Namo eWaste Management share price today

Namo eWaste Management Ltd's share price was ₹340.05 at the close on 30 October 2026. It has been rising for 25 weeks. That is 31.8% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹137 and ₹368, and at that close it sat 88% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Namo eWaste Management Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 7 weeks in a row.

Over the last 2.1 years the share price moved +122% while the NIFTY 500 moved −8%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: foreign funds (FIIs) cut their stake for 4 quarters in a row, revenue up on a year earlier for 4 quarters in a row (every quarter we can compare) and operating margin up 3 points on a year earlier.

1. Foreign funds (FIIs) cut their stake for 4 quarters in a row

   From 3.5% to 0% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the March 2026 quarter revenue was ₹107 crore, +28.9% on a year earlier.

   Why: Revenue rose because the company opened more ways to collect old electronics and batteries, including new partner pickups and local awareness drives, which brought in more material to recycle.

   From the earnings call on 16 Jun 2026.

3. Operating margin up 3 points on a year earlier

   11% in the March 2026 quarter, from 8%.

For January to March 2026 (the quarter ended 31 March 2026), Namo eWaste Management reported revenue of ₹107 crore, up 28.9% from ₹83.0 crore a year earlier, and a profit of ₹7.00 crore, up 133.3% from ₹3.00 crore.

Namo eWaste Management results: January to March 2026 against a year earlier

The next results, for April to June 2026, were due by 14 August 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). This page shows them once our weekly data update has read them.

Namo eWaste Management's management discussed these results on a call held on 16 June 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 31 March 2026). Revenue and profit in ₹ crore.

Namo eWaste Management closed at ₹340.05 on 30 October 2026, up 85.5% from ₹183.30 a year earlier (31 October 2025). Its highest weekly close since September 2024 was ₹368.35 on 9 October 2026.

Namo eWaste Management share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

119 weekly closes from 13 September 2024 to 30 October 2026.

30 Oct 2026: Namo eWaste Management closed at ₹340.05, up 2.0% on the week and up 9.4% on the month. Our read, 27 Jun 2026: India's formal e-waste consolidation play: FY26 profit up 70% on a year earlier on operating leverage; battery recycling at 10% utilization inflecting toward 60-70% in FY27; hydrometallurgy capital spending unlocks critical minerals margins from 2027.

Earlier

• 16 Jun 2026: Namo eWaste Management held its results call for January to March 2026. Management guided: Hyderabad e-waste facility: 25,000 MT/annum capacity, operational Aug-Sep 2026, approximately ₹20 crore all-in capital spending self-funded.
• Results for January to March 2026: Revenue up 28.9% and profit up 133.3% on a year earlier.

Our read of the business

Namo eWaste is a formal e-waste recycler with a 12-year track record, 370+ OEM clients (per management in the latest call), and 82,000 MT installed capacity. the battery plant (Nashik, operational Aug 2023) is ramping from 10% utilization toward management's goal of 60-70% in FY27. The five-year revenue goal is anchored on three capacity additions: Hyderabad e-waste (Aug-Sep 2026), Nashik hydrometallurgy pilot (end-CY2026), and Haryana commercial hydrometallurgy (Q2-October to December 2026).

Our read after the latest results, written 27 June 2026.

Namo eWaste Management has paid no dividend on the NSE since its first NSE close in our records (13 September 2024), the start of the period we checked.

No. Namo eWaste Management Ltd paid out 0% of its profit as dividends in each of its last 3 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 16 June 2026, Namo eWaste Management's management guided: Hyderabad e-waste facility: 25,000 MT/annum capacity, operational Aug-Sep 2026, approximately ₹20 crore all-in capital spending self-funded.

“Our current expansion plans and the two upcoming projects have the potential to take our revenue from 200 crores to between 1,100 crores and 1,200 crores”Sanjeev Shrivastava, on the call for January to March 2026

What management guided

• Nashik hydrometallurgy pilot: operational end-CY2026 to validate technology before commercial scale.
• Haryana commercial hydrometallurgy: 10 tons/day capacity, ₹60 crore capital spending, Q2-October to December 2026 start, eligible for National Critical Mineral Recovery Mission subsidy.
• Battery utilization: 60-70% goal in FY27 (from 10% FY26 baseline), progressing to 90%+ from FY28 onwards.
• Five-year consolidated revenue: ₹1,100-1,200 crore goal from ~₹200 crore current base.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 16 June 2026.

