4 Recycling Stocks Down up to 58% from 52-Week Highs

India's recycling sector shows strong growth potential, fuelled by government policies, rising waste volumes, and demand for sustainable materials.

According to Mordor Intelligence the market is projected to expand from US$ 0.89 billion (bn) in 2025 at an 8.53% CAGR to US$ 1.34 bn by 2030, with battery metals and plastics leading due to EV adoption and packaging needs.

Despite high sector growth potential, some Indian recycling stocks have declined due to operational challenges, raw material cost spikes, and short-term market pressures. Rising input costs, such as PET bottle scrap surges, squeezed margins for some of the companies.

In any case here are a few stocks that have fallen substantially from 52-week highs. Please note, this is not a fundamental analysis on any of these stocks.

#1 Ganesha Ecosphere

First on our list is Ganesha Ecosphere.

The company recycles discarded PET bottles into user friendly polyester staple fibre and polyester spun yarn having versatile applications. To source raw material (pet plastic waste) the company has developed a pan India network of scrap dealers and contractors. The company's network enables collection of about 350 tons of PET plastic waste daily.

The company has its manufacturing units at Kanpur (Uttar Pradesh), Rudrapur (Uttarakhand), and Bilaspur (Uttar Pradesh).

Source: BSE

The stock of Ganesha Ecosphere is down almost 58% from its 52-week highs.

On the financial front, the company saw revenues of Rs 3,634 m in Q2 FY26 vs Rs 3,868 m YoY. The gross profit margins of Ganesha Ecosphere were placed at 6.1% for the quarter ending Sept 2025, as against 14.3% YoY.

For the quarter ending 30 September 2025, the company reported losses as against a net profit of Rs 271 m YoY. The three-year average ROE of Ganesha Ecosphere is 8%, while the similar period average ROCE is 10.3%.

During Q2 FY26, the company achieved sales volume of 39,132 MT - an increase of 16.3% (20.9% in legacy business & 4.7% in subsidiary business).

One of the reasons for the subdued financial performance in Q2 FY26 was increase in raw material costs.

Due to sudden and steep hike in bottle scrap prices during June quarter, average raw material carrying cost was Rs 50 per kg as against the prevailing ruling prices of about Rs 44-45 per kg. This mismatch led to higher raw material consumption and lower gross margins. According to the company this gap was largely absorbed by the end of September 2025.

Another factor the company has attributed to the performance is uncertainty in draft notification of MOEF issued on 3 June 2025, which led to demand and sale of rPET granules not being on expected line. However, the company says that it is getting commitments from its existing buyers to start deliveries from January, 2026 onwards.

Presently, the company has a good order book position as well as visibility of future demand with stability in prices.

In the past five trading sessions, Ganesha Ecosphere saw shares move higher from Rs 830 to Rs 851.4.

The stock touched its 52-week high of Rs 2,050 on 3 January 2025 and a 52-week low of Rs 830 on 21 November 2025.

To know more check the Ganesha Ecosphere fact sheet and latest quarterly results.

#2 Eco Recycling

Eco Recycling is a leading e-waste management company, handling e-waste, including asset removal, inventory management, packing, reverse logistics, data destruction, asset recovery, recycling, and more.

The company ensures compliance with international standards by utilizing technologies from the US, Europe, and Japan, as well as developing their own in-house solutions for precious metal recovery, data destruction, and lamp recycling.

Source: BSE

The stock of Eco Recycling is down almost 55% from its 52-week highs.

On the financial front, the company saw revenues of Rs 144 m in Q2 FY26 vs Rs 129 m YoY. The gross profit margins of Eco Recycling were placed at 49.9% for the quarter ending September 2025, against 71.6% YoY.

The company reported a net profit of Rs 56 m against Rs 82 m YoY. The three-year average ROE of Eco Recycling is 22.6%, while the similar period average ROCE is 28.8%.

Moving ahead, the second quarter saw the expansion of the total recycling capacity to 31,200 MTPA with the commissioning of a new 6,000 MTPA lithium-ion battery recycling facility at Vasai. The expansion was fully funded through internal accruals, reaffirming the company's commitment to a debt-free and self-sustaining growth path.

The focus of the company will remain on strengthening value-added segments such as refurbishment, IT asset disposition, data destruction, lamp recycling, and precious metal recovery. These areas that are seeing rising participation from producers and enterprises under the EPR framework.

Looking ahead, the company is preparing to commission a mineral recovery facility focused on PCBs, hard drives, and lithium ion batteries. This will help recover valuable metals such as cobalt, nickel, and manganese for domestic industries, reducing import dependence and contributing to India's self-reliance in critical minerals.

Alongside this, the government's Rs 15 bn incentive scheme under the National Critical Mineral Mission has set the stage for large-scale investment in e-waste and lithium-ion battery recycling. These measures open up significant growth opportunities for companies like Eco Recycling.

With expanding capacity, sound financial management, and increasing policy momentum, the company management remains confident of continuing its growth path.

In the past five trading sessions, Eco Recycling saw shares move lower from Rs 474 to Rs 446.3.

The stock touched its 52-week high of Rs 998 on 1 January 2025 and a 52-week low of Rs 416.2 on 8 December 2025.

To know more check the Eco Recycling fact sheet and latest quarterly results.

#3 Nupur Recyclers

Next on the list is Nupur Recyclers.

