Evergreen Recyclekaro (India) Limited: Company Analysis and Financials

Evergreen Recyclekaro (India) Limited is an Indian recycling company focused on recovering valuable materials from electronic waste and lithium-ion batteries. The company operates in the recycling and resource-recovery industry, where discarded electronic products and batteries can serve as sources of reusable materials. Its business aligns with the broader shift towards responsible waste management and a circular economy.

The company was incorporated on December 20, 2010, and was formerly known as Evergreen Recyclekaro (India) Private Limited. During FY 2024–25, it expanded its operations through initiatives including the launch of Vaahan, a catalytic converter recycling facility, and Reloop, a consumer-focused waste collection application.

Key Financial Highlights (FY 2024–25)

Here are the key metrics representing the financial performance of the company as of March 31, 2025.

Company Overview

Evergreen Recyclekaro operates in the recycling sector, recovering materials from electronic waste and used batteries. Its operations include material recovery, recycling processes, and the development of collection channels to encourage responsible disposal of waste. The company has also expanded into catalytic converter recycling through its Vaahan facility.

Some of the important facts about the company are as follows:

History & Evolution

Since its incorporation, Evergreen Recyclekaro has developed its recycling operations and expanded into additional waste-recovery activities. The following milestones reflect the journey of the company since its inception:

FY 2009-10: Incorporated as Evergreen Recyclekaro (India) Private Limited

The company was incorporated on 20 December 2010 as Evergreen Recyclekaro (India) Private Limited. This marked the formal beginning of the business under the Companies Act. It laid the foundation for what later became a leading player in e-waste and lithium-ion battery recycling in India.

FY 2024-25: Vaahan Launched, a catalytic converter recycling facility in Noida

During the year FY 2024-25, the company launched “Vaahan”, a specialised catalytic converter recycling facility in Noida. This expansion added a new vertical focused on recovering precious metals from automotive catalytic converters. In the same year, the company introduced “Reloop”, a B2C mobile application designed to promote responsible recycling among individual consumers. The app enables easy collection of household e-waste and other recyclables.

FY 2024-25: Capacity Expansion

E-waste processing capacity was significantly scaled up from 7,200 MT to 24,500 MT. Simultaneously, lithium-ion battery recycling capacity was increased from 4,200 MT to 10,000 MT.  These expansions positioned the company among the larger organised players in India’s recycling sector and supported the sharp rise in revenue during the year.

FY 2025-26: Converted into a Public Limited Company

The company completed its transition from a private limited company to a public limited company. This change in legal status was formalised in April 2025. It opens the door for broader capital raising, improved governance standards, and potential future listing.

Company’s Shareholding Structure

Here is the company’s shareholding structure as presented in the Annual Report FY 2024-25:

Board of Directors

Here is a brief overview of the company’s key directors and leadership as per the FY 2024-25 Annual Report of the company:

Company’s Promoters

The company's promoters are;

Rajesh Ramloutan Gupta

Rajesh Gupta is a promoter and the company’s Chairman and Managing Director. He held 8,930 equity shares, representing 64.15% of the equity shareholding as of March 31, 2025. His role in the company’s leadership is reflected in the board and financial disclosures.

Catseye System & Solution Private Limited

Catseye System & Solution Private Limited is a promoter company. It held 884 equity shares, representing 6.35% of the equity shareholding as of March 31, 2025.

Together, the two disclosed promoters held 70.50% of the company’s equity shares at the end of FY 2024–25. This percentage refers to equity shares and should not be interpreted as the ownership percentage after accounting for any subsequent conversion of compulsory convertible preference shares.

Products and Services

Evergreen Recyclekaro’s operations focus on recovering reusable materials from waste streams and expanding recycling capacity. The following activities are included in the company’s products and services portfolio: 

• E-Waste Recycling: The company processes electronic waste to recover reusable materials. Its annual report records an increase in e-waste processing capacity from 7,200 metric tonnes to 24,500 metric tonnes.
• Lithium-Ion Battery Recycling: The company has developed recycling capacity for lithium-bearing battery waste. It records an increase in lithium recycling capacity from 4,200 metric tonnes to 10,000 metric tonnes. Battery recycling is relevant to material recovery from discarded batteries and the reuse of valuable components.
• Catalytic Converter Recycling: The company launched Vaahan, a catalytic converter recycling facility in Noida, during FY 2024–25. This initiative is a step into another waste-recovery category.
• Consumer Waste Collection: The company introduced Reloop, a B2C collection app designed to promote responsible recycling and encourage consumer participation in waste collection.
• Research and Development: The company has reported a project with IIT Kanpur to recover graphite from battery black mass, along with a separate R&D initiative in collaboration with the IIT Bombay Hub. These activities are intended to develop material-recovery technologies and improve research processes.

