Eco Recycling Ltd

₹ 575 -3.65%

19 Apr - close price

About

Eco Recycling Ltd (Ecoreco) is the India’s 1st and leading E-waste management company, offering end-to-end solutions of Reverse Logistics, Data Destruction, Information Technology Asset Disposition (ITAD), Recycling of E-waste, Lamp Recycling, Precious Metal Recovery, implementation of EPR and CSR initiatives, Recycling on Wheels-SmartER.^[1]

Key Points

Overview^[1]
Ecoreco is pioneer & Leader in India’s E-waste Management sector. The company uses proven recycling technologies from US, Europe & Japan. It serves 120+ countries globally and has a 25000 MTPA recycling capacity.

Website BSE

Market Cap ₹ 1,109 Cr.
Current Price ₹ 575
High / Low ₹ 640 / 99.0
Stock P/E 113
Book Value ₹ 30.1
Dividend Yield 0.00 %
ROCE 12.3 %
ROE 12.5 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 118% CAGR over last 5 years

Cons

Stock is trading at 19.1 times its book value
The company has delivered a poor sales growth of 9.01% over past five years.
Earnings include an other income of Rs.3.87 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	5.44	4.25	2.94	4.44	2.75	4.98	5.52	3.61	3.56	5.04	5.39	7.10	7.47
	3.53	3.73	1.69	3.36	3.87	3.91	1.90	2.03	1.98	7.91	2.13	2.82	2.33
Operating Profit	1.91	0.52	1.25	1.08	-1.12	1.07	3.62	1.58	1.58	-2.87	3.26	4.28	5.14
OPM %	35.11%	12.24%	42.52%	24.32%	-40.73%	21.49%	65.58%	43.77%	44.38%	-56.94%	60.48%	60.28%	68.81%
	1.31	1.18	5.14	0.84	4.68	1.18	-0.60	2.13	2.40	-0.24	1.33	1.48	1.30
Interest	0.07	0.03	0.00	0.01	0.00	0.00	0.04	0.04	0.03	0.03	0.12	0.12	0.11
Depreciation	0.12	0.12	0.12	0.12	0.12	0.12	0.24	0.24	0.24	0.20	0.45	0.25	0.34
Profit before tax	3.03	1.55	6.27	1.79	3.44	2.13	2.74	3.43	3.71	-3.34	4.02	5.39	5.99
Tax %	0.00%	70.32%	0.00%	0.00%	0.00%	71.36%	0.00%	0.00%	0.00%	-11.08%	7.21%	10.58%	17.03%
	3.03	0.46	6.27	1.79	3.44	0.61	2.74	3.43	3.71	-3.71	3.73	4.82	4.97
EPS in Rs	1.57	0.24	3.25	0.93	1.78	0.32	1.42	1.78	1.92	-1.92	1.93	2.50	2.58
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	17.57	22.31	25.46	30.96	36.71	19.45	11.52	12.44	12.19	12.67	15.10	17.73	25.00
	16.16	20.84	27.16	28.70	35.77	17.99	12.05	10.41	9.64	11.70	11.64	13.78	15.19
Operating Profit	1.41	1.47	-1.70	2.26	0.94	1.46	-0.53	2.03	2.55	0.97	3.46	3.95	9.81
OPM %	8.03%	6.59%	-6.68%	7.30%	2.56%	7.51%	-4.60%	16.32%	20.92%	7.66%	22.91%	22.28%	39.24%
	-0.29	0.21	3.38	0.14	0.59	-0.91	-6.35	0.45	-0.05	5.41	11.06	3.70	3.87
Interest	0.54	0.61	0.88	0.86	0.97	1.25	1.19	1.01	0.80	0.44	0.04	0.18	0.38
Depreciation	0.11	0.18	0.29	0.29	0.30	0.33	0.37	0.46	0.47	0.47	0.47	0.93	1.24
Profit before tax	0.47	0.89	0.51	1.25	0.26	-1.03	-8.44	1.01	1.23	5.47	14.01	6.54	12.06
Tax %	21.28%	28.09%	41.18%	24.80%	34.62%	4.85%	0.00%	-30.69%	8.94%	20.11%	10.78%	5.66%
	0.37	0.64	0.30	0.93	0.16	-0.98	-8.44	1.32	1.12	4.38	12.49	6.17	9.81
EPS in Rs	0.21	0.33	0.16	0.48	0.08	-0.51	-4.37	0.68	0.58	2.27	6.47	3.20	5.09
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.45%	0.00%

