# Recycling — company-by-company sector analysis

> Recycling: Jain Resource Recycling Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 7 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Jain Resource Recycling Ltd leads with revenue of ₹9,543 crore, based on 8 of 9 comparable companies through Mar 2026. Jain Resource Recycling Ltd has the fastest current revenue growth at 48.4%, across 8 of 9 comparable companies.

### Is the Recycling sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 7 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Recycling company is largest by revenue?

Jain Resource Recycling Ltd leads with revenue of ₹9,543 crore, based on 8 of 9 comparable companies through Mar 2026.

### Which Recycling company is growing fastest?

Jain Resource Recycling Ltd has the fastest current revenue growth at 48.4%, across 8 of 9 comparable companies.

### Which Recycling company has the strongest 4-Factor Sector Score?

Bhagyanagar India Ltd ranks first at 75.1/100 with 80% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Recycling company has the least gross debt?

Namo eWaste Management Ltd has the lowest comparable gross debt at ₹3 crore. Jain Resource Recycling Ltd has the highest at ₹1,276 crore.

### Which Recycling company has the lowest comparable PEG?

Ganesha Ecosphere Ltd has the lowest comparable Guarded PEG at 0.43, among 4 of 9 companies that pass the metric’s comparability rules.

### How much history does this Recycling comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Recycling against NIFTY 500 is not available from the current market series. 7 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Bhagyanagar India Ltd is the strongest against the sector itself at +85.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 7/8
Stocks leading sector: 3/8

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 9
Combined market value: ₹36.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Bhagyanagar India Ltd (BHAGYANGR): 75/100 — Favorable setup; evidence 80%
   - Growth & earnings 32.1/35 | Capital efficiency 12.2/25 | Valuation 10.8/20 | Relative strength 20.0/20
   - Exact sum: 32.1 + 12.2 + 10.8 + 20 = 75.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Pondy Oxides & Chemicals Ltd (POCL): 66/100 — Favorable setup; evidence 100%
   - Growth & earnings 29.4/35 | Capital efficiency 15.3/25 | Valuation 15.7/20 | Relative strength 5.7/20
   - Exact sum: 29.4 + 15.3 + 15.7 + 5.7 = 66.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.6% and the one-year return is 37.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. NILE Ltd (NILE): 65/100 — Favorable setup; evidence 81%
   - Growth & earnings 23.2/35 | Capital efficiency 18.4/25 | Valuation 11.0/20 | Relative strength 12.4/20
   - Exact sum: 23.2 + 18.4 + 11 + 12.4 = 65
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Namo eWaste Management Ltd (NAMOEWASTE): 64/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.1/35 | Capital efficiency 16.9/25 | Valuation 8.9/20 | Relative strength 17.7/20
   - Exact sum: 20.1 + 16.9 + 8.9 + 17.7 = 63.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Gravita India Ltd (GRAVITA): 51/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 19.2/35 | Capital efficiency 10.8/25 | Valuation 11.1/20 | Relative strength 9.8/20
   - Exact sum: 19.2 + 10.8 + 11.1 + 9.8 = 50.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Jain Resource Recycling Ltd (JAINREC): 47/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 18.0/35 | Capital efficiency 13.6/25 | Valuation 5.0/20 | Relative strength 10.0/20
   - Exact sum: 18 + 13.6 + 5 + 10 = 46.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Eco Recycling Ltd (530643): 44/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 6.6/35 | Capital efficiency 19.7/25 | Valuation 9.8/20 | Relative strength 7.4/20
   - Exact sum: 6.6 + 19.7 + 9.8 + 7.4 = 43.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Antony Waste Handling Cell Ltd (AWHCL): 42/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 12.2/35 | Capital efficiency 12.4/25 | Valuation 13.8/20 | Relative strength 3.8/20
   - Exact sum: 12.2 + 12.4 + 13.8 + 3.8 = 42.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9. Ganesha Ecosphere Ltd (GANECOS): 28/100 — Adverse evidence; evidence 94%
   - Growth & earnings 2.4/35 | Capital efficiency 8.4/25 | Valuation 10.2/20 | Relative strength 7.1/20
   - Exact sum: 2.4 + 8.4 + 10.2 + 7.1 = 28.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Jain Resource Recycling Ltd is the scale leader at ₹9,543 crore, 123.7% ahead of Gravita India Ltd. Jain Resource Recycling Ltd's growth is 48.4% from a ₹9,543 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Jain Resource Recycling Ltd is the scale benchmark; Jain Resource Recycling Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Jain Resource Recycling Ltd's growth falls below Jain Resource Recycling Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Jain Resource Recycling Ltd · ₹9,543 crore | 123.7% versus #2 · Gravita India Ltd | 4/4 recent comparable periods | 8/9 companies · 130 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Jain Resource Recycling Ltd (JAINREC): ₹9.5K Cr
2. Gravita India Ltd (GRAVITA): ₹4.3K Cr
3. Pondy Oxides & Chemicals Ltd (POCL): ₹3.0K Cr
4. Bhagyanagar India Ltd (BHAGYANGR): ₹2.4K Cr
5. Ganesha Ecosphere Ltd (GANECOS): ₹1.5K Cr

### Revenue growth — fastest growers
1. Jain Resource Recycling Ltd (JAINREC): 48%
2. Bhagyanagar India Ltd (BHAGYANGR): 46%
3. Pondy Oxides & Chemicals Ltd (POCL): 44%
4. NILE Ltd (NILE): 13%
5. Antony Waste Handling Cell Ltd (AWHCL): 13%

