Waste management in India is no longer just a civic issue; it has become a critical sector shaped by urbanization, rising consumption, and stricter environmental regulations. According to the International Trade Administration, India generates over 62 million tonnes (MMT) of municipal solid waste annually. Still, only about 43 MMT get collected, and just 12 MMT are treated before disposal, leaving nearly 31 MMT dumped insecurely in landfills.
According to Mordor Intelligence, in value terms, the India waste management market is projected to grow at a 5.8% annual rate from $13.5 billion in 2025 to $17.9 billion by 2030. This tremendous scale and growth mean that organized players who bring scale, efficiency, and technology into recycling, processing, and energy recovery are uniquely positioned to benefit.
The sector stands at an inflection point. Water and wastewater, recycling, and waste management companies are likely to emerge as some of the biggest beneficiaries of this shift. Accordingly, here are 3 of the largest (by market capitalisation) waste management companies you can keep a tab on…
#1 EMS: A Leading Player in Water and Wastewater Solutions
EMS is an engineering, procurement, and construction (EPC) company specialising in water and wastewater management solutions. It provides turnkey projects in water, wastewater collection, treatment, and disposal. It generates around 75% of its business from water and wastewater services, and over 70% of its total revenues from water and sewerage projects.
Focused on government-backed water projects
EMS focuses on Central Government-funded schemes, such as the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Namami Gange (NMCG), as well as schemes funded by the Japan International Cooperation Agency (JICA) and the Asian Development Bank (ADB).
The core business involves providing services and solutions for: Sewage Treatment Plants along with sewerage network schemes, Water Treatment Plants, Common Effluent Treatment Plants, tertiary treatment plants, and the operation and maintenance of these projects. EMS also executes Hybrid Annuity Model Projects.
EMS is also involved in electrical transmission and distribution, road and allied works, building construction, irrigation projects, and industrial construction. The company manufactures its own construction materials.
Steady performance with healthy margins
From a financial perspective, EMS revenue grew only 15.8% year-over-year to ₹2.4 billion in Q1 FY26, driven by strong execution. Operating margin declined 100 basis points (bps) to 23%. Profit after tax (PAT) remained stable at ₹380 million compared to ₹370 million in Q1FY25.
The order book stood at ₹23.4 billion, providing revenue visibility of around 2.5 years. Apart from this, tenders worth ₹40 billion are in the pipeline. EMS also has strong return ratios, with a Return on Capital Employed (RoCE) of 26.6% and a Return on Equity (RoE) of 20.7%.
Riding structural tailwinds in a sunrise sector
Looking ahead, the company operates in a sunrise sector with a structural tailwind. EMS projects ₹15 trillion market opportunities in cities. Of that, projects worth about ₹3 trillion have been executed under the AMRUT scheme. This creates a vast potential for a continuous flow of funds for up to 20 years.
The sector is expected to grow at an annual rate of 11.6% to $17.9 billion (₹1.6 trillion) by FY29. This growth is expected to be driven by increasing urbanization, population growth, declining freshwater resources, and the intense pressure for improved wastewater treatment and water security. India is also moving toward becoming a country with a water crisis.
To capitalize on this opportunity, the company has already expanded its capabilities, with EMS now equipped to handle an 80 million litres per Day (MLD) project, compared to 4 MLD previously. It is expanding its footprint in other states, beyond Uttar Pradesh, Uttarakhand, Rajasthan, Maharashtra & Bihar.
From a valuation perspective, EMS is trading at a price-earnings (P/E) multiple of 16.4x, which is lower than the two-year median of 19.6x. Its valuation is also lower than the industry median of 23.5 times, which suggests it is undervalued.
#2 ECO Recycling: Pioneering India’s E-Waste and Critical Minerals Opportunity
Eco Recycling operates in the e-waste collection, disposal, and recycling business, providing services for the recycling of electrical and electronic equipment (EEE) waste. Incorporated in 1994, the company has grown to be recognized as India’s first R2v3-certified recycler.
Pioneering integrated e-waste solutions
It’s an integrated service provider that spans the entire e-waste value chain, including collection, secure data destruction, refurbishment, material recovery, and remarketing. The company is known for pioneering solutions like Recycling on Wheels, Data Destruction on Wheels, and the BookMyJunk mobile app. India’s Prime Minister even quotes it in Mann Ki Baat for its contributions to the Circular Economy.
The company operates state-of-the-art recycling facilities in Vasai, Palghar district. During FY25, ECO successfully commissioned an additional 18,000 metric tons per annum (MTPA) of recycling capacity at its Vasai facility, increasing total capacity to 25,200 MTPA.
Its expanded processing capacity is 31,200 MTPA, including the handling of lithium-ion batteries. Future investment will focus specifically on lithium-ion battery recycling and more advanced collection infrastructure.
