Namo eWaste Management is India’s largest IT asset disposition provider, built on the simple idea that discarded electronics are not waste but a source of metals, reusable equipment and compliance certificates that producers are legally required to obtain. The company was founded in 2014 by an engineer who saw how the UK recycled sustainably and brought the model home, commissioning its first plant in Faridabad a year later and becoming the first formal recycler in India to offer Extended Producer Responsibility services in 2017. Everything it does follows a single recurring approach: collect end-of-life electronics and batteries from the businesses that make or use them, destroy the data, recover the valuable materials inside, refurbish what still works, and issue the government-recognised certificates that close the loop - a chain that turns a compliance burden for producers into a business for Namo. # Business segments One integrated recycling engine with three mutually reinforcing service lines - e-waste and battery processing, IT asset recovery, and compliance logistics - all fed by the same collection network and the same producer relationships. ## 1. E-waste and battery recycling: the processing core that extracts value from discarded electronics **The company runs four plants that shred, sort and chemically treat end-of-life electronics and lithium-ion batteries to recover metals and produce black mass, earning money both from the service fee and from selling the extracted commodities.** - **Paid to take the waste** - producers and manufacturers pay Namo a recycling service fee under EPR contracts, because the cost of collecting and processing e-waste exceeds the value of the metals recovered; the producer covers that loss plus a margin. The company then sells the extracted copper, aluminium, iron, silver and gold on the open market, creating a second revenue stream from the same batch of scrap. - **Capacity is not the bottleneck** - total installed recycling capacity across four plants is roughly 70,000 metric tonnes per annum, with the Palwal hub alone expanded to 32,000 MTPA in December 2025. The real constraint is sourcing enough waste: over 85% of India’s e-waste still flows to the informal sector, so the company’s growth depends on pulling more material into the formal channel, not on building more plants. - **Batteries are the newer, adjacent feedstock** - the Nashik battery plant, which began operations during FY26, shreds spent lithium-ion cells from phones, laptops and electric vehicles to produce black mass, copper and aluminium, with an installed capacity of 12,400 MTPA. A hydrometallurgy plant now under construction in Faridabad will take that black mass and extract lithium, nickel, cobalt and manganese in-house by December 2026, rather than selling the intermediate product to downstream refiners. - **Pricing moves with metal markets** - OEM contracts are priced against London Metal Exchange benchmarks, and the company hedges commodity risk using the family’s four decades of experience in the scrap trade. That long institutional knowledge of how to identify metals and calculate their content in different types of scrap is what the company calls its real competitive edge. ## 2. IT asset disposition and refurbishment: the highest-margin layer on top of recycling **Before shredding anything, the company wipes data, tests devices and resells what still works - a service that commands better margins than pure recycling and makes Namo the largest ITAD provider in India.** - **Data destruction is the entry ticket** - for corporate clients disposing of laptops, servers and hard disks, the first requirement is proof that sensitive data is gone. Namo performs on-site software wiping using Blancco tools, degaussing and physical shredding of hard disks to fragments smaller than 5 millimetres, then issues a destruction certificate that gives the client an audit trail. - **Refurbishment turns cost centres into revenue** - functional but outdated IT equipment from brands like Apple, HP, Lenovo and Dell is repaired, cleaned and resold rather than dismantled for scrap, extending the product’s life and generating the highest margin in the portfolio, typically contributing 15% to 30% of revenue. After the Palwal expansion came online, the original Faridabad plant was refocused specifically on refurbishment and high-value metal extraction. - **The refurbishment market is still informal** - India’s pollution-control rules only formally recognised refurbishment as a standalone business in the 2023 e-waste regulations, which means the sector remains highly scattered and unorganised, giving a formal player with certifications and brand trust a structural advantage. ## 3. EPR services and reverse logistics: the collection network that feeds the plants **The company runs the compliance machinery and the nationwide pickup network that producers need to meet their legal obligations - and that network is what channels waste into Namo’s own recycling facilities.** - **First mover in a compliance-driven market** - Namo launched EPR recycling services in 2017, well before most competitors, and now acts as the outsourced compliance department for major OEMs, handling auditing, reporting, return filing and disposal strategy so that producers can meet their obligations under the E-Waste Management Rules 2022. - **The logistics network is the sourcing engine** - a pan-India chain of over 200 to 250 waste aggregators collects e-waste door-to-door from service centres, warehouses and retail outlets, with GPS-tracked transportation ensuring the chain of custody is documented from pickup to plant. That same network supplies roughly 25-30% of the company’s intake, complementing the 60-70% that comes directly from OEM contracts. - **Certificates are the product, not just paperwork** - after processing, the company issues recycling and dismantling certificates authorised by the State and Central Pollution Control Boards; producers need these green certificates to demonstrate compliance, which is why they pay Namo even when the scrap itself has negative net value. # Group structure and partners **A single listed parent with one operating subsidiary that houses the Western India and battery plants - and a roster of blue-chip clients that doubles as a sourcing moat.** - The company listed on the NSE’s SME platform in September 2024 and has one wholly owned subsidiary, Techeco Waste Management LLP, which was acquired in April 2023 and operates the Nashik e-waste and battery recycling plants. In March 2026, the board approved consolidating Techeco’s battery segment into the parent company via a slump sale at book value, streamlining the group structure. - The client list reads like a cross-section of India’s electronics economy: Samsung, MI, Google, Flipkart, Swiggy, BMW, Maruti Suzuki, Havells, Philips, Schneider Electric, ICICI Bank, Adobe and the Bill & Melinda Gates Foundation, among others. These relationships are built on long-term B2B contracts that supply roughly 80-85% of procurement, creating a high switching cost for clients who need auditable compliance and secure data destruction.