Eco Recycling Ltd.
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ABOUT
AI Sector View
AI GENERATEDUtilities
Utilities are backed by firm electricity demand and output. Power generation grew 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), and core electricity output rose 9.0% YoY (2026-07). Sector-specific FPI flows are mildly positive at INR 148 crore over 3 months to 2026-08-31, adding to the supportive fundamental case.
PROS
- Company has delivered good profit growth of 38.6% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 39.4%
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.5%
- Company has delivered good sales growth of 30.6% CAGR over last 5 years
- Operating margins have improved to 58.1% from 43.6%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.42x)
- Working capital days have increased from 242 to 423 days
- Debtor days have increased from 50 to 88
- Inventory has been piling up - inventory days up from 75 to 103
- Though reporting repeated profits, the company pays out little dividend (8.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2210.35 | 34.98 | 13812.82 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 435.05 | 65.06 | 6380.73 | 0.29 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 270.00 | 15.06 | 3705.17 | 0.56 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 373.80 | 18.16 | 1060.92 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 436.15 | 35.58 | 854.71 | 0.23 | 9.17 | 13.35 | 16.19 | 75.22 | 32.61 | 56.27 |
| CEWATER | 280.00 | 112.28 | 579.49 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 96.41 | 22.12 | 166.38 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.93 | 239.46 | 85.49 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 7 | 7 | 8 | 11 | 13 | 10 | 10 | 9 | 14 | 6 | 19 | 16 | |
| 2 | 3 | 2 | 4 | 3 | 4 | 3 | 3 | 4 | 7 | 2 | 6 | 8 | |
| Operating Profit | 3 | 4 | 5 | 4 | 8 | 9 | 7 | 7 | 5 | 7 | 4 | 13 | 8 |
| OPM % | 60.48% | 60.14% | 70.15% | 45.71% | 71.84% | 71.64% | 66.73% | 71.24% | 54.76% | 49.93% | 59.56% | 69.43% | 52.25% |
| 3 | 3 | 2 | -0 | 2 | 1 | -0 | -0 | 4 | 0 | 1 | -1 | 3 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before Tax | 5 | 7 | 7 | 3 | 10 | 10 | 6 | 6 | 9 | 7 | 4 | 11 | 11 |
| Tax % | 9.77% | 10.92% | 17.08% | 48.44% | 17.01% | 16.67% | 17.57% | 64.91% | 10.01% | 17.65% | 51.54% | 35.27% | 19.56% |
| Net Profit | 0 | 0 | 0 | 0 | 8 | 8 | 5 | 2 | 8 | 6 | 2 | 7 | 9 |
| 2.44 | 3.17 | 2.97 | 0.86 | 4.23 | 4.17 | 2.53 | 1.19 | 4.19 | 2.97 | 1.02 | 3.85 | 4.49 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 19 | 12 | 12 | 12 | 13 | 15 | 18 | 28 | 44 | 48 | 55 | |
| 18 | 12 | 11 | 11 | 12 | 12 | 14 | 12 | 14 | 20 | 23 | |
| Operating Profit | 1 | -1 | 2 | 1 | 1 | 3 | 4 | 16 | 30 | 28 | 32 |
| OPM % | 4.99% | -7.97% | 13.56% | 12.07% | 4.49% | 18.70% | 21.54% | 58.73% | 68.74% | 58.12% | 58.23% |
| -1 | -6 | 1 | 1 | 6 | 12 | 4 | 7 | 3 | 5 | 3 | |
| Interest | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 2 |
| Profit before Tax | -2 | -9 | 1 | 1 | 6 | 14 | 7 | 22 | 32 | 31 | 33 |
| Tax % | 3.14% | -0.00% | -39.27% | 8.98% | 19.65% | 10.68% | 6.21% | 17.93% | 26.17% | 26.29% | 28.39% |
| Net Profit | -2 | -9 | 1 | 1 | 4 | 13 | 6 | 18 | 23 | 23 | 24 |
| EPS | -0.56 | -5.04 | 0.63 | 0.60 | 2.32 | 6.58 | 3.21 | 9.24 | 12.14 | 11.98 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.20% | 0.00% | 0.00% | 0.00% | 8.35% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 31%
- 3 Years:
- 40%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 39%
- 3 Years:
- 55%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 27%
- 3 Years:
- 29%
- Last Year:
- 24%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 | 1 |
| 10 | 6 | 6 | 4 | 12 | 30 | 27 | 47 | 69 | 91 | |
| 19 | 23 | 20 | 16 | 11 | 11 | 2 | 6 | 6 | 5 | |
| Trade Payables | 4 | 0 | 0 | 0 | 0 | 2 | 11 | 0 | 1 | 6 |
| 3 | 3 | 2 | 4 | 2 | 4 | 3 | 7 | 13 | 11 | |
| Total Liabilities | 54 | 49 | 46 | 44 | 46 | 67 | 62 | 81 | 111 | 135 |
| 14 | 22 | 22 | 22 | 22 | 20 | 34 | 39 | 59 | 57 | |
| Capital Work in Progress | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | 3 | 3 | 3 | 7 | 20 | 15 | 18 | 12 | 12 | |
| 9 | 6 | 3 | 3 | 2 | 4 | 4 | 6 | 12 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 8 | 16 | |
| Cash & Bank | 0 | 0 | 2 | 0 | 2 | 11 | 1 | 2 | 3 | 13 |
| 19 | 17 | 17 | 16 | 13 | 11 | 9 | 11 | 18 | 21 | |
| Total Assets | 54 | 49 | 46 | 44 | 46 | 67 | 62 | 81 | 111 | 135 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 6 | 9 | 6 | 9 | 2 | 18 | -3 | 17 | 13 | |
| Cash from Investing | 1 | -0 | -3 | -4 | -0 | 8 | -24 | 3 | -14 | -1 |
| Cash from Financing | -0 | -6 | -4 | -4 | -7 | -0 | -1 | -0 | -1 | -1 |
| -0 | 0 | 2 | -2 | 2 | 8 | -9 | 0 | 1 | 11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
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News
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