Scans

Tools

Home

Charts

Watchlist

Products

Organic Recycling Systems Ltd

ORGANICREC

BSE

₹209.55+3.69%19 Oct 2026

Reports

Miscellaneous

Organic Recycling Systems Ltd

ORGANICREC

BSE

₹209.55

+3.69%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Miscellaneous

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Organic Recycling Systems Ltd is fundamentally a technology company that turns society’s waste problem into a portfolio of valuable outputs-renewable fuel, green chemicals, and carbon products-using its own patented machinery and processes. Born in 2008 from a group of technocrats who set out to build India’s first anaerobic digestion plant for municipal waste, the company has spent over sixteen years perfecting an integrated, IP-led approach where every new capability, from biogas to carbonisation to green-chemical distribution, is built on the proprietary technology stack and operational know-how of the one before it.

Business segments

A single integrated CleanTech platform with four reinforcing engines-a waste-to-energy project builder, a proprietary technology and R&D factory, a carbonisation and bio-products line, and a green-chemicals distribution channel-all fed by the same core expertise in extracting value from organic waste.

1. CBG and Waste-to-Energy Projects: the integrated plant builder and operator

The company designs, builds, and increasingly owns facilities that convert municipal and agricultural waste into Compressed Bio-Gas (CBG)-a renewable substitute for natural gas-earning money from construction contracts, long-term fuel sales, and by-products like organic manure.

India’s first mover in anaerobic digestion of mixed waste - ORSL commissioned the country’s first integrated municipal solid waste (MSW) valorisation facility using anaerobic digestion in Solapur, Maharashtra, in 2013, and has been converting biodegradable waste into biogas and compost there ever since, giving it a sixteen-year operational track record that few competitors can match.
Three ways to get paid - the company operates under Build-Own-Operate-Transfer (BOOT) contracts with city governments, Build-Own-Operate (BOO) models where it keeps the asset and sells the output, and end-to-end Technology-EPC contracts where it designs and builds plants for clients like Indian Oil Corporation and municipal corporations, creating a mix of one-time project fees and recurring revenue from fuel and fertiliser sales.
A captive customer for the gas - CBG output is sold under long-term off-take agreements to public-sector oil companies-IOCL, BPCL, and HPCL-through the government’s SATAT scheme, which guarantees a buyer for the fuel at predictable prices and is backed by a national blending mandate that will require natural gas to contain up to 5% CBG by 2029.
The BOO pivot builds a recurring-revenue base - the board approved a strategic shift toward owning and operating its own waste-to-value plants, particularly in agricultural valorisation, so that the company captures the full lifetime economics of a facility-CBG sales, manure sales, and future carbon credits-rather than just the construction margin.
A pan-India project pipeline with a flagship anchor - the Solapur plant processes 400 tonnes per day of mixed MSW, and the EPC order book stands at roughly ₹100 Cr with a pipeline of ~200-300 Cr across projects in Kerala, Madhya Pradesh, Delhi, and Rajasthan, including a large-scale integrated CBG and biofertilizer project in Damoh that is part of a planned ten-project rollout.

2. Proprietary Technology and R&D: the IP factory that feeds everything else

Every waste-to-value process the company sells or operates runs on a home-grown technology stack-patented segregation drums, high-solid digesters, and in-house catalysts-supported by a NABL-accredited R&D centre that now generates its own revenue by testing and validating technology for third parties.

Two patents and a family of proprietary systems - the Marut Drum segregates organic material from mixed municipal waste with optimised recovery rates, while the DRYAD system runs high-solid thermophilic anaerobic digestion for efficient biogas generation; these are complemented by five additional proprietary technologies covering liquid-phase digestion, advanced composting, and biomass-to-charcoal conversion.
Catalysts that make the plants more profitable - ORSL developed a Methane Bio-Catalyst validated by SSS-NIBE, the national bioenergy institute, to improve CBG yield and plant efficiency, and has installed a commercial seed-culture plant at Solapur to supply microbial consortia that enhance digestion across diverse feedstocks like Napier grass and agricultural residues.
The R&D centre is now a revenue stream - the ORS Research Innovation Centre received NABL accreditation under ISO/IEC 17025:2017 in early 2026, which means it can charge for third-party testing and certification, technology validation, and sponsored pilot trials, turning a cost centre into a services business.
Carbon capture is the next frontier - ORSL was awarded a DBT-BIRAC grant to develop India’s first BIO-CCU platform that captures CO₂ from biogas and converts it into value-added fuels and chemicals, making it the first Indian company to receive such a grant for CO₂ valorisation.
A university network that multiplies R&D capacity - the company has signed formal research collaborations with IIT Bombay, IIT Kharagpur, IIT (BHU) Varanasi, Amity University Mumbai, AGH University of Science and Technology in Poland, the University of Birmingham (UK), Walchand Institute of Technology Solapur, UPES Dehradun, and international partners including the University of Southern Denmark, giving it access to advanced labs and academic expertise in catalysis, AI-based process modelling, and bioenergy without bearing the full cost of that infrastructure.

