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Organic Recycling Systems Ltd (543997)

📊 BSE: 543997 🏢 Waste Management 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, Organic Recycling's revenue was ₹74.0 Cr (+138.7% year on year, +146.7% on the previous half-year), and net profit ₹13.0 Cr (+44.4% year on year); the operating margin was 21.6%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹74.0	+138.7%	+146.7%
Operating profit	₹16.0	+33.3%	+14.3%
Net profit	₹13.0	+44.4%	+8.3%
EPS (₹)	14.99	+46.0%	+7.2%
Operating margin	21.6%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Subsidiary Secures 5th BPCL CBG Order (Rs 50-100 Cr); BPCL Order Book Reaches Rs 350-500 Cr

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 16 Oct 2026, 08:31 AM

Organic Recycling Systems' wholly owned subsidiary, Solapur Bioenergy Systems, has secured its 5th large-scale EPCOM contract from Bharat Petroleum Corporation Limited (BPCL) for a municipal solid waste-based Compressed Biogas (CBG) plant in Bhilai, Chhattisgarh. The contract is classified as Large-scale (Rs 50 to 100 Crore), pushing the company's cumulative BPCL order book to Rs 350-500 Crore. At Rs 50-100 Cr, this single contract represents ~33% to 65% of the company's TTM revenue of Rs 153 Cr. The project timeline mandates commissioning within 15 months from the Letter of Acceptance, followed by 5 years of operation and maintenance.

Large-scale EPCOM contract valued between Rs 50 Crore and Rs 100 Crore
Cumulative BPCL order book expanded to Rs 350-500 Crore
Commissioning deadline set within 15 months from Letter of Acceptance
Includes 5 years of post-commissioning Operation and Maintenance (O&M)
Performance Guarantee Test Run (PGTR) to be completed within 3 months of commissioning

💡 Track the execution milestone progress against the 15-month commissioning timeline and monitor billing recognition in upcoming semi-annual/quarterly financials.

Organic Recycling Wins 4th BPCL EPCOM Order Worth ₹50-100 Cr for Hubli CBG Plant

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 12 Oct 2026, 07:04 PM

Organic Recycling Systems' subsidiary, Solapur Bioenergy Systems, has secured a 'Large-scale' EPCOM contract (valued between ