ORGANIC RECYCLING SYSTEMS LIMITED

About

Organic Recycling Systems Limited, an environmental engineering company, provides waste management and valorization solutions in India. The company is involved in the development, construction, and maintenance of waste-to-energy projects in the municipal solid waste (MSW) sector. It also offers engineering, procurement, and construction services; project management consultancy; and commissioning and recommissioning services. In addition, the company provides waste management consulting services for feasibility and DPR preparation, lender/owners engineering, and operational troubleshooting; and laboratory services for feedstock sampling and analysis, compost analysis, and digester analysis. Further, it offers segregation lines for MSW and dry waste segregation; anaerobic digesters and allied equipment; Marut drums for pulverising and recovery; and Sanjeevak carbonisation systems, a biomass-to-charcoal conversion system. The company serves project developers, municipal corporations, corporate institutions, and bulk generators. The company was incorporated in 2008 and is based in Navi Mumbai, India.

Quarterly Results

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Profit & Loss

Annual · Rs. Crores

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018
Sales	43.76	25.23	18.13	13.05	9.32	8.26	8.79	5.70	3.60
Expenses	37.22	22.12	13.03	6.19	8.13	7.48	12.59	8.00	6.71
Operating Profit	6.54	3.11	5.10	6.86	1.19	0.78	-3.80	-2.30	-3.11
OPM %	14.95	12.33	28.13	52.57	12.77	9.44	-43.23	-40.35	-86.39
Other Income	0.41	2.38	0.12	0.59	1.38	2.41	5.96	0.33	0.17
Interest	0.28	0.08	0.79	1.47	0.99	0.57	1.67	1.51	0.53
Depreciation	1.38	0.78	0.16	0.26	0.22	0.25	0.16	0.14	0.09
Profit before tax	5.29	4.63	4.27	5.72	1.36	2.37	0.33	-3.62	-3.56
Tax %	23.82	26.13	26.46	17.66	0.00	0.00	0.00	0.00	0.00
Net Profit	4.02	3.42	3.15	4.72	1.36	2.37	0.33	-3.62	-3.56
EPS in Rs	3.09	2.63	2.74	6.05	—	—	—	—	—
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance Sheet

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018
Equity Capital	8.80	8.66	7.70	5.20	0.01	0.46	0.01	0.01	0.01
Reserves	163.83	194.45	153.90	104.97	91.39	90.03	87.67	87.34	78.77
Borrowings	35.74	29.98	31.42	66.12	50.44	50.70	6.65	41.64	33.03
Other Liabilities	24.97	14.65	15.64	18.64	39.01	27.35	66.35	22.23	20.12
Total Liabilities	233.34	247.74	208.66	194.93	180.85	168.54	160.68	151.22	131.93
Fixed Assets	12.01	7.11	0.74	0.46	0.69	0.61	0.84	0.18	0.03
CWIP	0.06	3.68	8.53	6.53	4.30	2.01	0.00	1.31	1.37
Investments	110.59	95.47	95.47	95.47	95.47	88.97	58.97	58.97	58.97
Other Assets	110.68	141.48	103.92	92.47	80.39	76.95	100.87	90.76	71.56
Total Assets	233.34	247.74	208.66	194.93	180.85	168.54	160.68	151.22	131.93

Cash Flows

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2018
Cash from Operating Activity	-1.98	-15.36	-4.42	-27.02	3.68	-1.57	-3.09
Cash from Investing Activity	0.46	-1.66	-2.76	-1.47	-2.59	-2.04	-19.44
Cash from Financing Activity	-21.86	36.60	12.82	28.44	-1.67	4.33	22.67
Net Cash Flow	-23.38	19.58	5.64	-0.06	-0.58	0.73	0.14
Free Cash Flow	-3.44	-17.67	-7.01	-29.28	1.09	-3.60	-3.09
CFO/OP %	-22.00	-481.00	-79.00	-394.00	309.00	-201.00	99.00

Ratios

Annual · Days / % — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018
Debtor Days	281.01	234.22	545.39	577.01	674.39	528.06	345.07	275.99	57.79
Inventory Days	56.31	1.08	0.91	—	—	—	—	0.00	—
Days Payable	40.41	23.42	628.31	—	—	—	—	—	—
Cash Conversion Cycle	296.90	211.88	-82.01	577.01	674.39	528.06	345.07	275.99	57.79
Working Capital Days	185.17	191.11	325.34	330.88	-889.00	-375.16	-482.10	-398.94	-740.14
ROCE %	2.52	2.21	2.83	4.52	1.66	2.57	1.79	-1.75	—

Shareholding Pattern

% holding — latest first

Holder	Jul 2026	Mar 2026	Sep 2025	Mar 2025	Sep 2024	Mar 2024	Sep 2023
Promoters	15.07	18.10	18.10	18.10	20.35	20.35	20.35
DIIs	0.00	0.15	0.37	0.36	0.00	0.00	1.69
Public	84.93	81.75	81.54	81.55	79.64	79.64	77.96
No. of Shareholders	1,034	892	920	971	1,092	1,096	2,201