What is changing at Namo eWaste Management, from the latest results and calls: battery recycling ramp, hyderabad greenfield capacity and hydrometallurgy value chain integration.

• Battery Recycling Ramp. Nashik battery plant at 10% utilization in FY26 (1,200 tons); management goals 60-70% in FY27 (7,500-8,400 tons) as OEM onboarding accelerates, battery segment planned at ₹200 crore revenue from ₹18 crore in FY26. ⚠ estimate
• Hyderabad Greenfield Capacity. 25,000 MT/year Hyderabad facility (₹20 crore capital spending, Aug-Sep 2026 goal) eliminates ₹7 crore annual reverse logistics cost and opens South India sourcing, adding 30%+ to installed e-waste capacity. ⚠ estimate
• Hydrometallurgy Value Chain Integration. Nashik pilot (1 MT/day, end-CY2026) validates chemistry; Haryana commercial plant (₹60 crore, 10 MT/day, Q2-October to December 2026) internalizes black mass refining, aiming for 200 basis points margin uplift from current third-party refiner leakage. ⚠ estimate
• E-waste Operating Leverage on Existing Base. 82,000 MT installed e-waste capacity currently at ~50% utilization with scalability to two shifts (manual dismantling process); each 10 percentage-point utilization gain at current operating margin adds approximately ₹6-8 crore annual operating profit. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 27 June 2026.

If battery utilization by end of July to September 2026 (Sep 2026) remains below 30% (vs the 60-70% full-year goal), the OEM onboarding thesis is broken, not a ramp lag but a sourcing constraint. Separately, if the Hyderabad facility does not commence operations by Oct 2026 (two months past the Aug-Sep guide), capital spending discipline and execution credibility are impaired.

Each change stops working if

• Battery Recycling Ramp: Battery utilization does not reach 30%+ by July to September 2026, signals OEM onboarding is structurally constrained, not a timing lag.
• Hyderabad Greenfield Capacity: Hyderabad commissioning slips past October to December 2026, two-quarter delay would defer the logistics saving and signal execution risk on the broader capital spending program.
• Hydrometallurgy Value Chain Integration: Nashik pilot fails to achieve >90% recovery efficiency or the government subsidy amount is materially below the 50% floor, the economics of the ₹60 crore Haryana plant rely on subsidy to generate positive returns within the horizon.

The main risks

• Working Capital Deterioration and Negative operating cash flow: CCC expanded from 102 to 126 days over two years; payables fell from 39 to 6 days; three-year aggregate operating cash flow/profit is -0.41x, the business is in cash-consumption mode ahead of three concurrent capital spending programs. ⚠ estimate
• Management Data Inconsistency on Battery Sourcing: Battery feedstock source mix described contradictorily within the June 2026 call (IT/e-commerce vs 70% automotive), and black mass strategy changed within the May 2026 call, both signal unreliable operational reporting in a key thesis metric. ✓ fact
• Battery Utilization Ramp Execution Risk: FY27 battery goal of 60-70% utilization (7,500-8,400 tons from 1,200 tons in FY26) implies a 6-7x volume ramp in 12 months, the OEM onboarding rate-limiter may not unwind that fast. ✓ fact
• FY26 Revenue Miss Pattern: FY26 revenue ₹195 crore vs management guidance of ₹220-230 crore, a 13-15% miss. H2 FY26 operating margin compressed to 6.85% vs H1's 7.97%, diverging from the 12-18% consolidated goal management reaffirmed. ✓ fact

Our read after the latest results, written 27 June 2026.

When Namo eWaste Management reports April to June 2026, these are the 3 checks that show whether the story is still on course. First: Nashik hydrometallurgy pilot completion by end-CY2026 and initial commercial black mass processing volumes achieved - determines internal refining capability and 200 basis points battery segment margin uplift potential realization.

Namo eWaste Management is on one of our India lists: Momentum stocks.

Namo eWaste Management Ltd earned ₹7.0 Cr of net profit in the Mar 2026 quarter, +133.3% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹14.0 Cr. Over 2 years profit has grown 41.4% a year on average. That is 6.5% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹4.0 Cr.

For the full year, FY26 profit was ₹14.0 Cr (+75.0% on the year before).

