Environmental Services · Founded 1994 · www.ecoreco.com · BSE 530643 · NSE ECORECO · ISIN INE316A01038
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Business
Eco Recycling Ltd. operates in the environmental services sector, specifically focusing on waste management and recycling. The company's core business involves the collection, processing, and recycling of various waste streams, which likely include electronic waste (e-waste), plastic waste, and potentially other industrial or municipal waste. Its business model centers on acquiring waste materials, often from businesses or institutions, processing them through segregation, dismantling, and material recovery, and then selling the resulting recycled commodities (e.g., metals, plastics, paper pulp) to manufacturers for reuse. The company makes money primarily through the sale of these recycled materials and potentially through service fees for waste collection and environmentally compliant disposal of non-recyclable residues.
Revenue Mix
Without specific financial data, the exact revenue mix is not available. However, based on the industry, key operational segments for Eco Recycling Ltd. likely include:
E-waste Recycling: Processing of discarded electronic appliances and components.
Plastic Recycling: Collection and reprocessing of various types of plastic waste.
Metal Recovery: Extraction and recycling of ferrous and non-ferrous metals from mixed waste streams.
Waste Collection & Logistics: Providing services for the systematic collection and transportation of waste materials.
Specific contributions from each segment are not disclosed.
Industry
The environmental services industry in India is characterized by significant growth potential, driven by increasing waste generation, stricter environmental regulations, and a growing focus on circular economy principles. The industry is fragmented, with both organized players like Eco Recycling Ltd. and a large unorganized sector. Eco Recycling Ltd. likely positions itself as a compliant, technology-driven, and responsible recycler, differentiating itself through adherence to environmental norms, efficient processing capabilities, and a reliable collection network. It would compete with other organized waste management companies, as well as a multitude of smaller, regional, and informal recyclers.
MOAT
Eco Recycling Ltd. may possess competitive advantages through:
Regulatory Compliance & Licenses: Holding the necessary environmental permits and adhering to evolving waste management regulations, particularly crucial for e-waste and hazardous waste, which can be a barrier to entry for smaller players.
Logistics & Collection Network: An established and efficient network for sourcing and collecting diverse waste streams across geographical areas.
Processing Infrastructure: Investment in specialized machinery and technology for efficient segregation, dismantling, and material recovery, leading to higher yields and better quality recycled products.
Customer Relationships: Long-term contracts or preferred vendor status with corporate clients, government bodies, or manufacturers for their waste disposal needs.
Growth Drivers
Key factors that can drive growth for Eco Recycling Ltd. over the next 3-5 years include:
Stricter Environmental Regulations: Increased government emphasis on Extended Producer Responsibility (EPR) and scientific waste management.
Rising Waste Generation: Continuous increase in industrial, commercial, and consumer waste, especially e-waste and plastic, due to urbanization and consumption.
Circular Economy Push: Growing global and national focus on resource efficiency and minimizing landfill waste, leading to higher demand for recycled materials.
Corporate ESG Initiatives: Companies increasingly seeking certified and compliant recyclers to meet their environmental, social, and governance goals.
Government Support & Incentives: Potential subsidies, grants, or favorable policies for green industries and recycling infrastructure.
Risks
Commodity Price Volatility: Revenue and profitability are directly exposed to fluctuations in the prices of recycled commodities (e.g., metals, plastics).
Regulatory Changes: Adverse changes in environmental laws, permits, or waste categorization can impact operations and compliance costs.
Competition: Intense competition from both organized players expanding their reach and the large unorganized sector operating with lower overheads.
Supply Chain Disruptions: Challenges in consistent sourcing and collection of waste materials due to logistics issues, informal market interference, or economic slowdowns.
Technological Obsolescence: Rapid advancements in recycling technologies could necessitate significant capital expenditure to remain competitive.
Environmental & Operational Risks: Potential for accidents during processing, regulatory fines for non-compliance, or risks associated with handling hazardous materials.
Management & Ownership
As a publicly listed company in India, Eco Recycling Ltd. is likely promoter-driven, with the founding family or group retaining a significant ownership stake. The management team would typically comprise experienced professionals in environmental engineering, waste management, and business administration. Ownership would primarily be with the promoter group, along with institutional investors and public shareholders, reflecting a mix of long-term strategic control and public liquidity.
