📌 At a Glance
Namo eWaste Management Ltd (NAMOEWASTE) has reported a clean sweep for FY25 with:
- Revenue up 50% YoY to ₹151.18 Cr
- PAT up 25% to ₹8.46 Cr
- EBITDA at ₹14.76 Cr (29% YoY jump)
- Massive capacity expansion from 30,500 MTPA to 68,000 MTPA underway
They’re building two major plants — a lithium-ion battery recycling unit in Nashik (12,240 MTPA) and an e-waste mega plant in Hyderabad (25,000 MTPA) — set to launch by FY26. And with India mandating 60% recycling compliance in FY25, increasing to 70% in FY26, Namo isn’t riding a wave — it’s building the ocean.
But then comes today’s news…
📉 Stock crashed 11.68% to ₹154.20 — its worst single-day fall since listing.
🧼 About the Company
- Name: Namo eWaste Management Ltd
- CIN: L31102RJ2009PLC030434
- Listed On: NSE Emerge (September 2024)
- HQ: Jaipur + upcoming units in Nashik & Hyderabad
- Core Business: Recovery of precious metals from e-waste, sustainable waste management
- Specialties: Zero-waste tech, women-led workforce, B2B collection networks
- IPO Sentiment: Average post-listing price: ₹187
🧑💼 Management Commentary
Akshay Jain, MD, summed it up:
“FY25 was a landmark year… We scaled capacity, locked in strong order books, increased our equity base, and cemented our role as the largest formal e-waste recycler in India.”
He’s not wrong. While others are still writing ESG mission statements, Namo is installing recycling lines and scooping up lithium. 🚮⚡
📊 FY25 Financial Summary
| Metric | FY25 (₹ Cr) | FY24 (₹ Cr) | YoY Change |
|---|---|---|---|
| Total Revenue | 151.18 | 101.08 | +50.0% |
| EBITDA | 14.76 | 11.48 | +29.0% |
| Net Profit (PAT) | 8.46 | 6.79 | +24.6% |
| EPS (₹) | 7.80 | 5.21 | +49.7% |
💡 The company is still operating at sub-10% margins, but EBITDA and PAT growth are tightly correlated — showing operational discipline and reinvestment efficiency.
🏭 Expansion Update — FY26 Game Plan
| Project | Location | Capacity (MTPA) | Expected Start |
|---|---|---|---|
| Battery Recycling Plant | Nashik | 12,240 | June 2025 |
| E-Waste Mega Plant | Hyderabad | 25,000 | Dec 2025 |
| Current Total Capacity | Pan India | 30,500 | — |
| Planned Total (FY26) | Pan India | 68,000 | Q3 FY26 |
🚨 This is a 2.2x capacity jump — no greenwashing, just green execution.
💸 Capital & Order Book Strength
- Post-IPO, company raised fresh equity, strengthened balance sheet
- Continues to maintain 60%+ women-led workforce
- Target CAGR for next 3 years: 45–50%
🔥 Translation: If you’re looking for a real ESG stock and not an Excel sheet full of buzzwords, this is it.
🌍 Industry Tailwinds
- India mandated 60% recycling compliance in FY25, moving to 70% in FY26
- Huge OEM & producer partnerships flowing to formal recyclers
- Battery waste (especially Li-ion) = next big thing (EVs, phones, laptops)
Namo is strategically positioned — like being the only Uber driver near an airport during surge pricing.
🧠 EduInvesting Take
Why the crash today? -11.68%?
Possibilities:
- Profit booking — stock was up 35% over last 3 months
- Broad SME sentiment dip
- Short-term worry on capex timelines
- Low float / speculative trigger
But from a long-term fundamentals perspective, here’s what we see:
- 🚀 Strong revenue momentum
- 🏗️ Real, funded, location-locked capex
- 📄 Regulatory moat via compliance mandates
- ♻️ Backed by actual recycling facilities, not dreams
- 👩🔧 60% workforce = women (a first in metals/waste mgmt)
🧮 Forward-Looking Fair Value Estimate
Let’s play the FV game:
- FY25 EPS = ₹7.80
- Assuming 40% CAGR in profit → FY28 EPS = ₹21.30
- Sector average P/E for ESG + recycling = ~25x
🎯 FV = ₹21.30 × 25 = ₹532.50
💸 CMP = ₹154.20
📈 Potential Upside = 245% over 3 years
🧾 Disclaimer: Not investment advice. Just showing you the math.
⚠️ Risks & Red Flags
- Plant delays could defer capacity ramp-up
- Raw material sourcing + compliance enforcement may tighten margins
- Regulatory reliance — any rollback in mandates = risk
- Low liquidity due to SME listing platform
🎯 Final Word
Namo eWaste isn’t just another green company. It’s a revenue-generating, government-aligned, capex-executing recycling machine.
The 11.68% correction today?
Short-term volatility.
Long-term story? Still intact.
And growing.
Author: Prashant Marathe
Date: 29 May 2025
Tags: Namo eWaste, NAMOEWASTE, FY25 Results, E-Waste India, Battery Recycling India, Nashik Plant, Hyderabad Plant, ESG Stocks, IPO 2024, EduInvesting