### 20-quarter Revenue history
- 530643: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹19 Cr
- GRAVITA: Jun 2021 ₹446 Cr | Sep 2021 ₹546 Cr | Dec 2021 ₹557 Cr | Mar 2022 ₹666 Cr | Jun 2022 ₹580 Cr | Sep 2022 ₹683 Cr | Dec 2022 ₹789 Cr | Mar 2023 ₹749 Cr | Jun 2023 ₹703 Cr | Sep 2023 ₹836 Cr | Dec 2023 ₹758 Cr | Mar 2024 ₹863 Cr | Jun 2024 ₹908 Cr | Sep 2024 ₹927 Cr | Dec 2024 ₹996 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.1K Cr
- POCL: Jun 2021 ₹244 Cr | Sep 2021 ₹400 Cr | Dec 2021 ₹414 Cr | Mar 2022 ₹397 Cr | Jun 2022 ₹364 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹374 Cr | Mar 2023 ₹437 Cr | Jun 2023 ₹325 Cr | Sep 2023 ₹397 Cr | Dec 2023 ₹457 Cr | Mar 2024 ₹363 Cr | Jun 2024 ₹445 Cr | Sep 2024 ₹579 Cr | Dec 2024 ₹509 Cr | Mar 2025 ₹524 Cr | Jun 2025 ₹603 Cr | Sep 2025 ₹640 Cr | Dec 2025 ₹780 Cr | Mar 2026 ₹935 Cr
- GANECOS: Jun 2021 ₹198 Cr | Sep 2021 ₹248 Cr | Dec 2021 ₹288 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹293 Cr | Sep 2022 ₹313 Cr | Dec 2022 ₹273 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹254 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹285 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹337 Cr | Sep 2024 ₹387 Cr | Dec 2024 ₹398 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹337 Cr | Sep 2025 ₹363 Cr | Dec 2025 ₹357 Cr | Mar 2026 ₹424 Cr
- BHAGYANGR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹430 Cr | Mar 2023 ₹663 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹335 Cr | Mar 2024 ₹409 Cr | Jun 2024 ₹369 Cr | Sep 2024 ₹408 Cr | Dec 2024 ₹394 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹577 Cr | Mar 2026 ₹735 Cr
- AWHCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹218 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹210 Cr | Jun 2024 ₹227 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹243 Cr | Mar 2025 ₹243 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹286 Cr
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹36 Cr | Dec 2023 — | Mar 2024 ₹65 Cr | Jun 2024 — | Sep 2024 ₹67 Cr | Dec 2024 — | Mar 2025 ₹83 Cr | Jun 2025 — | Sep 2025 ₹87 Cr | Dec 2025 — | Mar 2026 ₹107 Cr
- NILE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹216 Cr | Mar 2023 ₹217 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹251 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹252 Cr | Dec 2024 ₹233 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹291 Cr | Mar 2026 ₹230 Cr

### 20-quarter Revenue growth history
- 530643: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 104% | Mar 2024 63% | Jun 2024 112% | Sep 2024 81% | Dec 2024 33% | Mar 2025 21% | Jun 2025 -19% | Sep 2025 12% | Dec 2025 -40% | Mar 2026 90%
- GRAVITA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 25% | Dec 2022 42% | Mar 2023 12% | Jun 2023 21% | Sep 2023 22% | Dec 2023 -3.9% | Mar 2024 15% | Jun 2024 29% | Sep 2024 11% | Dec 2024 31% | Mar 2025 20% | Jun 2025 15% | Sep 2025 12% | Dec 2025 2.1% | Mar 2026 13%
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 3.5% | Sep 2025 52% | Dec 2025 56% | Mar 2026 76%
- POCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 -25% | Dec 2022 -9.7% | Mar 2023 10% | Jun 2023 -11% | Sep 2023 32% | Dec 2023 22% | Mar 2024 -17% | Jun 2024 37% | Sep 2024 46% | Dec 2024 11% | Mar 2025 44% | Jun 2025 36% | Sep 2025 11% | Dec 2025 53% | Mar 2026 78%
- GANECOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 26% | Dec 2022 -5.4% | Mar 2023 5.2% | Jun 2023 -13% | Sep 2023 -11% | Dec 2023 4.6% | Mar 2024 1.3% | Jun 2024 33% | Sep 2024 39% | Dec 2024 40% | Mar 2025 12% | Jun 2025 0.0% | Sep 2025 -6.2% | Dec 2025 -10% | Mar 2026 23%
- BHAGYANGR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -38% | Jun 2024 6.7% | Sep 2024 20% | Dec 2024 18% | Mar 2025 11% | Jun 2025 32% | Sep 2025 42% | Dec 2025 46% | Mar 2026 62%
- AWHCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -0.5% | Mar 2024 4.0% | Jun 2024 2.3% | Sep 2024 -1.3% | Dec 2024 12% | Mar 2025 16% | Jun 2025 8.8% | Sep 2025 17% | Dec 2025 7.8% | Mar 2026 18%
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 86% | Dec 2024 — | Mar 2025 28% | Jun 2025 — | Sep 2025 30% | Dec 2025 — | Mar 2026 29%
- NILE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17% | Mar 2024 -20% | Jun 2024 52% | Sep 2024 0.4% | Dec 2024 -7.5% | Mar 2025 9.2% | Jun 2025 0.0% | Sep 2025 8.7% | Dec 2025 25% | Mar 2026 21%

## Operating Economics & Margin Trend

What the numbers say: Eco Recycling Ltd leads opm at 69.5%; Bhagyanagar India Ltd leads margin change at +3 percentage points.

Investor read: Eco Recycling Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Eco Recycling Ltd · 69.5% | 247.5% versus #2 · Antony Waste Handling Cell Ltd | 3/8 recent comparable periods | 9/9 companies · 154 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Eco Recycling Ltd (530643): 70%
2. Antony Waste Handling Cell Ltd (AWHCL): 20%
3. Ganesha Ecosphere Ltd (GANECOS): 12%
4. Namo eWaste Management Ltd (NAMOEWASTE): 11%
5. Gravita India Ltd (GRAVITA): 10%

### Margin change — fastest expanders
1. Bhagyanagar India Ltd (BHAGYANGR): +3.0 pp
2. Namo eWaste Management Ltd (NAMOEWASTE): +3.0 pp
3. Gravita India Ltd (GRAVITA): +1.0 pp
4. Pondy Oxides & Chemicals Ltd (POCL): +1.0 pp
5. Antony Waste Handling Cell Ltd (AWHCL): −1.0 pp