Outlook
Eco Recycling Ltd. operates in a sector with strong long-term tailwinds driven by increasing waste volumes and an escalating regulatory push towards a circular economy in India. This provides a clear growth runway for organized and compliant players. The company's ability to maintain efficient collection networks, invest in advanced processing technologies, and consistently adhere to environmental norms will be critical for capitalizing on this opportunity. However, the business faces inherent risks from the volatile nature of recycled commodity prices and the need to navigate a dynamic regulatory landscape. Competition, both from established players and the informal sector, also presents a continuous challenge. Its future performance will largely depend on balancing operational efficiencies and technological advancements against market price fluctuations and regulatory compliance costs.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 8 | 11 | 13 | 10 | 10 | 9 | 14 | 6 | 19 | 16 |
| Other Income | -0 | 2 | 1 | -0 | -0 | 4 | 0 | 1 | -1 | 3 |
| Total Income | 8 | 13 | 14 | 9 | 10 | 14 | 14 | 7 | 18 | 19 |
| Total Expenditure | 4 | 3 | 4 | 3 | 3 | 4 | 7 | 2 | 6 | 7 |
| Operating Profit | 3 | 10 | 10 | 6 | 7 | 9 | 7 | 5 | 12 | 12 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 10 | 10 | 6 | 6 | 9 | 7 | 4 | 11 | 11 |
| Provision for Tax | 2 | 2 | 2 | 1 | 4 | 1 | 1 | 2 | 4 | 2 |
| Profit After Tax | 2 | 8 | 8 | 5 | 2 | 8 | 6 | 2 | 7 | 9 |
| Adjustments | 0 | -0 | -0 | 0 | -0 | -0 | 0 | -0 | 1 | -1 |
| Profit After Adjustments | 2 | 8 | 8 | 5 | 2 | 8 | 6 | 2 | 8 | 9 |
| Adjusted Earnings Per Share | 1 | 4.1 | 4.2 | 2.5 | 1.1 | 4 | 3 | 1 | 4 | 4.4 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 37 | 19 | 12 | 12 | 12 | 13 | 15 | 18 | 28 | 44 | 48 | 55 |
| Other Income | 1 | 0 | 3 | 1 | 1 | 6 | 12 | 4 | 7 | 3 | 5 | 3 |
| Total Income | 37 | 20 | 14 | 13 | 13 | 18 | 27 | 22 | 35 | 47 | 54 | 58 |
| Total Expenditure | 36 | 18 | 12 | 11 | 11 | 12 | 12 | 14 | 12 | 14 | 20 | 22 |
| Operating Profit | 1 | 1 | 2 | 2 | 3 | 6 | 15 | 8 | 24 | 33 | 33 | 36 |
| Interest | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 2 |
| Exceptional Income / Expenses | 0 | -1 | -9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -2 | -9 | 1 | 1 | 6 | 14 | 7 | 22 | 32 | 31 | 33 |
| Provision for Tax | 0 | -0 | 0 | -0 | 0 | 1 | 2 | 0 | 4 | 8 | 8 | 9 |
| Profit After Tax | -0 | -2 | -9 | 1 | 1 | 4 | 13 | 6 | 18 | 23 | 23 | 24 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -2 | -9 | 1 | 1 | 4 | 13 | 6 | 18 | 23 | 23 | 25 |
| Adjusted Earnings Per Share | -0.1 | -0.8 | -4.6 | 0.6 | 0.6 | 2.3 | 6.6 | 3.2 | 9.2 | 12.1 | 12 | 12.4 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 9% | 39% | 30% | 3% |
| Operating Profit CAGR | 0% | 60% | 41% | 42% |
