Bhagyanagar is India's oldest and most diversified secondary copper fabricator — copper rods, strips, bus bars, enamelled wires, transformer windings, PV ribbons, and silver-plated bus bars for AI data centres. The company is the only Indian manufacturer producing copper bus bars up to 300 mm width. Built across three Surana family generations since 1985 on a 60-acre, 2-ISO-certified Hyderabad campus.
The business model is a conversion spread: procure copper scrap/cathode from 30+ countries, transform it into value-added forms, and sell to 500+ OEM clients across power, EV, renewables, and defence. EBITDA per kg is the core profit driver — it more than tripled from FY24 to FY26.
Sep 7, 2026: NCLT Hyderabad approved a composite scheme — amalgamation of Tieramet Ltd + demerger of copper business into a separately listed entity. Non-copper subsidiaries (telecom, solar, real estate, wind) carved out. What remains: a pure-play copper fabricator with superior margins.
Markets historically re-rate pure-plays at 25–40× vs. 15–20× for conglomerates. The demerger removes the holding-company discount — and surfaces the copper business on its own metrics. Recycling compeer P/Es trade 30–40× per concall peer analysis.