Why profit moved: revenue changed +28.9% on a year earlier and the margin moved +3.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +53.8% and revenue +43.1%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Namo eWaste Management Ltd reported ₹107 Cr of revenue in the Mar 2026 quarter, +28.9% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 2 years it has grown 38.9% a year on average. The last full year, FY26, came in at ₹195 Cr.

Revenue is everything the company billed its customers in the period.

FY26 revenue was ₹195 Cr, +30.0% on the year before.

Recent pace: the last four quarters grew +43.1% on average, against 38.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Namo eWaste Management Ltd's operating margin was 11.0% in the Mar 2026 quarter, 3.0 percentage points higher than the same quarter a year ago. Over the last four quarters it has moved +1.0 percentage points. Across 3 years it has been between 9.0% and 12.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The battery plant (12,000 MT capacity, Aug 2023 start) contributed Rs 18 crore revenue in FY26, only 10% utilization because auto OEM brands held existing recycling contracts through March 2026. Management expects exponential ramp in FY27 as contracts expire and Namo's direct B2B model (90% corporate sourcing, 70% automotive) captures fresh volume. The margin profile is differentiated: battery segment 12-15% now, planned 15-17% post-hydrometallurgy via internal black mass refining capturing value currently passed to third-party refiners at Rs 300-1,000/kg.

Why the margin moved: operating margin changed +0.8 percentage points on the year while gross margin changed +1.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years Namo eWaste Management Ltd's operations used more cash than they brought in, so cash conversion was −3%, a gap worth watching. In FY26 it brought in ₹5.0 Cr of operating cash against ₹14.0 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹12.0 Cr of spending on assets, free cash was −₹7.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −3% of profit came in as cash: the cash cycle got 24 days longer between FY24 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 24 days longer. The next section looks at where the cash is stuck.

Namo eWaste Management Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 126 days in FY26, up from 102 days in FY24. It spent ₹25.0 Cr on assets over the last 2 years. Customers take 36 days to pay, and stock sits for 97 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹195 Cr, each day of that cycle ties up about ₹0.5 Cr, so roughly ₹67.0 Cr is tied up in the business at any time.

FY26: customers took 36 days to pay and stock sat for 97 days, about 3.2 months of sales sitting as stock, for a full cycle of 126 days, longer than FY24's 102.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 97 days. Customers pay about 36 days after that. Suppliers are paid at 6 days. Together that makes the 126-day cycle.

Spending on assets: ₹25.0 Cr over the last 2 years, against ₹3.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹6.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Namo eWaste Management Ltd's P/E is 54.2×, near the high end of its own history: higher than 74% of past readings. Its usual P/E (the middle reading) is 47.0×, over 2.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +69.7% while the price moved +85.5%. The price did better than earnings, which pushed the multiple up within its own range.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Namo eWaste Management Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 4 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Namo eWaste Management Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: EARLY EXPANSION.

NOT YET CHECKED

Our read, 27 June 2026. India's formal e-waste consolidation play: FY26 PAT up 70% YoY on operating leverage; battery recycling at 10% utilization inflecting toward 60-70% in FY27; hydrometallurgy capex unlocks critical minerals margins from 2027.

From the price. Price stage 2, week 25, above its 200-day line, relative strength rising.

From the research. India's formal e-waste consolidation play: FY26 PAT up 70% YoY on operating leverage; battery recycling at 10% utilization inflecting toward 60-70% in FY27; hydrometallurgy capex unlocks critical minerals margins from…

Where they disagree. EPS is rising (FY26 Rs 6.28 vs FY24 Rs 4.03 on annual basis) but the per-share trajectory is distorted by a share count change (Sep 2023 had EPS 5.99 on Rs 36 crore revenue, pre-equity raise).

What is proven. India's formal e-waste consolidation play: FY26 PAT up 70% YoY on operating leverage; battery recycling at 10% utilization inflecting toward 60-70% in FY27; hydrometallurgy capex unlocks critical minerals margins from 2027.

What is not proven yet. If battery utilization by end of Q2 FY27 (Sep 2026) remains below 30% (vs the 60-70% full-year goal), the OEM onboarding thesis is broken, not a ramp lag but a sourcing constraint. Separately, if the Hyderabad facility does not commence operations by Oct 2026 (two months past the Aug-Sep guide), capex discipline and execution credibility are impaired.