The company is heavily focused on higher-value activities, such as precious metal recovery (including gold, silver, palladium, and rare earths) and Li-ion battery recycling. This aligns with the Critical Mineral Mission and the mandatory Extended Producer Responsibility (EPR) compliance regime. The company is also focusing on higher-value segments to enhance margins and improve the revenue mix.
Strong profitability despite quarterly slowdown
From a financial perspective, total income in FY25 increased by 31.3% year-on-year to ₹463 million. EBITDA (earnings before interest, tax, depreciation, and amortization) surged 40.6% to ₹333.2 million, while margin expanded by 477 basis points (bps) to 71.9%. As a result, PAT increased by 28.3% to ₹233.8 million.
The company also boasts strong RoE and RoCE of 26.6% and 34.3%, respectively. However, financial growth slowed in the first quarter of FY26, with revenue falling 18.9% to ₹92.4 million. However, PAT remained flat at ₹80.9 million (against ₹81.5 million), driven by a more than 100% increase in other income.
Riding policy tailwinds in e-waste and critical minerals
Looking ahead, the company remains well-positioned to capitalize on the strong sectoral tailwind. The e-waste management market in India is expected to grow at an annual growth rate of 25%. This is expected to be driven by rapid digitization, shorter product life cycles, government policies, and growth in the telecom sector.
Globally, only about 17% of e-waste is currently recycled through formal channels, indicating a significant structural gap that ensures continued growth for certified formal recyclers. For India, the combination of strong policy support, rising ESG (Environmental, Social, and Governance) mandates, and increased awareness is expected to drive a wave of formalization in the industry.
The Union Budget 2024–25 launched the Critical Mineral Mission, which provides policy tailwinds (such as customs duty exemptions) for domestic recycling and strengthens India’s strategic resource securitization goals. This aligns directly with Ecoreco’s plan to boost precious metal recovery.
From a valuation perspective, ECO is trading at a price-earnings (P/E) multiple of 49.9x, which is higher than the 10-year median of 37.2x. But its valuation is double the industry average of 23.5x.
#3 Antony Waste Handling Cell: Anchoring Municipal Waste With a Push Into Waste-to-Energy
Antony Waste provides end-to-end solutions throughout the Municipal Solid Waste (MSW) value chain, including waste collection and transportation (C&T), processing, and scientific disposal to municipal corporations nationwide.
It has implemented or is undertaking projects in 9 states, and has provided services to over 23 municipal corporations and industrial groups since its inception.
Kanjurmarg facility anchors core operations
It operates one of Asia’s largest single-location waste processing facilities in Kanjurmarg. This integrated solid waste management facility handles around 6,000 tonnes of waste per day and manages about 90% of Mumbai’s waste. The concession period runs from 2010 to 2036.
Moderate growth but softer return ratios
From a financial standpoint, its operating revenue increased 13% year-on-year to ₹2.2 billion in Q1FY26, driven by a 13% increase in waste managed. EBITDA increased by 12% to ₹621 million, while margins expanded by 60 bps to 24.4%.
PAT too increased by 8% to ₹230 million. Its RoE and RoCE stand at 11.6% and 12.3%, respectively, down from a high of 17% and 18.9%, due to inconsistent profitability.
The company is now concentrating more on the processing segment. This shift is already yielding results, with MSW processing contributing 28% of Q1FY26 revenue, an increase from 26% in Q1FY25. The core operations and margins are expected to be derived from the MSW space, as it provides attractive financial metrics, including a double-digit EBITDA margin.
Betting on waste-to-energy and diversification
Looking ahead, it has secured two new waste-to-energy (WtE) projects in Andhra Pradesh. These projects will have a combined capacity to generate around 30 megawatts of clean and green energy. In addition, it is actively looking for new WtE opportunities and has participated in new tenders that are expected to be declared shortly.
Antony is also exploring non-municipal areas, such as vehicle scrapping and tyre recycling, to de-risk the business model. It is also positioning itself as one of the serious and large contenders in the bio-mining space in India. Overall, the company targets annual growth of 25% over a period of 4-5 years while maintaining the current margin range.
From a valuation perspective, Antony is trading at a price-earnings (P/E) multiple of 23.6x, which is slightly higher than the 3-year median of 20.1x. But its valuation is in line with the industry average of 23.5x.
Bottomline
The waste management sector in India is evolving into a more structured industry, characterized by scale, profitability, and long-term growth visibility. Rising urbanisation, tighter environmental norms, and policy support are creating a steady pipeline of projects across water, wastewater, municipal waste, and e-waste. Within this space, EMS offers visibility through government-backed water projects. Eco Recycling is tapping into the fast-growing e-waste and critical minerals opportunity. Antony Waste continues to establish a strong foothold in the municipal solid waste sector while diversifying into waste-to-energy and related businesses.
For investors, these companies represent early-stage beneficiaries of a sunrise industry that is set to grow in both relevance and scale over the next decade.
Disclaimer
Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation. Only in cases where the data was not available have we used an alternate but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only.
About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends.
A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world.
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