Compounded Sales Growth
10 Years:	-2%
5 Years:	9%
3 Years:	13%
TTM:	41%

Compounded Profit Growth
10 Years:	24%
5 Years:	118%
3 Years:	45%
TTM:	-6%

Stock Price CAGR
10 Years:	42%
5 Years:	72%
3 Years:	130%
1 Year:	381%

Return on Equity
10 Years:	9%
5 Years:	16%
3 Years:	20%
Last Year:	12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	15.94	17.54	17.54	17.54	17.54	17.54	17.54	17.54	19.30	19.30	19.30	19.30	19.30
Reserves	11.41	14.87	13.81	13.38	13.54	11.31	7.46	7.94	6.04	13.98	31.63	28.60	38.71
	12.02	13.60	15.97	17.28	19.05	19.81	20.39	17.74	16.33	9.40	9.65	1.05	4.65
	8.69	12.80	11.92	14.93	23.70	6.42	2.80	2.34	3.21	2.36	6.21	13.34	6.64
Total Liabilities	48.06	58.81	59.24	63.13	73.83	55.08	48.19	45.56	44.88	45.04	66.79	62.29	69.30
	11.46	13.53	14.94	13.40	14.32	14.41	22.18	21.81	21.86	21.65	20.41	33.71	37.38
CWIP	9.71	9.67	7.73	7.52	7.52	8.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	3.94	5.54	5.73	6.63	8.14	3.28	4.31	3.88	3.89	8.31	21.00	15.65	18.14
	22.95	30.07	30.84	35.58	43.85	28.77	21.70	19.87	19.13	15.08	25.38	12.93	13.78
Total Assets	48.06	58.81	59.24	63.13	73.83	55.08	48.19	45.56	44.88	45.04	66.79	62.29	69.30

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	5.64	-1.54	-0.42	1.00	2.27	-0.57	0.75	6.67	5.50	7.20	0.55	16.56
	-11.35	-5.24	-1.20	-1.10	-2.81	0.85	0.08	-3.12	-3.54	-0.27	7.64	-24.62
	5.03	6.54	1.53	0.19	0.69	-0.48	-0.60	-3.66	-1.96	-6.59	0.25	-0.50
Net Cash Flow	-0.68	-0.24	-0.09	0.10	0.15	-0.19	0.23	-0.12	0.00	0.34	8.44	-8.56

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	123.19	120.74	178.34	194.05	236.64	194.04	141.31	124.70	72.46	31.69	24.41	35.82
Inventory Days	132.70	169.15	121.46	124.30	103.78	275.29	316.56	169.51	233.77	177.65	272.35	251.28
Days Payable	156.28	127.72	158.47	99.03	263.32	122.28	1.47	11.81	19.99	5.65	118.76	654.19
Cash Conversion Cycle	99.62	162.17	141.33	219.32	77.10	347.05	456.40	282.39	286.25	203.69	178.00	-367.09
Working Capital Days	61.49	122.38	221.06	196.29	159.28	385.08	492.05	256.73	179.36	81.82	66.47	-103.34
ROCE %	3.61%	3.70%	2.83%	5.07%	2.68%	3.18%	2.25%	4.88%	7.28%	14.96%	28.72%	12.27%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	71.78%	72.77%	72.94%	72.97%	73.15%	73.15%	73.14%	73.33%	73.35%	73.34%	73.35%	73.35%
	0.86%	0.86%	0.86%	0.86%	0.86%	1.90%	1.90%	1.90%	1.90%	0.86%	0.90%	1.18%
	27.36%	26.37%	26.20%	26.17%	25.99%	24.96%	24.95%	24.78%	24.76%	25.80%	25.75%	25.47%
No. of Shareholders	5,839	8,147	8,201	10,106	10,470	10,122	10,671	11,136	11,384	12,142	11,781	12,311

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	69.21%	69.99%	71.10%	71.50%	71.66%	72.97%	73.33%	73.35%
	2.05%	1.05%	0.86%	0.86%	0.86%	0.86%	1.90%	1.18%
	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	28.73%	28.95%	28.04%	27.64%	27.48%	26.17%	24.78%	25.47%
No. of Shareholders	3,103	3,539	3,490	3,605	4,182	10,106	11,136	12,311

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Eco Recycling Ltd

Eco Recycling Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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