Divyadhan Recycling IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹56 cr
- Stock P/E
- 32.7peers 20.4
- Book value
- ₹26.8
- Price to book
- 1.46
- EV / operating profit
- 14.6
- Market cap to sales
- 0.70
- ROCE · FY26
- 7.1%
- ROE · FY26
- 4.7%
- ROE, 3-year average
- 13.4%
- Operating margin · FY26
- 6.0%peers 10.9%
- Sales growth, 3 years
- 11.5%
- Profit growth, 3 years
- -7.5%
- Debt to equity
- 0.36peers 0.28
- Borrowings
- ₹13.8 cr
- Interest cover
- 4.0×
- Cash from business / op. profit
- 405%
- Debtor days
- 14
- Pledged
- 0.00%
- Promoter holding
- 69.94%
- Change in promoter holding
- +0.03 pts
- Shareholders
- 358
- 52-week high / low
- ₹58 / ₹18
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Divyadhan Recycling Industries share price chart
Close on 6 Nov 2026 · +4.97% on the day · Vol 2,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -4.3%
- 3 months
- -25.7%
- 6 months
- +13.3%
- 1 year
- +3.4%
- Since IPO
- -38.9%
- Traded a day, 20 days
- ₹0.03 cr
- Taken for delivery
- 95%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +34% | +11% |
| 3 years, a year | +12% | -8% |
| Latest half, H2 FY26 | +54% | +1358% |
About Divyadhan Recycling Industries: business, products and customers
Divyadhan Recycling Industries turns used plastic bottles into clean plastic flakes, chips and polyester fibre that textile, carpet and fabric makers use. Its shares trade on NSE Emerge.
Divyadhan purchases used PET bottles, washes and sorts them into flakes, and turns the flakes into chips and polyester staple fibre at its one plant at Village Kalyanpur near Baddi in Himachal Pradesh. Its fibre grades are sold for spinning, carpet yarn, non-woven fabric, geotextiles and filling, including hollow and conjugated filling fibre. The company says it was formed by people from yarn spinning and home textiles and that its fibre earns a premium for uniform quality.
The business is a conversion of waste into a commodity fibre, so bottle waste, power and wages take most of every rupee of sales and the profit left over is a thin spread. That spread moves with the price of new polyester: the company itself names swings in virgin PET prices as a threat to recycled fibre, along with the supply and quality of bottle waste. All raw material is bought in India and nothing is exported, so there is no currency effect, but bottle waste is bought ahead and stocked, which ties up a good part of the money in the business.
Read more about the business
In the latest year the company spent heavily on new plant and buildings and moved from almost no bank debt to a bank cash credit line and a bank term loan. The cash flow statement counts the rise in cash credit inside cash from operations, so that line reads stronger than the business alone earned. The annual reports name no rivals; the exchange groups it with textile makers, which are not like for like, and the company says it competes with both organised and unorganised recyclers.
From the FY26 and FY25 annual reports.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹19.4 cr against ₹1.7 cr in FY26.
- The promoters own a large part of the company: 69.94%.
To watch
- Allotment and conversion of the 36.8 lakh preferential warrants approved on 6 July 2026.
- The working capital term loan of ₹1.75 cr from Axis Bank approved on 29 June 2026, on top of the cash credit line.
- Whether the machinery bought in FY26 shows up in sales and margins in the FY27 results.
- Fixes to the insider trading records flagged by the secretarial auditor for FY26.
