scrap and sells it to Indian industry, surrounded by early-stage subsidiaries that extend the recycling logic into plastics, aluminium extrusion and auto-component manufacturing. ## 1. Non-ferrous metal scrap trading: the company’s foundational engine **The business is a B2B import-and-resale operation - it buys shredded zinc, die-cast scrap and aluminium grades from global suppliers, clears them into India, and sells them on to domestic manufacturers, recognising revenue the moment the material leaves its warehouse gate.** - **Imported, not collected** - India’s domestic scrap generation falls short of industrial demand, so the company sources ferrous and non-ferrous scrap from across the globe, paying for every shipment entirely in advance and therefore carrying no foreign-exchange hedging on its purchases. - **Sold on ex-works terms** - for domestic sales, ownership and risk pass to the buyer when the product leaves the company’s premises; for any export sales, the handover happens at the port of loading, which keeps the operating model simple and working-capital light. - **A single reportable segment** - virtually all revenue comes from trading non-ferrous metal, so the company reports no separate divisions; the processing it does is light, using standard computers and equipment that management describes as “not energy sensitive”. - **Synergy with a sister firm** - the company cross-sells products with Nupur Metals, a proprietorship controlled by the promoter’s family that operates in the identical line of metal-scrap processing and import, a relationship the company says helps optimise resources and pricing. - **Exposed to price and policy swings** - because the business depends on imported raw material, it faces constant pressure from metal-price fluctuations, geopolitical shipping delays, rising logistics costs, and any tightening of import or waste-management rules. ## 2. Plastic recycling: a wholly-owned bet under construction **The company set up a subsidiary to build a 6,000-tonne-per-year plastic recycling plant, but the unit has since been renamed and its original manufacturing mission appears to have been paused.** - **Built from scratch** - Nupur Polymers Private Limited was incorporated in May 2023 with objects covering everything from plastic-waste collection and grinding to polymer-grade manufacturing and R&D, and the parent initially held 93% before buying out the remaining stakes to reach full ownership by September 2024. - **Plant ordered, lab negotiated** - the company announced it had placed orders for plant and machinery and was in advanced talks for a world-class R&D lab, targeting a nameplate capacity of 6,000 tonnes per year. - **Renamed and redirected** - the subsidiary was later renamed Nupur Business & Consulting Private Limited, suggesting the original plastic-recycling factory plan has been shelved or repurposed. ## 3. Aluminium extrusion: a 70%-owned subsidiary with no revenue yet **The company incorporated a subsidiary to manufacture and trade aluminium extrusions - the profiles used in doors, windows and automotive parts - but as of the latest filings it had not started commercial operations.** - **Wide objects, zero turnover** - Nupur Extrusion Private Limited was formed in May 2023 with a mandate covering everything from aluminium ore and utensils to tubes, foils and fabricated doors, yet its turnover remained nil through March 2025. - **Stake increased before any output** - the parent raised its holding from 60% to 70% in September 2025 by acquiring additional shares from an existing shareholder, signalling intent to keep the vehicle ready even while it remains dormant. ## 4. Auto-component manufacturing: a going-concern acquisition for forward integration **The company bought a 51% stake in a small but operational auto-parts maker that already supplies Tata Motors and Sundaram Fasteners, aiming to connect its metal-scrap sourcing to a finished-goods manufacturing business.** - **Bought, not built** - The Board of Directors approved the acquisition of 51% shares of Tycod Autotech Private Limited as a going concern, including its land, buildings, machinery and working capital, on July 25, 2025. - **Already shipping to known names** - Tycod’s customer list includes Tata Motors’ Rudrapur plant, Multitech Auto, Sundaram Fasteners and Interpump Hydraulics, and its provisional FY2025 turnover was Rs. 3,044.21 lakhs, up from Rs. 720.94 lakhs two years earlier. - **Forward-integration logic** - the stated rationale is to link Nupur’s existing scrap-trading business with a downstream manufacturing operation, turning imported raw material into components for automotive supply chains. # Group structure and partners **The company operates as a holding entity with five subsidiaries, each housing a different business line, while cross-selling with promoter-linked firms in the same scrap trade.** - **Five subsidiaries, three active lines** - the group consists of Nupur Business & Consulting (formerly the plastics vehicle), Nupur Extrusion (aluminium, pre-revenue), Frank Metals Recyclers (an 80%-owned ferrous and non-ferrous scrap trader acquired in March 2024), ELIGO Business & Advisory (an 80% subsidiary held through Frank Metals), and Tycod Autotech (51%, auto components). - **Frank Metals adds scale to the core** - acquired with a FY2024 turnover of Rs. 4,258.46 lakhs, Frank Metals operates in the same scrap-trading business as the parent, effectively doubling down on the import-and-resell model. - **A former overseas arm was sold** - the company previously held a 51% stake in Danta LLC in the UAE, which contributed nearly half of consolidated turnover in FY2023, but the stake was disposed of by the end of that calendar year and no overseas balances remain. - **Promoter-family cross-selling** - related entities including Nupur Metals (a proprietorship of the promoter’s HUF) and Frank Metals Recyclers Private Limited (a subsidiary company) engage in cross-selling of products with the company, a practice management describes as arm’s-length synergy that pools market expertise and supply-chain reach. - **Charter widened for future bets** - in May 2026 the board amended the company’s objects to permit entry into lithium, graphite and battery-material recycling, as well as lending to group entities, and approved a move to list on the BSE Main Board alongside the existing NSE listing.