Narmadesh Brass Industries reported a 10.42% increase in annual revenue to Rs 97.23 crore for FY 2025-26. However, Profit After Tax declined by 29.91% to Rs 3.55 crore, impacted by rising raw material costs and higher depreciation. The company, which listed on the BSE SME platform in January 2026, is currently focusing on scaling operations and utilizing IPO proceeds to improve capacity utilization.
Narmadesh Brass Industries Annual Report FY 2025-26
Revenue reached Rs 9,722.60 lakh, while Profit After Tax stood at Rs 355.14 lakh.
Reader Takeaway: Revenue grew by double digits, but margin pressure from commodity costs and IPO-related expenses squeezed bottom-line performance.
What just happened
Narmadesh Brass Industries Ltd (NBIL) released its Annual Report for the fiscal year 2025-26. This is the company's first annual report following its BSE SME listing in January 2026. The company has scheduled its upcoming Annual General Meeting (AGM) for September 29, 2026, where the re-appointment of Executive Director Mrs. Ronak Dudhagara is on the agenda.
Why this matters
The results highlight the challenges of a transition phase. While total income rose 10.42% to Rs 9,722.60 lakh, profits contracted significantly by 29.91%. Management identified two primary factors: a 15.11% surge in input costs (copper and zinc) and higher operating expenses linked to the company’s post-IPO expansion and capital expenditure initiatives.
Capital and Operations
Following the IPO and a Rights Issue, the company's paid-up equity capital expanded to Rs 310.80 lakh. The firm successfully raised Rs 3,259 lakh in fresh capital, which is being deployed toward debt reduction, machinery procurement, and working capital. Operations remain centered at the Jamnagar facility, where management is currently working to improve the utilization of its brass billet production lines.
Risks to watch
- Input Cost Volatility: With 91% of total expenses tied to copper and zinc, even minor commodity price fluctuations have a direct impact on the company's operating margins.
- Capacity Utilization: The business currently faces under-utilization in key segments, which limits operating leverage.
- Working Capital: The industry is highly working-capital intensive; managing cash flow amidst credit cycles will be crucial for maintaining liquidity.
Context metrics
Total Income stood at Rs 9,722.60 lakh in FY 2025-26 against Rs 8,805.01 lakh in FY 2024-25. The Basic EPS dropped to Rs 11.43 from Rs 25.34 in the previous year due to the expanded equity base.