Singhal Recyclers Private Limited

Singhal Recyclers Private Limited was incorporated on 24 May 2024 and operates from its manufacturing facility located in Lavacha near Vapi. The company was formed following a restructuring of the promoter family’s earlier tyre recycling business, which had been operational since 2017.

The company is engaged in the recycling of end-of-life tyres (ELTs) into multiple industrial products including:

• Rubber chips
• Crumb rubber
• Scrap steel
• Rubber fiber

PROMOTER :

The business is led by Amit Agarwal, who serves as the CEO and is regarded as the key operational and strategic force behind the project.Mr. Amit Agarwal has over 25 years of entrepreneurial experience across:

• Stainless steel distribution
• Real estate development
• Tyre recycling and waste management

Before entering the recycling sector, he managed the family-owned stainless steel distribution business associated with Jindal Stainless and was recognized as “Best Sales Associate” for two consecutive years for driving sales growth in Gujarat.
He entered the tyre recycling industry during 2016–17 and built strong relationships across the entire recycling ecosystem including:

• Global scrap tyre suppliers
• Pyrolysis operators
• Rubber product manufacturers
• Industrial buyers

The promoter group also has decades of industrial experience through Ramesh Agarwal, Managing Director of the company, who has been associated with the steel industry since the 1970s.

INDUSTRY :

India’s tyre recycling market — including CRMB, reclaim rubber, and material recovery products — is estimated at around ₹6,000–7,000 crore and is growing at a strong 10–12% CAGR. Rising tyre waste generation, increasing use of rubberized roads, EPR regulations, and demand for sustainable materials are driving industry growth. This creates a large opportunity for Singhal Recyclers Private Limited, which operates across rubber chips, crumb rubber, steel recovery, and value-added recycled rubber products.

Product & Business Model

Singhal Recyclers Private Limited operates in the tyre recycling industry, where scrap tyres are processed into multiple industrial products such as rubber chips, crumb rubber, scrap steel, and rubber fiber. The company follows a multi-output recycling model in which every waste tyre is converted into different monetizable products catering to various industrial applications.

Raw Material Sourcing

Around 80–85% of scrap tyres are imported from international markets such as:

• United States
• Europe
• Australia
• South Africa
• Malaysia

Remaining 15–20% is sourced domestically from India.

Imports are largely routed through the promoter-linked sister concern, SKVR Rubber, which handles procurement and import operations.

Parent Business Background

The promoter family has been involved in the tyre recycling business since 2017 through the earlier family-operated recycling setup.

Following a family business restructuring, Singhal Recyclers was incorporated in May 2024 as the operational recycling entity focused on scaling processing capacity and downstream value addition.

PRODUCT AND USAGE:

1. Rubber Chips

Revenue Share: 55–60% of total revenue
Current Realization:₹14–15/kg
Product & Usage:Rubber chips are the primary output generated after shredding scrap tyres. These chips are mainly supplied to continuous pyrolysis plants where they are used as raw material for manufacturing furnace oil, recovered carbon products, and recyclable steel. Demand for rubber chips is largely driven by the growing pyrolysis industry, making it the company’s largest revenue contributor.

2. Crumb Rubber

Revenue Share: 15–20% of total revenue
Current Realization:₹21–27/kg .It can future Fine mesh crumb targeted at ₹40–45/kg
Product & Usage:Crumb rubber is produced by further processing recycled rubber into different mesh sizes ranging from 30–40 mesh currently, with plans to scale toward 80–100 mesh and finer grades. Crumb rubber is widely used in road construction through crumb rubber modified bitumen (CRMB), which improves road durability and crack resistance. It is also used in sports turfs, playground flooring, yoga mats, rubber sheets, tyre manufacturing, and industrial molded rubber products. Fine mesh crumb rubber is increasingly used by tyre manufacturers as a blending material with natural and synthetic rubber.

3. Scrap Steel

Revenue Share:15–16% of total revenue

Product & Usage:Steel wire extracted from tyres during the recycling process is sold as recyclable scrap steel. This steel is purchased by steel manufacturers and metal recyclers, who melt and reuse it as secondary raw material for steel production.

Current Realization:₹28–32/kg

4. Rubber Fiber

Revenue Share:2-3%

Product & Usage:-Rubber fiber is another by-product generated during tyre recycling. It is primarily used in low-cost industrial applications, insulation materials, filler products, and certain construction-related applications.

CAPACITY:

Singhal Recyclers Private Limited currently operates a tyre recycling facility in Vapi with an installed processing capacity of nearly 90,000 MT per annum in FY25, which is expected to increase to around 1,10,000 MT per annum in FY26 through further expansion and machinery additions. On a monthly basis, the company currently processes approximately 7,500 tonnes of scrap tyres.

From this processing capacity, the company generates multiple revenue streams through different recycled outputs. Monthly production currently includes nearly 4,900 tonnes of rubber chips, around 1,100 tonnes of scrap steel, nearly 1,200 tonnes of crumb rubber/rubber fine, and around 200 tonnes of rubber fiber.

The business follows a multi-product recovery model where every 100 tonnes of scrap tyres processed generates approximately 60–65 tonnes of rubber chips, 15–18 tonnes of scrap steel, 15–17 tonnes of crumb rubber, and the remaining 2–5 tonnes as rubber fiber and process waste. Rubber chips are mainly supplied to continuous pyrolysis plants for furnace oil production, crumb rubber is used in road construction, tyre manufacturing, sports infrastructure, and industrial rubber products, while the recovered steel is sold to steel manufacturers and recyclers as secondary raw material.

This diversified output structure allows the company to monetize multiple products from a single raw material source while gradually increasing the share of higher-value crumb rubber and fine mesh rubber powder over time.

Financial:

Singhal Recyclers Private Limited is currently in a rapid scale-up phase, with strong projected growth driven by capacity expansion, increasing processing volumes, and gradual movement toward higher value-added rubber products.

For FY25, the company is expected to report revenue of approximately ₹46.61 crore, with EBITDA of around ₹8.07 crore and PAT of nearly ₹4.87 crore. With expansion of processing capacity and higher operational utilization, management projects a significant jump in FY26 financial performance, targeting revenue of around ₹167.59 crore, EBITDA of ₹31.81 crore, and PAT of ₹21.56 crore.