Namo eWaste Management Ltd(NAMOEWASTE)

NSE: NAMOEWASTE

₹ 338+2.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 773 crUpdated: 24 Oct 2026

About

Namo eWaste Management recycles electronic waste and lithium-ion batteries, refurbishes devices and provides extended producer responsibility (EPR) services in India. It had 82,000 MTPA of installed recycling capacity across four facilities in FY26: 70,000 MTPA for e-waste and 12,000+ MTPA for batteries. Revenue from operations was ₹194.59 Cr in FY26. Management put its share of the formal e-waste market at about 2-2.5% in Q2 FY26.^[1][2][3]

Business segments

Revenue mix in H1 FY26: about 60% recycling (metals, scrap, plastic), 25% refurbishment and 10% EPR and consultancy.^[3]
Revenue mix in FY25: recycling INR 108 crores (72%), refurbishment INR 24 crores (16%), EPR INR 18.5 crores (12%). Recycling's share was about 62% in FY24.^[4]
Revenue by line in FY26: EPR ₹25 cr (up from ₹18 cr), refurbishment ₹35 cr and battery recycling ₹18 cr.^[5]
The subsidiary Tech Eco Waste Management, 99.9% owned, earned ₹28 cr of revenue in H1 FY26, up from ₹16 cr in H1 FY25.^[3]

Plants and capacity

Installed capacity by plant in FY26: Palwal 32,000 MTPA, Faridabad 5,200 MTPA, Nashik e-waste 9,300 MTPA and Nashik battery 12,400 MTPA.^[1]
Palwal's e-waste capacity doubled from 16,000 to 32,000 MTPA during FY26.^[5]
Total recycling capacity grew from 30,500+ MTPA in FY25 to 42,900 MTPA in Q2 FY26, and to about 82,000 MTPA in FY26.^[4][3][5]
The FY25 annual report describes four certified facilities able to shred up to 50,000 metric tons of electronics a year.^[6]

Key operating numbers

E-waste capacity utilisation was about 60% in FY26. Overall utilisation was 35% in H1 FY25 and 55% in H2 FY25.^[5][4]
Plant utilisation in Q2 FY26: Faridabad 100%, Nashik e-waste 55%, Palwal 35%.^[3]
The battery plant processed about 1,200 MT in FY26, around 10% of its capacity, because it started late and onboarding OEMs took time.^[5]
Average EPR realisation was ₹28 per unit in FY26. Black mass realisation was ₹450/kg in H1 FY26.^[5][3]

Sourcing and customers

80-85% of procurement is direct B2B from multinationals and EV/auto brands under long-term contracts; 10-15% comes from aggregators (as of the Q4 FY26 call).^[5]
Sourcing in Q2 FY26: about 70% direct from companies, 25% from aggregators and 5% from consumers. For lithium-ion, about 80% came direct from companies.^[3]
Foreign currency earnings were 1197.99 lakh in FY25, against 106.03 lakh the year before.^[6]

Expansion and capex

A 25,000 MTPA e-waste plant at the TSIIC EMC Park in Hyderabad is targeted to start in Q2 FY27 (July 2026). Rain delayed construction from the earlier target of Q4 FY26.^[1][5]
The Hyderabad plant was enlarged from a planned 15,000 MT to 25,000 MT after the company acquired 0.5 acre of adjacent land. Projected capex is INR 15-18 crores (FY25 call).^[4]
A 1 MT/day hydrometallurgy pilot plant at Nashik will recover Li, Co, Ni and Mn from black mass, with a start targeted for December 2026-January 2027.^[5][1]
A full-scale hydromet plant of about 5 MT/day, costing about ₹60 cr and funded by debt, is planned to start construction in December 2026 and take about 7-8 months to build.^[5]
Management said no more battery crushing lines will be added; the hydromet plant is the next step (Q4 FY26 call).^[5]

Recent developments

The Nashik lithium-ion battery recycling plant received its consent to operate from MPCB on 16 April 2025 and began operations in July 2025.^[4][3]
The Metal Recycling Association of India (MRAI) named the company 'Recycler of the Year' (reported on the Q1 FY27 call).^[1]
Operating cash flow was ₹5.18 cr in FY26, after being negative in FY25.^[5]

Market Cap

₹773 Cr

High / Low

₹389 / 134

Stock P/E

55.4

Price / Book

8.3

Book Value

₹45

EPS

₹6.3

No. of Shares

2.29 Cr

ROCE

21.3%

ROE

14.9%

OPM

10.8%

Debt / Equity

0.03

Sales

₹195 Cr

Net Profit

₹14 Cr

Promoter holding

69.0%

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