Financial Overview

The following financial overview reflects the consolidated financial figures of the company for FY 2024–25 and FY 2023–24.

Financial Performance

Key Financial Insights:

• Revenue from operations grew 74.6% YoY.
• Total Income increased 75.9%.
• Profit Before Tax more than doubled (+128.7%).
• Profit After Tax surged 136.9%.
• Extremely high EPS is due to the very low equity share capital base.

Balance Sheet Snapshot

Balance Sheet Insights:

• Total Assets nearly doubled (+95.8%).
• Current Assets more than doubled (+119.9%), driven by higher inventory and receivables.
• Shareholders’ equity more than doubled (+118.1%).
• Non-current liabilities declined, improving the long-term leverage position.
• Growth is heavily working-capital intensive.

Cashflow Statement

Cash Flow Insights:

• Operating Cash Flow remained negative due to build-up of working capital.
• Investing outflow increased as the company continued capacity expansion.
• Financing inflows surged sharply on the back of fresh equity and short-term borrowings.
• Closing cash position improved from ₹28.95 lakhs to ₹3,538.79 lakhs.

Key Business Strengths

Here are the key business strengths supported by the company’s disclosures:

• Expanding Recycling Capacity: The company reported increasing e-waste processing capacity to 24,500 MT and lithium recycling capacity to 10,000 MT.
• Multiple Recycling Activities: Its operations include e-waste and lithium-ion battery recycling, with catalytic converter recycling added through Vaahan.
• Consumer Collection Initiative: Reloop provides a consumer-focused collection channel intended to encourage responsible recycling.
• Research and Development: The company has also researched recovering graphite from black mass in collaboration with IIT Kanpur, along with a separate R&D initiative associated with the IIT Bombay Hub.
• Improved Financial Performance: Consolidated total income and profit after tax increased in FY 2024–25 compared with FY 2023–24.
• Promoter Ownership: Rajesh Gupta and Catseye System & Solution Private Limited together held 70.50% of the equity shares as of March 31, 2025.

Future Growth Outlook

Going forward, the company’s initiatives point to several areas that may support its development. These are potential growth areas, not guaranteed outcomes or confirmed future projections.

• Expansion of Recycling Capacity: The company has reported substantial increases in its e-waste and lithium recycling capacity. Utilising this expanded capacity efficiently will be important for future performance.
• Development of Recycling Technologies: Research initiatives involving graphite recovery from black mass may support the development of additional material-recovery capabilities.
• Expansion into Additional Waste Categories: The launch of Vaahan demonstrates an expansion into catalytic converter recycling.
• Consumer Participation in Recycling: Reloop provides a channel for consumer engagement and collection of recyclable waste.
• Operational and Financial Execution: Sustaining the growth reported in FY 2024–25 will depend on processing volumes, recovery efficiency, operating costs, and working-capital management.

Key Business Challenges

The following are the company’s relevant business challenges. However, these are analytical considerations:

• Capacity Utilisation: Higher installed processing capacity needs to be supported by sufficient waste collection, efficient processing, and demand for recovered materials.
• Technology and Recovery Efficiency: Recycling performance depends on the ability to recover usable materials consistently and economically. Research and development initiatives require effective execution to translate into operating benefits.
• Regulatory Compliance: Recycling and waste collection operations must comply with applicable environmental and waste-management requirements.
• Execution of Expansion Plans: Additional facilities, collection channels, and recycling technologies can require capital, skilled personnel, and operational coordination.
• Commodity and Material-Price Exposure: The economics of material recovery can be affected by the prices and availability of recyclable feedstock and recovered materials. 

Recent Market Updates

According to reports, the company records e-waste processing capacity increasing from 7,200 MT to 24,500 MT and lithium recycling capacity increasing from 4,200 MT to 10,000 MT. It also reported the launch of Vaahan, a catalytic converter recycling facility in Noida, and Reloop, a B2C collection application intended to encourage responsible recycling.

Any later financial performance, fundraising, ownership changes, IPO plans, operational developments, or trading of Evergreen Recycle Karo India Limited’s unlisted shares would need to be studied independently and should be evaluated as per different factors relevant to the individual investors. 

Disclaimer: This company analysis is based on information from Evergreen Recycle Karo India Limited’s FY 2024-25 Annual Report and the company’s official website. Any future performance of the company depends on factors such as regulatory changes, market conditions, and execution risks. Investors should conduct their own independent research and consult professional advice before making any investment decisions.