### 20-quarter OPM history
- 530643: Jun 2021 43% | Sep 2021 25% | Dec 2021 -41% | Mar 2022 24% | Jun 2022 66% | Sep 2022 44% | Dec 2022 46% | Mar 2023 -60% | Jun 2023 60% | Sep 2023 60% | Dec 2023 70% | Mar 2024 46% | Jun 2024 72% | Sep 2024 72% | Dec 2024 67% | Mar 2025 71% | Jun 2025 55% | Sep 2025 50% | Dec 2025 60% | Mar 2026 69%
- GRAVITA: Jun 2021 8.4% | Sep 2021 9.2% | Dec 2021 9.7% | Mar 2022 10% | Jun 2022 2.7% | Sep 2022 8.6% | Dec 2022 10% | Mar 2023 8.0% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 7.0% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 10% | Dec 2025 12% | Mar 2026 10%
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 7.0% | Mar 2026 4.0%
- POCL: Jun 2021 6.0% | Sep 2021 6.2% | Dec 2021 5.8% | Mar 2022 3.6% | Jun 2022 4.9% | Sep 2022 5.8% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 4.0% | Sep 2023 4.0% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 5.0% | Jun 2025 7.0% | Sep 2025 8.0% | Dec 2025 7.0% | Mar 2026 6.0%
- GANECOS: Jun 2021 11% | Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 9.2% | Sep 2022 11% | Dec 2022 12% | Mar 2023 11% | Jun 2023 10% | Sep 2023 9.0% | Dec 2023 14% | Mar 2024 15% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 15% | Jun 2025 11% | Sep 2025 6.0% | Dec 2025 9.0% | Mar 2026 12%
- BHAGYANGR: Jun 2021 2.3% | Sep 2021 2.3% | Dec 2021 1.7% | Mar 2022 1.6% | Jun 2022 1.4% | Sep 2022 1.6% | Dec 2022 2.0% | Mar 2023 2.0% | Jun 2023 2.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 3.0% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 4.0% | Dec 2025 5.0% | Mar 2026 5.0%
- AWHCL: Jun 2021 26% | Sep 2021 24% | Dec 2021 20% | Mar 2022 22% | Jun 2022 19% | Sep 2022 21% | Dec 2022 14% | Mar 2023 16% | Jun 2023 21% | Sep 2023 23% | Dec 2023 20% | Mar 2024 17% | Jun 2024 22% | Sep 2024 19% | Dec 2024 21% | Mar 2025 21% | Jun 2025 22% | Sep 2025 20% | Dec 2025 16% | Mar 2026 20%
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 13% | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 10% | Dec 2024 — | Mar 2025 8.0% | Jun 2025 — | Sep 2025 12% | Dec 2025 — | Mar 2026 11%
- NILE: Jun 2021 6.2% | Sep 2021 6.2% | Dec 2021 5.1% | Mar 2022 5.3% | Jun 2022 6.1% | Sep 2022 2.2% | Dec 2022 4.0% | Mar 2023 6.0% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 7.0% | Mar 2024 5.0% | Jun 2024 5.0% | Sep 2024 5.0% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 9.0% | Sep 2025 6.0% | Dec 2025 7.0% | Mar 2026 7.0%

### 20-quarter Margin change history
- 530643: Jun 2021 +139.6 pp | Sep 2021 +20.0 pp | Dec 2021 −57.6 pp | Mar 2022 +11.4 pp | Jun 2022 +23.2 pp | Sep 2022 +19.2 pp | Dec 2022 +87.2 pp | Mar 2023 −84.0 pp | Jun 2023 −5.3 pp | Sep 2023 +16.4 pp | Dec 2023 +23.7 pp | Mar 2024 +106.1 pp | Jun 2024 +11.4 pp | Sep 2024 +11.4 pp | Dec 2024 −3.4 pp | Mar 2025 +25.5 pp | Jun 2025 −17.1 pp | Sep 2025 −21.7 pp | Dec 2025 −7.2 pp | Mar 2026 −1.8 pp
- GRAVITA: Jun 2021 +3.5 pp | Sep 2021 +2.0 pp | Dec 2021 +0.9 pp | Mar 2022 +0.8 pp | Jun 2022 −5.6 pp | Sep 2022 −0.6 pp | Dec 2022 +0.4 pp | Mar 2023 −2.5 pp | Jun 2023 +5.3 pp | Sep 2023 +0.4 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 +1.0 pp
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp
- POCL: Jun 2021 +2.8 pp | Sep 2021 +4.5 pp | Dec 2021 +3.2 pp | Mar 2022 +1.4 pp | Jun 2022 −1.1 pp | Sep 2022 −0.3 pp | Dec 2022 −0.8 pp | Mar 2023 +1.4 pp | Jun 2023 −0.9 pp | Sep 2023 −1.8 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp
- GANECOS: Jun 2021 +16.4 pp | Sep 2021 −0.7 pp | Dec 2021 −2.7 pp | Mar 2022 −1.9 pp | Jun 2022 −2.3 pp | Sep 2022 +0.3 pp | Dec 2022 +0.9 pp | Mar 2023 −0.4 pp | Jun 2023 +0.8 pp | Sep 2023 −2.2 pp | Dec 2023 +2.2 pp | Mar 2024 +4.0 pp | Jun 2024 +4.0 pp | Sep 2024 +5.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −8.0 pp | Dec 2025 −5.0 pp | Mar 2026 −3.0 pp
- BHAGYANGR: Jun 2021 −1.3 pp | Sep 2021 −0.2 pp | Dec 2021 −0.2 pp | Mar 2022 −0.6 pp | Jun 2022 −0.9 pp | Sep 2022 −0.7 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 +0.6 pp | Sep 2023 +0.4 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp
- AWHCL: Jun 2021 +0.6 pp | Sep 2021 −0.5 pp | Dec 2021 −6.7 pp | Mar 2022 −0.3 pp | Jun 2022 −7.0 pp | Sep 2022 −3.9 pp | Dec 2022 −5.7 pp | Mar 2023 −6.1 pp | Jun 2023 +2.3 pp | Sep 2023 +2.5 pp | Dec 2023 +6.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −4.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 −5.0 pp | Mar 2026 −1.0 pp
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 — | Sep 2025 +2.0 pp | Dec 2025 — | Mar 2026 +3.0 pp
- NILE: Jun 2021 +5.8 pp | Sep 2021 +3.0 pp | Dec 2021 −1.7 pp | Mar 2022 −0.5 pp | Jun 2022 −0.1 pp | Sep 2022 −4.0 pp | Dec 2022 −1.1 pp | Mar 2023 +0.7 pp | Jun 2023 −1.1 pp | Sep 2023 +2.8 pp | Dec 2023 +3.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp

## Profit Scale & Acceleration

What the numbers say: Gravita India Ltd leads with ₹378 crore of TTM profit, 8.6% above Jain Resource Recycling Ltd. Bhagyanagar India Ltd shows ≥100% on the scoring scale (233.3% uncapped) growth from a ₹50 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Gravita India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Gravita India Ltd · ₹378 crore | 8.6% versus #2 · Jain Resource Recycling Ltd | 7/8 recent comparable periods | 8/9 companies · 130 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Gravita India Ltd (GRAVITA): ₹378 Cr
2. Jain Resource Recycling Ltd (JAINREC): ₹348 Cr
3. Pondy Oxides & Chemicals Ltd (POCL): ₹132 Cr
4. Antony Waste Handling Cell Ltd (AWHCL): ₹92 Cr
5. NILE Ltd (NILE): ₹56 Cr

### Profit growth — fastest growers
1. Bhagyanagar India Ltd (BHAGYANGR): 100%
2. Pondy Oxides & Chemicals Ltd (POCL): 100%
3. NILE Ltd (NILE): 56%
4. Jain Resource Recycling Ltd (JAINREC): 55%
5. Gravita India Ltd (GRAVITA): 21%