- Its borrowings rose a lot last year: ₹13.8 cr, from ₹1.4 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Divyadhan Recycling Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Divyadhan Recycling Industries half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 27.63 | 28.50 | 31.42 | 28.06 | 36.13 | 43.28 |
| Expenses | 25.58 | 28.01 | 28.81 | 27.58 | 34.72 | 39.90 |
| Operating profit | 2.05 | 0.49 | 2.61 | 0.49 | 1.42 | 3.38 |
| OPM | 7.4% | 1.7% | 8.3% | 1.7% | 3.9% | 7.8% |
| Interest | 0.34 | 0.31 | 0.27 | 0.03 | 0.26 | 0.54 |
| Depreciation | 0.28 | 0.29 | 0.98 | 0.30 | 0.96 | 0.73 |
| Profit before tax | 3.40 | 0.93 | 1.97 | 0.19 | 0.20 | 2.15 |
| Net profit | 2.77 | 0.59 | 1.42 | 0.12 | -0.05 | 1.75 |
Divyadhan Recycling Industries profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 41.39 | 57.78 | 57.34 | 56.13 | 59.48 | 79.41 |
| Expenses | 41.79 | 56.88 | 53.09 | 53.57 | 56.38 | 74.62 |
| Operating profit | -0.40 | 0.90 | 4.25 | 2.56 | 3.10 | 4.79 |
| OPM | -1.0% | 1.6% | 7.4% | 4.6% | 5.2% | 6.0% |
| Other income | 2.94 | 2.04 | 0.82 | 3 | 0.64 | 0.04 |
| Interest | 0.91 | 0.80 | 0.57 | 0.66 | 0.30 | 0.80 |
| Depreciation | 1.32 | 1.42 | 1.50 | 0.57 | 1.28 | 1.68 |
| Profit before tax | 0.31 | 0.72 | 3 | 4.33 | 2.16 | 2.36 |
| Tax rate | 29.0% | 26.4% | 28.0% | 29.1% | 28.7% | 27.5% |
| Net profit | 0.23 | 0.53 | 2.16 | 3.07 | 1.54 | 1.71 |
| EPS ₹ | 0.47 | 1.08 | 4.40 | 5.83 | 1.34 | 1.19 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Divyadhan Recycling Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | -1.0% | 1.6% | 7.4% | 4.6% | 5.2% | 6.0% |
| Tax rate | 29.0% | 26.4% | 28.0% | 29.1% | 28.7% | 27.5% |
| ROCE | · | 10.0% | 25.2% | 30.4% | 8.9% | 7.1% |
| ROE | · | 8.8% | 29.3% | 29.0% | 6.5% | 4.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Divyadhan Recycling Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Divyadhan Recycling Industries balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 4.91 | 4.91 | 4.91 | 5.27 | 14.31 | 14.31 |
| Reserves | 0.84 | 1.37 | 3.53 | 7.47 | 20.64 | 24 |
| Net worth | 5.75 | 6.28 | 8.44 | 12.74 | 34.95 | 38.31 |
| Borrowings | 10.42 | 8.09 | 5.55 | 6.07 | 1.36 | 13.83 |
| Other liabilities | 4.65 | 3.31 | 5.40 | 5.31 | 5.72 | 11.59 |
| Total liabilities | 20.82 | 17.68 | 19.39 | 24.12 | 42.03 | 63.73 |
| Fixed assets | 12.70 | 12.03 | 11.86 | 12.30 | 21.17 | 42.66 |
| Capital work in progress | 0.02 | 0.02 | 0.02 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8.10 | 5.63 | 7.51 | 11.82 | 20.86 | 21.07 |
| Receivables | · | · | · | · | 4.56 | 2.96 |
| Inventory | · | · | · | · | 12.18 | 13.09 |
| Cash | · | · | · | · | 0.02 | 0.01 |
| Trade payables | · | · | · | · | 4.01 | 8.54 |
Divyadhan Recycling Industries cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 4.09 | 3.84 | 4.42 | 2.99 | -11.80 | 19.40 |
| Cash from investing | -0.91 | -0.74 | -1.32 | -2.18 | -10.13 | -21.49 |
| Cash from financing | -3.19 | -3.09 | -3.11 | 1.18 | 19.94 | 2.08 |
| Net cash flow | -0.01 | 0.01 | -0.01 | 1.99 | -1.99 | -0.01 |
| Capital spending | · | · | · | · | 10.15 | 21.51 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 18 | 13 | 12 | 22 | 28 | 14 |
| Inventory days | 53 | 15 | 38 | 36 | 96 | 75 |
| Days payable | 31 | 16 | 27 | 25 | 31 | 49 |
| Cash conversion cycle | 40 | 12 | 24 | 33 | 92 | 40 |
| Working capital days | 0 | -4 | -3 | -5 | 89 | -1 |
Divyadhan Recycling Industries peers and competitors
Listed SME companies in the same industryBy sales, Divyadhan Recycling Industries is number 41 of the 62 listed SME companies in textiles & apparels.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shine Fashions (India) | 57 | 19.1 | 102 | 3 | 12.0% | 0.65 |
