Evergreen Recyclekaro (India) Limited
1 MAbout Evergreen Recyclekaro (India) Limited
A Comprehensive Overview of Price & Journey
Understanding Evergreen Recyclekaro (India) Limited Inception and Growth
Evergreen Recyclekaro Limited is a privately held company whose shares are traded in the unlisted market. Unlike listed companies, Evergreen Recyclekaro Unlisted Share Price determined by stock exchanges. Its Evergreen Recyclekaro Unlisted Share Price and valuation are influenced by factors such as investor demand, market conditions, company performance, and negotiations between buyers and sellers.
This report provides an overview of Evergreen Recyclekaro’s business, financial performance, valuation, and recent developments. It also explains how investors can access its unlisted shares and highlights key factors to consider before investing. The objective is to help readers understand the company’s business model, growth potential, and associated investment risks.
What Does Evergreen Recyclekaro Do?
Evergreen Recyclekaro is India’s premier organisation, specializing in advanced urban mining and material recovery, offering end-to-end recycling solutions for electronic waste and end-of-life lithium-ion batteries. The company specializes in recovering valuable metals and other reusable material from discarded batteries, electronic equipment, vehicles and industrial waste.
The company operates a circular economy model by recovering high-purity critical minerals and metals from discarded batteries, electronic equipment and industrial waste. The company also provides Extended Producer Responsibility compliance services, helping businesses to meet their waste management obligations under applicable regulations.
Business Segments of Evergreen Recyclekaro
Evergreen Recyclekaro specializes in electronic waste recycling and the circular economy. Its business segments include:
1.E-Waste Recycling: It is designed to break down the complex electronic waste to extract high value elements such as Nickel, Indium, Tantalum and Gallium making them reusable for industrial use. Other recyclers are more concerned about refurbishment of basic electronic products whereas Recyclekaro helps solve this problem by recovering valuable materials from electronic waste instead of letting them go to waste.
2.Extended Producer Responsibility: It provides compliance and sustainability solutions to electronics manufacturers, OEMs, brands and importers. It helps the corporate clients to meet their E-waste and EPR obligations through verified, scientific recycling, Backed by transparent tracking and pan-India logistics.
3.Lithium-Ion Battery Recycling: It provides a dedicated, industrial-scale battery recycling division. Rather than relying on simple dismantling or credit trading, this segment uses specialized chemical refining infrastructure to safely process complex lithium-ion batteries and recover battery-grade raw materials including Lithium, Cobalt, Nickel, and Graphite from black Mass.
How Has Evergreen Recyclekaro Performed Over the Last Two Years?
Metric
FY 2023-24
(Amount in Rs. Lakh)
FY 2024-25
(Amount in Rs. Lakh)
Revenue from operations
12,530.03
21,878.22
Profit After Tax (PAT)
940.46
2,228.30
Net Worth
5,393.50
11,760.61
Total Assets
12,312.78
24,112.91
Net Cash Flow from Operating Activities
(880.83)
(3,975.53)
Performance Analysis
Revenue increased by 74.9% due to massive expansion in processing infrastructure. E-waste processing capacity jumped by 240% (7,200 MT to 24,500) and Lithium battery recycling capacity grew by 138% (4200 MT to 10,000 MT)
Net Margin expanded from 8.91% to 10.30%. This margin expansion was driven by In-house research and development efficiency gains and cost optimization across material processing workflows.
Operating cash flow turned further negative due to higher inventory levels of ₹5,708.41 lakh, an increase in pending customer payments to ₹5,627.15 lakh as sales grew, and advance payments to suppliers to secure limited raw materials.
Key Developments and Strategic Highlights
Global Strategic Expansion: Joint Venture in Uzbekistan
Recyclekaro partnered with Uzbekistan’s Technology Metal Complex (TMK) in September 2026 to set up E-waste and battery recycling plant. This strategic collaboration aims to recover the critical minerals from Central Asia. This collaboration stem directly from India-Uzbekistan strategic partnership, the project benefits from strong government backing, regulatory support, and lower cross- border execution risk.
Technology Partnership With IIT Bombay
In May 2026, Evergreen Lithium Recycling (wholly owned subsidiary of Evergreen Recyclekaro), signed a technology licensing agreement with IIT Bombay to improve mineral extraction from battery waste. The technology is expected to reduce processing costs by 30% to 40% and improve the purity of recovered materials used in battery manufacturing. This will help the company to improve profit margins and strengthen its recycling capabilities.
Recyclekaro Plans ₹240 Crore Fundraise to Expand E-Waste Recycling
Recyclekaro is looking to raise fund of ₹240 crore in fresh equity while evaluating an Initial Public Offering (IPO). The fund will be used to expand its E-waste and lithium-ion battery recycling operations to meet growing demand for recycled critical minerals in India, used in electric vehicles. The Company has raised ₹93 crore and will be used to build new facilities and improve its material extraction capabilities.
Recyclekaro to Invest ₹500 Crore in R&d and Rare Earth Recovery by 2030
By 2030, Recyclekaro intends to spend around ₹500 Crores for its Wada research and development facility that will focus on rare earth recovery and material separation and battery recycling technologies. The Wada research centre is intended to accelerate the building indigenous scientific and process capability to strengthen the country’s mineral sec
SHOW MORE...
Evergreen Recyclekaro Limited is a privately held company whose shares are traded in the unlisted market. Unlike listed companies, Evergreen Recyclekaro Unlisted Share Price determined by stock exchanges. Its Evergreen Recyclekaro Unlisted Share Price and valuation are influenced by factors such as investor demand, market conditions, company performance, and negotiations between buyers and sellers.