### 20-quarter Net profit history
- 530643: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹7 Cr
- GRAVITA: Jun 2021 ₹22 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹92 Cr
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹60 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹66 Cr
- POCL: Jun 2021 ₹9 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹38 Cr
- GANECOS: Jun 2021 ₹-13 Cr | Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹23 Cr
- BHAGYANGR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹18 Cr
- AWHCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹37 Cr
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹7 Cr
- NILE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr

### 20-quarter Profit growth history
- 530643: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 50% | Mar 2024 — | Jun 2024 73% | Sep 2024 34% | Dec 2024 -17% | Mar 2025 33% | Jun 2025 -0.7% | Sep 2025 -32% | Dec 2025 -57% | Mar 2026 225%
- GRAVITA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 95% | Sep 2022 22% | Dec 2022 28% | Mar 2023 56% | Jun 2023 23% | Sep 2023 31% | Dec 2023 22% | Mar 2024 7.8% | Jun 2024 28% | Sep 2024 22% | Dec 2024 28% | Mar 2025 38% | Jun 2025 37% | Sep 2025 33% | Dec 2025 24% | Mar 2026 -3.2%
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -5.0% | Sep 2025 87% | Dec 2025 114% | Mar 2026 25%
- POCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 -20% | Dec 2022 -21% | Mar 2023 273% | Jun 2023 -67% | Sep 2023 -50% | Dec 2023 -9.1% | Mar 2024 -71% | Jun 2024 225% | Sep 2024 150% | Dec 2024 30% | Mar 2025 42% | Jun 2025 92% | Sep 2025 127% | Dec 2025 169% | Mar 2026 124%
- GANECOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 32% | Mar 2023 -66% | Jun 2023 -77% | Sep 2023 -85% | Dec 2023 -38% | Mar 2024 47% | Jun 2024 667% | Sep 2024 800% | Dec 2024 131% | Mar 2025 9.1% | Jun 2025 -52% | Sep 2025 -100% | Dec 2025 -83% | Mar 2026 -4.2%
- BHAGYANGR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 -67% | Jun 2024 -95% | Sep 2024 33% | Dec 2024 33% | Mar 2025 150% | Jun 2025 300% | Sep 2025 175% | Dec 2025 225% | Mar 2026 260%
- AWHCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 150% | Jun 2024 -8.7% | Sep 2024 -53% | Dec 2024 13% | Mar 2025 53% | Jun 2025 9.5% | Sep 2025 13% | Dec 2025 -17% | Mar 2026 -20%
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 67% | Dec 2024 — | Mar 2025 -25% | Jun 2025 — | Sep 2025 40% | Dec 2025 — | Mar 2026 133%
- NILE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 140% | Mar 2024 -33% | Jun 2024 60% | Sep 2024 0.0% | Dec 2024 -17% | Mar 2025 67% | Jun 2025 88% | Sep 2025 50% | Dec 2025 50% | Mar 2026 40%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/9 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Pondy Oxides & Chemicals Ltd has the clearest covered balance-sheet capacity with ₹141 crore and gross debt of ₹152 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Namo eWaste Management Ltd · ₹3 crore | 50% versus #2 · Eco Recycling Ltd | Not enough history | 9/9 companies · 125 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Namo eWaste Management Ltd (NAMOEWASTE): ₹3 Cr
2. Eco Recycling Ltd (530643): ₹6 Cr
3. NILE Ltd (NILE): ₹12 Cr
4. Pondy Oxides & Chemicals Ltd (POCL): ₹152 Cr
5. Bhagyanagar India Ltd (BHAGYANGR): ₹259 Cr

### Net debt — lowest net debt
1. Pondy Oxides & Chemicals Ltd (POCL): ₹141 Cr
2. Gravita India Ltd (GRAVITA): ₹151 Cr
3. Bhagyanagar India Ltd (BHAGYANGR): ₹258 Cr
4. Antony Waste Handling Cell Ltd (AWHCL): ₹336 Cr
5. Ganesha Ecosphere Ltd (GANECOS): ₹367 Cr

### 20-quarter Gross debt history
- 530643: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4 Cr | Jun 2025 — | Sep 2025 ₹7 Cr | Dec 2025 — | Mar 2026 ₹6 Cr
- GRAVITA: Jun 2021 ₹262 Cr | Sep 2021 ₹323 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹391 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹348 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹523 Cr | Dec 2023 ₹523 Cr | Mar 2024 ₹548 Cr | Jun 2024 ₹548 Cr | Sep 2024 ₹559 Cr | Dec 2024 ₹559 Cr | Mar 2025 ₹286 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹736 Cr
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹739 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹914 Cr | Jun 2024 ₹914 Cr | Sep 2024 ₹976 Cr | Dec 2024 — | Mar 2025 ₹928 Cr | Jun 2025 ₹928 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr
- POCL: Jun 2021 ₹144 Cr | Sep 2021 ₹183 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹107 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹156 Cr | Sep 2023 ₹205 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹103 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹37 Cr | Mar 2026 ₹152 Cr
- GANECOS: Jun 2021 ₹120 Cr | Sep 2021 ₹284 Cr | Dec 2021 ₹284 Cr | Mar 2022 ₹358 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹448 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹505 Cr | Sep 2023 ₹646 Cr | Dec 2023 ₹646 Cr | Mar 2024 ₹399 Cr | Jun 2024 ₹399 Cr | Sep 2024 ₹486 Cr | Dec 2024 ₹486 Cr | Mar 2025 ₹556 Cr | Jun 2025 ₹556 Cr | Sep 2025 ₹545 Cr | Dec 2025 ₹545 Cr | Mar 2026 ₹496 Cr
- BHAGYANGR: Jun 2021 ₹151 Cr | Sep 2021 ₹144 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹179 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹168 Cr | Dec 2022 ₹168 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹220 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹239 Cr | Dec 2024 ₹239 Cr | Mar 2025 ₹275 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹369 Cr | Dec 2025 ₹369 Cr | Mar 2026 ₹259 Cr
- AWHCL: Jun 2021 ₹118 Cr | Sep 2021 ₹144 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹175 Cr | Jun 2022 ₹175 Cr | Sep 2022 ₹293 Cr | Dec 2022 ₹293 Cr | Mar 2023 ₹355 Cr | Jun 2023 ₹355 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹402 Cr | Mar 2024 ₹447 Cr | Jun 2024 ₹447 Cr | Sep 2024 ₹429 Cr | Dec 2024 ₹429 Cr | Mar 2025 ₹505 Cr | Jun 2025 ₹505 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹459 Cr
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹15 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3 Cr | Jun 2025 — | Sep 2025 ₹5 Cr | Dec 2025 — | Mar 2026 ₹3 Cr
- NILE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹50 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹16 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹22 Cr | Jun 2025 — | Sep 2025 ₹18 Cr | Dec 2025 — | Mar 2026 ₹12 Cr

