The India Recycling Market is classified based on material type, including plastics, metals, paper and cardboard, glass, and other sources such as municipal (residential and commercial), industrial, medical, construction, and additional sources, as well as the recycling technologies employed, including mechanical, chemical, biological, and other advanced methods.
The market is projected to grow from an estimated $0.89 billion in 2025 to $1.34 billion by 2030, reflecting a CAGR of 8.53 percent during the forecast period.India generates an estimated 62 million tons of waste annually, with over 75 percent remaining unprocessed. This waste includes organic matter, plastics, paper, glass, metals, and hazardous materials. According to a study by the Central Pollution Control Board, plastics alone account for nearly 12 percent of the country’s total waste generation.
Here are a few stocks to watch under the recycling sector, grouped according to their specific segments:
I. Plastic/PET recycling segment
1. Race Eco Chain Limited
With a market cap of Rs. 386 crores, the stock fell by around 0.99 percent on BSE on Firday. Race Eco Chain Limited is primarily engaged in the business of precessing plastic waste, home furnishing, made-up, bags & garments and briquettes. During Q4 FY25, the company aggregated around 27,177 MT of plastic waste, registering a 52 percent year-on-year growth.
2. Ganesha Ecosphere Limited
With a market cap of Rs. 3,263 crores, the stock surged by around 0.97 percent on BSE on Friday.Ganesha Ecosphere Limited is a leading PET waste recycling company in India and is mainly engaged in the business of manufacturing of Recycled Polyester Staple Fibre (RPSF), spun yarn and dyed texturised yarn.
The company is one of the leading players in the PET plastic recycling space in India, with a total installed capacity of 1,96,440 tons across products, including RPSF, rPET granules, rPET filament yarn, spun yarn, dyed filament yarn, PPSF and washed flakes.
II. E-waste recycling segment
1. Namo eWaste Management Limited
With a market cap of Rs. 423 crores, the stock fell by around -3.37 percent on BSE on Friday. Namo eWaste Management Limited, India’s leading e-waste recycler, is engaged in the business of e-waste management and recycling of metal scrap. Its current recycling capacity stands at over 30,500 MTPA and is being expanded to 68,000 MTPA by Q3 FY26, further strengthening its position as one of India’s largest formal recyclers.
The company specialises in recycling e-waste to recover valuable metals such as copper, aluminium, iron, silver, gold, and mercury. It sources materials through B2B channels, including producers, manufacturers, and bulk consumers, as well as e-waste aggregators and B2C initiatives like collection drives and awareness campaigns. Its state-of-the-art facility ensures eco-friendly and cost-effective processing, establishing the company as a leading force in India’s e-waste management sector.
2. Eco Recycling Limited
With a market cap of Rs. 1,104 crores, the stock fell by around 1.51 percent on BSE on Friday. Eco Recycling Limited, India’s first and one of the leading e-waste management companies, is primarily involved in the e-waste collection, disposal and recycling business with offering comprehensive services for the recycling of electrical electronic equipment (EEE) waste.
III. Metal/Lead recycling segment
1. NILE Limited
With a market cap of Rs. 575 crores, the stock surged by around 7.26 percent on BSE on Friday.Nile Limited is primarily engaged in the business of manufacturing lead & lead alloys for battery consumption.
The company set up its Non-ferrous division to focus on secondary manufacturing of lead and lead alloys. It has two recycling plants, its first lead recycling plant, with an annual capacity of 32,000 TPA, is situated in Choutuppal (Telangana), and features advanced recycling and testing facilities to ensure high product quality. A second, larger facility with a capacity of 65,000 TPA has been established near Tirupati.
2. Pondy Oxides & Chemicals Limited
With a market cap of Rs. 3,781 crores, the stock surged by around 7.25 percent on BSE on Friday. Pondy Oxides & Chemicals Limited has four recycling verticals: Lead, Copper, Aluminium and Plastics.
It is engaged in converting scraps of various forms of lead, aluminium and copper into lead metal, aluminium metal, copper and its alloys. Lead battery scrap is smelted by POCL to produce secondary lead metal is then processed into pure lead and specific lead alloys.
As of July 2025, the company’s lead segment has a finished goods capacity of 1.68 lakh MTPA. The plastics recycling vertical has a capacity of 9,000 MTPA, while copper and aluminium have capacities of 6,000 MTPA and 12,000 MTPA, respectively.
IV. Rubber/Tyres recycling segment
1. Tinna Rubber & Infrastructure Limited
With a market cap of Rs. 1,764 crores, the stock surged by around 1.47 percent on BSE on Friday. Tinna Rubber and Infrastructure Limited is primarily engaged in the business of recycling waste tyres/end-of-life tyres (ELT) and the manufacturing of value-added products.
Additionally, the company manufactures crumb rubber, crumb rubber modifier (CRM), crumb rubber modified bitumen (CRMB), polymer modified bitumen (PMB), bitumen emulsion, reclaimed rubber/ ultrafine crumb rubber compound, cut wire shots, polymer composites etc. The products are primarily used for making/repairing roads, tyres and the auto parts industry.
2. Hi-Green Carbon Limited
With a market cap of Rs. 545 crores, the stock fall by around 0.11 percent percent on BSE on Friday. Hi-Green Carbon Limited is engaged in the business of manufacturing and trading of hydrocarbon fuel by recycling waste rubber and also of various other allied products. The company operates one of the world’s largest patented pyrolysis facilities in Bhilwara, Rajasthan, with a capcity of 100 tons per day (TPD).
By leveraging advanced technology and proprietary processes, the company transforms tyre waste into value-added products, namely Recovered Carbon Black (rCB), Pyrolysis Oil/Biofuel, Sodium Silicate, Recycled Steel, and Synthesis Gas.
V. Water Treatment/Recycling segment
1. Va Tech Wabag Limited
With a market cap of Rs. 8,759 crores, the stock fall by around 1.75 percent percent on BSE on Friday.VA Tech Wabag Limited, one of the world’s leading companies in the water treatment sector, is primarily engaged in the business of design, supply, installation, construction, operation and maintenance of drinking water, waste water treatment, industrial water treatment and desalination plants, including production of energy from biogas and sludge management. As of Q1 FY26, the company’s robust order book stood at Rs. 15,800 crores.
2. Enviro Infra Engineers Limited
With a market cap of Rs. 4,460 crores, the stock surged by around 3.48 percent percent on BSE on Friday. Enviro Infra Engineers Limited is engaged in the business of design, construction, operation and maintenance of Water and Wastewater Treatment Plants (WWTPs).
WWTPs include Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), along with Sewerage Networks, Water Treatment Plants (WTPs) and Water Supply Scheme Projects (WSSPs).
In case of BOT (built, operate and transfer projects) & HAM (Hybrid Annuity Model), Enviro Infra bids as a sponsor either alone or in joint operation with other venture(s) or in subsidiaries and once the project is awarded, then it is executed by incorporating an entity (Special Purpose Vehicle). As of Q1 FY26, the company holds a robust order book of Rs. 2,997 crores, with new orders received till July 2025 standing at Rs. 788 crores.
Written by Shivani Singh
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