Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹511, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 328% over the past three years. Reported Earnings • Apr 30
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹11.87 (down from ₹34.15 in FY 2025). Revenue: ₹528.1m (up 17% from FY 2025). Net income: ₹231.2m (down 65% from FY 2025). Profit margin: 44% (down from 146% in FY 2025). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Commercial Services industry in India. Over the last 3 years on average, earnings per share has increased by 56% per year whereas the company’s share price has increased by 54% per year. New Risk • Apr 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Revenue is less than US$5m (₹434m revenue, or US$4.7m). Market cap is less than US$100m (₹7.78b market cap, or US$83.6m). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹336, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Commercial Services industry in India. Total returns to shareholders of 176% over the past three years. Board Change • Feb 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Yeshwant Sontakke was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹1.02 (vs ₹2.45 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.02 (down from ₹2.45 in 3Q 2025). Net income: ₹19.7m (down 60% from 3Q 2025). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Commercial Services industry in India. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. New Risk • Jan 21
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₹458m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (66% accrual ratio). Minor Risks Revenue is less than US$5m (₹458m revenue, or US$5.0m). Market cap is less than US$100m (₹8.27b market cap, or US$90.2m). New Risk • Jan 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (66% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Dec 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.88b (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (66% accrual ratio). Minor Risk Market cap is less than US$100m (₹8.88b market cap, or US$98.5m). New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (66% accrual ratio). Announcement • Aug 28
Eco Recycling Limited, Annual General Meeting, Sep 30, 2025 Eco Recycling Limited, Annual General Meeting, Sep 30, 2025, at 13:00 Indian Standard Time. Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: ₹4.19 (vs ₹4.23 in 1Q 2025) First quarter 2026 results: EPS: ₹4.19 (down from ₹4.23 in 1Q 2025). Revenue: ₹136.2m (up 1.3% from 1Q 2025). Net income: ₹80.9m (flat on 1Q 2025). Profit margin: 59% (down from 61% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 18
Eco Recycling Limited to Report Q1, 2026 Results on Jul 28, 2025 Eco Recycling Limited announced that they will report Q1, 2026 results at 9:15 AM, Indian Standard Time on Jul 28, 2025 Reported Earnings • May 25
Full year 2025 earnings released: EPS: ₹12.12 (vs ₹9.24 in FY 2024) Full year 2025 results: EPS: ₹12.12 (up from ₹9.24 in FY 2024). Revenue: ₹463.0m (up 34% from FY 2024). Net income: ₹234.2m (up 31% from FY 2024). Profit margin: 51% (down from 52% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹649, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 24x in the Commercial Services industry in India. Total returns to shareholders of 457% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹656, the stock trades at a trailing P/E ratio of 55.5x. Average trailing P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 447% over the past three years. Announcement • Mar 03
Eco Recycling Limited Announces Resignation of Maneesha Jena as Company Secretary and Compliance Officer Ms. Maneesha Jena has tendered her resignation from the post of Company Secretary and Compliance Officer and a Key Managerial Personnel of Eco Recycling Limited due to personal reasons. The Company has accepted her resignation and relieved her from responsibilities with effect from the close of March 1, 2025. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹529, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 375% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹645, the stock trades at a trailing P/E ratio of 54.6x. Average trailing P/E is 22x in the Commercial Services industry in India. Total returns to shareholders of 387% over the past three years. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: ₹2.45 (vs ₹1.81 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.45 (up from ₹1.81 in 3Q 2024). Revenue: ₹94.6m (up 15% from 3Q 2024). Net income: ₹48.9m (up 40% from 3Q 2024). Profit margin: 52% (up from 43% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹4.25 (vs ₹3.17 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.25 (up from ₹3.17 in 2Q 2024). Revenue: ₹139.0m (up 38% from 2Q 2024). Net income: ₹80.5m (up 32% from 2Q 2024). Profit margin: 58% (down from 61% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Revenue is less than US$5m (₹408m revenue, or US$4.8m). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹979, the stock trades at a trailing P/E ratio of 78.9x. Average trailing P/E is 33x in the Commercial Services industry in India. Total returns to shareholders of 1,180% over the past three years. Announcement • Aug 13
