Financial Performance - Standalone (Amt. in ₹ Lakhs)

Half Year Performance (H2 FY26 vs H1 FY26 vs H2 FY25):

  • Revenue from operations: ₹4,073.22 (H2FY26) vs ₹5,481.67 (H1FY26) vs ₹3,701.06 (H2FY25)
  • Other Income: ₹81.37 (H2FY26) vs ₹46.96 (H1FY26) vs ₹52.28 (H2FY25)
  • Total Income: ₹4,154.59 (H2FY26) vs ₹5,528.63 (H1FY26) vs ₹3,753.34 (H2FY25)
  • EBITDA: ₹202.55 (4.88%) in H2FY26 vs ₹456.58 (8.26%) in H1FY26 vs ₹194.32 (5.18%) in H2FY25
  • PAT: ₹122.67 (2.95%) in H2FY26 vs ₹342.32 (6.19%) in H1FY26 vs ₹149.54 (3.98%) in H2FY25

Full Year Performance (FY 2025-26 vs FY 2024-25):

  • Revenue from operations: ₹9,554.89 vs ₹5,920.05 (61.4% increase YoY)
  • Other Income: ₹128.33 vs ₹83.12
  • Total Income: ₹9,683.22 vs ₹6,003.17
  • EBITDA: ₹659.12 (6.81%) vs ₹817.85 (13.62%)
  • PAT: ₹464.98 (4.80%) vs ₹608.66 (10.14%)

Financial Performance - Consolidated (Amt. in ₹ Lakhs)

Full Year Consolidated:

  • Revenue from operations: ₹10,181.12
  • Other Income: ₹114.85
  • Total Income: ₹10,295.97
  • EBITDA: ₹669.92 (6.51%)
  • PAT: ₹473.05 (4.59%)

Balance Sheet Position - Standalone (as of March 31, 2026)

  • Total Equity and Liabilities: ₹6,508.52
  • Reserves & Surplus: ₹4,174.33
  • Non-Current Liabilities: ₹47.18
  • Current Liabilities: ₹1,159.49 (including Short Term Borrowings: ₹500.57, Trade Payables: ₹507.56)
  • Non-Current Assets: ₹1,134.55 (including Fixed Assets: ₹95.56, Deferred Tax Assets: ₹23.79, Non-Current Investments: ₹77.44, Long Term Loans and Advances: ₹935.76)
  • Current Assets: ₹5,373.97 (including Inventories: ₹120.45, Trade Receivables: ₹3,645.06, Cash and cash equivalents: ₹402.42, Short Term Loans & Advances: ₹527.82, Other Current Assets: ₹668.22)

Regulatory Environment and Business Challenges

The Central Pollution Control Board (CPCB) has introduced the EPR ETP (Extended Producer Responsibility - Electronic Trading Platform) framework, which aims to enable direct trading and transfer of EPR certificates/credits through a centralized digital platform.

Impact on Existing Business:

  • Reduces role of traditional EPR credit facilitation activities
  • Transitions towards centralized digital transactions in EPR ecosystem
  • Potential impact on existing revenue streams
  • Potential shrinkage in intermediary-driven EPR operations
  • The EPR ETP portal is currently not operational as on the date of this presentation

Strategic Response and Expansion Initiatives

The company is implementing a strategic diversification beyond EPR business into multiple sustainability-led verticals:

Expansion Areas:

1. Scrap Trading: Aluminum, cardboard & industrial waste trading

2. SWM Compliance Support: Compliance support under new Solid Waste Management Rules, 2026

3. Digital Sustainability Solutions: Traceability, compliance & reporting platforms

4. Eco-Industrial Parks: Integrated recycling & sustainability infrastructure

5. BRSR & ESG Consulting: Sustainability reporting & ESG advisory

Infrastructure Project through Subsidiary:

  • GEM Green Infra Tech Private Limited is executing infrastructure projects
  • Construction of HT Power Line and conversion of overhead lines into underground cable system
  • Project location: Noida, Uttar Pradesh
  • Benefits: Reduced power losses, improved reliability, reduced visual clutter, supports modern infrastructure development

Joint Venture Announcement:

  • Joint venture with Rudrabhishek Infosystem Private Limited (Group Company of Rudrabhishek Enterprises Limited)
  • Focus on digital sustainability solutions including EPR platforms, waste traceability, SaaS solutions, digital integration (AI, IoT & blockchain), and ESG solutions

SWOT Analysis

Strengths: Strong relationships with PIBOs & recyclers, established presence in sustainability & compliance sector, regulatory and operational expertise, PAN-industry network and client base

Weaknesses: Dependence on regulatory-driven EPR ecosystem, revenue concentration in EPR-linked business, limited presence in infrastructure-led businesses, business impacted by evolving regulatory mechanisms

Opportunities: Expansion into sustainability-led business verticals, infrastructure and digital sustainability initiatives, rising circular economy & recycling opportunities, growing ESG, BRSR & compliance market

Threats: Regulatory changes impacting existing business models, increased competition in sustainability sector, technology-driven disruption in compliance ecosystem, pricing pressure in EPR

Long-Term Vision

The company aims to build an integrated sustainability platform focusing on:

  • Recycling Infrastructure
  • Resource Recovery
  • Sustainability Compliance
  • ESG & BRSR Advisory
  • Digital Sustainability Solutions

Long-term growth drivers include increasing environmental regulations, growing corporate ESG adoption, rising circular economy opportunities, strong industry network & partnerships, and technology integration across sustainability ecosystem.