# Namo eWaste Management share price today (Namo eWaste Management Ltd, NSE: NAMOEWASTE)

> Namo eWaste Management share price today: ₹336.50 at the NSE close on 4 November 2026, up 80.4% in a year. Namo eWaste Management (NSE: NAMOEWASTE) is worth ₹770 crore, trades at a P/E of 53.6 and has closed between ₹137.40 and ₹368.35 over the past 52 weeks. > Namo eWaste Management Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. NAMOEWASTE · Recycling · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/namo-ewaste-management-ltd

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## Key numbers

- Price: ₹336.50 (+80.4% in a year)
- P/E: 53.6× (higher than 71% of the last 2.1 years)
- Revenue (Mar 2026): ₹107 Cr (+28.9% on a year ago)
- Profit (Mar 2026): ₹7.0 Cr (+133.3% on a year ago)
- Operating margin: 11.0% (+3.0 points on a year ago)
- ROCE: 21%, FY26
- ROIC: 14.1%, against a 12.0% cost of capital: +2.1 points
- Profit that came in as cash: −3%, last 3 years

The main question: profits are rising, but only −3% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Namo eWaste Management share price today? Namo eWaste Management Ltd's share price was ₹336.50 at the close on 4 November 2026. It has been rising for 25 weeks. That is 30.4% 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 86% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 8 weeks in a row. Over the last 2.1 years the share price moved +120% 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. ## What changed at Namo eWaste Management this quarter? 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%. ## What are Namo eWaste Management's latest quarterly results? 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

| Measure | January to March 2026 | January to March 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹107 crore | ₹83.0 crore | +28.9% |
| Profit | ₹7.00 crore | ₹3.00 crore | +133.3% |
| Earnings per share | ₹3.22 | ₹1.36 | +136.8% |
| Operating margin | 11.0% | 8.0% | +3.0 points |

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.)

## What is the Namo eWaste Management share price history? Namo eWaste Management closed at ₹336.50 on 4 November 2026, up 80.4% from ₹186.55 a year earlier (7 November 2025). Its highest weekly close since September 2024 was ₹368.35 on 9 October 2026. ### Namo eWaste Management share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹340.05 | −1.0% |
| 1 month ago · 1 Oct 2026 | ₹310.70 | +8.3% |
| 6 months ago · 8 May 2026 | ₹240.40 | +40.0% |
| 1 year ago · 7 Nov 2025 | ₹186.55 | +80.4% |
| Earliest weekly close in our records · 13 Sep 2024 | ₹153.05 | +119.9% |
| Highest weekly close since September 2024, also the 52-week high · 9 Oct 2026 | ₹368.35 | −8.6% |
| Lowest weekly close since September 2024, also the 52-week low · 27 Mar 2026 | ₹137.40 | +144.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (120 weekly closes from 13 September 2024 to 4 November 2026.)

## What is the latest news on Namo eWaste Management? 4 Nov 2026: Namo eWaste Management closed at ₹336.50, down 1.0% on the week and up 8.3% 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.)

## What dividend does Namo eWaste Management pay? 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.)

## What did Namo eWaste Management management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/58047-16-Jun-2026.pdf). (From the call for January to March 2026, 16 June 2026.)

## What is the future of Namo eWaste Management? What is changing in the business? 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.)

## What could change the Namo eWaste Management story? What are the risks? 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.)

## What to watch in Namo eWaste Management's next results? 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. - What to check (from the call)
- 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. - Hyderabad facility operationalization timing (Aug-Sep 2026 goal) and initial ramp trajectory execution - delays would defer 50-100 basis points geographic logistics margin benefit and pan-India consolidation narrative. - Haryana commercial hydrometallurgy land acquisition and capital spending deployment initiation (planned 4-5 months ahead of next call) aiming for Q2-October to December 2026 start - critical project milestone on ₹60 crore of spending with government subsidy dependency for 2028-29 EPR mandate participation. ## Which stock lists is Namo eWaste Management on? Namo eWaste Management is on one of our India lists: Momentum stocks. [Momentum stocks Market cap cr: 769.8779591236582](https://www.sectoralpha.in/momentum-stocks-india)

