Organic Recycling Systems Ltd

BSE: 543997

₹ 201.15-1.37%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 314 crWebsite: www.organicrecycling.co.inUpdated: 24 Oct 2026

About

Organic Recycling Systems Ltd builds, develops and maintains waste-to-energy projects, mainly in municipal solid waste, through special purpose vehicles and EPC contracts with developers. It also trades in industrial chemicals. The company earns from three modes: projects (BOOT/EPC), products such as digesters and carbonisation systems, and services. It reported revenue of Rs 105.07 Cr for FY26.^[1][2]

Business model

The company reports a single segment, so no segment revenue split is disclosed (FY26).^[1]
It earns from three modes: Projects (BOOT/EPC), Products (digesters, segregation lines, carbonisation systems) and Services (consulting, O&M, lab testing), as of FY26.^[1]
It builds waste-to-energy projects, mainly in municipal solid waste, through SPVs and EPC contracts, and also trades in industrial chemicals (FY26).^[1]

Technology and R&D

Its proprietary technologies include Marut Drum for segregation, DRYAD and LIPH-AD for digestion, and Sanjeevak and Alpha Carbon for carbonisation (FY26).^[1]
As of FY26 it holds 2 granted patents and 5+ proprietary technologies, with 7+ innovations in the pipeline.^[1]
It has eight academic MoUs, including with IIT Bombay, IIT Kharagpur, IIT Roorkee and the University of Birmingham (FY26).^[1]
Its in-house catalyst for raising gas yield was validated by SSS-NIBE. R&D is funded in part by a DBT-BIRAC grant and a Denmark research grant (FY26).^[1]
In FY26 it began research on what it describes as India's first BIO-CCU platform, which captures CO2 from biogas and converts it into fuels.^[3]

Plants and capacity

Solapur, Maharashtra: a 400 TPD mixed municipal solid waste facility run under the BOOT model (FY26).^[1]
Total processing capacity is 400 TPD, and 50% of it is currently used (FY26).^[1]
Solapur is being re-engineered into a 200 TPD plant built mainly for CBG, targeting 4-5 TPD of CBG output at 100% PLF (plan stated in FY25).^[4]
Gorakhpur, Uttar Pradesh: operates a 200 TPD CBG plant for IOCL that runs on paddy straw (FY26).^[1]
Kalyan-Dombivli, Maharashtra: a 100 TPD waste-to-compost EPC project (FY26).^[1]
The company has a workforce of 200+ people (FY26).^[1]

Order book

The order book stood at about INR 100 Cr in FY26, and the order pipeline at about INR 200-300 Cr.^[3]
As of FY26, a pipeline of INR 500-600 Cr is being developed for Build-Own-Operate projects.^[3]

Customers and reach

Key customers include IOCL, BPCL and municipal corporations (FY26).^[1]
Industrial customers include Evonik, Indofil, Jesons and Insecticides (India) (FY26).^[1]
New projects took its footprint to five locations across four states (FY26). Besides Kerala, it is developing opportunities in Karnataka and Chhattisgarh.^[1]
It had no foreign exchange earnings in FY26.^[1]

Expansion

Rajasthan: a 5 TPD CBG plant under EPC execution (FY26).^[1]
Madhya Pradesh: a 10 TPD integrated CBG project combining EPC with a strategic stake (FY26).^[1]
The company is moving in phases from EPC work to Build-Own-Operate projects, mainly in agro valorisation, selling CBG under long-term offtake agreements (FY26).^[1][3]
In FY25 it began growing Napier grass on 150+ acres in rural Solapur to supply feedstock to the plant.^[4]

Recent developments

24 Sep 2026: Yashas Bhand stepped down as Whole-time Director and CEO with immediate effect. Janaki Sarang Bhand was appointed a Director.^[5]
After FY26 ended, the company allotted 51,99,630 bonus equity shares of Rs 10 face value each.^[1]
It signed an MoU with Indraprastha Gas Limited at India Energy Week 2026 to jointly develop CBG.^[1][3]
In FY26 it acquired a stake in Industrial Associates to strengthen its green chemicals vertical.^[3][1]

Market Cap

₹314 Cr

High / Low

₹214 / 137

Stock P/E

10.4

Price / Book

2.1

Book Value

₹142

EPS

₹19.3

No. of Shares

0.87 Cr

ROCE

15.9%

ROE

19.4%

OPM

25.5%

Debt / Equity

0.36

Sales

₹105 Cr

Net Profit

₹25 Cr

Promoter holding

15.1%

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