4 Stocks Riding India’s E-Waste Recycling Boom to Keep on Your Radar

Synopsis:- As stricter Extended Producer Responsibility norms, rising e-waste volumes and a policy push toward recycled metals reshape India’s circular economy, four listed micro-caps with niche exposure to e-waste, aluminium and non-ferrous metal recycling have posted sharply divergent stock moves over the past month, with two of the four up more than 20 percent even as the segment remains largely untracked by mainstream sector indices.

Four recycling-focused companies have drawn fresh investor attention as India’s regulatory push around extended producer responsibility, formal e-waste collection and recycled-metal usage gathers pace. Government initiatives such as NITI Aayog’s circular economy outlook and the National Critical Mineral Mission have widened the addressable market for organized recyclers, even as the segment’s small market capitalizations and thin trading volumes keep it largely outside mainstream small-cap coverage.

1. Eco Recycling

One of India’s leading organized e-waste recyclers, Eco Recycling offers reverse logistics, data destruction, IT asset disposition and lamp recycling, and has been shortlisted by the Ministry of Mines and JNARDDC to explore critical minerals recovery. The company has compounded sales at 42.2 percent and profit at 22.6 percent over the past three years on a debt-free balance sheet, though debtor days have stretched to 119 from under 80 a year earlier, and working capital days have nearly doubled to 321.

With a market capitalization of Rs. 802.74 crore, the shares of Eco Recycling closed on Thursday at Rs. 416 per share, down 4.84 percent from its previous closing price of Rs. 437.15 apiece. It is trading at a P/E of 35.09.

For FY26, the company posted revenue of Rs. 48.18 crore, up 9.60 percent year-on-year, while profit after tax came in at Rs. 23.12 crore, down 1.28 percent against FY25. Q4 FY26 told a different story: revenue jumped 90.48 percent year-on-year to Rs. 18.61 crore and net profit surged 224.55 percent to Rs. 7.14 crore, the strongest quarter in the company’s recent history.

2. Namo eWaste Management

Focused on collection, processing and recycling of e-waste, Namo eWaste Management runs plants at Faridabad and Palwal alongside a newer lithium-ion battery recycling unit in Nashik, and has announced plans for a hydrometallurgy facility in Faridabad. The company has compounded sales at 49.6 percent and profit at 67.2 percent over three years, among the fastest growth rates in the listed recycling space, though its SME-platform listing means results arrive half-yearly rather than quarterly.

With a market capitalization of Rs. 656.30 crore, the shares of Namo eWaste Management closed on Thursday at Rs. 287 per share, up 3.52 percent from its previous closing price of Rs. 277.25 apiece. It is trading at a P/E of 44.18.

For FY26, sales rose to Rs. 195 crore from Rs. 150 crore in FY24, while profit after tax jumped up to Rs. 14 crore from Rs. 8 crore. In the half year ended March 2026, sales advanced to Rs. 107 crore with profit after tax of Rs. 7 crore.

3. Baheti Recycling Industries

Engaged in aluminium scrap recycling and alloy manufacturing, Baheti Recycling Industries processes scrap into ingots and de-ox alloys for Tier-I automotive supply chains, counting Uno Minda, Samvardhana Motherson and Caparo India among its clients. The company installed two modernised tilting rotary furnaces in FY25, capacity that has fed directly into a sharp earnings acceleration through the back half of FY26.

With a market capitalization of Rs. 757.09 crore, the shares of Baheti Recycling Industries closed on Thursday at Rs. 724.70 per share, up 0.39 percent from its previous closing price of Rs. 721085 apiece. It is trading at a P/E of 27.87.

FY26 revenue rose to approximately Rs. 725 crore, with profit after tax surging 50 percent year-on-year to Rs. 26.10 crore. The second half carried much of that momentum on its own, with profit after tax up 100 percent sequentially as revenue grew 30 percent HoH, a sharp step-up from the half year ended September 2025, when sales of Rs. 315 crore had converted into profit after tax of just Rs. 9 crore.

4. Nupur Recyclers

Nupur Recyclers imports, processes and trades ferrous and non-ferrous metal scrap, primarily zinc, and has pushed into adjacent manufacturing through a 51 percent stake in auto-components maker Tycod Autotech and a new extrusion facility in Haryana. Working capital days have stretched to 200 from 134 a year earlier, a metric worth watching as the company layers manufacturing operations onto what was originally a trading-led business.

With a market capitalization of Rs. 573.27 crore, the shares of Nupur Recyclers closed on Thursday at Rs. 83 per share, down 0.88 percent from its previous closing price of Rs. 83.74 apiece. It is trading at a P/E of 35.09.

FY26 revenue climbed 36.40 percent year-on-year to Rs. 215.94 crore, though profit after tax was roughly flat at Rs. 16.48 crore as higher interest and depreciation costs tied to the Tycod acquisition and the Haryana plant absorbed the topline gains. Q4 FY26 alone delivered revenue of Rs. 57.32 crore, up 54 percent year-on-year, with profit after tax of Rs. 3.3 crore, down 29.83 percent.

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