3. Carbonisation Systems and Bio-based Products: the equipment-plus-output vertical

ORSL manufactures electrically powered, oxygen-free pyrolysis machines that convert agricultural biomass into charcoal and activated carbon, and then sells both the machines and the carbon products they produce.

A machine that turns nutshells into charcoal - the Sanjeevak Carbonisation System uses an electrically powered pyrolysis process to convert coconut shells, cashew nut shells, and date seeds into eco-friendly charcoal without burning, and is available in multiple capacities for small-scale businesses ready for commercial rollout.
Selling the output, not just the equipment - under the Alpha Carbon brand, the company produces granular activated carbon from discarded coconut shells using its own Sanjeevak systems, targeting water-treatment applications in both domestic and export markets with multiple grades for different contaminants.
The compost co-product closes the loop - fermented organic manure from the biogas plants is sold as a nutrient-rich soil input that reduces dependence on chemical fertilisers, with government market-development assistance of ₹1,500 per metric tonne supporting sales.

4. Green Chemicals and Industrial Distribution: the acquired go-to-market channel

In early 2026, ORSL bought a four-decade-old chemical trading firm to create a ready-made distribution network for its proprietary bio-based catalysts and green chemicals, while adding an established revenue stream from importing and distributing industrial chemicals.

Bought, not built - the acquisition of Industrial Associates, a Mumbai-based chemical trading partnership founded in 1981, gave ORSL immediate access to a customer base across Maharashtra and Gujarat, a Bhiwandi warehouse for bulk handling, and supplier relationships with BASF, AGC Inc., and DCW.
A shelf for the company’s own products - the distribution network is explicitly intended to serve as the go-to-market channel for ORSL’s in-house biogas catalysts and green chemicals, so that products developed in the R&D centre can reach industrial buyers without building a sales force from scratch.
Anchored by steady chemical trading - the acquired firm’s revenue is anchored by Soda Ash and Trichloroethylene, which together make up roughly 58% of its sales, providing a stable base of third-party distribution income alongside the push into proprietary green-chemical sales.

Group structure and partners

ORSL operates through four wholly owned subsidiaries-the most material being Solapur Bioenergy Systems, which houses the flagship waste-to-energy plant-and has built a web of strategic partnerships that secure feedstock supply, expand project bidding capacity, and extend its technology into new geographies.

The Solapur subsidiary is the operational heart - Solapur Bioenergy Systems Private Limited owns the 400 TPD integrated MSW valorisation facility and the pilot-scale biomethanation plant developed with SSS-NIBE, making it the physical platform where most of the company’s proprietary technology is deployed and validated.
Feedstock security through partnership - an MoU with Punjab Renewable Energy Systems (PRESPL) makes ORSL the preferred partner for Technology, Engineering, Procurement & Construction (TEPC) services while PRESPL handles biomass supply-chain management, so the company can guarantee feedstock for its BOO plants without having to build its own agricultural-waste collection network.
Project-financing muscle via Netel India - a collaboration with the Neterwala Group pairs ORSL’s engineering and CBG production expertise with Netel’s project-financing capability, enabling the consortium to bid for larger solid-waste and waste-to-energy PPP contracts than ORSL could pursue alone.
A Middle East beachhead - an agreement with BioCatalyst, the authorised Middle East distributor for Bio Organic Catalyst Inc., positions ORSL to market and develop centralised and decentralised MSW projects in the Middle East, extending its technology licensing reach beyond India.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹327Cr

Close Price

₹209.55

Industry

Miscellaneous

Price To Earnings

10.85

Price To Sales

3.11

Revenue

₹105Cr

Rev Gr TTM

Revenue Growth TTM

117.14%

PAT Gr TTM

PAT Growth TTM

60.16%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	13	15	18	31	30	75
Growth YoY Revenue Growth YoY%			39.8	106.7	70.2	141.7
Expenses ExpensesCr	7	10	9	19	16	59
Operating Profit Operating ProfitCr	6	5	9	12	14	16
OPM OPM%	44.2	31.9	51.3	37.5	45.8	20.9
Other Income Other IncomeCr	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	1	0	0	0	0	0
Depreciation DepreciationCr	3	0	2	2	2	2
PBT PBTCr	5	5	9	12	14	16
Tax TaxCr	1	0	0	1	1	1
PAT PATCr	2	6	7	9	12	13
Growth YoY PAT Growth YoY%			236.8	54.6	78.9	46.0
NPM NPM%	16.0	38.6	38.5	28.8	40.5	17.4
EPS EPS₹	0.0	5.0	5.9	7.7	9.3	10.0