What would change our mind. If battery utilization by end of Q2 FY27 (Sep 2026) remains below 30% (vs the 60-70% full-year goal), the OEM onboarding thesis is broken, not a ramp lag but a sourcing constraint. Separately, if the Hyderabad facility does not commence operations by Oct 2026 (two months past the Aug-Sep guide), capex discipline and execution credibility are impaired.

The test written in advance. Working Capital Deterioration and Negative OCF. Measured by: Working Capital Deterioration and Negative OCF by the next result.

The test written in advance. Management Data Inconsistency on Battery Sourcing. Measured by: Management Data Inconsistency on Battery Sourcing by the next result.

What the company does. Namo eWaste is a formal e-waste recycler with a 12-year track record, 370+ OEM clients (per management in the latest call), and 82,000 MT installed capacity. the battery plant (Nashik, operational Aug 2023) is ramping from 10% utilization toward management's goal of 60-70% in FY27. The five-year revenue goal is anchored on three capacity additions: Hyderabad e-waste (Aug-Sep 2026), Nashik hydrometallurgy pilot (end-CY2026), and Haryana commercial hydrometallurgy (Q2-Q3 FY27).

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Negative three-year OCF/PAT signals cash is not converting from earnings, accrual-heavy business The research reads it further: FY25 OCF of -Rs 20 crore was driven by Rs 29 crore WC build (battery plant inventory ramp: sourcing requires 15-25 ton transport minimums creating balance sheet drag) plus Rs 13 crore capex for Nashik battery plant. FY26 OCF recovered to Rs 5 crore as inventory normalized. The business is in capacity build-out phase, cash went to growth assets, not a leak.

What the surface reading misses. This is insufficient to establish a meaningful 10-year cycle. The cycle normalized verdict is NA SHORT MARGIN HISTORY.

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtbuilding
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Nashik battery plant at 10% utilization in FY26 (1,200 tons); management goals 60-70% in FY27 (7,500-8,400 tons) as OEM onboarding accelerates, battery segment planned at Rs 200 crore revenue from Rs 18 crore in FY26. What proves it keeps working: Battery Recycling Ramp. It stops working if Battery utilization does not reach 30%+ by Q2 FY27, signals OEM onboarding is structurally constrained, not a timing lag.

Lever 2 · Value-added mix: building. 25,000 MT/year Hyderabad facility (Rs 20 crore capex, Aug-Sep 2026 goal) eliminates Rs 7 crore annual reverse logistics cost and opens South India sourcing, adding 30%+ to installed e-waste capacity. What proves it keeps working: Hyderabad Greenfield Capacity. It stops working if Hyderabad commissioning slips past Q3 FY27, two-quarter delay would defer the logistics saving and signal execution risk on the broader capex program.

Lever 3 · Management change: building. Nashik pilot (1 MT/day, end-CY2026) validates chemistry; Haryana commercial plant (Rs 60 crore, 10 MT/day, Q2-Q3 FY27) internalizes black mass refining, aiming for 200 bps margin uplift from current third-party refiner leakage. What proves it keeps working: Hydrometallurgy Value Chain Integration. It stops working if Nashik pilot fails to achieve >90% recovery efficiency or the government subsidy amount is materially below the 50% floor, the economics of the Rs 60 crore Haryana plant rely on subsidy to generate positive returns within the horizon.

Lever 4 · Paying down debt: building. 82,000 MT installed e-waste capacity currently at ~50% utilization with scalability to two shifts (manual dismantling process); each 10 percentage-point utilization gain at current OPM adds approximately Rs 6-8 crore annual EBITDA. What proves it keeps working: E-waste Operating Leverage on Existing Base.

Sources: our stock research file (27 June 2026) · quarterly results through Mar 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Namo eWaste Management Ltd's management promised, against what actually happened: 2 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Conflicting Battery Sourcing Composition · 16 June 2026. Early in the call, management stated that their hazardous battery waste was sourced mostly from IT, e-commerce, and manufacturing OEM clients, but later explicitly claimed that their corporate battery supply consists of 70% from the automobile sector and 30% from consumer durables, entirely omitting the previously mentioned segments.

Black Mass Processing Strategy · 25 May 2026. During the Q&A of the May 2026 call, management provided conflicting answers regarding the utilization of black mass once the hydrometallurgy plant becomes operational.

Every quote above is taken word for word from the company’s own earnings calls.

Only one concall of history; guidance already missed at first measurement; FY27 depends on three simultaneous unproven ramps (Hyderabad + battery 8x + hydrometallurgy).

