Recycling Stocks and Companies in India

The largest Recycling stocks in India by market value are Gravita India (₹11,026 crore), Jain Resource Recycling (₹9,886 crore) and Pondy Oxides & Chemicals (₹2,991 crore), at prices of 6 Nov 2026.

• Gravita India: ₹1,493.90 | market value ₹11,026 crore | P/E 27.7
• Jain Resource Recycling: ₹286.50 | market value ₹9,886 crore | P/E 27.2
• Pondy Oxides & Chemicals: ₹392.10 | market value ₹2,991 crore | P/E 20.9
• Ganesha Ecosphere: ₹874.80 | market value ₹2,344 crore | P/E 27.6
• Eco Recycling: ₹395.75 | market value ₹766 crore | P/E 29.5
• Antony Waste Handling Cell: ₹304.45 | market value ₹864 crore | P/E 14.7
• Namo eWaste Management: ₹339.35 | market value ₹776 crore | P/E 54.1
• NILE: ₹1,548 (price from the week of 9 Aug 2026) | market value ₹464 crore | P/E 9.6
• Bhagyanagar India: ₹43.40 (price from the week of 11 Oct 2026) | market value ₹146 crore | P/E 2.3

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 9 listed Indian Recycling companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Recycling index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. Gravita India Ltd₹10,200 cr
2. Jain Resource Recycling Ltd₹9,320 cr
3. Pondy Oxides & Chemicals Ltd₹3,030 cr
4. Ganesha Ecosphere Ltd₹2,680 cr
5. Eco Recycling Ltd₹792 cr
6. Antony Waste Handling Cell Ltd₹785 cr
7. Namo eWaste Management Ltd₹777 cr
8. NILE Ltd₹464 cr
9. Bhagyanagar India Ltd₹146 cr

9 Recycling companies in the Recycling industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 9 are listed below, largest first. The largest is Gravita India (₹10,244 crore) and the smallest with a market value is Bhagyanagar India.

Download all 9 Recycling companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 33% behind NIFTY 500. Earnings across its companies grew 13% on average over the last four reported quarters.

1 of the 7 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 2 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 2 of the 7 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 7 pass the momentum test (no change from four weeks earlier); earnings rising at 6 of the 7 that report earnings.

Behind NIFTY 500 by −5.2% over a year, with participation off the floor of its own 26-week range. Earnings confirming, 6 of 7 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 7 of its 9 companies (the 2 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Recycling has done better than the NIFTY 500 by 6.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.6%. Namo eWaste Management Ltd is the strongest against the sector itself at +52%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 24.4 as of 30 October 2026 (consolidation, falling).

Recycling has done better than the NIFTY 500 by 6.7% over 52 weeks, but is 6.6% behind over the last 13 weeks. 1 of 9 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 1 of the 4 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Bhagyanagar India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 68.6% evidence confidence.

NILE Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Bhagyanagar India Ltd has the strongest one-year price move in Recycling at +355.5%. Namo eWaste Management Ltd leads on relative strength against the NIFTY, at +55.4%. 2 of 9 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Recycling itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 7 Recycling companies held a results call for July to September 2026. Gravita India guided: Lead volumes 18-20% yearly growth over next 3 years with overall around 18%.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹772 crore in the last 12 months, 41% less than a year before.
• Projects still being built grew 51% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 11 Recycling companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Recycling figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 28 Jul 2026, so the words are older than the numbers. 3 themes are live here, 1 of them rated high severity.

The Recycling sector, represented by NILE Ltd for this reporting period, displays mixed performance metrics. NILE reported Q4 FY26 revenue of ₹229.78 Cr, marking a 20.95% increase year-on-year but a 21.15% decline quarter-on-quarter. Consolidated net profit surged 41.3% YoY to ₹13.72 Cr, though it declined 8.29% sequentially.

How old this read is: OLD: this read comes from our Recycling sector brief dated 28 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Recycling sector brief, 28 Jul 2026.

Jain Resource Recycling Ltd has the highest Revenue among the 9 Recycling companies compared here, at ₹10,718 crore. Gravita India Ltd is next at ₹5,092 crore. The same company also has the highest Revenue growth, at 65.3%. 8 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Jain Resource Recycling Ltd is the largest at ₹10,718 crore, 110.5% ahead of Gravita India Ltd. Jain Resource Recycling Ltd's growth is 65.3% from a ₹10,718 crore base, with 10 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Jain Resource Recycling Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

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

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Eco Recycling Ltd has the highest OPM among the 9 Recycling companies compared here, at 56.5%. Antony Waste Handling Cell Ltd is next at 14.3%. The same company also has the highest Margin change, at +6.6 percentage points. 9 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Eco Recycling Ltd leads both opm at 56.5% and margin change at +6.6 percentage points.

What this means: Eco Recycling Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Gravita India Ltd has the highest Net profit among the 9 Recycling companies compared here, at ₹397 crore. Jain Resource Recycling Ltd is next at ₹360 crore. Bhagyanagar India Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Gravita India Ltd earns the most, ₹397 crore of profit over the last 12 months, 10.3% above Jain Resource Recycling Ltd. Bhagyanagar India Ltd shows at least 100% on the scoring scale (195.2% in full) growth from a profit base of ₹62 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Gravita India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Eco Recycling Ltd has the highest ROCE among the 9 Recycling companies compared here, at 30.8%. Jain Resource Recycling Ltd is next at 25.7%. Bhagyanagar India Ltd has the highest ROCE change at +23.6 percentage points, so level and change sit with different companies. 9 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Eco Recycling Ltd leads ROCE at 30.8%, 5.1 percentage points above Jain Resource Recycling Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Eco Recycling Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Eco Recycling Ltd (ECORECO): its two data sources disagree by up to 52% on reported income across 15 comparable periods, so its derived ratios are withheld; Antony Waste Handling Cell Ltd (AWHCL): its two data sources disagree by up to 22% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

NILE Ltd has the lowest PEG among the 9 Recycling companies compared here, at 0.18×. Bhagyanagar India Ltd is next at 0.22×. Bhagyanagar India Ltd has the lowest P/E at 2.32×, so level and change sit with different companies. 6 of 9 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: NILE Ltd has the lowest comparable PEG at 0.18×, 18.2% below Bhagyanagar India Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Recycling companies show up on 2 of our India lists. The most are on the 52 week high & low list (2 companies).

This Recycling comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 9 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 2 have second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 2 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 9 Recycling companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

2 of 9 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Eco Recycling Ltd (ECORECO): its two data sources disagree by up to 52% on reported income across 15 comparable periods, so its derived ratios are withheld; Antony Waste Handling Cell Ltd (AWHCL): its two data sources disagree by up to 22% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Recycling comparison above in question form. Every one is computed from the same 9 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.