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Nikita Greentech Recycling Ltd

NIKITA

NSE

₹66.000.00%19 Oct 2026

Reports

Paper

Nikita Greentech Recycling Ltd

NIKITA

NSE

₹66.00

0.00%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Nikita Greentech Recycling is a manufacturer that turns urban waste into the paper that keeps India’s goods moving - it makes kraft paper, the brown packaging material for corrugated boxes, entirely from discarded cardboard and paper collected from city streets and malls. Founded in 1989 as a Private Limited Company and now run by the third generation of the founding family, the company reinvented itself in 2013 by abandoning virgin fibre altogether and switching to 100% recycled waste paper, a pivot that set it on a path where every subsequent move - from waste-to-energy power to plastic-credit trading - is about extracting value from what cities throw away. That recurring logic, of turning a disposal problem into a manufacturing input, explains everything the company builds, invests in, and bets on.

Business segments

A single recycling-and-packaging engine, now deepening into energy self-sufficiency - kraft paper made from urban waste paper, powered increasingly by the combustible fraction of that same municipal waste.

1. Recycled kraft paper: packaging made from the city’s discards

The company takes waste paper collected within roughly 100 kilometres of its Shamli plant and turns it into the brown kraft paper that corrugated-box makers need, competing on consistency and specialty grades rather than on price alone.

Raw material that cities pay to discard - the furnish is 100% recycled waste paper, sourced through a network of roughly 20-25 stockists who aggregate from rag pickers, industrial throwouts and shopping malls, with about 88% coming from domestic collection in Delhi, UP and the NCR and the remaining 12% imported from the US and Canada for its longer, strength-giving fibres. Waste paper makes up roughly 65-70% of the cost of sales, and its price is stable, moving only one or two rupees per kilogram around a level of about ₹18.5-19, with pricing locked in for 15-20 days at a time under monthly quantity agreements.
A wide reel of grades, most of it standard - the product range spans corrugation-grade, food-grade, carry-back, floating, fluting media, multiliner and recycled duplex board, all in the 80-200 GSM band, with specialty grades such as waterproof food-grade paper making up 8-10% of volume and standard corrugation paper the remaining 88-90%. The specialty grades are designed directly with end consumers, even when the order flows through a distributor, while standard grades move through long-standing distributors who are connected to 75-100 converters.
Scale that is about to step up - installed capacity is roughly 1,33,000 metric tonnes per annum across two paper machines, and in FY25 the plant ran at about 82% utilisation, producing close to 1.08 lakh tonnes. A consent-to-establish is already in hand to lift kraft paper capacity from 400 tonnes per day to 550 TPD, backed by a new 55 TPH multi-fuel boiler and a 9 MW captive power turbine, with an estimated investment of about ₹50 crore drawn from IPO proceeds.
Sold into a market that regulation is expanding - India’s kraft paper market stood at 7.67 million tonnes in FY23 and is projected to reach 12.5 million tonnes by FY30, growing at about 10% a year, with kraft paper accounting for 55% of the country’s packaging-paper segment. The ban on single-use plastic since July 2022 acts as a tailwind, pushing brands toward paper-based alternatives for carry bags and food packaging.
Competing where price is tight but substitution is the prize - the kraft paper segment is intensely competitive with limited pricing flexibility, so the company positions its product as an import substitute, supplying corrugated-box manufacturers, FMCG companies and packaging solution providers across India with paper that matches the quality of imported grades. It is also working to get its paper certified by brands so it can move beyond selling to converters and enter the B2C segment directly.

Waste-to-energy and captive power: the fuel is free, the credits are a bonus

The company is building a captive energy backbone that runs on the combustible fraction of municipal solid waste - refuse-derived fuel - aiming to eliminate its power bottleneck while generating a separate revenue line from the plastic it extracts in the process.