| Yajur Fibres | - | - | 101 | 8 | 15.0% | 0.28 |
| Piotex Industries | 14 | 21.1 | 90.2 | 0.7 | 0.6% | 0.00 |
| Fractal Industries | 170 | 13.1 | 90 | 13 | 19.0% | 0.16 |
| Gujarat Hy-Spin | 17 | 343.7 | 82.7 | 0.1 | 2.3% | 0.72 |
| Divyadhan Recycling Industries | 56 | 32.7 | 79.4 | 1.7 | 6.0% | 0.36 |
| Gajanand International | 14 | 347.3 | 75.2 | 0 | 1.2% | 0.27 |
| Paramount Dye Tec | 26 | 12.3 | 73.8 | 2.1 | 10.1% | 0.25 |
| JAKHARIA FABRIC | 73 | 21.7 | 64.2 | 3.3 | 9.8% | 0.21 |
| Panchatv Bharat | 39 | 9.7 | 56.9 | 4 | 11.7% | 1.12 |
| Rachit Prints | 93 | 20.4 | 53.2 | 4.6 | 16.0% | 0.31 |
| Median of the 10 others | 39 | 20.4 | 79 | 3.2 | 10.9% | 0.28 |
Divyadhan Recycling Industries shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Divyadhan Recycling Industries shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 69.24% | 69.67% | 69.91% | 69.94% |
| Foreign investors (FIIs) | 8.21% | 3.56% | 2.94% | 2.87% |
| Indian institutions (DIIs) | 3.90% | 1.72% | 0.55% | 0.43% |
| HNIs (over ₹2 lakh each) | 1.03% | 3.93% | 3.66% | 3.42% |
| Small holders (up to ₹2 lakh) | 10.67% | 7.14% | 7.18% | 6.85% |
| Companies and others | 6.95% | 13.98% | 15.76% | 16.49% |
| Number of shareholders | 814 | 366 | 355 | 358 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Divyadhan Recycling Industries study: the business from its own documents
Read from 2 of the company's own documentsDivyadhan Recycling Industries so far
From the company's own record
- 4 Oct 2024Listed on NSE Emerge at ₹64
- 12 Aug 2026An order announced
- 31 March 2026Promoters at 69.94%
- 8 Oct 2024Highest close since listing, ₹69.86
Divyadhan Recycling Industries key facts from the filings
Each figure with the document it comes from
- Sales
- ₹79.4 cr
- Revenue from operations in FY26, up about a third from ₹59.5 cr in FY25.Annual report FY26, p.14 and p.69
- Spent on plant
- ₹21.5 cr
- Bought in fixed assets in FY26, mostly plant and machinery, after ₹10.2 cr in FY25.Annual report FY26, p.71 and p.85
- Washline
- 20 MT a day
- Capacity of the bottle flake washline since its 2020 upgrade; a chips factory started in 2023.Annual report FY26, p.7
- Bank borrowings
- ₹14.3 cr
- Cash credit of ₹11.0 cr and a bank term loan of ₹3.4 cr at March 2026, up from ₹1.4 cr a year earlier.Annual report FY26, p.82 and p.83; our arithmetic
- Current ratio
- 0.99
- Short-term assets only just cover short-term dues at March 2026, down from 3.25 a year earlier.Annual report FY26, p.53
Show 5 more facts
- Raw material stock
- ₹12.0 cr
- Bottle waste and other raw material held at March 2026, up from ₹9.5 cr.Annual report FY26, p.85
- Power bill
- ₹2.9 cr
- Electricity cost in FY26, about the same as in FY25, a large cost for a thin-margin plant.Annual report FY26, p.87
- IPO
- ₹24.2 cr
- Raised at ₹64 a share; listed on NSE Emerge on 4 October 2024, mostly for working capital.Annual report FY26, p.81; Annual report FY25, p.59
- Preferential warrants
- 36.8 lakh
- Warrants convertible into as many shares, approved for allotment on 6 July 2026.Annual report FY26, p.34
- Secretarial audit remarks
- 2 in FY26
- Insider trading database entries made only from August 2025, with three quarterly certificates not filed, and some company forms filed late.Annual report FY26, p.48
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Divyadhan earns a thin spread by turning bottle waste into fibre and selling it to textile makers in India.
Its weak spots are prices it does not control, a heavy need for money to stock waste and pay for machines, and profits that swing from year to year.
