1. At a Glance – Kachra Se Paisa, waaah!
Resgen Ltd is that rare Indian SME where plastic waste goes in, oil comes out, and shareholders argue whether this is genius or jugaad at an industrial scale. As of mid-December 2025, the company sits at a market cap of roughly ₹149 crore with a stock price hovering around ₹71. In the last three months, the stock has corrected sharply (down over 20%), behaving like plastic under heat — first rigid, then suddenly soft. Despite the price drama, the business numbers look far more disciplined than the stock chart. Latest half-year (H1 FY26) sales stand at ₹37.9 crore with a net profit of ₹4.03 crore, operating margins still in double digits, ROCE close to 20%, and zero debt on the books. Yes, zero. In a capital-intensive recycling business. Let that sink in.
Promoters control about 66.8% of the company, no pledging, no fancy dividend stories, and no sugarcoating either. This is a company that went from being called Ecojanitors to Resgen — a glow-up worthy of a LinkedIn influencer — and decided to make money by turning plastic trash into pyrolysis oil, carbon, and gas substitutes. The numbers say the factory is working. The market says, “Hmm, not sure yet.” And that tension is exactly why this stock is interesting enough to deserve a full-length forensic roast.
2. Introduction – The Curious Case of Plastic That Refused to Die
Plastic is supposed to be immortal. Resgen decided to take that personally.
Incorporated in 2018, Resgen Ltd entered one of the messiest, most politically-correct, ESG-heavy businesses imaginable: chemical recycling of plastic waste. While everyone else was busy making PPTs about sustainability, Resgen quietly built a plant in Vikramgad, Palghar, and started converting waste plastic into pyrolysis oil — branded as PlasEco — along with carbon and gas by-products.
Now here’s the fun part. This is not your NGO-style “save the turtles” operation. This is hardcore industrial chemistry where plastic waste is heated in the absence of oxygen and cracked into fuel-like products that can substitute furnace oil, diesel feedstock, coal, and even LPG. If that sounds complicated, relax — even regulators take time to understand it.
The company came to the SME platform in March 2023, raised capital, issued bonuses like Diwali sweets, converted loans into equity, changed auditors, changed its name, and still managed to grow revenues at a scorching pace. From virtually nothing in FY22 to ₹77.3 crore in TTM sales, Resgen’s top line trajectory looks like a startup founder’s caffeine intake chart.
But before we get carried away, let’s slow down. Recycling businesses are notorious for volatile margins, working capital chaos, and governance potholes. So the real question is not “Is plastic-to-fuel cool?” but “Is Resgen actually pulling this off sustainably, or is this just hot air — literally?”
Ready to dig? Or are you already feeling recycled optimism?
3. Business Model – WTF Do They Even Do?
Imagine a giant pressure cooker. Now imagine stuffing it with plastic waste instead of rajma. Heat it up without oxygen. What you
get is pyrolysis — the chemical backbone of Resgen’s business.
Resgen manufactures a product called PlasEco, which is essentially pyrolysis oil derived from waste plastics. This oil can directly replace furnace oil in boilers, be refined further into diesel, or be used as feedstock to produce virgin polymers. In simple terms: garbage goes in, industrial fuel comes out.
But wait, there’s more — because Indian companies never stop at one revenue stream. Along with pyrolysis oil, the process generates carbon (used as a substitute for coal) and gas (which can replace LPG). So Resgen squeezes value out of every molecule of plastic it touches. Very desi. Very efficient.
The company uses a patented catalytic process, which improves efficiency, safety, and scalability. Translation: fewer explosions, better yields, and easier expansion — three things you definitely want when you’re heating plastic at insane temperatures.
As of December 2022, the Vikramgad plant had an installed capacity of 6,272 MT per annum with utilisation at around 75%. That tells us two things:
- The plant is not idle, and
- There is room to grow without immediate capex panic.
Revenue-wise, about 95% comes from the sale of pyrolysis oil, with valves and other items contributing the remaining 5% in FY23. No complicated segment reporting, no “other income magic,” just plain industrial output.
So yes, this is a real business. Dirty, chemical, unsexy — but very tangible. The question is: can they keep margins, scale responsibly, and avoid becoming a compliance nightmare? What do you think — innovation hero or future NGT headache?
4. Financials Overview – Numbers That Actually Behave
Result Type Lock
The latest official announcement clearly states “Half Yearly Results” for the period ended 30 September 2025.
👉 Result type locked as HALF-YEARLY RESULTS.
👉 Annualised EPS = Latest EPS × 2.
Financial Comparison Table (₹ crore)
| Metric | Latest H1 FY26 | H1 FY25 (YoY) | H2 FY25 (QoQ proxy*) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 37.87 | 25.69 | 39.47 | 47.4% | -4.1% |
| EBITDA | 6.79 | 7.29 | 8.09 | -6.9% | -16.1% |
| PAT | 4.03 | 3.84 | 4.14 | 4.95% | -2.7% |
| EPS (₹) | 1.92 | 1.83 | 1.97 | 4.9% | -2.5% |
*Note: QoQ comparison uses immediately preceding half-year numbers for directional understanding.
Annualised EPS (H1