Fuel that arrives at near-zero feedstock cost - municipal solid waste is processed into RDF by aggregators, the combustible matter is shipped to the plant with transport costs shared, and the original material cost is zero, making it a very low-cost fuel compared with coal or biomass. The inert leftovers go to highway construction and land-filling under government guidelines.
An energy transition in three acts - the plant started with a coal-fired captive power unit, switched to biomass in 2018, and from 2022 began converting to RDF, with 50% of fuel usage shifted to RDF by 2023. As of FY25 the site had a 3.5 MW municipal waste-to-energy plant and a 1.5 MW rooftop solar plant, both operational, and the manufacturing facility runs on a zero-liquid-discharge closed-loop water system.
A 9 MW build to remove the bottleneck - energy is currently a constraint on production, so the company is installing a 9 MW RDF-based captive power plant with a 55 TPH multi-fuel boiler at an estimated capex of ₹50 crore, targeting commissioning by Q3 FY27 and expecting to add at least 10% to production capacity once it is running.
Plastic credits as a second revenue stream - because municipal solid waste contains plastic, the company qualifies as an end-of-life recycler under the Central Pollution Control Board’s Extended Producer Responsibility framework, which requires plastic producers to buy credits from recyclers; Nikita generates and sells these EPR credits, which contributed ₹5.29 crore in FY25. The company has formally added the trading of EPR certificates and recycling credits to its charter.

Group structure and partners

A single-entity public company with a family leadership team that has more than 35 years in the paper industry, now formalising government and energy partnerships to fund its next phase.

The company is a standalone public limited company, incorporated in 1989 and listed on the NSE Emerge platform in June 2025, with its manufacturing facility and corporate office in Shamli, Uttar Pradesh, and a board-level decision in March 2026 to shift the registered office there from Delhi.
Chairman Sudhir Kumar Bansal and Managing Director Ashok Kumar Bansal each bring over 40 years of paper-industry experience, while Whole-Time Director Ayush Bansal adds over 20 years and a finance background from Fore School of Management.
In December 2025 the company signed an MoU with the Government of Uttar Pradesh covering the power-plant co-generation project and the paper-machinery upgrade, with a combined estimated investment of roughly ₹107.50 crore; the state government will facilitate permits and enable the company to access incentives including interest subsidies and concessions on state levies.
The company has been empanelled by Indraprastha Gas Limited as an execution partner for setting up compressed bio-gas plants, a non-binding arrangement that may lead to a joint venture or special-purpose vehicle for CBG projects based on municipal solid waste and other feedstocks, with firm land and feedstock availability as preconditions.

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

₹163Cr

Close Price

₹66.00

Industry

Paper

Price To Earnings

12.15

Price To Sales

0.47

Revenue

₹350Cr

Rev Gr TTM

Revenue Growth TTM

-3.94%

PAT Gr TTM

PAT Growth TTM

-51.61%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	160	179	166	198	178	172
Growth YoY Revenue Growth YoY%			4.0	10.8	7.5	-13.5
Expenses ExpensesCr	142	156	146	174	162	160
Operating Profit Operating ProfitCr	17	23	20	24	16	12
OPM OPM%	10.9	12.8	12.1	12.3	9.0	6.9
Other Income Other IncomeCr	3	10	7	8	8	8
Interest Expense Interest ExpenseCr	6	8	8	9	10	8
Depreciation DepreciationCr	5	6	5	5	5	5
PBT PBTCr	14	25	19	23	14	11
Tax TaxCr	1	5	4	6	3	2
PAT PATCr	8	13	10	13	6	5
Growth YoY PAT Growth YoY%			25.1	2.1	-37.6	-62.6
NPM NPM%	5.1	7.0	6.1	6.5	3.5	2.8
EPS EPS₹	0.0	0.0	0.0	0.0	3.5	2.0

Quarter	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	160	179	166	198	178	172
Growth YoY Revenue Growth YoY%			4.0	10.8	7.5	-13.5
Expenses ExpensesCr	142	156	146	174	162	160
Operating Profit Operating ProfitCr	17	23	20	24	16	12
OPM OPM%	10.9	12.8	12.1	12.3	9.0	6.9
Other Income Other IncomeCr	3	10	7	8	8	8
Interest Expense Interest ExpenseCr	6	8	8	9	10	8
Depreciation DepreciationCr	5	6	5	5	5	5
PBT PBTCr	14	25	19	23	14	11
Tax TaxCr	1	5	4	6	3	2
PAT PATCr	8	13	10	13	6	5
Growth YoY PAT Growth YoY%			25.1	2.1	-37.6	-62.6
NPM NPM%	5.1	7.0	6.1	6.5	3.5	2.8
EPS EPS₹	0.0	0.0	0.0	0.0	3.5	2.0

