Namo eWaste Management Limited: A Pivotal H1 FY26 Driven by Strategic Expansion and Robust Performance

Namo eWaste Management Limited, a prominent player in India's sustainable electronic and battery waste management sector, has reported a stellar performance for the first half of Fiscal Year 2026 (H1 FY26). The company's financial results underscore a pivotal phase in its growth trajectory, marked by significant revenue growth, enhanced profitability, and strategic capacity expansions. With a clear focus on operational efficiency and ESG-aligned practices, Namo eWaste is solidifying its position as a leader in the circular economy.

For H1 FY26, Namo eWaste reported a total revenue of INR 87.71 Crore, demonstrating a robust 30.91% year-on-year increase. This impressive top-line growth was complemented by a substantial improvement in profitability, with EBITDA soaring by 65.99% to INR 11.30 Crore. The company also achieved a remarkable 272 basis points expansion in its EBITDA margins, reaching 12.88%. Profit After Tax (PAT) witnessed a significant jump of 30.88% to INR 6.99 Crore, reflecting disciplined cost management and scale benefits. Notably, Namo eWaste turned operationally cashflow positive during this period, a key milestone that highlights its improved financial strength and efficiency.

Strategic Expansions Fueling Future Growth

The company's strong performance is underpinned by strategic capacity expansions and a diversified service portfolio. A major highlight of H1 FY26 was the successful commissioning of the 12,400 MTPA Lithium-Ion Battery Recycling & Refurbishing Plant at Nashik in July 2025. This facility, funded entirely through IPO proceeds, is already operating at approximately 60% utilization and is expected to contribute a minimum of 15% to the company's total revenue this financial year. This move strategically positions Namo eWaste in the rapidly growing battery waste management segment.

Further bolstering its national footprint, Namo eWaste is developing its fifth e-waste recycling plant in Hyderabad. This 25,000 MTPA facility is under construction and is slated for commissioning by H2 FY26, with operations expected to commence by March 31, 2026. This expansion will increase the company's total installed capacity to 68,000 MTPA, establishing a strong presence in South India and opening new opportunities in IT Asset Disposition (ITAD) services while significantly reducing logistic costs.

Diversified Revenue Streams and Operational Excellence

Namo eWaste's revenue streams are diversified across various services. For H1 FY26, approximately 10% of the revenue came from EPR and consultancy services, 60% from recycling operations (including the sale and purchase of metals, scrap, and plastic), and 25% from refurbishment activities. This diversification, coupled with a focus on operational efficiency, has been crucial for margin expansion. The company is also exploring global technology tie-ups for a hydrometallurgical unit to extract critical minerals like lithium, cobalt, nickel, and manganese from black mass, aligning with India's Critical Minerals Recycling Mission.

Management has provided optimistic guidance, targeting a 40-50% CAGR over the next three years. By 2027, they anticipate a revenue split of 40% from battery recycling and 60% from e-waste. EBITDA margins are expected to be in the range of 13-15%, with a further improvement of 200 basis points. The company's commitment to ESG is evident in its workforce, with over 70% being women, trained and upskilled from local communities.

Addressing Challenges and Future Outlook

While the outlook is positive, management acknowledges challenges, particularly in raw material sourcing. The informal sector's dominance makes collection channels undefined, prompting Namo to strengthen its OEM sourcing networks for long-term agreements. They also noted an ongoing court case regarding EPR minimum pricing, where some large producers are resisting compliance. Despite these hurdles, Namo eWaste's proactive approach to regulatory compliance, technological advancement, and strategic geographical expansion positions it favorably.

Namo eWaste Management Limited's H1 FY26 results reflect a company in a strong growth phase, effectively leveraging its integrated recycling ecosystem and diversified service offerings. With strategic expansions underway and a clear vision for operational excellence and sustainability, the company is well-positioned to capitalize on India's growing e-waste and battery waste management market, reinforcing investor confidence and delivering long-term value.