1. At a Glance
Urban Enviro Waste Management Ltd is one of those rare Indian SME stocks where kachra uthana has turned into a respectable balance sheet profession. As of the latest data, the company sits at a market capitalisation of roughly ₹128 crore with the stock trading near ₹148, which is about as far away from its ₹348 high as Mumbai locals are from punctuality. Over the last three months, the stock has corrected around 8%, and over one year it is down more than 55%, proving once again that markets love drama even when earnings are behaving well.
Despite the price tantrum, the business numbers are flexing hard. FY25 trailing twelve-month sales stand at ₹156 crore, PAT at ₹11.7 crore, ROE at a jaw-dropping 38.3%, and ROCE at 28.1%. Debt-to-equity is 0.71, which is not angelic but also not a horror movie. The latest half-year numbers show sales of ₹86.7 crore and PAT of ₹9.09 crore, meaning half the year has already done nearly 80% of last year’s profits. Meanwhile, order inflows between October 2024 and March 2025 alone total ₹95.16 crore, adding annual revenue visibility of ₹85.74 crore.
So here we have a small-cap waste management player, sitting in the unglamorous utilities corner, quietly compounding while the stock price sulks. Curious already, or still judging it by the smell?
2. Introduction
Urban Enviro Waste Management Ltd is the kind of company your stock market WhatsApp group ignores because it doesn’t build apps, EVs, or AI-powered dog collars. Instead, it does the dirty work—literally. Founded in 2011, the company focuses on municipal solid waste management, which includes collecting garbage, transporting it, processing it, sweeping roads, supplying manpower, and occasionally doing bio-mining to clean up legacy dumps.
In India, waste management is not a sunrise sector; it’s a never-sleeps sector. People generate garbage with Olympic-level consistency, municipalities outsource it because they can’t handle it efficiently, and companies like Urban Enviro step in with trucks, labour, and contracts that pay monthly. This is not a one-time sale business; it’s a subscription model disguised as civic duty.
Between FY22 and FY24, the company scaled operations aggressively. Waste handling capacity doubled from 1,000 TPD to 2,000 TPD, fleet size jumped from 199 vehicles to 529, and revenue grew more than five times. At the same time, the business mix shifted from low-margin transport-heavy work to higher-value door-to-door collection and processing.
Yet, despite solid growth, Urban Enviro remains a classic SME market paradox: fundamentals improving, stock price throwing a mood swing. Is the market missing something, or is it just
being its usual emotionally unavailable self?
3. Business Model – WTF Do They Even Do?
Urban Enviro’s business model is simple enough to explain to a sleepy investor at 11 pm: municipalities pay them to keep cities from drowning in their own trash.
The company offers six broad services. The largest chunk comes from door-to-door garbage collection, which now contributes 57% of FY24 revenue compared to just 10% in FY22. This is the premium segment—daily collection from households, recurring payments, predictable cash flows, and better margins. Then comes collection and transportation, now down to 24% of revenue from 62% two years ago, showing a conscious move away from pure logistics grunt work.
Supplying manpower contributes 9%, garbage processing 7%, cleaning and sweeping 3%, and bio-mining sits quietly as a niche environmental service. This evolution matters because transport-only contracts are capital-heavy and margin-thin, while door-to-door collection and processing bring stickier revenues.
Geographically, the company is no longer married to one state. Chhattisgarh now contributes 42% of revenue, Rajasthan 27%, Gujarat 18%, and Maharashtra 13%. Maharashtra also hosts 10 ongoing projects, making it a strategic growth zone.
Urban Enviro serves over 6.3 lakh households daily using 529 vehicles, including electric vehicles, tractors, compactors, and excavators. This is not a PowerPoint business; it’s boots-on-the-ground, diesel-in-the-tank execution.
So the real question is not what do they do, but how boringly consistent can this business remain while scaling further?
4. Financials Overview
Result Type Lock: The latest official heading clearly states Half Yearly Results, so EPS annualisation is locked accordingly.
Half-Yearly Performance Comparison (₹ in Crores)
| Metric | Latest H1 FY26 | H1 FY25 | Previous H2 FY25 | YoY % | HoH % |
|---|---|---|---|---|---|
| Revenue | 86.7 | 72.0 | 69.0 | 20.5% | 25.7% |
| EBITDA | 16.1 | 15.0 | 10.0 | 7.3% | 61.0% |
| PAT | 9.09 | 7.63 | 3.04 | 19.1% | 199.0% |
| EPS (₹) | 10.50 | 8.77 | 3.04 | 19.7% | 245.0% |
Annualised EPS (Half-Yearly) = ₹10.50 × 2 =