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	13	15	18	31	30	75
Growth YoY Revenue Growth YoY%			39.8	106.7	70.2	141.7
Expenses ExpensesCr	7	10	9	19	16	59
Operating Profit Operating ProfitCr	6	5	9	12	14	16
OPM OPM%	44.2	31.9	51.3	37.5	45.8	20.9
Other Income Other IncomeCr	0	0	0	0	1	1
Interest Expense Interest ExpenseCr	1	0	0	0	0	0
Depreciation DepreciationCr	3	0	2	2	2	2
PBT PBTCr	5	5	9	12	14	16
Tax TaxCr	1	0	0	1	1	1
PAT PATCr	2	6	7	9	12	13
Growth YoY PAT Growth YoY%			236.8	54.6	78.9	46.0
NPM NPM%	16.0	38.6	38.5	28.8	40.5	17.4
EPS EPS₹	0.0	5.0	5.9	7.7	9.3	10.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	13	15	25	27	48	105
Growth Revenue Growth%		16.7	69.2	11.2	76.0	117.1
Expenses ExpensesCr	13	15	14	17	27	75
Operating Profit Operating ProfitCr	0	-1	11	10	21	30
OPM OPM%	0.1	-5.6	44.0	37.6	43.2	28.8
Other Income Other IncomeCr	3	3	1	0	0	1
Interest Expense Interest ExpenseCr	1	2	2	1	0	0
Depreciation DepreciationCr	6	6	5	3	4	4
PBT PBTCr	-4	-5	5	7	17	26
Tax TaxCr	0	0	1	-1	1	1
PAT PATCr	-4	-5	4	8	16	25
Growth PAT Growth%		-19.0	168.3	112.6	101.1	60.6
NPM NPM%	-35.9	-36.6	14.8	28.3	32.3	23.9
EPS EPS₹	-3,268.1	-12.9	7.8	13.6	13.5	19.3

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	13	15	25	27	48	105
Growth Revenue Growth%		16.7	69.2	11.2	76.0	117.1
Expenses ExpensesCr	13	15	14	17	27	75
Operating Profit Operating ProfitCr	0	-1	11	10	21	30
OPM OPM%	0.1	-5.6	44.0	37.6	43.2	28.8
Other Income Other IncomeCr	3	3	1	0	0	1
Interest Expense Interest ExpenseCr	1	2	2	1	0	0
Depreciation DepreciationCr	6	6	5	3	4	4
PBT PBTCr	-4	-5	5	7	17	26
Tax TaxCr	0	0	1	-1	1	1
PAT PATCr	-4	-5	4	8	16	25
Growth PAT Growth%		-19.0	168.3	112.6	101.1	60.6
NPM NPM%	-35.9	-36.6	14.8	28.3	32.3	23.9
EPS EPS₹	-3,268.1	-12.9	7.8	13.6	13.5	19.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	5	8	9	9
Reserves ReservesCr	13	8	20	74	104	103
Current Liabilities Current LiabilitiesCr	30	47	22	19	21	42
Non Current Liabilities Non Current LiabilitiesCr	59	52	72	35	39	45
Total Liabilities Total LiabilitiesCr	103	107	119	135	183	210
Current Assets Current AssetsCr	19	24	38	50	93	98
Non Current Assets Non Current AssetsCr	84	83	81	85	90	112
Total Assets Total AssetsCr	103	107	119	135	183	210

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	5	8	9	9
Reserves ReservesCr	13	8	20	74	104	103
Current Liabilities Current LiabilitiesCr	30	47	22	19	21	42
Non Current Liabilities Non Current LiabilitiesCr	59	52	72	35	39	45
Total Liabilities Total LiabilitiesCr	103	107	119	135	183	210
Current Assets Current AssetsCr	19	24	38	50	93	98
Non Current Assets Non Current AssetsCr	84	83	81	85	90	112
Total Assets Total AssetsCr	103	107	119	135	183	210