Eco Recycling Limited, Annual General Meeting, Sep 10, 2024 Eco Recycling Limited, Annual General Meeting, Sep 10, 2024, at 11:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹4.23 (vs ₹2.44 in 1Q 2024) First quarter 2025 results: EPS: ₹4.23 (up from ₹2.44 in 1Q 2024). Revenue: ₹134.4m (up 70% from 1Q 2024). Net income: ₹81.5m (up 73% from 1Q 2024). Profit margin: 61% (up from 59% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Eco Recycling Limited to Report Q1, 2025 Results on Aug 12, 2024 Eco Recycling Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹727, the stock trades at a trailing P/E ratio of 69.7x. Average trailing P/E is 34x in the Commercial Services industry in India. Total returns to shareholders of 1,132% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹600, the stock trades at a trailing P/E ratio of 57.5x. Average trailing P/E is 29x in the Commercial Services industry in India. Total returns to shareholders of 930% over the past three years. New Risk • May 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.18b (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). High level of non-cash earnings (47% accrual ratio). Minor Risks Revenue is less than US$5m (₹353m revenue, or US$4.2m). Market cap is less than US$100m (₹8.18b market cap, or US$98.3m). Reported Earnings • May 15
Full year 2024 earnings released: EPS: ₹9.44 (vs ₹3.21 in FY 2023) Full year 2024 results: EPS: ₹9.44 (up from ₹3.21 in FY 2023). Revenue: ₹352.7m (up 70% from FY 2023). Net income: ₹182.2m (up 194% from FY 2023). Profit margin: 52% (up from 30% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (9.4% average weekly change). Revenue is less than US$5m (₹280m revenue, or US$3.4m). Announcement • May 09
Eco Recycling Limited to Report Q4, 2024 Results on May 14, 2024 Eco Recycling Limited announced that they will report Q4, 2024 results on May 14, 2024 New Risk • Apr 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (₹280m revenue, or US$3.4m). Announcement • Mar 29
Eco Recycling Limited Announces Kaushal Shukla Resigns from the Post of Company Secretary & Compliance Officer Eco Recycling Limited announced that Mr. Kaushal Shukla has tendered his resignation from the post of Company Secretary & Compliance Officer (KeyManagerial Personnel) of the Company vide his letter dated December 19, 2023. He has decided to move on to pursue opportunities outside the Company. Effective December 19, 2023. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Giriraj Bhattar was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Feb 12
Eco Recycling Limited Appoints Maneesha Jena as Company Secretary and Compliance Officer Eco Recycling Limited announced that at its Board Meeting held on February 12, 2024, Based on the recommendation of the Nomination and Remuneration Committee, the Board of Director has approved the appointment Ms. Maneesha Jena as the Company Secretary of the Company, designated as Key Managerial Personnel pursuant to the provisions of section 203 of the Companies Act, 2013 and Compliance Officer under Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with effect from February 12, 2024. Ms. Maneesha Jena is a Fellow Member of the Institute of Company Secretaries of India (ICSI) Membership No. FCS-11575 and B.Com graduate. She is having a total experience of more than 13 years in the field of secretarial compliance, listing compliances, SEBI laws and other allied activities. Announcement • Feb 06
Eco Recycling Limited to Report Q3, 2024 Results on Feb 12, 2024 Eco Recycling Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Announcement • Dec 30
Eco Recycling Limited Announces the Resignation of Mr. Kaushal Shukla as Company Secretary and Compliance Officer Eco Recycling Limited announced the resignation of Mr. Kaushal Shukla as Company Secretary and Compliance Officer, with effect from December 29, 2023. Reported Earnings • Oct 27
Second quarter 2024 earnings released: EPS: ₹3.17 (vs ₹1.78 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.17 (up from ₹1.78 in 2Q 2023). Revenue: ₹100.8m (up 75% from 2Q 2023). Net income: ₹61.2m (up 78% from 2Q 2023). Profit margin: 61% (up from 60% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 13
Eco Recycling Limited to Report Q2, 2024 Results on Oct 26, 2023 Eco Recycling Limited announced that they will report Q2, 2024 results on Oct 26, 2023 Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹207, the stock trades at a trailing P/E ratio of 49x. Average trailing P/E is 32x in the Commercial Services industry in India. Total returns to shareholders of 358% over the past three years. New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (₹245m revenue, or US$3.0m). Market cap is less than US$100m (₹3.11b market cap, or US$37.9m). Announcement • Jul 23
Eco Recycling Limited, Annual General Meeting, Aug 28, 2023 Eco Recycling Limited, Annual General Meeting, Aug 28, 2023. Reported Earnings • Jul 21
First quarter 2024 earnings released: EPS: ₹2.44 (vs ₹1.42 in 1Q 2023) First quarter 2024 results: EPS: ₹2.44 (up from ₹1.42 in 1Q 2023). Revenue: ₹79.3m (up 61% from 1Q 2023). Net income: ₹47.1m (up 71% from 1Q 2023). Profit margin: 59% (up from 56% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹130, the stock trades at a trailing P/E ratio of 40.7x. Average trailing P/E is 29x in the Commercial Services industry in India. Total returns to shareholders of 180% over the past three years. Announcement • Jul 13
