Namo eWaste Management Ltd Q2 FY26 – India’s Tech Trash King Turns Goldsmith with 94% Profit Surge, Lithium-Ion Battery Dreams

1.At a Glance

Namo eWaste Management Ltd has become the face of India’s circular economy — and perhaps the nightmare of every hoarder still clinging to their old Nokia 1100. Founded in 2014, this Faridabad-based recycler is now worth₹423 crore, trading at₹185 per share, and rocking aP/E of 41.9x, proving that even garbage can be glam. InH1 FY26, the company reported a31% YoY revenue growthand a94% jump in profit before tax, thanks to its shiny new12,400 MTPA lithium-ion recycling plant in Nashik, operational since July 2025.

ItsPAT for H1 FY26clocked in at₹6.99 croreon₹87.3 crore sales, up30.9% YoY, with anEBITDA surge of 66%. Meanwhile, management is teasing the next big move: a25,000 MTPA Hyderabad plantready byH2 FY26, expanding total recycling capacity to68,000 MTPA— because why stop at cleaning India when you can also recycle Tesla dreams?

And here’s the kicker: all this growth comes with almostno debt (Debt/Equity 0.06),ROCE of 19.1%, andROE of 13.8%. A small-cap stock, yes, but one that’s chewing on discarded laptops and spitting out margin expansion like a veteran industrialist.

2.Introduction – Turning Junk into Juggernaut

Remember when throwing away an old mobile meant stuffing it into that mysterious “electronics drawer” that never opens again? Namo eWaste decided to make a business out of it. Founded in 2014, the company jumped into e-waste management long before sustainability became a LinkedIn flex. Today, as India drowns under millions of discarded gadgets, Namo stands tall with a recycling empire spread across335,145 sq. ft., three operational facilities, and two more in the pipeline.

Fromreverse logisticstodata destructionandIT asset disposal, Namo’s business model is basically a 360° detox plan for our gadget addiction. ItsISO-certifiedoperations handle everything — air conditioners, laptops, washing machines, phones, and more. Think of it as the “Sarv Shuddhikaran Yojana” of your electronic sins.

The company also managesExtended Producer Responsibility (EPR)compliance for big tech producers, ensuring that manufacturers don’t just make gadgets, but also clean up after them — like the responsible adults they pretend to be. With clients across30+ states, collection centres in 26 cities, and a rapidly scaling capacity, Namo eWaste is turning India’s digital dumpyard into a goldmine of opportunity.

And yes, they just pulled off an IPO of₹51 crore— fully subscribed, cleanly executed, and verified by auditors who found zero deviations. Not bad for a team of just48 employees(proof that you can run a ₹400 crore company with fewer people than a typical WhatsApp family group).

3.Business Model – WTF Do They Even Do?

At its core, Namo eWaste is India’s organized face of an otherwise chaotic e-waste recycling sector. While informal kabadiwalas dominate the streets, Namo has built anindustrial-scale recycling systemcompliant with theE-Waste (Management) Rules, 2022.

Here’s the breakdown (and the roast):

• EPR Compliance Services:Big brands don’t want to deal with the messy part of waste collection — so Namo does it for them. They handle documentation, reporting, collection drives, and audits. In short, they’re the environmental wingman for every laptop maker trying to look woke.
• EEE Recycling:Their plants inFaridabad (5,200 MTPA),Palwal (16,000 MTPA), andNashik (9,300 MTPA)process everything from microwaves to MacBooks. Total capacity:30,500 MTPA.
• Reverse Logistics:Trucks full of broken electronics travel across India, all to end up in Namo’s eco-friendly shredders. Somewhere, Greta Thunberg just smiled.
• Data Destruction & ITAD:For corporates terrified of data leaks, Namo offers shredding, degaussing, and software destruction. Think of it as therapy for old servers.
• Refurbishment:Old gadgets get a second life after a spa day