Synopsis: As India’s urban waste generation rises, companies involved in municipal solid waste, wastewater treatment, and e-waste recycling are gaining attention. Three listed stocks are playing a key role in sustainable waste management across the country’s metro cities.
The Indian waste management market was valued at USD 13.58 billion in 2025 and is projected to reach USD 18.94 billion by 2031, growing at a CAGR of 5.80%. Market growth is driven by supportive government policies, increased municipal funding, and stronger recycling and EPR regulations.
The market is also witnessing greater adoption of technology-enabled waste recovery and recycling solutions. However, challenges such as low waste segregation, delays in waste-to-energy projects, and volatile carbon credit prices remain. Companies with long-term municipal contracts and efficient resource recovery capabilities are expected to perform the best.
Antony Waste Handling Cell Ltd
Antony Waste Handling Cell Ltd is engaged in the business of mechanical power sweeping of roads, collection and transportation of waste, waste to energy project and undertakes the designing, construction, operation and maintenance of the integrated waste management facility in Kanjurmarg, Mumbai. The company serves several major cities, making it a key player in India’s urban waste management ecosystem.
With a market capitalisation of Rs. 1,329 cr, the shares of Antony Waste Handling Cell Ltd closed at Rs. 468.60 per share, down from its previous close of Rs. 470.25 per share.
On the financial front, it reported a healthy performance in Q4FY26. Revenue increased 18% YoY to Rs. 286 crore from Rs. 243 crore in Q4FY25, while EBITDA rose 12% YoY to Rs. 57 crore from Rs. 51 crore. Net profit declined 20% YoY to Rs. 36.9 crore compared to Rs. 46 crore in the year-ago period, with EPS also falling 19% to Rs. 11.46 from Rs. 14.09.
During FY26, approximately 5.69 MMT of waste was managed, with 1.77 lakh tonnes of Refuse Derived Fuel (RDF) and 15,500 tonnes of compost produced, supporting sustainable waste management and resource recovery. In Q4FY26 alone, 1.67 MMT of waste was processed, yielding 43,579 tonnes of RDF and 1,290 tonnes of compost.
The PCMC Waste-to-Energy (WTE) plant generated over 69.30 million green energy units during FY26, including 25.08 million units in Q4FY26. These initiatives helped avoid approximately 10,071 tonnes of CO₂e emissions during the year, with 3,077 tonnes avoided in Q4FY26. Additionally, the organisation invested in workforce development by delivering over 40,785 training hours in FY26, including 8,960+ hours during the fourth quarter.
EMS Ltd
EMS Ltd is an engineering, procurement, and construction (EPC) company primarily focused on water and wastewater management projects. Its expertise includes sewage treatment plants (STPs), water treatment plants (WTPs), sewerage networks, and municipal infrastructure projects. The company plays an important role in improving urban sanitation and water management across various Indian cities. With a market capitalisation of Rs. 2,293 cr, the shares of EMS Ltd closed at Rs. 412.95 per share, up from its previous close of Rs. 412.55 per share.
On the financial front, it reported a weak performance in Q4FY26. Revenue declined 55% YoY to Rs. 120 crore from Rs. 270 crore in Q4FY25, while EBITDA fell 72% YoY to Rs. 18.3 crore from Rs. 64.8 crore. Net profit dropped 88% YoY to Rs. 5.71 crore compared to Rs. 46.9 crore in the year-ago period, with EPS also declining 88% to Rs. 1.01 from Rs. 8.39.
As of 31 March 2026, the company had an unexecuted order book of Rs. 1,837 crore, providing strong revenue visibility. Following the year-end, it secured a Rs. 209 crore order from UP Jal Nigam (Varanasi) and expects three additional tenders in the same region to be finalised shortly, subject to bid rates remaining favourable. Management also highlighted a robust Rs. 2,500–Rs. 3,000 crore bid pipeline across Delhi Jal Board and Maharashtra, with an objective of securing over Rs. 1,500 crore of new orders during FY27.
For FY27, management indicated that projects are typically executed over 2–3 years, allowing annual revenue to reach roughly one-third of the total order book. Based on an expected order book of around Rs. 3,000 crore, the company is targeting FY27 revenue of over Rs. 1,000 crore. However, management also noted that the business is still in a recovery phase, with Q1 FY27 expected to remain relatively weak before execution gathers pace in subsequent quarters.
Eco Recycling Ltd
Eco Recycling Ltd (Ecoreco) is India’s first organised e-waste recycling company, specialising in the collection, recycling, and disposal of electronic waste. The company offers environmentally compliant recycling solutions for businesses, government organisations, and municipalities, contributing to sustainable waste management and the circular economy in India’s metropolitan regions. With a market capitalisation of Rs. 850 cr, the shares of Eco Recycling Ltd closed at Rs. 440.50 per share, up from its previous close of Rs. 428.05 per share.
On the financial front, it reported a robust performance in Q4FY26. Revenue surged 90% YoY to Rs. 18.6 crore from Rs. 9.77 crore in Q4FY25, while EBITDA increased 85% YoY to Rs. 12.9 crore from Rs. 6.96 crore. Net profit jumped 225% YoY to Rs. 7.14 crore compared to Rs. 2.20 crore in the year-ago period, with EPS rising 267% to Rs. 3.96 from Rs. 1.08.
It is established as a leader in e-waste recycling with over 22 years of industry experience and operations spanning more than 120 countries. Recognised by the Prime Minister under the Mann Ki Baat initiative, the company combines technological leadership with pan-India reverse logistics and globally proven recycling technologies sourced from the US, Europe, and Japan.
Its infrastructure includes an annual recycling capacity of 31,200 MTPA and 6,000 MTPA for lithium-ion batteries, enabling comprehensive services such as e-waste and lamp recycling, secure data destruction, and critical mineral recovery. To date, Ecoreco has recycled over 45,000 tonnes of e-waste while serving more than 500 clients.
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