WatchCan it set its own prices?Not much. Recycled fibre competes with new polyester, so its price follows a market the company does not set.
WatchHow strong is it against rivals?It runs washing, chips and fibre at one site, but faces many recyclers, large and small, and spends nothing on research.
AverageWho are its customers?Makers of yarn, carpets, non-woven fabric, geotextiles and filled goods in India. No customer is named, and customers pay within months.
WatchDoes it need a lot of money?Yes. Machines and stocked bottle waste take a lot of money, and the latest year's spending was paid for largely with bank loans.
AverageCan it keep finding new work?Sales grew well in the latest year as new machinery came in, but the company sells without a disclosed order book.
WatchDo good and bad years swing a lot?Yes. Profit halved in one year on slightly higher sales, which shows how thin the spread is.
Who runs Divyadhan Recycling Industries?
Promoters, directors and officers; tap a name for the background
VGVarun GuptaPromoter and Managing Director
Managing Director, on the board since 7 May 2016, and the signatory of the chairman's message in both annual reports. A member of the audit committee. The annual reports give no education or work history.
Annual report FY26, p.14, p.37 and p.38; Shareholding pattern, March 2026PPPratik Pramod GuptaPromoter, Executive Director and Chief Financial Officer · holds 34.94%
Master's in Business Law, with around ten years in the recycled polymer business. On the board since April 2013 and Chief Financial Officer from 23 January 2024, in charge of finance and day to day affairs; paid ₹2 lakh a month. Also a director of Proma Industries, Proma Greentech, Vinpro Recycletech, Associated Textile Industries, Medilia and Proma Carbons.
Annual report FY26, p.31, p.32 and p.37UGUmesh GuptaNon-Executive Director
PGDM in Financial Management, with around twenty years in operations across functions. Appointed an additional director in June 2026, with the job profile of running the production department; holds no shares.
Annual report FY26, p.29, p.31 and p.32SCSatish Chandra SharmaIndependent Director
On the board since 8 February 2024; chairs the audit, nomination and remuneration, and stakeholder relationship committees.
Annual report FY26, p.37 to p.39PAPriyanka AgarwalIndependent Director
On the board since 8 February 2024; a member of the audit, nomination and remuneration, and stakeholder relationship committees.
Annual report FY26, p.37 to p.39Divyadhan Recycling Industries latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹43.3 cr (+54%), net profit ₹1.8 cr (+1358%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 69.91% to 69.94%.
- 12 Aug 2026: an order announced.
Divyadhan Recycling Industries announcements
32 on record, latest first; each opens the filing on the exchange
- Integrated Filing- GovernanceDivyadhan Recycling Industries Limited informs the stock exchange for the integrated filing for the quarter and half year ended 30 September, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enDivyadhan Recycling Industries Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q2 FY 2026-27PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- AppointmentOf M/s VS Associates as a Secretarial Auditor of the company w.e.f. September 28, 2026PDF ↗
- AppointmentOf M/s MAPPS & Co. as a Statutory Auditor of the company w.e.f. September 28, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Address Changechange in Registered Office of the company from State of Maharashtra to State of Uttar PradeshPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- Outcome of Board MeetingHeld on August 25, 2026PDF ↗
Divyadhan Recycling Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Divyadhan Recycling Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Divyadhan Recycling Industries' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,43,06,714 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Divyadhan Recycling Industries
What does Divyadhan Recycling Industries do?
Divyadhan Recycling Industries turns used plastic bottles into clean plastic flakes, chips and polyester fibre that textile, carpet and fabric makers use. Its shares trade on NSE Emerge.
What is the share price of Divyadhan Recycling Industries?
₹39.1 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Divyadhan Recycling Industries?
₹56 cr at the close on 6 Nov 2026, on 1,43,06,714 shares.
What is the P/E of Divyadhan Recycling Industries?
32.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Divyadhan Recycling Industries' revenue and profit?
Revenue ₹79 cr and profit after tax ₹2 cr in FY26.
Who are the promoters of Divyadhan Recycling Industries?
Varun Gupta, Pratik Pramod Gupta; promoters held 69.94% at 31 March 2026.
What was the IPO price of Divyadhan Recycling Industries?
₹64 a share; it listed on 4 Oct 2024.
What is Divyadhan Recycling Industries' website?
www.divyadhan.in
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Built from 2 annual reports, 32 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.