This report provides an overview of Evergreen Recyclekaro’s business, financial performance, valuation, and recent developments. It also explains how investors can access its unlisted shares and highlights key factors to consider before investing. The objective is to help readers understand the company’s business model, growth potential, and associated investment risks.
What Does Evergreen Recyclekaro Do?
Evergreen Recyclekaro is India’s premier organisation, specializing in advanced urban mining and material recovery, offering end-to-end recycling solutions for electronic waste and end-of-life lithium-ion batteries. The company specializes in recovering valuable metals and other reusable material from discarded batteries, electronic equipment, vehicles and industrial waste.
The company operates a circular economy model by recovering high-purity critical minerals and metals from discarded batteries, electronic equipment and industrial waste. The company also provides Extended Producer Responsibility compliance services, helping businesses to meet their waste management obligations under applicable regulations.
Business Segments of Evergreen Recyclekaro
Evergreen Recyclekaro specializes in electronic waste recycling and the circular economy. Its business segments include:
1.E-Waste Recycling: It is designed to break down the complex electronic waste to extract high value elements such as Nickel, Indium, Tantalum and Gallium making them reusable for industrial use. Other recyclers are more concerned about refurbishment of basic electronic products whereas Recyclekaro helps solve this problem by recovering valuable materials from electronic waste instead of letting them go to waste.
2.Extended Producer Responsibility: It provides compliance and sustainability solutions to electronics manufacturers, OEMs, brands and importers. It helps the corporate clients to meet their E-waste and EPR obligations through verified, scientific recycling, Backed by transparent tracking and pan-India logistics.
3.Lithium-Ion Battery Recycling: It provides a dedicated, industrial-scale battery recycling division. Rather than relying on simple dismantling or credit trading, this segment uses specialized chemical refining infrastructure to safely process complex lithium-ion batteries and recover battery-grade raw materials including Lithium, Cobalt, Nickel, and Graphite from black Mass.
How Has Evergreen Recyclekaro Performed Over the Last Two Years?
|
Metric |
FY 2023-24 (Amount in Rs. Lakh) |
FY 2024-25 (Amount in Rs. Lakh) |
|
Revenue from operations |
12,530.03 |
21,878.22 |
|
Profit After Tax (PAT) |
940.46 |
2,228.30 |
|
Net Worth |
5,393.50 |
11,760.61 |
|
Total Assets |
12,312.78 |
24,112.91 |
|
Net Cash Flow from Operating Activities |
(880.83) |
(3,975.53) |
Performance Analysis
Revenue increased by 74.9% due to massive expansion in processing infrastructure. E-waste processing capacity jumped by 240% (7,200 MT to 24,500) and Lithium battery recycling capacity grew by 138% (4200 MT to 10,000 MT)
Net Margin expanded from 8.91% to 10.30%. This margin expansion was driven by In-house research and development efficiency gains and cost optimization across material processing workflows.
Operating cash flow turned further negative due to higher inventory levels of ₹5,708.41 lakh, an increase in pending customer payments to ₹5,627.15 lakh as sales grew, and advance payments to suppliers to secure limited raw materials.
Key Developments and Strategic Highlights
Global Strategic Expansion: Joint Venture in Uzbekistan
Recyclekaro partnered with Uzbekistan’s Technology Metal Complex (TMK) in September 2026 to set up E-waste and battery recycling plant. This strategic collaboration aims to recover the critical minerals from Central Asia. This collaboration stem directly from India-Uzbekistan strategic partnership, the project benefits from strong government backing, regulatory support, and lower cross- border execution risk.
Technology Partnership With IIT Bombay
In May 2026, Evergreen Lithium Recycling (wholly owned subsidiary of Evergreen Recyclekaro), signed a technology licensing agreement with IIT Bombay to improve mineral extraction from battery waste. The technology is expected to reduce processing costs by 30% to 40% and improve the purity of recovered materials used in battery manufacturing. This will help the company to improve profit margins and strengthen its recycling capabilities.
Recyclekaro Plans ₹240 Crore Fundraise to Expand E-Waste Recycling
Recyclekaro is looking to raise fund of ₹240 crore in fresh equity while evaluating an Initial Public Offering (IPO). The fund will be used to expand its E-waste and lithium-ion battery recycling operations to meet growing demand for recycled critical minerals in India, used in electric vehicles. The Company has raised ₹93 crore and will be used to build new facilities and improve its material extraction capabilities.
Recyclekaro to Invest ₹500 Crore in R&d and Rare Earth Recovery by 2030
By 2030, Recyclekaro intends to spend around ₹500 Crores for its Wada research and development facility that will focus on rare earth recovery and material separation and battery recycling technologies. The Wada research centre is intended to accelerate the building indigenous scientific and process capability to strengthen the country’s mineral sec
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Mr. Rajesh Ramloutan Gupta | managing director | 64.15% |
| Catseye System & Solution Pvt. Ltd. | Promoter Group Corporate Entity | 6.35% |
| Minority | Non-Promoter Individual | 29.50% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Evergreen Recyclekaro (India) Limited varies depending on the category of the investor:
-
Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
-
For AIF investors of Category-II are not subject to any lock-in.
-
Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
-
You can dowload the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
-
Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
-
You would also get email confirmation of credit of shares via email
-
The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
-
When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
-
Liquidity risk, unlisted shares are difficult to buy and sell,
-
Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
-
Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
-
Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.