| PAT CAGR | 0% | 57% | 42% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -33% | 23% | 38% | 27% |
| ROE Average | 24% | 29% | 27% | 11% |
| ROCE Average | 33% | 39% | 32% | 15% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 31 | 28 | 24 | 24 | 24 | 32 | 50 | 46 | 66 | 88 | 111 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 1 |
| Borrowings | 13 | 12 | 18 | 15 | 15 | 11 | 11 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 2 | 1 | 1 | 1 | 2 | 2 | 7 | 7 | 7 |
| Total Current Liabilities | 29 | 14 | 6 | 6 | 4 | 2 | 5 | 13 | 6 | 14 | 16 |
| Total Liabilities | 73 | 54 | 49 | 46 | 44 | 46 | 67 | 62 | 81 | 111 | 135 |
| Fixed Assets | 14 | 14 | 22 | 22 | 22 | 22 | 20 | 34 | 39 | 59 | 57 |
| Other Non-Current Assets | 18 | 13 | 9 | 13 | 11 | 12 | 19 | 14 | 11 | 8 | 6 |
| Total Current Assets | 40 | 27 | 18 | 12 | 11 | 11 | 27 | 14 | 30 | 43 | 72 |
| Total Assets | 73 | 54 | 49 | 46 | 44 | 46 | 67 | 62 | 81 | 111 | 135 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 2 | 0 | 2 | 10 | 1 | 2 | 3 |
| Cash Flow from Operating Activities | 2 | -1 | 6 | 8 | 5 | 9 | 0 | 16 | -3 | 17 | 13 |
| Cash Flow from Investing Activities | -2 | 1 | -0 | -3 | -4 | -0 | 8 | -24 | 3 | -14 | -1 |
| Cash Flow from Financing Activities | 0 | -0 | -6 | -4 | -4 | -7 | -0 | -1 | -0 | -1 | -1 |
| Net Cash Inflow / Outflow | 0 | -0 | 0 | 2 | -2 | 2 | 8 | -9 | 0 | 1 | 11 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 2 | 0 | 2 | 10 | 1 | 2 | 3 | 13 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -0.11 | -0.85 | -4.58 | 0.57 | 0.57 | 2.32 | 6.58 | 3.21 | 9.24 | 12.14 | 11.98 |
| CEPS(Rs) | 0.04 | -0.67 | -4.38 | 0.82 | 0.82 | 2.57 | 6.82 | 3.7 | 9.86 | 12.64 | 12.69 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 |
| Book NAV/Share(Rs) | 15.91 | 14.45 | 9.06 | 9.19 | 12.3 | 13.27 | 24.74 | 22.79 | 33.15 | 44.6 | 56.37 |
| Core EBITDA Margin(%) | 1.52 | 4.99 | -7.97 | 13.56 | 12.07 | 4.49 | 18.7 | 21.54 | 58.73 | 68.74 | 58.12 |
| EBIT Margin(%) | 2.31 | -2.28 | -66.44 | 14.5 | 16.58 | 46.6 | 93.26 | 38.27 | 81.79 | 73.7 | 65.93 |
| Pre Tax Margin(%) | -0.34 | -8.69 | -76.75 | 6.35 | 9.99 | 43.97 | 92.98 | 37.23 | 79.26 | 72.03 | 64.48 |
| PAT Margin (%) | -0.6 | -8.42 | -76.75 | 8.84 | 9.09 | 35.33 | 83.05 | 34.92 | 65.05 | 53.18 | 47.53 |
| Cash Profit Margin (%) | 0.22 | -6.65 | -73.45 | 12.64 | 13.02 | 39.13 | 86.14 | 40.21 | 67.92 | 55.48 | 50.81 |
| ROA(%) | -0.33 | -2.58 | -17.11 | 2.3 | 2.45 | 9.99 | 22.54 | 9.57 | 25.5 | 24.46 | 18.68 |
| ROE(%) | -0.72 | -5.59 | -38.97 | 6.25 | 5.35 | 18.13 | 34.61 | 13.51 | 33.76 | 31.16 | 23.51 |
| ROCE(%) | 1.75 | -0.92 | -17.42 | 4.6 | 5.13 | 15.16 | 29.7 | 13.18 | 42.45 | 43.18 | 32.61 |
| Receivable days | 199.67 | 320.09 | 234.51 | 127.74 | 99.68 | 50.59 | 25.13 | 35.55 | 44.9 | 50.11 | 88.16 |
