Namo eWaste Management Limited H1 FY26 Concall Decoded:EBITDA up 66%, margins expanding, and lithium batteries quietly stealing the spotlight

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1. Opening Hook

While most companies are still debating ESG buzzwords on LinkedIn, Namo eWaste is out there literally shredding laptops and cracking lithium batteries for profit. ♻️
H1 FY26 came with big claims—31% revenue growth, 66% EBITDA jump, and management confidently saying, “Margins will only improve from here.”

The lithium-ion battery plant at Nashik has just switched on, Hyderabad is under construction, and suddenly e-waste doesn’t sound boring anymore. Add black mass selling at ₹450 per kg and EBITDA margins nudging 15%, and investors started listening very carefully.

But behind the green narrative lies the real story—raw material scarcity, informal sector chaos, regulatory muscle-flexing, and a race to secure OEM tie-ups before competitors wake up.

Read on. The real metal extraction happens after the sustainability speech.

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2. At a Glance

• Revenue up 31%: Not bad for a business people still call “kabadiwala plus.”
• EBITDA up 66%: Scale finally showed up, and margins followed.
• Margin +272 bps: Logistics costs trimmed, efficiency unlocked.
• Positive operating cash flow: Adult supervision finally arrived.
• Lithium plant live: Batteries officially entered the chat.
• Hyderabad plant coming: South India logistics bill about to shrink.

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3. Management’s Key Commentary

“We achieved 66% EBITDA growth with margin expansion.”
(Translation: This time growth actually paid the bills.) 😏

“We are operating the Nashik lithium plant at ~60% utilization.”
(Translation: Raw material, not demand, is the real bottleneck.)

“Battery recycling margins are similar to e-waste, around 18–20%.”
(Translation: Green tech can actually make money.)

“We are not incurring ESG compliance costs; we generate ESG credits.”
(Translation: Others pay penalties, we invoice them.) 💸

“Black mass sells at ~₹450/kg versus ₹300/kg battery input.”
(Translation: Chemistry > charity.)

“We can grow 45–50% CAGR without major capex.”
(Translation: Capacity exists, sourcing is the headache.)

“Hydrometallurgy tech may need $2–4 million.”
(Translation: Rare metals are expensive to unlock.) 😬

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4. Numbers Decoded

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