## Is Namo eWaste Management profitable? 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. 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. ## How much revenue does Namo eWaste Management make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Namo eWaste Management keep? 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. 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. ## Is Namo eWaste Management's profit turning into cash? 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. 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. ## Where does Namo eWaste Management's cash go? 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. 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. ## What is Namo eWaste Management's P/E ratio, and how does it compare with its own history? Namo eWaste Management Ltd's P/E is 53.6×, near the high end of its own history: higher than 71% 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. Why the multiple is where it is: over the past year earnings per share moved +69.7% while the price moved +80.4%. 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. ## Is the Namo eWaste Management business getting better or worse? 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. 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. ## What is the Namo eWaste Management story, and has it been checked? 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. 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 numbers. 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). 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. 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. ## Did Namo eWaste Management management deliver what it promised? 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. ## What is Namo eWaste Management management's track record? 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. Sources:

- [screener.in](https://www.screener.in/company/NAMOEWASTE/consolidated/)
- [tickertape.in](https://www.tickertape.in/stocks/namo-ewaste-management-NAMO)

(Checked 15 June 2026.)

## How much does Namo eWaste Management earn on its capital? 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). 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. ## Does Namo eWaste Management have too much debt? 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. 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%. ## What is the Namo eWaste Management shareholding pattern? 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. 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. ## How far is Namo eWaste Management from balance-sheet trouble? 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. 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. ## How does Namo eWaste Management rank in its industry? 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. ## Which companies is Namo eWaste Management compared with? Namo eWaste Management ranks 9 of 9 Recycling companies on the 4-Factor Sector Score, with 62.8 out of 100. 1. [Bhagyanagar India Ltd](https://www.sectoralpha.in/stocks/bhagyanagar-india-ltd) BHAGYANGR · Most evidence points up · 69% evidence 72.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 37.0/43.75 · Revenue 49.1% · Profit 100% · Operating margin change 1.7 points · 88% evidence Capital efficiency 16.1/31.25 · ROCE 20.2% · Operating margin 5% · 100% evidence Valuation 19.6/25 · P/E 2.3× · PEG 0.22 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 37 + 16.1 + 19.6 = 72.7 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 2. [NILE Ltd](https://www.sectoralpha.in/stocks/nile-ltd) NILE · Evidence leans up · 76% evidence 52.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/43.75 · Revenue 17% · Profit 12.1% · Operating margin change -5.3 points · 88% evidence Capital efficiency 17.1/31.25 · ROCE 25.3% · Operating margin 3.8% · 100% evidence Valuation 19.5/25 · P/E 9.6× · PEG 0.18 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 15.9 + 17.1 + 19.5 = 52.5 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 3. [Pondy Oxides & Chemicals Ltd](https://www.sectoralpha.in/stocks/pondy-oxides-chemicals-ltd) POCL · basing · Evidence leans up · 96% evidence 52.