Nupur Recyclers is a leading importer, trader, and processor of ferrous & non-ferrous metal scraps, including shredded zinc, zinc die-cast scraps, zurik scrap and aluminium scrap grades. The company is committed to sustainable practices and plays a crucial role in the recycling and processing of metals.

Source: BSE

The stock of Nupur Recyclers is down almost 47% from its 52-week highs.

On the financial front, the company saw revenues of Rs 488 m in Q2 FY26 vs Rs 512 m YoY. The gross profit margins of the company were placed at 7% Vs 11.5% YoY.

For the quarter ending 30 September 2025, the company reported a net profit of Rs 43 m as against Rs 54 m YoY. The three-year average ROE of Nupur Recyclers is 15.7%, while the similar period average ROCE is 20.9%.

Moving ahead, Nupur Recyclers has acquired approximately 4.5 acres of land in Sampla, Haryana, for the establishment of its new manufacturing unit. Construction on the site has already commenced, marking a significant milestone in the company's expansion plans.

During the second quarter, the company has completed the acquisition of 51% stake in M/s Tycod Autotech Private Limited.

This company is engaged mainly in the business of manufacturing of auto components. It works for Tata Motors Limited Rudrapur, Multitech Auto Private Limited, Sundaram Fasteners Limited, and Interpump Hydraulics India Private Limited and has commenced its business operations through this subsidiary.

This apart, Nupur Extrusion Private Limited, a subsidiary of Nupur Recyclers, is set to commence its new manufacturing facility in Haryana next month. Nupur Extrusion will be supplying material to leading businesses engaged in solar plant manufacturing and OEM operations, supporting their production requirements and strengthening its presence within these high-growth sectors.

The company's management says that they remain confident in the long-term growth trajectory despite a marginal decline in turnover during the September 2025 quarter.

This is based on continued investments toward expansion, diversification, and integration efforts, including the recent acquisition and increased support to group companies.

In the past five trading sessions, Nupur Recyclers saw shares move higher from Rs 54 to Rs 56.98.

The stock touched its 52-week high of Rs 108 on 6 January 2025 and a 52-week low of Rs 52.70 on 7 April 2025.

To know more check the Nupur Recyclers fact sheet and latest quarterly results.

#4 GRP Ltd

Next on the list is GRP Ltd.

GRP Ltd., is engaged in the manufacture of reclaimed rubber from used tyres, upscaled polyamide from nylon waste and engineered products die-cut from end-of- life tyres.

The company operates 5 business verticals (reclaim rubber, engineering plastics, repurposed polyolefins, polymer composite & custom die forms) with 7 manufacturing units across India with an installed capacity to handle 81,200 MT per annum.

Source: BSE

The stock of GRP Ltd is down almost 49 % from its 52-week highs.

On the financial front, the company saw revenues of Rs 1,324 m in Q2 FY26 vs Rs 1,316 m YoY. For the quarter ending 30 September 2025, the company reported a net profit of Rs 20 m against Rs 25 m YoY.

The company said that US tariffs led to a 5% of reclaim rubber volumes being impacted with revenue from US-linked customers including those in other regions reliant on the US market.

This includes countries like Thailand, where the company has seen a 31% decline in the volumes, and that is roughly equal to Rs 62 m quarterly reduction in revenue. This downturn also drove a 36% reduction in margins, which is from these markets of about Rs 38 m.

Consequently, overall export raw material margins contracted 15% year-on-year, tempering the growth momentum for the quarter.

However, the company has taken proactive measures, including diversification of sources, selective price increases with a few customers and continued excellence in automation and operational parameters, including manpower optimization and power cost reduction.

This helped to contain the impact, leading to an 82 basis point improvement in segmental EBITDA margin despite the lower export volumes.

Moving ahead, the company has successfully commenced its pyrolysis operations at Solapur. This facility now houses one of the largest single-line continuous reactor setup in India, integrated with its existing reclaim rubber facility.

The plant enables the recovery of 3 key material streams, tyre pyrolysis oil, char, which will be shortly upgraded to manufacturing recovered carbon black and steel wire. As part of Phase 1a, which is operational, production ramp-up is underway, and the company is witnessing a healthy demand increase steadily albeit for crumb rubber from bitumen modifier customers.

According to the management, with the road surfacing season now beginning, volumes are expected to strengthen in the coming quarters.

The commissioning of the recovered carbon black unit is expected to be towards March or April of 2026 to further unlock growth opportunities in this space.

In the past five trading sessions, GRP Ltd saw shares move higher from Rs 1,693 to Rs 1,793.8.

The stock touched its 52-week high of Rs 3,506.4 on 3 January 2025 and a 52-week low of Rs 1,623 on 8 December 2025.

To know more check the GRP Ltd fact sheet and latest quarterly results.

Should You Consider Stocks Associated with the Recycling Space?

In 2025, numerous recycling stocks in India experienced significant declines, primarily due to weak financial results and underperformance compared to broader market indices such as the Sensex. The reasons for these drops vary for each company, as their inputs range from tyres to PET bottles.

Despite this, management of most companies remain optimistic about the sector's future, with a strong outlook anticipated. For investors holding stocks that have seen substantial declines, the prevailing sentiment seems to be one of cautious observation.

Investing in Indian recycling stocks at this point calls for a careful assessment of potential sector recovery amidst ongoing challenges like rising input costs.

While some of these stocks may present value opportunities, it is vital for investors to proceed cautiously and conduct thorough, independent research before making any decisions.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...