SYNOPSIS: India’s recycling sector is set for steady growth, supported by policy incentives and rising waste volumes. While battery and metal recyclers show resilience, performance remains mixed across segments amid execution and margin challenges.
India’s recycling sector is poised for robust long-term growth, supported by favourable government policies, rising waste generation, and increasing demand for sustainable raw materials. As per industry sources, the market is expected to grow from $0.89 billion in 2025 to $1.34 billion by 2030, clocking a CAGR of 8.53 percent. Growth is likely to be led by battery metals and plastics, driven by rapid EV adoption and expanding packaging requirements.
Strengthening this outlook, on 3rd September 2025, the Union Cabinet approved a Rs. 1,500 crore incentive scheme for critical mineral recycling under the National Critical Mineral Mission. The scheme aims to enhance near-term supply chain security by encouraging the formal recycling of key waste streams such as e-waste, spent lithium-ion batteries (LIBs), and other metal scrap, including catalytic converters from end-of-life vehicles.
Estimates suggest India currently generates around 1.75 million tonnes of e-waste annually and nearly 60 kilotonnes of spent LIBs, with availability expected to rise sharply over the next 4-5 years. Additionally, customs duty exemptions on LIB scrap, announced in the Union Budget 2025-26, are likely to further ease imports and support the sector’s expansion. Listed below are some notable recycling-related stocks that have reported their financial results for the third quarter of FY26:
With a market cap of Rs. 11,886.8 crores, the stock is currently trading in the red at Rs. 1,610.5 on Friday, down by around 1.3 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 1,017 crores, reflecting a sequential decline of 2 percent QoQ compared to Rs. 1,036 crores in Q2 FY26, but a marginal year-on-year increase of around 2 percent from Rs. 996 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 97 crores, indicating a rise of about 1 percent QoQ from Rs. 96 crores in Q2 FY26, as well as an increase on a year-on-year basis by nearly 24 percent from Rs. 78 crores reported in Q3 FY25.
Gravita India Limited is a lead processing, aluminium processing, trade (lead products and aluminium scrap) and deals in turnkey lead recycling projects. It carries out smelting of lead battery scrap/lead concentrate to produce secondary lead metal, which is further transformed into pure lead, specific lead alloy, lead oxides and lead products like lead sheets, lead powder, lead shot, etc. Further, the company has also entered the PET (polyethene terephthalate) product manufacturing.
Aligned with its Vision 2029 strategy, Gravita continues to scale capacities across its established segments – lead, aluminium, plastics, rubber and turnkey solutions – with the ambition of exceeding 7 LTPA by FY28. In parallel, it is building presence in emerging recycling verticals such as lithium-ion batteries, paper and steel.
Management remains focused on delivering targeted volume growth, earnings expansion and ROIC above 25 percent, while progressively increasing the contribution of value-added products beyond 50 percent and non-lead businesses above 30 percent.
Eco Recycling Limited
With a market cap of Rs. 768 crores, the stock is currently trading in the red at Rs. 398 on Friday, down by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 5.91 crores, reflecting a sequential decline of 59 percent QoQ compared to Rs. 14.42 crores in Q2 FY26, and a year-on-year decrease of over 40 percent from Rs. 9.92 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 2.05 crores, indicating a fall of about 63 percent QoQ from Rs. 5.6 crores in Q2 FY26, as well as a decrease on a year-on-year basis by nearly 57 percent from Rs. 4.74 crores reported in Q3 FY25.
Eco Recycling Limited is primarily involved in the e-waste collection, disposal and recycling business that offers comprehensive services for the recycling of electrical electronic equipment (EEE) waste.
With a market cap of Rs. 1,428.6 crores, the stock is currently trading in the red at Rs. 503.35 on Friday, down by around 1.5 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 262 crores, reflecting a sequential growth of around 2 percent QoQ compared to Rs. 258 crores in Q2 FY26, and a year-on-year increase of around 8 percent from Rs. 243 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 15 crores, indicating a decline of about 12 percent QoQ from Rs. 17 crores in Q2 FY26, as well as a decrease on a year-on-year basis by nearly 17 percent from Rs. 18 crores reported in Q3 FY25.
Antony Waste Handling Cell Limited is engaged in the business of mechanical power sweeping of the roads and collection & transportation of municipal solid waste, and operates the largest single-location waste processing plant in Asia.
With a market cap of Rs. 3,578 crores, the stock is currently trading in the red at Rs. 1,172.9 on Friday, down by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 780 crores, reflecting a sequential growth of 22 percent QoQ compared to Rs. 640 crores in Q2 FY26, and a year-on-year increase of around 53 percent from Rs. 509 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 35 crores, indicating a rise of about 3 percent QoQ from Rs. 34 crores in Q2 FY26, as well as an impressive increase on a year-on-year basis by nearly 169 percent from Rs. 13 crores reported in Q3 FY25.
Pondy Oxides & Chemicals Limited is engaged in the business of converting scraps of various forms of lead, alumnium and copper into lead metal, aluminium metal, copper and its alloys. Lead battery scrap is smelted by the company to produce secondary lead metal is then processed into pure lead and specific lead alloys.
The company stated that it remains firmly aligned with its Target 2030 vision, focusing on capacity expansion across Lead, Copper, and other strategic segments. Its key priorities include sustaining volume growth above 15 percent, delivering a revenue CAGR exceeding 20 percent, maintaining EBITDA margins above 8 percent, achieving a ROCE of over 20 percent, and increasing the contribution of value-added products to more than 60 percent of total revenue.
Tinna Rubber & Infrastructure Limited
With a market cap of Rs. 1,274 crores, the stock is currently trading in the red at Rs. 707.25 on Friday, down by around 1 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 139 crores, reflecting a sequential growth of 16 percent QoQ compared to Rs. 120 crores in Q2 FY26, and a year-on-year increase of around 13 percent from Rs. 123 crores recorded in Q3 FY25.
Meanwhile, net profit stood at Rs. 13 crores, indicating a rise of about 8 percent QoQ from Rs. 12 crores in Q2 FY26, as well as an increase on a year-on-year basis by over 62 percent from Rs. 8 crores reported in Q3 FY25.
Tinna Rubber and Infrastructure Limited, one of the largest recyclers of ELTs in India, is primarily engaged in the business of recycling waste tyres/end-of-life tyres (ELT) and the manufacture of value-added products. By the end of FY25, the company had a tyre-crushing capacity of 1,85,000 MT.
It manufactures crumb rubber, crumb rubber modifier (CRM), crumb rubber modified bitumen (CRMB), polymer modified bitumen (PMB), bitumen emulsion, reclaimed rubber/ ultrafine crumb rubber compound, cut wire shots, polymer composites, etc.
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