Overview

Detailed Summary

Eco Recycling Limited (Ecoreco) is a pioneer in the Indian e-waste management industry, offering solutions ranging from data destruction to lamp recycling and IT asset disposition.
The company boasts a recycling capacity of 31,200 MTPA and is the only BSE-listed zero-debt company in its sector, showcasing financial prudence and strategic growth.
Ecoreco is backed by proven technologies from the US, Europe, and Japan, and has global operations across 120+ countries, emphasizing its leadership and innovation-driven business model.
Their unique 'Recycling on Wheels' facility exemplifies their first-mover advantage in mobile recycling solutions, while partnerships with government bodies promote sustainable practices and advanced recycling methodologies.

Sector: Other Utilities
Industry: Waste Management
Market Cap: 854 Cr
Volatility: Moderate Risk
P/E Ratio: 36.9
Industry P/E: 22.7
PEG Ratio: 1.6
P/B Ratio: 8.0
52W High: 724.00
52W Low: 225.00

Sales CAGR

1Y: 56.94%
3Y: 42.77%
5Y: 29.23%
10Y: 2.02%

Profit CAGR

1Y: 28.32%
3Y: 23.16%
5Y: 83.44%
10Y: 73.97%

ROE

TTM: 20.90%
3Y: 44.03%
5Y: 37.50%
10Y: 23.73%

ROCE

TTM: 27.27%
3Y: 28.03%
5Y: 25.12%
10Y: 14.71%

Technicals

‌

Forecasts

Peers

Utilities Utilities Other Utilities Waste Management

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AWHCL		456.15	1,289 Cr	17.08	1.74	0.11	10.21	12.58	5.28
ECORECO		448.30	865 Cr	37.37	7.95	0.00	20.90	27.27	16.99
CEWATER		302.75	627 Cr	42.95	1.10	0.00	3.99	6.30	1.53
VVIPIL		125.50	313 Cr	10.42	1.37	0.00	13.13	16.24	5.02
ORGANICREC		227.75	237 Cr	9.44	1.39	0.00	20.37	15.81	11.93
RACE		104.10	182 Cr	26.82	2.45	0.00	9.13	10.59	3.38
GEMENVIRO		40.00	90 Cr	19.15	1.70	0.63	8.91	11.29	6.96
Median: 7 Co.	—	227.75	313 Cr	19.15	1.70	0.00	10.21	12.58	5.28

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	7.47	8.05	11	13	9.92	9.77	9.24	14	5.91	19
Expenses	2.23	4.37	3.21	3.64	3.30	2.81	4.18	7.23	2.39	5.68
Operating Profit	5.24	3.68	8.19	9.23	6.62	6.96	5.06	7.19	3.52	13
OPM %	70.15	45.71	71.84	71.72	66.73	71.24	54.76	49.86	59.56	69.48
Other Income	2.13	-0.39	2.04	1.03	-0.46	-0.27	4.38	0.06	1.14	-0.95
Interest	0.11	0.35	0.17	0.17	0.16	0.15	0.15	0.15	0.14	0.25
Depreciation	0.35	-0.26	0.24	0.25	0.25	0.27	0.30	0.30	0.29	0.69
Profit Before Tax	6.91	3.20	9.82	9.84	5.75	6.27	8.99	6.80	4.23	11
Tax %	17.08	48.44	17.01	16.67	17.57	64.91	10.01	17.65	51.54	35.33
Net Profit	5.73	1.65	8.15	8.20	4.74	2.20	8.09	5.60	2.05	7.14
EPS in Rs	2.97	0.86	4.23	4.25	2.45	1.19	4.19	2.97	1.02	3.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	19	12	12	12	13	15	18	28	44	42
Expenses	18	12	11	11	12	12	14	12	13	14
Operating Profit	0.96	-0.92	1.69	1.47	0.55	2.81	3.90	16	31	28
OPM %	4.95	-7.97	13.56	12.07	4.32	18.41	21.98	58.69	70.62	66.67
Other Income	-1.07	-6.35	0.59	1.03	5.81	12	3.79	7.26	2.34	4.68
Interest	1.24	1.19	1.01	0.80	0.31	0.00	0.15	0.70	0.71	0.63
Depreciation	0.34	0.38	0.47	0.48	0.48	0.47	0.94	0.80	1.01	1.07
Profit Before Tax	-1.69	-8.84	0.79	1.22	5.57	14	6.60	22	32	31
Tax %	3.14	0.00	-39.27	8.98	19.65	10.68	6.21	17.93	26.17	24.70
Net Profit	-1.64	-8.84	1.10	1.11	4.47	13	6.19	18	23	23
EPS in Rs	—	—	0.44	0.60	2.31	6.57	3.22	9.44	12.12	12.03
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	15.20	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	18	18	18	19	19	19	19	19	19
Reserves	13	10	6.10	6.36	4.45	12	30	27	47	69
Borrowings	18	19	23	20	16	11	11	0.90	4.93	4.50
Other Liabilities	24	7.09	3.15	2.53	3.97	2.37	6.24	17	9.85	18
Total Liabilities	73	54	49	46	44	46	67	63	81	111
Fixed Assets	14	14	22	22	22	22	20	34	39	59
CWIP	7.52	8.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	7.29	2.42	3.46	3.03	3.04	7.46	20	15	18	12
Other Assets	44	28	24	22	19	16	27	15	24	40
Total Assets	73	54	49	46	44	46	67	63	81	111

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2.10	-0.71	0.93	8.43	5.47	8.55	0.33	16	-2.58	17
Cash from Investing Activity	-2.03	0.85	-0.28	-3.16	-3.54	-0.27	8.04	-24	3.29	-14
Cash from Financing Activity	0.18	-0.45	-0.60	-3.66	-3.67	-6.66	-0.11	-0.86	-0.36	-1.44
Net Cash Flow	0.26	-0.30	0.04	1.61	-1.73	1.62	8.26	-8.74	0.36	1.40

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%	73.35%
FIIs	1.89%	0.86%	0.90%	1.18%	1.16%	1.18%	1.14%	1.12%	0.93%	0.91%	0.72%	0.43%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.12%	0.18%	0.14%	0.14%	0.14%
Public	24.76%	25.79%	25.75%	25.47%	25.49%	25.47%	25.49%	25.41%	25.55%	25.61%	25.80%	26.08%
Total Shareholders	11,384	12,142	11,781	12,311	15,438	23,829	28,071	31,315	33,207	36,494	37,170	36,876

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q4 FY25

Available on Pro Plan