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 48.5% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 15.8/25 · ROCE 23.4% · Operating margin 6% · 100% evidence Valuation 9.3/20 · P/E 21.2× · PEG 2.57 · 100% evidence Relative strength 1.1/20 · Lead over its industry -20.2% · Lead over NIFTY 500 -17% · 1 year -27.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26 + 15.8 + 9.3 + 1.1 = 52.2 · What this means: Earnings are strong; relative strength in its sector is -20.2% and the one-year return is -27.6%. 4. [Eco Recycling Ltd](https://www.sectoralpha.in/stocks/eco-recycling-ltd) ECORECO · quiet · Evidence leans up · 63% evidence 52.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.8/35 · Revenue 31.9% · Profit 3.2% · Operating margin change 1.5 points · 83% evidence Capital efficiency 19.4/25 · ROCE 30.8% · Operating margin 56.3% · 76% evidence Valuation 9.7/20 · P/E 32.8× · PEG n/a · 50% evidence Relative strength 10.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.7% · 1 year -32.4% · 25% evidence · 0 of 5 weeks ahead Exact sum: 12.8 + 19.4 + 9.7 + 10.1 = 52 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Jain Resource Recycling Ltd](https://www.sectoralpha.in/stocks/jain-resource-recycling-ltd) JAINREC · basing · Evidence leans down · 83% evidence 48.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.4/35 · Revenue 65.3% · Profit 62.2% · Operating margin change -2 points · 88% evidence Capital efficiency 15.0/25 · ROCE 25.7% · Operating margin 4% · 100% evidence Valuation 9.2/20 · P/E 25.6× · PEG 1.83 · 65% evidence Relative strength 3.5/20 · Lead over its industry -27.8% · Lead over NIFTY 500 -24.3% · 1 year -30.1% · 70% evidence · 0 of 12 weeks ahead Exact sum: 20.4 + 15 + 9.2 + 3.5 = 48.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Ganesha Ecosphere Ltd](https://www.sectoralpha.in/stocks/ganesha-ecosphere-ltd) GANECOS · quiet · Evidence leans down · 76% evidence 47.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.0/35 · Revenue 19.1% · Profit 30.8% · Operating margin change 6 points · 74% evidence Capital efficiency 8.5/25 · ROCE 5.6% · Operating margin 12% · 100% evidence Valuation 10.0/20 · P/E 31.5× · PEG 0.43 · 100% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 10.9% · 1 year -18.1% · 25% evidence · 6 of 12 weeks ahead Exact sum: 17 + 8.5 + 10 + 12 = 47.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Antony Waste Handling Cell Ltd](https://www.sectoralpha.in/stocks/antony-waste-handling-cell-ltd) AWHCL · quiet · Evidence leans down · 63% evidence 40.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.8/35 · Revenue 11.8% · Profit -32% · Operating margin change -8 points · 83% evidence Capital efficiency 10.7/25 · ROCE 11.2% · Operating margin 14.3% · 76% evidence Valuation 12.5/20 · P/E 13.4× · PEG n/a · 50% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -35.3% · 1 year -49.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 9.8 + 10.7 + 12.5 + 7.5 = 40.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Gravita India Ltd](https://www.sectoralpha.in/stocks/gravita-india-ltd) GRAVITA · basing · Evidence leans down · 100% evidence 39.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 23.9% · Profit 9.7% · Operating margin change -1 points · 100% evidence Capital efficiency 11.7/25 · ROCE 16.2% · Operating margin 9% · 100% evidence Valuation 6.0/20 · P/E 25.7× · PEG 1.99 · 100% evidence Relative strength 6.4/20 · Lead over its industry -14.6% · Lead over NIFTY 500 -11.2% · 1 year -16.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 15.5 + 11.7 + 6 + 6.4 = 39.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. Namo eWaste Management Ltd this page NAMOEWASTE · leader · Too little evidence to rank firmly · 47% evidence 62.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue n/a · Profit n/a · Operating margin change 3 points · 15% evidence Capital efficiency 14.9/25 · ROCE 21.3% · Operating margin 11% · 75% evidence Valuation 8.5/20 · P/E 54.2× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 52% · Lead over NIFTY 500 55.4% · 1 year 85.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 19.4 + 14.9 + 8.5 + 20 = 62.8 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 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](https://www.sectoralpha.in/sectors/recycling), all 9 compared on one page. ## Which companies are close to Namo eWaste Management in size? 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