| Inventory Days | 86.14 | 167.12 | 244.51 | 137.04 | 83.23 | 70.39 | 78.57 | 87.43 | 67.72 | 75.29 | 103.45 |
| Payable days | 171.35 | 406.46 | 98.05 | 6.85 | 18.87 | 12.05 | 61.34 | 387.7 | 349.44 | 41.15 | 101.14 |
| PER(x) | 0 | 0 | 0 | 70.89 | 41.51 | 24.58 | 17.37 | 34.09 | 55.48 | 55.31 | 22.76 |
| Price/Book(x) | 2.42 | 2.24 | 4.92 | 4.4 | 1.94 | 4.29 | 4.62 | 4.8 | 15.46 | 15.05 | 4.84 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.88 | 0 | 0 | 0 | 0.37 |
| EV/Net Sales(x) | 2.51 | 4.21 | 9.44 | 7.75 | 5.18 | 9.45 | 14.45 | 11.84 | 35.25 | 29.4 | 10.64 |
| EV/Core EBITDA(x) | 80.2 | 65.25 | 62.53 | 42.37 | 25.25 | 18.76 | 14.99 | 27.17 | 41.64 | 38.69 | 15.38 |
| Net Sales Growth(%) | 18.87 | -47.11 | -40.83 | 8.03 | -1.97 | 3.86 | 20.69 | 16.03 | 57.95 | 56.92 | 9.61 |
| EBIT Growth(%) | -59.65 | -152.13 | -1625.81 | 123.58 | 12.07 | 191.97 | 141.54 | -52.38 | 237.53 | 41.38 | -1.94 |
| PAT Growth(%) | -123.69 | -639.67 | -439.44 | 112.44 | 0.81 | 303.56 | 183.68 | -51.21 | 194.23 | 28.29 | -2.04 |
| EPS Growth(%) | -123.69 | -639.55 | -439.47 | 112.45 | 0.81 | 303.57 | 183.69 | -51.21 | 187.86 | 31.37 | -1.3 |
| Debt/Equity(x) | 0.6 | 0.7 | 1.31 | 1.14 | 0.72 | 0.44 | 0.24 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.37 | 1.98 | 3.32 | 1.8 | 2.71 | 5.96 | 5.4 | 1.1 | 5.13 | 3.07 | 4.52 |
| Quick Ratio(x) | 1.07 | 1.32 | 2.15 | 1.35 | 2.04 | 4.81 | 4.54 | 0.79 | 4.07 | 2.23 | 3.54 |
| Interest Cover(x) | 0.87 | -0.36 | -6.45 | 1.78 | 2.52 | 17.75 | 326.98 | 36.77 | 32.29 | 44.35 | 45.39 |
| Total Debt/Mcap(x) | 0.25 | 0.31 | 0.27 | 0.26 | 0.37 | 0.1 | 0.05 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 |
| FII | 1.18 | 1.16 | 1.18 | 1.14 | 1.12 | 0.93 | 0.91 | 0.72 | 0.43 | 0.25 |
| DII | 0 | 0 | 0 | 0.03 | 0.12 | 0.18 | 0.14 | 0.14 | 0.14 | 0.2 |
| Public | 25.47 | 25.49 | 25.47 | 25.49 | 25.41 | 25.55 | 25.61 | 25.8 | 26.08 | 26.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 |
| FII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.5 | 0.5 | 0.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +9% | +39% | +30% | +3% |
| Operating Profit CAGR | 0% | +60% | +41% | +42% |
| PAT CAGR | 0% | +57% | +42% | — |
| Share Price CAGR | -33% | +23% | +38% | +27% |
| ROE Average | +24% | +29% | +27% | +11% |
| ROCE Average | +33% | +39% | +32% | +15% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 | 73.35 |
| FII | 1.18 | 1.16 | 1.18 | 1.14 | 1.12 | 0.93 | 0.91 | 0.72 | 0.43 | 0.25 |
| DII | 0 | 0 | 0 | 0.03 | 0.12 | 0.18 | 0.14 | 0.14 | 0.14 | 0.2 |
| Public | 25.47 | 25.49 | 25.47 | 25.49 | 25.41 | 25.55 | 25.61 | 25.8 | 26.08 | 26.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 | 1.42 |
| FII | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.5 | 0.5 | 0.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 |
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