NSE: ECORECO · BSE: 530643
ECO RECYCLING LTD.
Recycles electronic waste, with 31,200 MTPA of installed capacity and operations spanning more than 20 years, generating Rs 48.18 crore of revenue in FY26 at a 69.2% EBITDA margin. The core business takes in end-of-life electronics and recovers materials for reuse, with Extended Producer Responsibility (EPR) credits called out as a growing revenue stream. It has received eligibility status under the National Critical Minerals Mission (NCMM) to move into critical mineral and battery recycling, and is forming a 50:50 joint venture with US-based Electronic Recyclers International (ERI) to add IT Asset Disposition, enterprise recycling, circular economy services and secure data destruction. Its subsidiary Ecoreco Park Private Limited develops recycling and industrial parks; the company is buying out minority holders to make EPPL wholly owned. FY26 net profit was Rs 22.9 crore on total assets of Rs 134.68 crore, with the balance sheet debt-free and Rs 13.43 crore in cash. Costs are dominated by materials at 20.7% of revenue, followed by employees (7.2%), other opex (6.8%) and depreciation (3.3%). It is raising up to Rs 12.33 crore from promoter warrants, earmarked for land and buildings, technology for critical mineral recovery, and general corporate purposes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. E-waste recycling, IT Asset Disposition and enterprise recycling, Critical mineral and battery recycling, Recycling park development. Asset-light services-led e-waste recycling with very high EBITDA margins and a debt-free balance sheet.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15 | 18 | 28 | 44 | 48 |
| EBITDA (ex other income) | 3 | 4 | 16 | 31 | 29 |
| margin % | 18.4 | 22.0 | 58.7 | 70.5 | 59.6 |
| Owners' profit | 9 | 6 | 18 | 0 | 23 |
| EPS, as reported (₹) | 6.56 | 3.21 | 9.44 | 12.12 | 11.87 |
| ROE % · ROCE % | 25.6 · 22.9 | 13.1 · 13.5 | — · — | 27.5 · 33.3 | 20.4 · 26.7 |
| Debt / equity (x) | 0.23 | 0.03 | — | 0.03 | 0.02 |
| Cash from operations | 2 | 16 | (3) | 17 | 13 |
| Capex | 0 | (21) | (2) | (20) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 13 | 10 | 10 | 9 | 14 | 6 | 19 |
| Profit before tax | 10 | 10 | 6 | 6 | 9 | 7 | 4 | 11 |
| Net profit | 8 | 8 | 5 | 3 | 8 | 6 | 2 | 7 |
| EPS (₹) | 4.23 | 4.25 | 2.45 | 1.19 | 4.19 | 2.97 | 1.02 | 3.85 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REFEX INDUSTRIES LIMITED | 3,053 | 12.3 | 2.02 | 7.9 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,605 | 23.6 | 1.52 | 11.4 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD | 809 | 13.8 | 0.88 | 4.8 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. ◆ | 778 | 33.5 | 6.94 | 23.0 | 20.4 | 26.2 | 30.6 | 64.4 |
| CONCORD ENVIRO SYSTEMS L | 480 | — | 0.84 | 9.0 | 3.5 | 4.4 | — | (10.0) |
| VVIP Infratech Limited | 387 | 6.2 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 179 | 4.1 | 1.46 | 7.2 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited | 87 | 18.4 | — | — | — | 11.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.5 | 13.7 | 8 of 8 | 0% |
| P/B | 6.9 | 1.5 | 6 of 6 | 0% |
| ROCE | 26.1 | 13.8 | 1 of 9 | 100% |
| ROE | 20.4 | 11.8 | 1 of 6 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 6 | 100% |
| EBITDA margin | 64.4 | 17.6 | 1 of 6 | 100% |
| Revenue growth | 90.5 | 35.9 | 3 of 7 | 67% |
| Profit growth | 108.8 | (59.3) | 2 of 5 | 75% |
| Market cap | 778 | 480 | 4 of 9 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Eco Recycling incorporates 50:50 joint venture with ERI USA | strategic transactions | medium | — | — |
| 28 Oct 2026 · Eco Recycling forms 50:50 joint venture, ERI India, with ERI USA | strategic transactions | medium | — | — |
| 28 Oct 2026 · Eco Recycling incorporates 50:50 e-waste joint venture in India | strategic transactions | medium | — | — |
| 28 Oct 2026 · Q2 and half-year results meeting rescheduled to November 4, 2026 | results | low | — | — |
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 19 Oct 2026 · Ecoreco press release on India's e-waste urban mining opportunity | compliance | low | — | — |
| 13 Oct 2026 · RTA compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · All 5 resolutions passed at 32nd AGM, final dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Eco Recycling 32nd AGM: All 5 resolutions passed; final dividend declared | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Ecoreco 32nd AGM: FY26 PBT 31.5cr, JV with ERI USA for IT Asset Disposition | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.