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	8	-24	3	-10	19
Investing Cash Flow Investing Cash FlowCr	-4	-7	-4	-5	-13	-23
Financing Cash Flow Financing Cash FlowCr	4	-2	28	10	40	-18
Net Cash Flow Net Cash FlowCr	1	-1	0	8	17	-23
Free Cash Flow Free Cash FlowCr	-4	1	-28	-1	-19	19
CFO To PAT CFO To PAT%	4.9	-146.6	-648.8	36.0	-63.7	74.0
CFO To EBITDA CFO To EBITDA%	-2,030.3	-965.3	-218.0	27.1	-47.6	61.3

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	8	-24	3	-10	19
Investing Cash Flow Investing Cash FlowCr	-4	-7	-4	-5	-13	-23
Financing Cash Flow Financing Cash FlowCr	4	-2	28	10	40	-18
Net Cash Flow Net Cash FlowCr	1	-1	0	8	17	-23
Free Cash Flow Free Cash FlowCr	-4	1	-28	-1	-19	19
CFO To PAT CFO To PAT%	4.9	-146.6	-648.8	36.0	-63.7	74.0
CFO To EBITDA CFO To EBITDA%	-2,030.3	-965.3	-218.0	27.1	-47.6	61.3

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				162	199	192	327
Price To Earnings Price To Earnings				20.8	14.3	7.7	10.8
Price To Sales Price To Sales				5.9	4.1	1.8	3.1
Price To Book Price To Book				2.0	2.0	1.7	2.0
EV To EBITDA EV To EBITDA				18.1	10.0	7.8	11.8
Profitability Ratios Profitability Ratios
GPM GPM%	35.7	51.8	75.4	66.2	76.4	43.2	43.2
OPM OPM%	0.1	-5.6	44.0	37.6	43.2	28.8	28.8
NPM NPM%	-35.9	-36.6	14.8	28.3	32.3	23.9	23.9
ROCE ROCE%	-4.7	-6.2	6.9	7.0	11.5	17.1	17.1
ROE ROE%	-34.6	-69.9	14.4	9.5	13.9	22.4	22.4
ROA ROA%	-4.4	-5.0	3.1	5.8	8.5	11.9	11.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				162	199	192	327
Price To Earnings Price To Earnings				20.8	14.3	7.7	10.8
Price To Sales Price To Sales				5.9	4.1	1.8	3.1
Price To Book Price To Book				2.0	2.0	1.7	2.0
EV To EBITDA EV To EBITDA				18.1	10.0	7.8	11.8
Profitability Ratios Profitability Ratios
GPM GPM%	35.7	51.8	75.4	66.2	76.4	43.2	43.2
OPM OPM%	0.1	-5.6	44.0	37.6	43.2	28.8	28.8
NPM NPM%	-35.9	-36.6	14.8	28.3	32.3	23.9	23.9
ROCE ROCE%	-4.7	-6.2	6.9	7.0	11.5	17.1	17.1
ROE ROE%	-34.6	-69.9	14.4	9.5	13.9	22.4	22.4
ROA ROA%	-4.4	-5.0	3.1	5.8	8.5	11.9	11.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CSML	MSECL	CPEDU	ORGANICREC	FELIX	OLIL	MODIRUBBER
Market CapitalizationMkt CapCr	373	347	329	327	323	323	298
Close PriceClose₹	181.50	245.05	180.90	209.55	188.00	315.00	118.82
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	20.53	9.00	13.80	10.85	15.54	60.34	472.00
Price To SalesPS	3.19	2.02	6.45	3.11	2.95	2.81	8.51
RevenueRevenueCr	117	172	51	105	110	115	35
Revenue Growth TTMRev Gr TTM%		3.0%	-0.6%	117.1%	122.1%	75.0%	12.9%
PAT Growth TTMPAT Gr TTM%		1.8%	13.6%	60.2%	62.7%	-20.5%	-100.0%

	CSML	MSECL	CPEDU	ORGANICREC	FELIX	OLIL	MODIRUBBER
Market CapitalizationMkt CapCr	373	347	329	327	323	323	298
Close PriceClose₹	181.50	245.05	180.90	209.55	188.00	315.00	118.82
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	20.53	9.00	13.80	10.85	15.54	60.34	472.00
Price To SalesPS	3.19	2.02	6.45	3.11	2.95	2.81	8.51
RevenueRevenueCr	117	172	51	105	110	115	35
Revenue Growth TTMRev Gr TTM%		3.0%	-0.6%	117.1%	122.1%	75.0%	12.9%
PAT Growth TTMPAT Gr TTM%		1.8%	13.6%	60.2%	62.7%	-20.5%	-100.0%