Eco Recycling Ltd.
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ABOUT
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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 40.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 40.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.2%
- Company has delivered good sales growth of 30.6% CAGR over last 5 years
- Operating margins have improved to 58.6% from 43.2%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.43x)
- Working capital days have increased from 177 to 370 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 (8.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| WABAG | 2131.35 | 33.73 | 13319.14 | 0.23 | 90.10 | 36.93 | 886.80 | 20.82 | 21.22 | 9.59 |
| IONEXCHANG | 438.55 | 65.58 | 6432.06 | 0.28 | 3.06 | -93.68 | 700.46 | 20.11 | 13.46 | 4.59 |
| REFEX | 273.15 | 15.24 | 3748.40 | 0.55 | 64.55 | 216.87 | 916.30 | 139.09 | 24.06 | 11.67 |
| AWHCL | 376.95 | 18.31 | 1069.86 | 0.13 | 0.75 | -96.74 | 260.99 | 5.52 | 13.11 | 14.25 |
| ECORECO | 445.35 | 36.33 | 872.74 | 0.00 | 9.17 | 13.35 | 16.19 | 75.22 | 34.24 | 56.27 |
| CEWATER | 280.20 | 112.36 | 579.91 | 0.00 | -17.57 | -526.54 | 85.35 | -16.65 | 6.86 | -18.72 |
| RACE | 97.00 | 22.25 | 167.39 | 0.00 | 1.03 | 150.00 | 191.06 | 21.91 | 10.23 | 1.99 |
| BANKA | 77.56 | 238.33 | 85.08 | 0.00 | -0.04 | -295.00 | 10.55 | -5.29 | -8.20 | 17.27 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 3 | 13 | 9 |
| OPM % | 60.67% | 60.14% | 68.94% | 47.02% | 72.02% | 70.86% | 67.14% | 71.44% | 55.19% | 50.14% | 58.71% | 69.69% | 52.56% |
| 1 | 1 | 1 | 0 | 1 | 0 | 0 | 1 | 3 | 0 | 1 | 1 | 0 | |
| 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 | 4 | 5 | 6 | 4 | 9 | 9 | 6 | 8 | 8 | 7 | 4 | 13 | 9 |
| Tax % | 7.44% | 10.41% | 17.00% | 36.19% | 17.02% | 17.00% | 15.73% | 59.29% | 11.83% | 10.30% | 56.70% | 30.37% | 21.84% |
| Net Profit | 4 | 5 | 5 | 3 | 7 | 7 | 5 | 3 | 7 | 6 | 2 | 9 | 7 |
| 1.93 | 1.93 | 2.58 | 1.38 | 3.84 | 3.85 | 2.80 | 1.60 | 3.48 | 3.20 | 0.81 | 4.84 | 3.56 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 13 | 20 | 23 | |
| Operating Profit | 1 | -1 | 2 | 1 | 1 | 3 | 4 | 16 | 31 | 28 | 32 |
| OPM % | 7.50% | -4.60% | 15.21% | 12.21% | 4.51% | 17.76% | 22.35% | 58.86% | 70.48% | 58.57% | 58.37% |
| -1 | -6 | 1 | 1 | 6 | 12 | 4 | 5 | 3 | 5 | 2 | |
| 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 | -1 | -8 | 1 | 1 | 5 | 14 | 7 | 20 | 32 | 31 | 33 |
| Tax % | 5.17% | -0.00% | -30.75% | 8.87% | 19.99% | 10.84% | 5.73% | 17.36% | 26.86% | 24.52% | 26.73% |
| Net Profit | -1 | -8 | 1 | 1 | 4 | 12 | 6 | 16 | 23 | 24 | 24 |
| EPS | -0.56 | -4.81 | 0.75 | 0.61 | 2.27 | 6.47 | 3.20 | 8.39 | 12.09 | 12.32 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15.45% | 0.00% | 0.00% | 0.00% | 8.12% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 31%
- 3 Years:
- 40%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 65%
- 5 Years:
- 40%
- 3 Years:
- 57%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 28%
- 3 Years:
- 30%
- Last Year:
- 25%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 11 | 7 | 8 | 6 | 14 | 32 | 29 | 46 | 69 | 92 | |
| 19 | 20 | 18 | 16 | 9 | 10 | 1 | 6 | 5 | 4 | |
| Trade Payables | 4 | 0 | 0 | 0 | 0 | 2 | 11 | 0 | 1 | 6 |
| 3 | 3 | 2 | 4 | 2 | 4 | 2 | 7 | 13 | 11 | |
| Total Liabilities | 55 | 48 | 46 | 45 | 45 | 67 | 62 | 78 | 108 | 133 |
| 14 | 22 | 22 | 22 | 22 | 20 | 34 | 39 | 59 | 57 | |
| Capital Work in Progress | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | 4 | 4 | 4 | 8 | 21 | 16 | 16 | 10 | 10 | |
| 9 | 6 | 3 | 3 | 2 | 4 | 4 | 6 | 12 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 8 | 16 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 10 | 0 | 1 | 2 | 13 |
| 20 | 15 | 17 | 16 | 13 | 11 | 8 | 11 | 17 | 21 | |
| Total Assets | 55 | 48 | 46 | 45 | 45 | 67 | 62 | 78 | 108 | 133 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1 | 1 | 7 | 6 | 7 | 2 | 18 | -2 | 16 | 13 | |
| Cash from Investing | 1 | 0 | -3 | -4 | -0 | 8 | -25 | 3 | -13 | -1 |
| Cash from Financing | -0 | -1 | -4 | -2 | -7 | 0 | -0 | 0 | -1 | -1 |
| -0 | 0 | -0 | 0 | 0 | 8 | -9 | 0 | 2 | 11 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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