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	100	118	356	398	339	370	350
Growth Revenue Growth%		18.3	201.9	11.8	-15.0	9.2	-5.3
Expenses ExpensesCr	92	106	329	371	298	320	322
Operating Profit Operating ProfitCr	8	12	28	28	40	50	28
OPM OPM%	8.1	10.4	7.7	6.9	11.9	13.5	8.0
Other Income Other IncomeCr	0	0	2	3	8	9	16
Interest Expense Interest ExpenseCr	4	5	11	11	14	17	18
Depreciation DepreciationCr	3	4	11	10	10	10	9
PBT PBTCr	2	3	8	10	24	33	16
Tax TaxCr	1	0	1	1	8	10	5
PAT PATCr	1	3	7	9	17	23	11
Growth PAT Growth%		306.2	126.6	24.4	92.0	38.7	-51.6
NPM NPM%	0.8	2.6	1.9	2.2	4.9	6.2	3.2
EPS EPS₹	1.5	6.0	7.0	5.3	9.8	12.7	4.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	100	118	356	398	339	370	350
Growth Revenue Growth%		18.3	201.9	11.8	-15.0	9.2	-5.3
Expenses ExpensesCr	92	106	329	371	298	320	322
Operating Profit Operating ProfitCr	8	12	28	28	40	50	28
OPM OPM%	8.1	10.4	7.7	6.9	11.9	13.5	8.0
Other Income Other IncomeCr	0	0	2	3	8	9	16
Interest Expense Interest ExpenseCr	4	5	11	11	14	17	18
Depreciation DepreciationCr	3	4	11	10	10	10	9
PBT PBTCr	2	3	8	10	24	33	16
Tax TaxCr	1	0	1	1	8	10	5
PAT PATCr	1	3	7	9	17	23	11
Growth PAT Growth%		306.2	126.6	24.4	92.0	38.7	-51.6
NPM NPM%	0.8	2.6	1.9	2.2	4.9	6.2	3.2
EPS EPS₹	1.5	6.0	7.0	5.3	9.8	12.7	4.5

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	9	9	18	18	25
Reserves ReservesCr	16	19	37	46	59	86	154
Current Liabilities Current LiabilitiesCr	32	60	103	124	166	193	201
Non Current Liabilities Non Current LiabilitiesCr	58	108	86	78	56	85	110
Total Liabilities Total LiabilitiesCr	111	192	235	257	299	383	490
Current Assets Current AssetsCr	48	91	140	157	203	260	328
Non Current Assets Non Current AssetsCr	64	101	96	100	96	123	161
Total Assets Total AssetsCr	111	192	235	257	299	383	490

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	9	9	18	18	25
Reserves ReservesCr	16	19	37	46	59	86	154
Current Liabilities Current LiabilitiesCr	32	60	103	124	166	193	201
Non Current Liabilities Non Current LiabilitiesCr	58	108	86	78	56	85	110
Total Liabilities Total LiabilitiesCr	111	192	235	257	299	383	490
Current Assets Current AssetsCr	48	91	140	157	203	260	328
Non Current Assets Non Current AssetsCr	64	101	96	100	96	123	161
Total Assets Total AssetsCr	111	192	235	257	299	383	490

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-10	28	-13	-13	-20	19
Investing Cash Flow Investing Cash FlowCr	-32	-48	-11	-14	-3	-2	-78
Financing Cash Flow Financing Cash FlowCr	34	59	-16	27	18	17	60
Net Cash Flow Net Cash FlowCr	2	1	1	0	3	-5	1
Free Cash Flow Free Cash FlowCr	-33	-58	17	-27	-15	-22	-59
CFO To PAT CFO To PAT%	-67.6	-310.0	398.6	-150.6	-75.3	-86.7	171.0
CFO To EBITDA CFO To EBITDA%	-6.3	-77.2	100.6	-47.2	-31.1	-40.0	68.3

