Namo eWaste Management Ltd. (NAMOEWASTE)
SME CapIT stocks · SME cap · NSE
Namo eWaste Management Limited specializes in sustainable Battery & E-waste management, a key player in the circular economy. It recycles e-waste to recover metals and provides EPR consulting, ITAD, and data destruction services. The company operates 4 recycling plants and has 26+ collection centers across India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +65% YoY · PAT +75% YoY · margin expansion · +23% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹107 Cr | +64.6% | +23.0% |
| EBITDA | ₹12 Cr | +71.4% | +9.1% |
| Operating margin | 11.0% | +300 bps | -100 bps |
| PAT | ₹7 Cr | +75.0% | +0.0% |
| PAT margin | 6.5% | +293 bps | -151 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Namo eWaste reports robust FY26 performance with revenue up 29% to ₹195 Cr, EBITDA surging 56% to ₹23.1 Cr, and PAT increasing 70% to ₹14.35 Cr, driven by higher processing volumes and operational efficiencies.
The company delivered strong financial and operational growth in FY26, marked by significant revenue and profit increases, expanded recycling capacity, and strategic investments in advanced technologies like hydrometallurgy. Industry tailwinds and regulatory support for e-waste and battery recycling provide a favorable long-term outlook.
E-waste Recycling & Refurbishment
Environmentally responsible dismantling and recovery of valuable materials from electronic products, extending product lifecycle.
Battery Waste Recycling
End-to-end Lithium-ion battery recycling and refurbishment process for maximum material recovery, safety, and sustainability.
EPR Consulting & Compliance
End-to-end compliance support for producers under E-Waste Management Rules 2022, including audits, return filing, and disposal strategies.
Critical Mineral Recovery
Setting up Hydrometallurgy Plant for processing black mass and recovery of critical minerals like Li, Co, Ni.
Hydrometallurgy Plant
Progressing towards the next phase of growth through the establishment of a Hydrometallurgy Plant for processing black mass and recovery of critical minerals.
Hyderabad E-waste Unit
25,000 MT e-waste unit in Hyderabad set to go live in Q2 FY 26-27, positioning the company in South India's electronic ecosystem.
Increasing Environmental Awareness
Management remains optimistic about long-term opportunities supported by increasing environmental awareness.
Regulatory Support
Regulatory support, including EPR regulations and the Telangana E-Waste Policy 2020, is driving formalization and growth.
Rising Demand for Sustainable Raw Materials
Growing demand for sustainable raw materials supports long-term opportunities in the recycling and resource recovery industry.
Government Incentives for Battery Recycling
₹1,500 Cr NCMM incentives are accelerating battery recycling infrastructure development in India.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily highlights annual results (FY25 vs FY26) and half-yearly comparisons, indicating that annual performance and sequential half-year trends are most relevant for assessing growth and operational efficiency in this industry.
Total Recycling Capacity
Enhanced recycling capacity to 82,000 MT per annum in FY26.
E-waste Recycling Capacity
Installed E-waste Recycling Capacity is 70,000 MTPA.
Battery Recycling Capacity
Installed Battery Recycling Capacity is 12,000+ MTPA.
E-waste Recycled (Cumulative)
Recycled over 86,730,220 Kgs of E-waste as of March 2026.
Optimistic Long-Term Outlook
Management is optimistic about long-term opportunities in recycling and resource recovery, supported by environmental awareness, regulatory support, and demand for sustainable raw materials.
Strategic Investments in Advanced Technologies
Company is making strategic investments in advanced recycling technologies, including a Hydrometallurgy Plant for critical mineral recovery.
Focus on Circular Economy
Committed to building a sustainable circular economy platform through responsible e-waste and battery management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Hydrometallurgy Plant Commissioning | Setting up Hydrometallurgy Plant for black mass processing. | Timely commissioning and ramp-up of critical mineral recovery operations. |
| Hyderabad E-waste Unit Operationalization | 25,000 MT e-waste unit in Hyderabad set to go live in Q2 FY 26-27. | Successful operationalization and contribution to overall processing volumes. |
| E-waste Collection Rate (India) | India's collection rate remains low at ~10-11%. | Acceleration of collection rates due to EPR-led formalization, impacting feedstock availability. |
| Formal vs Informal Recycling Shift | Formal sector contributes ~20% of e-waste recycling. | Transition of e-waste from informal to formal channels, improving recovery rates and market share. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 -2.5% / mo · MACD −
Technical chart
NAMOEWASTEdaily · 1Y · AUTO+61.7%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 105% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -29.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 71st percentile within IT. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 69.1%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 71st pctile, median 69 · SME: 90th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 21.3%.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 43.70
- P/B
- 6.08
- EV/EBITDA
- 25.20
- Market Cap
- 627.00Cr
Profitability
- ROE
- 15.00%
- ROCE
- 21.30%
- ROA
- 11.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.95%
- EPS 5Y
- 41.42%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 23.00×
- Altman Z
- 9.53
- Book Value
- 45.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 5.00 Cr
- EPS TTM
- 6.28
Shareholding
- Promoter Hold
- 69.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.