Namo Ewaste profit jumps 70%, sets ₹1,100 crore target
FY26 net profit hit ₹14.35 cr as revenue rose 29%. Company targets five-fold revenue increase with hydrometallurgy push and ₹60 cr capex. Battery recycling utilization must leap from 10% to 60-70%.
— 1 earlier story on Namo Ewaste Management Ltd. →What's new
- FY26 revenue ₹195 cr (up 29%), net profit ₹14.35 cr (up 70%).
- Five-year revenue target of ₹1,100-1,200 cr from e-waste and battery recycling.
- Hydrometallurgy pilot by end-2026, commercial plant at ₹60 cr capex by Q2-Q3 FY27.
Why this matters
Profit grew more than twice as fast as revenue, suggesting margins are widening. The five-year revenue target implies a six-fold jump from FY26 — a steep ambition for a company with a ₹568 cr market cap. The critical test is battery recycling utilization, which must soar from 10% to 60-70% in FY27; execution is everything.
What we're watching
- Hydrometallurgy pilot commissioning by end-2026.
- Battery recycling utilization ramp to 60-70% in FY27.
- EBITDA margin progression toward 12-18%.
The full read
Namo Ewaste's FY26 numbers are strong: ₹195 crore revenue (up 29%) and ₹14.35 crore net profit (up 70%). Profit growth outpacing revenue implies margins are widening. The real story is the ambition: a five-year revenue target of ₹1,100-1,200 crore — a more than five-fold increase. Management is betting on hydrometallurgy to extract critical minerals from lithium-ion batteries, with a ₹60 crore capex plan for a pilot and a commercial plant. The key metric to watch is battery recycling utilisation, which must jump from 10% in FY26 to 60-70% in FY27. That is a steep climb. At a market cap of ₹568 crore and a trailing P/E of 39.5, the stock already prices in much of this growth. The next 12 months will reveal whether execution matches the vision.
Questions answered
- What drove the 70% profit jump in FY26?
- Revenue grew 29% to ₹195 cr, but net profit surged 70% to ₹14.35 cr, indicating margin improvement as revenue scales.
- How does the five-year revenue target compare to current revenue?
- The target of ₹1,100-1,200 cr is roughly 5.6-6.2 times FY26 revenue of ₹195 cr, implying aggressive growth.
- What is the hydrometallurgy project and its cost?
- A pilot plant at Nashik by end-2026, followed by a commercial 10-tonne-per-day facility in Haryana (Q2-Q3 FY27) at a capex of ₹60 crore.
- How realistic is the battery recycling utilization target?
- Utilization was only 10% in FY26. Management targets 60-70% in FY27, a significant leap dependent on feedstock and plant efficiency.
- What is the implied valuation after this update?
- At a market cap of ₹568 cr and FY26 net profit of ₹14.35 cr, the trailing P/E is 39.5x, pricing in high growth expectations.
- What are the key risks to the plan?
- Execution risk on new facilities, battery recycling utilization ramp, and achieving guided EBITDA margins of 12-18% amid competition.
Namo Ewaste Management Ltd.
Latest quarter · Mar 2026
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All notes on NAMOEWASTE →- 16 Jun 2026 · 1:56 PM IST Namo Ewaste profit jumps 70%, sets ₹1,100 crore target
- 42d ago Namo plots a fourfold revenue jump to main board in 18–24 months