1. [Pondy Oxides & Chemicals Ltd](https://www.sectoralpha.in/stocks/pondy-oxides-chemicals-ltd) ₹3,033 crore
2. [Ganesha Ecosphere Ltd](https://www.sectoralpha.in/stocks/ganesha-ecosphere-ltd) ₹2,678 crore
3. [Eco Recycling Ltd](https://www.sectoralpha.in/stocks/eco-recycling-ltd) ₹789 crore
4. [Antony Waste Handling Cell Ltd](https://www.sectoralpha.in/stocks/antony-waste-handling-cell-ltd) ₹785 crore
5. Namo eWaste Management Ltd ₹778 crore
6. [NILE Ltd](https://www.sectoralpha.in/stocks/nile-ltd) ₹464 crore
7. [Bhagyanagar India Ltd](https://www.sectoralpha.in/stocks/bhagyanagar-india-ltd) ₹146 crore

[All 9 Recycling companies, largest first](https://www.sectoralpha.in/sectors/recycling#all-companies)

### Companies close in size in other industries

1. [Sudarshan Pharma Industries Ltd](https://www.sectoralpha.in/stocks/sudarshan-pharma-industries-ltd) ₹780 crore · Trading
2. [Dhampur Bio Organics Ltd](https://www.sectoralpha.in/stocks/dhampur-bio-organics-ltd) ₹779 crore · Sugar
3. Namo eWaste Management Ltd ₹778 crore
4. [A B Infrabuild Ltd](https://www.sectoralpha.in/stocks/a-b-infrabuild-ltd) ₹777 crore · Construction - Civil/Turnkey
5. [Uday Jewellery Industries Ltd](https://www.sectoralpha.in/stocks/uday-jewellery-industries-ltd) ₹776 crore

## What else do people ask about Namo eWaste Management? ### What is Namo eWaste Management's share price today? Namo eWaste Management Ltd's share price is ₹336.50, +80.4% over the past year. The whole company is worth ₹770 Cr on the market. In the last 52 weeks it traded between ₹137 to ₹368; today it is 86% of the way up from the low, 30.4% above its 200-day average (as of 4 November 2026). ### What were Namo eWaste Management's latest quarterly results? Namo eWaste Management Ltd reported revenue of ₹107 Cr and net profit of ₹7.0 Cr for the Mar 2026 quarter. Revenue rose 28.9% and profit rose 133.3% compared with a year earlier. Earnings per share were ₹3.22. The operating margin was 11.0%, 3.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Namo eWaste Management's market cap? Namo eWaste Management Ltd's market capitalisation is ₹770 Cr at a share price of ₹336.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Namo eWaste Management performing? Namo eWaste Management Ltd's share price has been rising for 25 weeks. In its latest quarter, revenue rose 28.9% and profit rose 133.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 8 weeks running (as of 4 November 2026). ### Will Namo eWaste Management's share price go up? This page does not forecast Namo eWaste Management Ltd's share price. What it shows instead: the share price is ₹336.50, and it has been rising for 25 weeks. Its P/E of 53.6× is higher than 71% of its own last 2 years (as of 4 November 2026). ### Who owns Namo eWaste Management? Promoters own 69.0% of Namo eWaste Management Ltd, foreign institutions 0.0%, domestic institutions 1.9% and the public 29.1% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 3.5 percentage points over 4 quarters (as of 4 November 2026). ### Does Namo eWaste Management have too much debt? No, Namo eWaste Management Ltd has little debt: its debt is 0.03× its equity, and its operating profit is 23 times its interest bill. FY26 borrowings were ₹3.0 Cr against equity of ₹103 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Namo eWaste Management in its business cycle? Namo eWaste Management Ltd's FY26 operating margin was 12.0%, against a 3-year range of 9.0% to 12.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Namo eWaste Management story? The main question: profits are rising, but only −3% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Namo eWaste Management a stock worth studying right now? What the numbers show: Namo eWaste Management Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Namo eWaste Management share price forecast for 2026? What management itself guided: Hyderabad e-waste facility: 25,000 MT/annum capacity, operational Aug-Sep 2026, approximately ₹20 crore all-in capital spending self-funded. What is changing at Namo eWaste Management, from the latest results and calls: battery recycling ramp, hyderabad greenfield capacity and hydrometallurgy value chain integration. What would change the story: 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. ### Where does this page get Namo eWaste Management's management information? From Namo eWaste Management's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

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