Eco Recycling Limited to Report Q1, 2024 Results on Jul 20, 2023 Eco Recycling Limited announced that they will report Q1, 2024 results on Jul 20, 2023 Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹3.21 (vs ₹6.58 in FY 2022) Full year 2023 results: EPS: ₹3.21 (down from ₹6.58 in FY 2022). Revenue: ₹215.3m (down 20% from FY 2022). Net income: ₹61.9m (down 51% from FY 2022). Profit margin: 29% (down from 47% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 23
Eco Recycling Limited to Report Q4, 2023 Results on May 30, 2023 Eco Recycling Limited announced that they will report Q4, 2023 results on May 30, 2023 Recent Insider Transactions • Jan 19
Chairman & MD recently sold ₹4.9m worth of stock On the 18th of January, Brij Soni sold around 35k shares on-market at roughly ₹141 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Brij's only on-market trade for the last 12 months. Reported Earnings • Jan 14
Third quarter 2023 earnings released: EPS: ₹1.98 (vs ₹1.78 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.98 (up from ₹1.78 in 3Q 2022). Revenue: ₹60.6m (down 18% from 3Q 2022). Net income: ₹38.1m (up 11% from 3Q 2022). Profit margin: 63% (up from 46% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 61% per year. Announcement • Jan 12
Eco Recycling Limited Approves Appointment of Suresh. S. Chattise as an Assistant Company Secretary Eco Recycling Limited announced that at its board meeting held on January 12, 2023, approved appointment of Mr. Suresh. S. Chattise as an assistant company secretary. Announcement • Jan 06
Eco Recycling Limited to Report Q3, 2023 Results on Jan 12, 2023 Eco Recycling Limited announced that they will report Q3, 2023 results on Jan 12, 2023 Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₹148, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 24x in the Commercial Services industry in India. Total returns to shareholders of 352% over the past three years. Reported Earnings • Oct 22
Second quarter 2023 earnings released: EPS: ₹1.78 (vs ₹0.94 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.78 (up from ₹0.94 in 2Q 2022). Revenue: ₹57.5m (up 8.3% from 2Q 2022). Net income: ₹34.3m (up 89% from 2Q 2022). Profit margin: 60% (up from 34% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
Eco Recycling Limited to Report Q2, 2023 Results on Oct 20, 2022 Eco Recycling Limited announced that they will report Q2, 2023 results on Oct 20, 2022 Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₹124, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 24x in the Commercial Services industry in India. Total returns to shareholders of 240% over the past three years. Reported Earnings • Jul 28
First quarter 2023 earnings released: EPS: ₹1.42 (vs ₹3.25 in 1Q 2022) First quarter 2023 results: EPS: ₹1.42 (down from ₹3.25 in 1Q 2022). Revenue: ₹49.4m (down 39% from 1Q 2022). Net income: ₹27.6m (down 56% from 1Q 2022). Profit margin: 56% (down from 78% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Jul 21
Eco Recycling Limited to Report Q1, 2023 Results on Jul 27, 2022 Eco Recycling Limited announced that they will report Q1, 2023 results on Jul 27, 2022 Reported Earnings • Jun 05
Full year 2022 earnings released: EPS: ₹6.56 (vs ₹2.32 in FY 2021) Full year 2022 results: EPS: ₹6.56 (up from ₹2.32 in FY 2021). Revenue: ₹271.6m (up 47% from FY 2021). Net income: ₹126.9m (up 184% from FY 2021). Profit margin: 47% (up from 24% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹113, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 24x in the Commercial Services industry in India. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹114, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 23x in the Commercial Services industry in India. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 17% share price gain to ₹99.05, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 20x in the Commercial Services industry in India. Total returns to shareholders of 143% over the past three years. Executive Departure • Dec 01
Company Secretary & Compliance Officer Aniruddha Badkatte has left the company On the 23rd of November, Aniruddha Badkatte's tenure as Company Secretary & Compliance Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Aniruddha's name. A total of 3 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₹97.20, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 184% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₹97.20, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 184% over the past three years. Reported Earnings • Oct 15
