Evergreen Recyclekaro (India) Limited Unlisted Shares

About Company

Evergreen Recyclekaro (India) Limited, operating under the brand "Recyclekaro," is a Maharashtra-headquartered urban-mining company that recovers critical minerals from electronic waste (e-waste) and end-of-life lithium-ion batteries, positioning itself as a material-recovery enterprise rather than a conventional waste processor. The company was founded in 2010, starting in paper-waste recycling, and progressively expanded into e-waste recycling (2013), precious-metal recovery (2018), and India's first end-to-end lithium-ion battery recycling facility (2022).

The following table shows a 10-point analysis of Evergreen Recyclekaro (India) Limited. We will discuss each point in detail after this table.

Company Overview

Recyclekaro is a CPCB and MPCB-authorized R4 category recycler under India's E-Waste Management Rules and Battery Waste Management Rules, and holds ISO 9001, ISO 14001, and ISO 45001 certifications. Its flagship, zero-discharge recycling facility spans 18 acres at Palghar, near Mumbai, supported by processing centres at Noida, Hyderabad, and Bengaluru, and a pan-India collection network of 12,000+ touchpoints.

Key Business Challenges

The following are the key challenges faced by the company:

• Regulatory dependence: A meaningful part of revenue is linked to continued enforcement of the E-Waste Management Rules 2022 and Battery Waste Management Rules 2022 (BWMR), which drive EPR-related demand.
• Feedstock sourcing: Securing consistent, high-quality volumes of e-waste and end-of-life batteries at scale remains a challenge given India's still-developing formal collection ecosystem.
• Facility concentration: The company's principal recycling facility is concentrated at Palghar, Maharashtra, creating single-location operational risk despite a pan-India collection network.
• Capital intensity: Scaling advanced extraction technologies (hydrometallurgy, black-mass processing) and new capacity requires continuous capital infusion, as reflected in its recent and planned fundraises.
• Competition: The company competes with other organized e-waste and battery recyclers in India, besides the large unorganized/informal recycling sector.
• IPO uncertainty: The company's IPO remains at an evaluation stage, with no DRHP filed and no confirmed listing timeline as of September 2026.

Financial Review of Evergreen Recyclekaro

Evergreen Recyclekaro (India) Limited was incorporated on 20 December 2010 and is registered as an unlisted Public Limited Company with the Registrar of Companies, Mumbai. As per publicly available financial disclosures, the company’s financial performance is as follows:

As of FY25, the company's shareholding was held 70.50% by promoters and 29.50% by other investors, including venture capital backers such as Ascent Capital. Recyclekaro has raised external funding across multiple rounds since 2020 (reported at roughly $14–18 million cumulatively, including a recent ₹93 crore capital infusion), and in early 2026 announced plans to raise a further ₹240 crore in fresh equity to fund capacity expansion, while separately evaluating a potential initial public offering. No DRHP has been filed as of September 2026.

Recent Developments

The company’s recent developments are as follows:

• Announced plans in early 2026 to raise ₹240 crore in fresh equity over roughly six months to fund new facilities and advanced-extraction capacity, following a ₹93 crore capital infusion.
• Expanded lithium-ion battery recycling capacity to 10,000 metric tonnes per year (from 4,200 MT) and e-waste recycling capacity to 24,500 metric tonnes per year (from 7,500 MT).
• Entered catalytic converter recycling through a joint venture, Evergreen Mahan Recycling, to recover platinum, palladium, and rhodium from automotive scrap.
• Announced a technology licensing agreement with IIT Bombay to strengthen critical mineral extraction and urban-mining capabilities.
• Secured eligibility under a government critical mineral recycling incentive scheme and outlined plans for a further ₹300 crore expansion.
• Continues to evaluate a potential IPO as part of its long-term capital-markets strategy, though no DRHP had been filed as of September 2026.

Quick Summary

Evergreen Recyclekaro (India) Limited (Recyclekaro) is a Maharashtra-based urban-mining company recovering critical minerals from e-waste and end-of-life lithium-ion batteries. Sharp revenue and profit growth in FY25, rapidly expanding recycling capacity, and eligibility under a government critical-mineral incentive scheme reflect a fast-scaling business in a strategically important sector. However, the company remains an early-stage, founder-controlled private enterprise with its IPO still at the evaluation stage, no confirmed listing timeline, and continued dependence on fresh capital to fund expansion.

Visit the official website of Evergreen Recyclekaro (India) Limited