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	-10	28	-13	-13	-20	19
Investing Cash Flow Investing Cash FlowCr	-32	-48	-11	-14	-3	-2	-78
Financing Cash Flow Financing Cash FlowCr	34	59	-16	27	18	17	60
Net Cash Flow Net Cash FlowCr	2	1	1	0	3	-5	1
Free Cash Flow Free Cash FlowCr	-33	-58	17	-27	-15	-22	-59
CFO To PAT CFO To PAT%	-67.6	-310.0	398.6	-150.6	-75.3	-86.7	171.0
CFO To EBITDA CFO To EBITDA%	-6.3	-77.2	100.6	-47.2	-31.1	-40.0	68.3

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							276	163
Price To Earnings Price To Earnings							24.7	12.2
Price To Sales Price To Sales							0.8	0.5
Price To Book Price To Book							1.6	0.9
EV To EBITDA EV To EBITDA							18.3	14.2
Profitability Ratios Profitability Ratios
GPM GPM%	15.0	16.5	10.1	8.9	14.5	19.2	15.1	15.1
OPM OPM%	8.1	10.4	7.7	6.9	11.9	13.5	8.0	8.0
NPM NPM%	0.8	2.6	1.9	2.2	4.9	6.2	3.2	3.2
ROCE ROCE%	5.5	5.0	11.1	9.5	14.3	15.1	8.3	8.3
ROE ROE%	3.6	12.9	15.1	15.8	21.4	22.1	6.2	6.2
ROA ROA%	0.7	1.6	3.0	3.4	5.5	6.0	2.3	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							276	163
Price To Earnings Price To Earnings							24.7	12.2
Price To Sales Price To Sales							0.8	0.5
Price To Book Price To Book							1.6	0.9
EV To EBITDA EV To EBITDA							18.3	14.2
Profitability Ratios Profitability Ratios
GPM GPM%	15.0	16.5	10.1	8.9	14.5	19.2	15.1	15.1
OPM OPM%	8.1	10.4	7.7	6.9	11.9	13.5	8.0	8.0
NPM NPM%	0.8	2.6	1.9	2.2	4.9	6.2	3.2	3.2
ROCE ROCE%	5.5	5.0	11.1	9.5	14.3	15.1	8.3	8.3
ROE ROE%	3.6	12.9	15.1	15.8	21.4	22.1	6.2	6.2
ROA ROA%	0.7	1.6	3.0	3.4	5.5	6.0	2.3	2.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	STHINPA	SHREYANIND	AARADHYA	NIKITA	MAGNUM	SKPMIL	BALLARPUR
Market CapitalizationMkt CapCr	218	207	180	163	124	122	110
Close PriceClose₹	116.05	149.60	127.00	66.00	18.19	90.54	0.85
IndustryIndustry	Paper	Paper	Paper	Paper	Paper	Paper	Paper
Price To EarningsPE	14.76		28.93	12.15		4.91
Price To SalesPS	0.49	0.33	1.19	0.47	0.26	0.53	0.69
RevenueRevenueCr	445	629	151	350	473	232	160
Revenue Growth TTMRev Gr TTM%	15.1%	-0.9%	32.5%	-3.9%		23.6%
PAT Growth TTMPAT Gr TTM%	353.1%	-126.0%	-37.2%	-51.6%		1,013.4%

	STHINPA	SHREYANIND	AARADHYA	NIKITA	MAGNUM	SKPMIL	BALLARPUR
Market CapitalizationMkt CapCr	218	207	180	163	124	122	110
Close PriceClose₹	116.05	149.60	127.00	66.00	18.19	90.54	0.85
IndustryIndustry	Paper	Paper	Paper	Paper	Paper	Paper	Paper
Price To EarningsPE	14.76		28.93	12.15		4.91
Price To SalesPS	0.49	0.33	1.19	0.47	0.26	0.53	0.69
RevenueRevenueCr	445	629	151	350	473	232	160
Revenue Growth TTMRev Gr TTM%	15.1%	-0.9%	32.5%	-3.9%		23.6%
PAT Growth TTMPAT Gr TTM%	353.1%	-126.0%	-37.2%	-51.6%		1,013.4%