Regulatory and governance record

No SEBI/CBI/ED action or fraud allegation surfaced; red-flag sweep returned only generic listing/aggregator/IPO pages with no specific enforcement order.

Checked 15 June 2026.

Namo eWaste Management Ltd earned a ROCE of 21% in FY26. Its return on capital used (ROIC) is 2.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.2% net margin and 1.64× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 7.2% net margin × 1.64× asset turnover × 1.16× leverage (assets divided by equity) ≈ 13.7% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 14.1% − 12.0% = +2.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 14.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 16.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Namo eWaste Management Ltd has total debt of ₹3.0 Cr against shareholder equity of ₹103 Cr as of Mar 2026, so its debt is 0.03× its equity, which is very little. Year by year, that ratio went from 0.43 in FY24 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Why this happened. FY26 saw e-waste revenue of Rs 180 crore at 60% capacity utilization across 4 plants. The business model is inherently scalable within existing plants via shift additions, from one to two shifts without major capex. Revenue per ton varies by mix (IT/telecom at premium vs white goods at discount). The Palwal plant doubling from 16,000 to 32,000 MT in H2 FY26 creates additional leverage. Material cost is structurally fixed at 77% of revenue (quality sourcing requires it), so leverage flows through the remaining 23%.

Foreign institutions cut their stake in Namo eWaste Management Ltd by 3.5 percentage points over 4 quarters, the biggest change among its owners. Foreign institutions now own 0.0% of the company. Domestic institutions moved −2.7 points over the same period, to 1.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. Currently Namo supplies black mass (35-40% yield from lithium-ion batteries) to BatX, Rubamin at Rs 300-1,000/kg. Internal hydrometallurgy captures the refining spread: processing costs Rs 80,000-1,00,000/ton, black mass revenue Rs 500-1,500/kg, implying meaningful incremental margin. The pilot-first approach de-risks technology before Rs 60 crore commercial deployment. Government subsidy eligibility under National Critical Mineral Recovery Mission (50-70% of capex, staggered over five years) reduces net capital exposure. 2028-29 EPR battery mandate creates the volume floor.

Over the last two years: Foreign institutions: −3.5 points over 4 quarters, to 0.0%; Domestic institutions: −2.7 points over 4 quarters, to 1.9%; Promoters: +0.1 points over 4 quarters, to 69.0%.

Why the owners changed: foreign institutions drove it (−3.5 points), together with domestic institutions (−2.7 points). They reduced their stake.

For Namo eWaste Management Ltd, the Z-score is 18.22. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

Why it matters: a Z-score of 18.22 is well clear of the danger zone, so the balance sheet is not the risk here.

62.8 out of 100, rank 9 of 9 in Recycling, with 47% of the evidence available. It is provisional, so it is ranked below companies with full evidence.

Namo eWaste Management Ltd scores 62.8 out of 100 against the 9 companies it is compared with in Recycling, ranking 9. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 19.4 + 14.9 + 8.5 + 20 = 62.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Namo eWaste Management ranks 9 of 9 Recycling companies on the 4-Factor Sector Score, with 62.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Recycling, all 9 compared on one page.

Namo eWaste Management is the 7th largest of 9 Recycling companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Pondy Oxides & Chemicals, Ganesha Ecosphere, Eco Recycling and Antony Waste Handling Cell. Just below it: NILE and Bhagyanagar India.

Recycling companies close in size

3. Pondy Oxides & Chemicals Ltd ₹3,033 crore
4. Ganesha Ecosphere Ltd ₹2,678 crore
5. Eco Recycling Ltd ₹789 crore
6. Antony Waste Handling Cell Ltd ₹785 crore
7. Namo eWaste Management Ltd ₹778 crore
8. NILE Ltd ₹464 crore
9. Bhagyanagar India Ltd ₹146 crore

All 9 Recycling companies, largest first

Companies close in size in other industries

1750. Sudarshan Pharma Industries Ltd ₹780 crore · Trading
1751. Dhampur Bio Organics Ltd ₹779 crore · Sugar
1752. Namo eWaste Management Ltd ₹778 crore
1753. A B Infrabuild Ltd ₹777 crore · Construction - Civil/Turnkey
1754. Uday Jewellery Industries Ltd ₹776 crore

Sector Alpha, written by code from the published numbers. Data as of 30 October 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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