### 20-quarter Net debt history
- GRAVITA: Jun 2021 ₹242 Cr | Sep 2021 ₹288 Cr | Dec 2021 ₹288 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹358 Cr | Sep 2022 ₹277 Cr | Dec 2022 ₹277 Cr | Mar 2023 ₹392 Cr | Jun 2023 ₹309 Cr | Sep 2023 ₹386 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹548 Cr | Jun 2024 ₹433 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹336 Cr | Mar 2025 ₹-300 Cr | Jun 2025 ₹-612 Cr | Sep 2025 ₹-415 Cr | Dec 2025 ₹-415 Cr | Mar 2026 ₹151 Cr
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹818 Cr | Sep 2024 ₹927 Cr | Dec 2024 — | Mar 2025 ₹894 Cr | Jun 2025 ₹894 Cr | Sep 2025 ₹-99 Cr | Dec 2025 ₹-99 Cr | Mar 2026 ₹911 Cr
- POCL: Jun 2021 ₹143 Cr | Sep 2021 ₹178 Cr | Dec 2021 ₹178 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹156 Cr | Jun 2023 ₹155 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹204 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹-69 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹141 Cr
- GANECOS: Jun 2021 ₹33 Cr | Sep 2021 ₹115 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹383 Cr | Mar 2023 ₹452 Cr | Jun 2023 ₹450 Cr | Sep 2023 ₹559 Cr | Dec 2023 ₹559 Cr | Mar 2024 ₹219 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹365 Cr | Dec 2024 ₹365 Cr | Mar 2025 ₹415 Cr | Jun 2025 ₹414 Cr | Sep 2025 ₹435 Cr | Dec 2025 ₹435 Cr | Mar 2026 ₹367 Cr
- BHAGYANGR: Jun 2021 ₹147 Cr | Sep 2021 ₹140 Cr | Dec 2021 ₹140 Cr | Mar 2022 ₹170 Cr | Jun 2022 ₹167 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹164 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹219 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹365 Cr | Mar 2026 ₹258 Cr
- AWHCL: Jun 2021 ₹-10 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹82 Cr | Sep 2022 ₹204 Cr | Dec 2022 ₹204 Cr | Mar 2023 ₹284 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹327 Cr | Dec 2023 ₹327 Cr | Mar 2024 ₹363 Cr | Jun 2024 ₹361 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹347 Cr | Mar 2025 ₹374 Cr | Jun 2025 ₹373 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹376 Cr | Mar 2026 ₹336 Cr

## Return On Capital Employed

What the numbers say: Eco Recycling Ltd leads ROCE at 30%, 4.5 percentage points above Jain Resource Recycling Ltd. Bhagyanagar India Ltd has the strongest latest improvement at +22 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Eco Recycling Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Eco Recycling Ltd · 30% | 17.6% versus #2 · Jain Resource Recycling Ltd | Not enough history | 9/9 companies · 81 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Eco Recycling Ltd (530643): 30%
2. Jain Resource Recycling Ltd (JAINREC): 26%
3. NILE Ltd (NILE): 25%
4. Pondy Oxides & Chemicals Ltd (POCL): 23%
5. Namo eWaste Management Ltd (NAMOEWASTE): 21%

### ROCE change — fastest improvers
1. Bhagyanagar India Ltd (BHAGYANGR): +22.0 pp
2. Pondy Oxides & Chemicals Ltd (POCL): +8.7 pp
3. NILE Ltd (NILE): +5.0 pp
4. Namo eWaste Management Ltd (NAMOEWASTE): +2.0 pp
5. Gravita India Ltd (GRAVITA): +1.8 pp

### 20-quarter ROCE history
- GRAVITA: Jun 2021 — | Sep 2021 35% | Dec 2021 — | Mar 2022 36% | Jun 2022 — | Sep 2022 31% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 27% | Dec 2023 40% | Mar 2024 27% | Jun 2024 37% | Sep 2024 27% | Dec 2024 33% | Mar 2025 16% | Jun 2025 26% | Sep 2025 18% | Dec 2025 26% | Mar 2026 18%
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 23% | Dec 2024 — | Mar 2025 47% | Jun 2025 51% | Sep 2025 30% | Dec 2025 52% | Mar 2026 34%
- POCL: Jun 2021 — | Sep 2021 23% | Dec 2021 — | Mar 2022 31% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 20% | Dec 2023 37% | Mar 2024 16% | Jun 2024 23% | Sep 2024 21% | Dec 2024 25% | Mar 2025 15% | Jun 2025 22% | Sep 2025 18% | Dec 2025 29% | Mar 2026 24%
- GANECOS: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 7.9% | Dec 2023 9.5% | Mar 2024 6.1% | Jun 2024 10% | Sep 2024 9.2% | Dec 2024 14% | Mar 2025 9.8% | Jun 2025 10% | Sep 2025 6.3% | Dec 2025 6.0% | Mar 2026 4.6%
- BHAGYANGR: Jun 2021 — | Sep 2021 15% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 9.4% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 14% | Dec 2023 34% | Mar 2024 9.4% | Jun 2024 12% | Sep 2024 8.7% | Dec 2024 13% | Mar 2025 10% | Jun 2025 17% | Sep 2025 17% | Dec 2025 27% | Mar 2026 32%
- AWHCL: Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 11% | Dec 2023 15% | Mar 2024 11% | Jun 2024 14% | Sep 2024 9.4% | Dec 2024 12% | Mar 2025 10% | Jun 2025 15% | Sep 2025 10% | Dec 2025 14% | Mar 2026 9.1%

