NAMO EWASTE MANAGEMENT FUNDAMENTAL RESEARCH REPORT

Namo eWaste Management (NSE Emerge SME: NAMOEWASTE; listed Sep-2024; no BSE listing), Faridabad/Delhi, is a formal recycler of electronic waste and lithium-ion batteries. It runs four plants and 26+ collection centres for 300+ clients, and earns from recovered material (copper, plastics, now black mass) plus EPR credits that producers must buy under India’s e-waste and battery-waste rules. It is an SME stock: micro-float, thin trading and wide swings. Shares ~2.29 Cr; mcap ~Rs 776 Cr. Event 1 - FY26 numbers. Revenue Rs 139 Cr (+14%), EBITDA Rs 23.1 Cr (+56%, company definition), PAT Rs 14.35 Cr (+70%); H2 FY26 PAT Rs 7.36 Cr (+136%). Installed capacity rose to ~82,000 t/yr: ~70,000 t e-waste including the new 25,000 t Hyderabad plant (due Q2 FY27) and 12,600 t battery (Nashik, started FY26). Event 2 - big guidance. The MD targets “2x PAT” in FY27 and a mainboard migration at Rs 800-900 Cr revenue in 1.5-2 years (May-2026 call). The battery plant runs at only ~10% today; management plans ~80% (about 10,000 t) this year, and a Rs 60 Cr hydrometallurgy plant (pilot Dec-Jan) with funding still open.