Eco Recycling Ltd(ECORECO)

NSE: ECORECOBSE: 530643

₹ 383.4-3.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 740 crWebsite: www.ecoreco.comUpdated: 24 Oct 2026

About

Eco Recycling Ltd (Ecoreco) is an integrated circular economy company. It offers reverse logistics, IT Asset Disposition (ITAD), refurbishment, scientific recycling, lithium-ion battery processing, precious metal recovery and EPR compliance. It reported revenue of 48.18 Cr for FY26 and describes itself as a pioneer and fully integrated e-waste recycler and ITAD provider in India. Its Mumbai facility has a total recycling capacity of 31,200 MTPA as of Q2 FY26.^[1][2][3]

Business segments

As of FY26 the company reports a single business segment: e-waste recycling carried out in an organised manner. It therefore does not give segment reporting under Ind AS 108.^[1]

Services

Its services as of FY26 are reverse logistics, IT Asset Disposition (ITAD), refurbishment, scientific recycling, lithium-ion battery processing, precious metal recovery and EPR compliance.^[1]
It holds R2v3, ISO, NAID and TERRA certifications and is a member of MRAI (FY26 annual report).^[1]
It joined TERRA, which it describes as one of the world's largest networks of certified e-scrap and ITAD providers (Q2 FY26 call).^[3]

Operations and capacity

The Mumbai facility spans 65,000 sq. ft. and had a total recycling capacity of 31,200 MTPA as of Q2 FY26.^[3]
It added 6,000 MTPA of lithium-ion battery recycling capacity in FY25. An earlier 18,000 MTPA was added in February 2024.^[4]
The facility uses technologies imported from the US, Europe and Japan, alongside technologies developed in-house (Q2 FY26 call).^[3]
The company had 55 permanent employees as on March 31, 2026, and reported zero production loss in FY 2025-26.^[1]
Material cost rose to 20.71% of revenue in FY26 from 16.46% in FY25. The company attributes this to higher input costs and supply-side challenges.^[1]

Customers and reach

The company works with multinational corporations and government agencies. In FY26, new clients signed under EPR contracts supported revenue growth.^[1]
The company says it serves more than 120 countries (Q2 FY26 call).^[3]
Its Recycling on Wheels / SmartER BookMyJunk initiatives support decentralised and last-mile collection. The SmartER mobile recycling fleet was expanded in FY26.^[1]
Its subsidiary Ecoreco Enviro Education Pvt Ltd trains informal sector workers and brings them into the formal system.^[1]
The company names informal sector competition as a threat to collection, because e-waste generators prefer to sell to informal buyers for a higher price (FY26 annual report).^[1]

Expansion and capex

Working with C-MET under MeitY, it is recovering cobalt, nickel and manganese from lithium-ion batteries in India instead of exporting black mass.^[4][3]
Capex planned for FY 2025-26 focuses on lithium-ion battery recycling and advanced collection infrastructure.^[1]
In FY 2024-25 it invested in capacity for rare earth and precious metal recovery, the SmartER mobile recycling fleet, and digital barcoding and traceability platforms.^[5]
The company has plans to expand its reverse logistics network to cover every Pin Code in India for door-to-door e-waste collection (Q2 FY26 call).^[3]
In Q4 FY25 it proposed expanding a facility to 40,000 sq. ft. from 25,000 sq. ft.^[4]

Recent developments

The Technology Development Board (TDB-DST) approved a Rs 6 Cr grant for the Recycling on Wheels-SmartER mobile recycling initiative (reported in Q4 FY25 and Q2 FY26 calls).^[4][3]
The company received the MSME Star Stories 2026 Award in the Sustainability & Social Impact Excellence category.^[1]
The company describes itself as debt-free in its FY26 annual report.^[1]

Market Cap

₹740 Cr

High / Low

₹620 / 225

Stock P/E

30.8

Price / Book

6.7

Book Value

₹57

EPS

₹12.0

No. of Shares

1.93 Cr

ROCE

30.2%

ROE

23.3%

OPM

60.1%

Debt / Equity

0.02

Sales

₹48 Cr

Net Profit

₹23 Cr

Promoter holding

73.3%

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