### 20-quarter ROCE change history
- GRAVITA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 — | Mar 2023 −9.4 pp | Jun 2023 — | Sep 2023 −4.0 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −6.3 pp | Mar 2025 −10.2 pp | Jun 2025 −10.9 pp | Sep 2025 −9.5 pp | Dec 2025 −7.0 pp | Mar 2026 +1.8 pp
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 +7.0 pp | Dec 2025 — | Mar 2026 −13.2 pp
- POCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.9 pp | Dec 2022 — | Mar 2023 −7.5 pp | Jun 2023 — | Sep 2023 −7.4 pp | Dec 2023 — | Mar 2024 −7.4 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 −12.1 pp | Mar 2025 −1.6 pp | Jun 2025 −0.2 pp | Sep 2025 −2.2 pp | Dec 2025 +4.5 pp | Mar 2026 +8.7 pp
- GANECOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 — | Mar 2024 −4.4 pp | Jun 2024 — | Sep 2024 +1.3 pp | Dec 2024 +4.0 pp | Mar 2025 +3.7 pp | Jun 2025 +0.2 pp | Sep 2025 −2.9 pp | Dec 2025 −7.5 pp | Mar 2026 −5.2 pp
- BHAGYANGR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 +4.8 pp | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 — | Sep 2024 −5.5 pp | Dec 2024 −21.4 pp | Mar 2025 +0.8 pp | Jun 2025 +5.2 pp | Sep 2025 +8.7 pp | Dec 2025 +13.7 pp | Mar 2026 +22.0 pp
- AWHCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 — | Mar 2023 −4.2 pp | Jun 2023 — | Sep 2023 −2.6 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 −1.9 pp | Dec 2024 −2.7 pp | Mar 2025 −1.1 pp | Jun 2025 +0.9 pp | Sep 2025 +0.8 pp | Dec 2025 +1.3 pp | Mar 2026 −0.9 pp

## Valuation Against Growth & Quality

What the numbers say: Ganesha Ecosphere Ltd has the lowest comparable Guarded PEG at 0.43×, 55.2% below Pondy Oxides & Chemicals Ltd. Only 4 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Ganesha Ecosphere Ltd · 0.43× | 55.2% versus #2 · Pondy Oxides & Chemicals Ltd | 0/8 recent comparable periods | 4/9 companies · 22 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Ganesha Ecosphere Ltd (GANECOS): 0.4
2. Pondy Oxides & Chemicals Ltd (POCL): 1.0
3. Gravita India Ltd (GRAVITA): 1.0
4. Jain Resource Recycling Ltd (JAINREC): 3.5

### P/E — lowest P/E
1. NILE Ltd (NILE): 9.8
2. Antony Waste Handling Cell Ltd (AWHCL): 16.3
3. Bhagyanagar India Ltd (BHAGYANGR): 26.2
4. Pondy Oxides & Chemicals Ltd (POCL): 30.3
5. Jain Resource Recycling Ltd (JAINREC): 33.4

### 20-quarter Guarded PEG history
- GRAVITA: Jun 2021 0.4 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 2.3 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 2.2 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 1.0
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.5
- POCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.5 | Mar 2025 3.0 | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 —
- GANECOS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.7 | Jun 2022 — | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- 530643: Jun 2021 23.4 | Sep 2021 15.2 | Dec 2021 19.4 | Mar 2022 19.0 | Jun 2022 15.4 | Sep 2022 24.0 | Dec 2022 25.1 | Mar 2023 19.5 | Jun 2023 35.6 | Sep 2023 49.5 | Dec 2023 71.1 | Mar 2024 81.6 | Jun 2024 64.8 | Sep 2024 82.3 | Dec 2024 77.3 | Mar 2025 56.8 | Jun 2025 51.3 | Sep 2025 49.9 | Dec 2025 43.0 | Mar 2026 27.9
- GRAVITA: Jun 2021 16.5 | Sep 2021 19.2 | Dec 2021 21.1 | Mar 2022 20.5 | Jun 2022 12.8 | Sep 2022 13.8 | Dec 2022 18.5 | Mar 2023 18.7 | Jun 2023 20.8 | Sep 2023 29.8 | Dec 2023 33.8 | Mar 2024 29.5 | Jun 2024 42.6 | Sep 2024 70.1 | Dec 2024 58.1 | Mar 2025 45.0 | Jun 2025 43.1 | Sep 2025 33.5 | Dec 2025 38.2 | Mar 2026 27.1
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 21.9 | Mar 2026 45.3
- POCL: Jun 2021 9.3 | Sep 2021 7.8 | Dec 2021 6.2 | Mar 2022 8.2 | Jun 2022 6.3 | Sep 2022 14.2 | Dec 2022 9.4 | Mar 2023 4.6 | Jun 2023 8.9 | Sep 2023 12.8 | Dec 2023 16.2 | Mar 2024 20.3 | Jun 2024 30.5 | Sep 2024 59.7 | Dec 2024 44.3 | Mar 2025 31.3 | Jun 2025 39.3 | Sep 2025 47.0 | Dec 2025 48.2 | Mar 2026 29.1
- GANECOS: Jun 2021 26.6 | Sep 2021 18.3 | Dec 2021 17.9 | Mar 2022 26.8 | Jun 2022 14.3 | Sep 2022 15.6 | Dec 2022 21.6 | Mar 2023 18.8 | Jun 2023 34.0 | Sep 2023 36.1 | Dec 2023 50.1 | Mar 2024 62.6 | Jun 2024 81.3 | Sep 2024 75.5 | Dec 2024 60.2 | Mar 2025 39.1 | Jun 2025 36.2 | Sep 2025 33.2 | Dec 2025 34.8 | Mar 2026 51.6
- BHAGYANGR: Jun 2021 44.8 | Sep 2021 27.1 | Dec 2021 22.9 | Mar 2022 19.1 | Jun 2022 12.8 | Sep 2022 18.5 | Dec 2022 25.9 | Mar 2023 23.3 | Jun 2023 18.0 | Sep 2023 4.7 | Dec 2023 6.7 | Mar 2024 5.3 | Jun 2024 7.5 | Sep 2024 36.0 | Dec 2024 29.3 | Mar 2025 19.8 | Jun 2025 18.3 | Sep 2025 15.4 | Dec 2025 17.9 | Mar 2026 12.6
- AWHCL: Jun 2021 24.9 | Sep 2021 20.1 | Dec 2021 15.4 | Mar 2022 13.1 | Jun 2022 11.2 | Sep 2022 11.5 | Dec 2022 10.9 | Mar 2023 8.9 | Jun 2023 13.2 | Sep 2023 16.7 | Dec 2023 20.3 | Mar 2024 19.1 | Jun 2024 16.8 | Sep 2024 23.9 | Dec 2024 25.0 | Mar 2025 20.8 | Jun 2025 27.7 | Sep 2025 23.6 | Dec 2025 21.0 | Mar 2026 17.6
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 48.0 | Dec 2024 — | Mar 2025 37.7 | Jun 2025 — | Sep 2025 44.3 | Dec 2025 — | Mar 2026 31.1
- NILE: Jun 2021 10.5 | Sep 2021 8.0 | Dec 2021 6.4 | Mar 2022 7.2 | Jun 2022 4.8 | Sep 2022 7.8 | Dec 2022 8.8 | Mar 2023 7.4 | Jun 2023 9.9 | Sep 2023 9.9 | Dec 2023 9.8 | Mar 2024 11.4 | Jun 2024 12.8 | Sep 2024 19.8 | Dec 2024 16.4 | Mar 2025 13.5 | Jun 2025 12.9 | Sep 2025 12.6 | Dec 2025 10.6 | Mar 2026 8.6

