Any current/future capex/capital investment/strategic investment?

Lithium-ion battery recycling plant in Nashik with a capacity of 11,050 metric tons, expected to be commissioned by Q1 FY26, with a CapEx of approximately INR 11.7 crores funded through IPO proceeds. Telangana e-waste recycling plant with a capacity of 15,000 metric tons, targeted for operation by FY26, with a CapEx of about INR 15 crores funded from internal sources. Total recycling capacity to reach approximately 56,500 metric tons per annum by Q2 FY26. Plans to invest around INR 80-90 crores for expanding plants capacity to about INR 600 crores revenue scale. Strategy includes multiple dece

Future growth expectations in sales/revenue/volumes?

Current growth is strong with around 88-90% year-on-year (YoY) growth in revenue as mentioned multiple times (Pages 22, 24, 27). Full capacity utilization (currently ~35%) is expected to reach 80-90% by end of this financial year, improving volumes significantly (Page 16). With the existing and upcoming plants (including lithium-ion battery plant in Nashik and Telangana plant), revenue at full capacity is expected at around INR 500-600 crores (Page 25). Capacity expected to be fully utilized by FY26-27, especially with lithium-ion and Telangana facilities operational by Q1 and Q2 of FY26 respe

Future growth expectations in earnings/operating earnings/profits/EPS?

The company is experiencing strong growth with about 88-90% YoY revenue growth in H1 FY25. No formal full-year or multi-year guidance on revenue or profits was provided during the call. Management expects improved margins going forward, driven by EPR incentivization and reduced interest costs. EBITDA margins are expected to improve from current levels due to better capacity utilization and regulatory-backed minimum pricing. The company targets maintaining or improving the current margins rather than drastically increasing them. Capacity expansions planned (lithium-ion battery plant by Q1 FY26,

Current/ Expected Orderbook/ Pending Orders?

Namo eWaste Management Limited has ongoing orders, including long-term contracts ranging from 3 to 5 years. The company continuously receives materials from these contracts and repeat orders from various clients. However, the order book cannot be precisely quantified as the information is considered sensitive. The company is currently experiencing around 90% Year-over-Year growth. Management indicated strong and consistent order inflows but prefers not to disclose exact numbers publicly.

Namo eWaste Management LtdQ2 FY25Other Utilities

Namo eWaste Management Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹340.05P/E: 54.2Market Cap: ₹777 CrSector: Other Utilities

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 1

Current growth is strong with around 88-90% year-on-year (YoY) growth in revenue as mentioned multiple times (Pages 22, 24, 27).
Full capacity utilization (currently ~35%) is expected to reach 80-90% by end of this financial year, improving volumes significantly (Page 16).
With the existing and upcoming plants (including lithium-ion battery plant in Nashik and Telangana plant), revenue at full capacity is expected at around INR 500-600 crores (Page 25).
Capacity expected to be fully utilized by FY26-27, especially with lithium-ion and Telangana facilities operational by Q1 and Q2 of FY26 respectively (Page 18).
Market share is anticipated to nearly double over 2 years owing to strong demand, growth, and geographic expansion strategy (Page 25).
Company targets margin improvement driven by higher EPR incentives and refurbishment, which contribute positively to growth (Page 16, 27).
CapEx planned (INR 11.7 cr for lithium-ion and ~INR 15 cr for Telangana plant) to support this growth, partly funded by IPO proceeds (Page 5).

Margin guidance

Category 3

The company is experiencing strong growth with about 88-90% YoY revenue growth in H1 FY25.
No formal full-year or multi-year guidance on revenue or profits was provided during the call.
Management expects improved margins going forward, driven by EPR incentivization and reduced interest costs.
EBITDA margins are expected to improve from current levels due to better capacity utilization and regulatory-backed minimum pricing.
The company targets maintaining or improving the current margins rather than drastically increasing them.
Capacity expansions planned (lithium-ion battery plant by Q1 FY26, Telangana plant by Q2 FY26) are expected to drive revenue growth.
Full capacity utilization is expected by FY 26-27, potentially enabling revenues of INR 500-600 crores on those capacities.
EPS growth is tied to revenue growth and margin improvement, but no specific forecast was shared.

See what Namo eWaste Management Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- The company has undertaken an IPO, part of which was planned to fund the lithium-ion battery recycling plant in Nashik (approx. INR 11.7 crores). - The Telangana e-waste plant project (approx. INR 15 crores) is expected to be funded from internal sources, not requiring external fundraising. - There is no explicit mention of any new upcoming fundraising through debt or equity beyond the IPO and internal funding for planned CapEx. - The company has reduced interest pressure due to fundraising, indicating an improved capital structure, but no new fundraising plans are stated. - They aim to invest INR 80-90 crores to expand capacity to INR 600 crores scale but did not specify the mode of funding for this expansion. In summary, fundraising has been mostly through IPO and internal accruals, with no immediate future fundraising explicitly declared.

Order book

Namo eWaste Management Limited has ongoing orders, including long-term contracts ranging from 3 to 5 years.
The company continuously receives materials from these contracts and repeat orders from various clients.
However, the order book cannot be precisely quantified as the information is considered sensitive.
The company is currently experiencing around 90% Year-over-Year growth.
Management indicated strong and consistent order inflows but prefers not to disclose exact numbers publicly.

See what Namo eWaste Management Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Lithium-ion battery recycling plant in Nashik with a capacity of 11,050 metric tons, expected to be commissioned by Q1 FY26, with a CapEx of approximately INR 11.7 crores funded through IPO proceeds.
Telangana e-waste recycling plant with a capacity of 15,000 metric tons, targeted for operation by FY26, with a CapEx of about INR 15 crores funded from internal sources.
Total recycling capacity to reach approximately 56,500 metric tons per annum by Q2 FY26.
Plans to invest around INR 80-90 crores for expanding plants capacity to about INR 600 crores revenue scale.
Strategy includes multiple decentralized facilities for better sourcing and cost efficiency, supported by one high-tech central plant.
Focus on acquisitions and setting up more plants to expand capacity and market presence.

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