Second quarter 2022 earnings released: EPS ₹0.94 (vs ₹0.22 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹53.1m (up 122% from 2Q 2021). Net income: ₹18.2m (up 323% from 2Q 2021). Profit margin: 34% (up from 18% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 18% share price gain to ₹82.45, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 26x in the Commercial Services industry in India. Total returns to shareholders of 152% over the past three years. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ₹3.25 (vs ₹0.78 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹80.8m (up 107% from 1Q 2021). Net income: ₹62.7m (up 318% from 1Q 2021). Profit margin: 78% (up from 38% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹81.70, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 22x in the Commercial Services industry in India. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 34% share price gain to ₹81.35, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 21x in the Commercial Services industry in India. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₹55.05, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 15x in the Commercial Services industry in India. Total returns to shareholders of 23% over the past three years. Executive Departure • Mar 26
Company Secretary & Compliance Officer has left the company On the 25th of March, Khushboo Hanswal's tenure in the role of Company Secretary & Compliance Officer ended. We don't have any record of a personal shareholding under Khushboo's name. A total of 3 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₹62.30, the stock trades at a trailing P/E ratio of 29.7x, up from the previous P/E ratio of 25.3x. Average P/E is 14x in the Commercial Services industry in India. Total returns to shareholders over the past three years are 40%. Is New 90 Day High Low • Mar 16
New 90-day high: ₹62.30 The company is up 48% from a price of ₹42.05 on 16 December 2020. Outperformed the Indian market which is up 13% over the last 90 days. Exceeded the Commercial Services industry, which is up 26% over the same period. Announcement • Feb 23
Eco Recycling Limited Appoints Giriraj Bhattar as Additional Director (Non-Executive Independent Director) The Board of Directors of Eco Recycling Limited appointed Mr. Giriraj Bhattar as Additional Director (Non-Executive Independent Director) effective February 12, 2021 to hold office till the conclusion of the next Annual General Meeting. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 32% share price gain to ₹57.10, the stock is trading at a trailing P/E ratio of 27.2x, up from the previous P/E ratio of 20.7x. This compares to an average P/E of 14x in the Commercial Services industry in India. Total returns to shareholders over the past three years were flat. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS ₹1.07 (vs ₹0.23 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹67.5m (up 189% from 3Q 2020). Net income: ₹20.7m (up 401% from 3Q 2020). Profit margin: 31% (up from 18% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 04
Eco Recycling Limited to Report Q3, 2021 Results on Feb 12, 2021 Eco Recycling Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 26% share price gain to ₹50.65, the stock is trading at a trailing P/E ratio of 38x, up from the previous P/E ratio of 30.1x. This compares to an average P/E of 13x in the Commercial Services industry in India. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Feb 03
New 90-day high: ₹50.65 The company is up 32% from its price of ₹38.50 on 04 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 13% over the same period. Reported Earnings • Dec 13
Second quarter 2021 earnings released: EPS ₹0.22 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹23.9m (up 14% from 2Q 2020). Net income: ₹4.30m (up 114% from 2Q 2020). Profit margin: 18% (up from 9.6% in 2Q 2020). The increase in margin was driven by higher revenue. Announcement • Nov 07
Eco Recycling Limited to Report Q2, 2021 Results on Nov 12, 2020 Eco Recycling Limited announced that they will report Q2, 2021 results on Nov 12, 2020 Is New 90 Day High Low • Oct 27
New 90-day low: ₹38.30 The company is down 27% from its price of ₹52.25 on 29 July 2020. The Indian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period. Announcement • Sep 06
Eco Recycling Limited to Report Q1, 2021 Results on Sep 10, 2020 Eco Recycling Limited announced that they will report Q1, 2021 results on Sep 10, 2020 Announcement • Jul 30
Eco Recycling Limited announced that it expects to receive INR 160 million in funding from Ecoreco Ventures Private Limited, Bunkim Finance And Investments Pvt Ltd, and other investors Eco Recycling Limited (BSE: 530643) announced a private placement of 40,00,000 convertible warrants at an issue price of INR 40 per warrant at an issue price of INR 160,000,000 on July 25, 2020. The transaction will involve participation from two individual investors, Shashank Soni and Ushik Mahesh Gala, and two body corporates, Bunkim Finance And Investments Pvt Ltd and existing investor, Ecoreco Ventures Private Limited. The warrant have a face value of INR 10 and are issued at a premium of INR 30. The warrants will be issued on preferential basis and will be convertible into shares of the company within eighteen months from the date of issue. The company will receive 25% of the exercise price of the warrants as upfront payment as per the Securities Exchange board of India (Disclosure and Investor Protection, Guidelines 2000) and the balance will be received at the time of exercise of warrants. The transaction has been approved by the board of directors of the company. Announcement • Jul 17
Eco Recycling Limited to Report Q4, 2020 Results on Jul 18, 2020 Eco Recycling Limited announced that they will report Q4, 2020 results on Jul 18, 2020 