## Enterprise Value & Book Value

What the numbers say: NILE Ltd leads ev/ebitda at 5.8×; Antony Waste Handling Cell Ltd leads p/bv at 1.67×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: NILE Ltd · 5.8× | 13.4% versus #2 · Antony Waste Handling Cell Ltd | 0/8 recent comparable periods | 9/9 companies · 146 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. NILE Ltd (NILE): 5.8
2. Antony Waste Handling Cell Ltd (AWHCL): 6.7
3. Bhagyanagar India Ltd (BHAGYANGR): 9.4
4. Ganesha Ecosphere Ltd (GANECOS): 16.1
5. Namo eWaste Management Ltd (NAMOEWASTE): 16.5

### P/BV — lowest P/BV
1. Antony Waste Handling Cell Ltd (AWHCL): 1.7
2. NILE Ltd (NILE): 1.7
3. Ganesha Ecosphere Ltd (GANECOS): 2.5
4. Bhagyanagar India Ltd (BHAGYANGR): 5.1
5. Pondy Oxides & Chemicals Ltd (POCL): 5.1

### 20-quarter EV/EBITDA history
- 530643: Jun 2021 19.1 | Sep 2021 13.9 | Dec 2021 17.4 | Mar 2022 17.3 | Jun 2022 14.0 | Sep 2022 19.7 | Dec 2022 20.9 | Mar 2023 15.9 | Jun 2023 28.7 | Sep 2023 37.6 | Dec 2023 53.0 | Mar 2024 57.6 | Jun 2024 48.7 | Sep 2024 62.5 | Dec 2024 58.5 | Mar 2025 43.5 | Jun 2025 35.5 | Sep 2025 35.0 | Dec 2025 29.6 | Mar 2026 17.3
- GRAVITA: Jun 2021 9.5 | Sep 2021 11.5 | Dec 2021 14.4 | Mar 2022 14.6 | Jun 2022 9.2 | Sep 2022 10.1 | Dec 2022 13.1 | Mar 2023 13.6 | Jun 2023 15.6 | Sep 2023 21.5 | Dec 2023 24.3 | Mar 2024 20.8 | Jun 2024 29.0 | Sep 2024 48.9 | Dec 2024 43.8 | Mar 2025 34.5 | Jun 2025 32.8 | Sep 2025 24.1 | Dec 2025 28.3 | Mar 2026 20.4
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 30.9 | Mar 2026 27.5
- POCL: Jun 2021 8.8 | Sep 2021 7.1 | Dec 2021 6.3 | Mar 2022 7.5 | Jun 2022 5.4 | Sep 2022 10.9 | Dec 2022 6.7 | Mar 2023 4.9 | Jun 2023 7.6 | Sep 2023 9.2 | Dec 2023 10.7 | Mar 2024 12.5 | Jun 2024 15.8 | Sep 2024 31.5 | Dec 2024 27.1 | Mar 2025 19.4 | Jun 2025 24.5 | Sep 2025 28.9 | Dec 2025 28.9 | Mar 2026 17.6
- GANECOS: Jun 2021 13.2 | Sep 2021 10.2 | Dec 2021 11.1 | Mar 2022 15.1 | Jun 2022 9.1 | Sep 2022 12.1 | Dec 2022 15.7 | Mar 2023 13.3 | Jun 2023 19.1 | Sep 2023 18.7 | Dec 2023 20.6 | Mar 2024 22.4 | Jun 2024 26.5 | Sep 2024 28.0 | Dec 2024 26.9 | Mar 2025 19.3 | Jun 2025 17.5 | Sep 2025 16.8 | Dec 2025 15.1 | Mar 2026 16.1
- BHAGYANGR: Jun 2021 12.1 | Sep 2021 13.1 | Dec 2021 10.9 | Mar 2022 9.9 | Jun 2022 8.8 | Sep 2022 10.5 | Dec 2022 11.7 | Mar 2023 11.0 | Jun 2023 9.8 | Sep 2023 5.6 | Dec 2023 5.9 | Mar 2024 5.0 | Jun 2024 7.4 | Sep 2024 12.8 | Dec 2024 14.9 | Mar 2025 11.9 | Jun 2025 8.3 | Sep 2025 10.5 | Dec 2025 12.3 | Mar 2026 9.4
- AWHCL: Jun 2021 9.3 | Sep 2021 7.9 | Dec 2021 6.1 | Mar 2022 5.2 | Jun 2022 4.7 | Sep 2022 6.1 | Dec 2022 6.0 | Mar 2023 4.5 | Jun 2023 5.8 | Sep 2023 7.8 | Dec 2023 9.3 | Mar 2024 8.3 | Jun 2024 8.6 | Sep 2024 11.7 | Dec 2024 10.7 | Mar 2025 9.1 | Jun 2025 10.1 | Sep 2025 8.7 | Dec 2025 7.7 | Mar 2026 6.7
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 39.7 | Dec 2024 — | Mar 2025 28.6 | Jun 2025 — | Sep 2025 24.8 | Dec 2025 — | Mar 2026 16.5
- NILE: Jun 2021 6.6 | Sep 2021 6.2 | Dec 2021 5.0 | Mar 2022 5.4 | Jun 2022 4.2 | Sep 2022 5.0 | Dec 2022 5.6 | Mar 2023 6.0 | Jun 2023 7.6 | Sep 2023 6.5 | Dec 2023 6.9 | Mar 2024 8.1 | Jun 2024 8.7 | Sep 2024 13.1 | Dec 2024 11.0 | Mar 2025 8.9 | Jun 2025 8.4 | Sep 2025 8.6 | Dec 2025 7.0 | Mar 2026 5.8

