India’s waste management and recycling landscape continues to evolve as environmental compliance, circular economy practices, and urban infrastructure needs expand across the country.
With companies increasingly focusing on water treatment, resource recovery, and waste-to-energy solutions, the sector remains relevant for investors assessing long-term sustainability-linked growth themes.
Below is a detailed snapshot of the top waste management and recycling stocks in December 2025, ranked on the basis of market capitalisation.
| Name | Sub-Sector | ↓Market Cap | PE Ratio | 1Y Return |
| Va Tech Wabag Ltd | Water Management | 8,696.90 | 29.45 | -17.48 |
| Ion Exchange (India) Ltd | Environmental Services | 4,300.72 | 20.7 | -45.64 |
| EMS Ltd | Construction & Engineering | 2,450.02 | 13.35 | -45.3 |
| Antony Waste Handling Cell Ltd | Environmental Services | 1,299.34 | 15.22 | -27.58 |
| Eco Recycling Ltd | Business Support Services | 975.74 | 14.81 | -45.65 |
| Baheti Recycling Industries Ltd | Metals - Aluminium | 572.45 | 31.78 | 27.08 |
| Baheti Recycling Industries Ltd | Environmental Services | 436.08 | 51.61 | -11.88 |
| Urban Enviro Waste Mgmt Ltd | Water Management | 135.7 | 13.23 | -36.18 |
Note: Rankings are based on market capitalisation as of November 28, 2025.
Va Tech Wabag remains a key participant in the water infrastructure segment. The company recently announced a notable contract from Nepal’s Melamchi Water Supply Development Board for the design, construction, and operation of the Sundarijal Water Treatment Plant.
This reinforces its presence in cross-border water projects and strengthens its international project portfolio.
Key Metrics:
Ion Exchange continues to focus on building a strong order pipeline, targeting an order book that exceeds ₹2,500 crore.
The company is concentrating on industrial water management and municipal infrastructure upgrades, driven by broader demand for water purification, wastewater treatment, and recycling systems.
Key Metrics:
EMS Ltd enhanced its order inflow with two new projects worth ₹288.87 crore awarded by UP Jal Nigam (Urban). These projects further strengthen its position in urban water management and sewage infrastructure development.
The company maintains steady operational metrics supported by ongoing execution across states.
Key Metrics:
Antony Waste expanded its presence in the waste-to-energy space after securing two new projects in Andhra Pradesh valued at ₹3,200 crore over 20 years. The projects align with India’s increasing focus on converting urban waste into energy and improving landfill diversion rates.
Key Metrics:
Eco Recycling continues to strengthen its value-added operations and is preparing to launch a mineral recovery facility.
Its digital platform, BookMyJunk, received recognition from the Prime Minister, enhancing visibility in the e-waste collection ecosystem.
Rising regulatory pressure and government incentives may support further expansion in the electronic waste recycling sector.
Key Metrics:
The following companies are ranked by their debt-to-equity ratio, reflecting their leverage levels and balance sheet positioning.
| Name | Debt-to-Equity |
| Namo eWaste Management Ltd | 0.03 |
| Eco Recycling Ltd | 0.05 |
| EMS Ltd | 0.09 |
| Va Tech Wabag Ltd | 0.17 |
| Ion Exchange (India) Ltd | 0.27 |
| Antony Waste Handling Cell Ltd | 0.62 |
| Urban Enviro Waste Management Ltd | 1.29 |
| Baheti Recycling Industries Ltd | 2.68 |
This table highlights companies ranked by their net profit margin, indicating how efficiently they convert revenue into profit.
| Name | Net Profit Margin (%) |
| Eco Recycling Ltd | 142.33 |
| EMS Ltd | 18.70 |
| Va Tech Wabag Ltd | 8.84 |
| Antony Waste Handling Cell Ltd | 8.69 |
| Ion Exchange (India) Ltd | 7.46 |
| Urban Enviro Waste Management Ltd | 7.25 |
| Namo eWaste Management Ltd | 5.59 |
| Baheti Recycling Industries Ltd | 3.43 |
Read More: Best Performing Nifty 1D Rate Liquid ETFs in November 2025 Based on 6-Month Returns.
The waste management and recycling sector in India reflects a varied performance profile, with several companies navigating project-based growth, regulatory shifts, and changes in consumer demand.
While market capitalisation rankings highlight the larger players, operational metrics and order flows indicate different strategic positions across sub-sectors.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Nov 28, 2025, 4:22 PM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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