- **Sunlite Recycling Industries is a copper recycler that turns scrap metal into the wires, rods and conductors that carry electricity - the same family has been doing it since 1986, and the entire business is built on a single idea: buy scrap smarter than anyone else, then process it further than anyone else to capture the margin at every step.** What began as a scrap-trading desk in the mid-1980s became a manufacturer in 2012 with a small rod plant in Gujarat, and has since grown into an integrated producer that takes copper from bale to busbar under one roof, listing on the NSE in 2024. The recurring approach is forward integration - moving from scrap to rod to wire to strip to finished conductor - so that each stage adds value rather than handing the margin to someone else. # Business segments A single integrated recycling engine that turns copper scrap into electrical conductors, plus a small aluminium subsidiary that extends the same model to a second metal - one platform, two metals, one playbook. ## 1. Copper recycling and manufacturing: from scrap to the finished conductor **The company buys copper scrap from over ten countries, melts it, and pushes it through a chain of machines that turn it into rods, wires, strips, busbars and tinned-coated wire - each step adding margin, with the rod plant as the beating heart.** - **Scrap sourcing is the real moat** - management says 35-40 years of domain expertise in grading and buying the right scrap at the right price is the primary barrier to entry, because anyone can buy a furnace but few know how to arbitrage global scrap markets profitably. The company sources from the USA, UAE, Saudi Arabia, UK, Europe, Australia, Israel, South Africa, Malaysia and domestic channels, switching between them as price gaps open and close. - **The rod plant sets the pace** - copper wire rod capacity stands at 25,000 metric tons per annum, making it one of the larger recycling players in western India, and rod is the basic raw material for every value-added product the company makes. Capacity was raised 40% in mid-2025, and both furnaces now run simultaneously, effectively doubling throughput without major new construction. - **Forward integration is the margin engine** - the company launched two higher-value products in FY25: copper busbars (solid rectangular conductors used in switchgear, EV chargers and rail traction) and annealed tinned coated copper wire, or ATC (a premium flexible wire electroplated with tin to prevent corrosion, critical in solar installations). ATC capacity was doubled to 1,600 metric tons per annum in December 2025, and busbar production began at 720 MTPA, so the share of value-added products in the mix is being deliberately pushed from 15% toward 25% of revenue. - **The plant is clean and compact** - the Kheda, Gujarat facility runs on gas and solar electricity (995 KW of rooftop solar), with no smelting or mining involved, on a 36,000-square-metre site that sits close to key customers in Gujarat and Maharashtra, cutting logistics costs. Over 20,000 square yards of adjacent land has already been acquired for expansion. - **Customers are industrial, concentrated but not dependent** - the model is 100% B2B, serving more than 250 customers across ten-plus Indian states, with the top 20 clients accounting for roughly half of revenue and no single customer dominating. End-use sectors span power transmission, transformers, solar energy, automotive, telecoms and electronics, and exports reach nine countries including the USA, UK, Europe and the Middle East. ## 2. Aluminium recycling: the same playbook on a second metal **A wholly owned subsidiary makes aluminium wire rods for the power transmission industry, extending the group’s recycling model to aluminium and positioning it as a multi-metal conductor supplier.** - **Acquired, not built from scratch** - Sunlite Aluminium Private Limited (SAPL) was incorporated in August 2022 and became a wholly owned subsidiary through a staged acquisition completed in February 2026, paid for partly in cash and partly through a share swap with promoter-group sellers. - **A meaningful second engine** - SAPL has installed capacity of 12,000 metric tons per annum of aluminium rods and generated turnover of roughly ₹140 crore in FY2024-25, with its products used primarily in power transmission. - **Shared infrastructure, lower costs** - the subsidiary is expected to share operational resources and logistics with the parent copper plant, structurally reducing both manufacturing and transport costs for both metals. The acquisition also brings tax benefits under India’s concessional corporate tax regime for new manufacturing companies and eligibility for state-level interest and SGST subsidies. - **Copper capacity will run through it** - in July 2026 the company announced that SAPL will add 20,000 metric tons of copper products capacity to the group total, taking combined copper capacity from 25,000 to 45,000 MTPA, funded through bank borrowings and internal cash flows. # Group structure and partners **A family-run, promoter-held recycler that brought in external investors alongside the aluminium subsidiary acquisition, with the next generation managing operations and the founding generation on the board.** - The company was formerly known as Sunlite Alucop Private Limited and listed on the NSE SME platform in 2024; its registered office and plant are in Kheda district, Gujarat. - The SAPL acquisition brought in non-promoter investors including TRathi Ventures LLP, individuals from the Famy Care and Kataria groups, Kriti Bhatia, and Vijit Global Securities, who subscribed to a preferential issue of equity shares for cash at ₹207 per share. - The stated rationale for folding SAPL into the listed entity was to consolidate related businesses under one roof and capture synergies in procurement, operations, logistics, manpower and financial management.