### 20-quarter P/BV history
- 530643: Jun 2021 4.4 | Sep 2021 4.4 | Dec 2021 4.8 | Mar 2022 5.3 | Jun 2022 6.0 | Sep 2022 4.3 | Dec 2022 5.3 | Mar 2023 4.3 | Jun 2023 4.4 | Sep 2023 8.6 | Dec 2023 12.7 | Mar 2024 17.1 | Jun 2024 25.2 | Sep 2024 26.6 | Dec 2024 22.3 | Mar 2025 15.9 | Jun 2025 17.9 | Sep 2025 12.9 | Dec 2025 8.7 | Mar 2026 4.8
- GRAVITA: Jun 2021 3.9 | Sep 2021 5.0 | Dec 2021 6.2 | Mar 2022 7.5 | Jun 2022 6.6 | Sep 2022 4.7 | Dec 2022 6.7 | Mar 2023 8.7 | Jun 2023 10.8 | Sep 2023 10.7 | Dec 2023 11.3 | Mar 2024 10.3 | Jun 2024 17.3 | Sep 2024 21.3 | Dec 2024 16.8 | Mar 2025 14.6 | Jun 2025 15.5 | Sep 2025 5.6 | Dec 2025 6.1 | Mar 2026 4.6
- JAINREC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 10.5 | Mar 2026 11.5
- POCL: Jun 2021 1.0 | Sep 2021 1.3 | Dec 2021 1.4 | Mar 2022 1.9 | Jun 2022 1.5 | Sep 2022 3.0 | Dec 2022 1.8 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.7 | Jun 2024 3.6 | Sep 2024 7.0 | Dec 2024 5.9 | Mar 2025 4.6 | Jun 2025 6.0 | Sep 2025 5.5 | Dec 2025 6.5 | Mar 2026 4.8
- GANECOS: Jun 2021 2.4 | Sep 2021 2.1 | Dec 2021 2.2 | Mar 2022 3.0 | Jun 2022 2.4 | Sep 2022 2.3 | Dec 2022 3.3 | Mar 2023 3.2 | Jun 2023 4.1 | Sep 2023 3.4 | Dec 2023 3.3 | Mar 2024 3.4 | Jun 2024 4.8 | Sep 2024 4.5 | Dec 2024 4.7 | Mar 2025 3.6 | Jun 2025 3.5 | Sep 2025 2.6 | Dec 2025 1.9 | Mar 2026 1.7
- BHAGYANGR: Jun 2021 1.4 | Sep 2021 1.2 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.4 | Jun 2024 2.3 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.2 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 2.2 | Mar 2026 2.0
- AWHCL: Jun 2021 2.8 | Sep 2021 3.2 | Dec 2021 2.4 | Mar 2022 2.0 | Jun 2022 2.2 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.7 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.6 | Mar 2024 2.5 | Jun 2024 3.0 | Sep 2024 3.6 | Dec 2024 2.9 | Mar 2025 2.5 | Jun 2025 3.2 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.6
- NAMOEWASTE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.1 | Jun 2025 — | Sep 2025 4.2 | Dec 2025 — | Mar 2026 3.3
- NILE: Jun 2021 1.0 | Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 0.7 | Sep 2022 1.1 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.8 | Jun 2024 2.0 | Sep 2024 2.9 | Dec 2024 2.3 | Mar 2025 1.8 | Jun 2025 2.0 | Sep 2025 2.0 | Dec 2025 1.7 | Mar 2026 1.5

## Market action

Bhagyanagar India Ltd has the strongest one-year price move in Recycling at +281%. It also leads on Mansfield relative strength against NIFTY at +118.7%. 7 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Bhagyanagar India Ltd (BHAGYANGR): 281%
2. Namo eWaste Management Ltd (NAMOEWASTE): 44%
3. Pondy Oxides & Chemicals Ltd (POCL): 38%
4. Gravita India Ltd (GRAVITA): 5.5%
5. NILE Ltd (NILE): 5.2%

### Strongest relative strength versus NIFTY 500
1. Bhagyanagar India Ltd (BHAGYANGR): 119%
2. Namo eWaste Management Ltd (NAMOEWASTE): 40%
3. Ganesha Ecosphere Ltd (GANECOS): 16%
4. Gravita India Ltd (GRAVITA): 8.1%
5. Pondy Oxides & Chemicals Ltd (POCL): 6.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Gravita India Ltd (GRAVITA) — market value ₹13.1K Cr; latest fundamentals Mar 2026
- Jain Resource Recycling Ltd (JAINREC) — market value ₹11.8K Cr; latest fundamentals Mar 2026
- Pondy Oxides & Chemicals Ltd (POCL) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Ganesha Ecosphere Ltd (GANECOS) — market value ₹3.2K Cr; latest fundamentals Mar 2026
- Bhagyanagar India Ltd (BHAGYANGR) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Antony Waste Handling Cell Ltd (AWHCL) — market value ₹1.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Eco Recycling Ltd (530643) — market value ₹977 Cr; latest fundamentals Mar 2026
- Namo eWaste Management Ltd (NAMOEWASTE) — market value ₹636 Cr; latest fundamentals Mar 2026
- NILE Ltd (NILE) — market value ₹541 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 5. Withheld: 0. Graded companies: 9.

2 of 9 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | BHAGYANGR | Bhagyanagar India Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AWHCL | Antony Waste Handling Cell Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Recycling index?

The Nifty Recycling index tracks India's listed Recycling companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Recycling sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Recycling stocks in India?

Ranked by this page's four-factor score, Bhagyanagar India Ltd places first among 9 listed Recycling companies, followed by Pondy Oxides & Chemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Recycling stocks are listed in India?

This comparison covers 9 listed Recycling companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Recycling company is the biggest?

Jain Resource Recycling Ltd is the largest, with trailing-twelve-month revenue of ₹9,543 crore, ahead of Gravita India Ltd at ₹4,266 crore. That covers 8 of 9 companies with comparable reporting through Mar 2026.

### Which Recycling company is growing fastest?

Jain Resource Recycling Ltd has the fastest revenue growth at 48.4% year on year, across 8 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Recycling company has the best profit margins?

Eco Recycling Ltd has the highest operating margin at 69.5%, from 9 of 9 comparable companies. Bhagyanagar India Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Recycling company makes the most profit?

Gravita India Ltd earns the most, at ₹378 crore of trailing-twelve-month net profit, from 8 of 9 comparable companies. Bhagyanagar India Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Recycling company earns the highest return on capital?

Eco Recycling Ltd leads on return on capital employed at 30%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Recycling stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Ganesha Ecosphere Ltd screens cheapest at 0.43×. Only 4 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Recycling company has the strongest balance sheet?

Namo eWaste Management Ltd carries the lowest comparable gross debt at ₹3 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Recycling stock has the strongest price momentum?

Bhagyanagar India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Recycling company scores highest for research priority?

Bhagyanagar India Ltd scores 75.1 out of 100 with 80% evidence confidence, from 32.1 points on growth and earnings, 12.2 on capital efficiency, 10.8 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Recycling companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Recycling sector?

The 9 Recycling companies on this page carry ₹36,827 crore of combined market value. Gravita India Ltd is the largest at ₹13,106 crore, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Recycling sector's P/E ratio?

The median price-to-earnings ratio across the 9 Recycling companies on this page is 33.4×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Recycling sector performing?

7 of the 8 covered Recycling companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/recycling