BSE: 544199
GEM Enviro Management Limited
Operates in waste management and recycling, primarily as an Extended Producer Responsibility (EPR) credit intermediary connecting producers with recyclers under India's plastic and packaging waste rules. FY26 revenue stood at Rs 101.81 crore with the bulk of costs being other operating expenses at 80.6% of revenue and employee costs at 2.8%. Management has flagged that the CPCB's new EPR ETP portal could reduce its intermediation role. To diversify, the company is moving into scrap trading, solid waste management compliance, digital sustainability solutions, eco-industrial parks, and BRSR/ESG consulting. A wholly-owned subsidiary, GEM Green Infra Tech Private Limited, has been set up for infrastructure projects. A 51%-owned joint venture, GEM Ecomind Limited, was incorporated with Rudrabhishek Infosystem to provide technical solutions in recycling, waste management, and sustainability. The company has also approved acquiring up to 26% in Solluz Energy Private Limited, a solar EPC business with FY25 revenue of Rs 34.91 crore, for approximately Rs 5 crore. The website domain was changed from gemrecycling.com to gemenviro.com to reflect the broader business identity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPR credit intermediation, Waste management and recycling services, Diversification initiatives, Infrastructure projects, Technical and sustainability solutions. Service-based waste management and EPR intermediary, facing potential disruption from CPCB's new EPR ETP portal
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 102 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 2.10 |
| ROE % · ROCE % | — · 12.3 |
| Debt / equity (x) | — |
| Cash from operations | (8) |
| Capex | (0) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 55 | 47 |
| Profit before tax | 4 | 2 |
| Net profit | — | — |
| EPS (₹) | 1.51 | 0.58 |
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 | 3,184 | 12.9 | 2.11 | 8.3 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,638 | 24.0 | 1.55 | 11.6 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD | 802 | 13.7 | 0.88 | 4.7 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. | 754 | 32.5 | 6.73 | 22.3 | 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 | 370 | 5.9 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 182 | 4.2 | 1.48 | 7.3 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited ◆ | 90 | 19.2 | — | — | — | 11.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.2 | 13.6 | 6 of 8 | 29% |
| ROCE | 11.8 | 13.8 | 6 of 9 | 38% |
| Market cap | 90 | 480 | 8 of 9 | 13% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · GEM Enviro acquires 75% stake in Novuscom Neo for Rs 30 lakh | strategic transactions | medium | — | — |
| 12 Oct 2026 · GEM Enviro to acquire 26 percent stake in Solluz Energy for about Rs 5.28 crore | strategic transactions | high | — | — |
| 6 Oct 2026 · Q2 FY26-27 RTA certificate under SEBI Regulation 74(5) filed | compliance | minimal | — | — |
| 29 Sept 2026 · The investment in Solluz Energy Private Limited is expected to be completed on or before March 31, 2027 | strategic transactions | medium | — | — |
| 29 Sept 2026 · AGM 2026: All 5 resolutions passed, final dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Clarification on stock price movement filed with BSE | regulatory legal | medium | — | — |
| 28 Sept 2026 · BSE seeks clarification from GEM Enviro on price movement | regulatory legal | medium | — | — |
| 28 Sept 2026 · 13th AGM held; 5 resolutions passed including dividend and office shift | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from October 1 for half year results | compliance | minimal | — | — |
| 16 Sept 2026 · GEM Enviro to acquire 75 percent stake in Novuscom Neo for Rs 30 lakh | strategic transactions | 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.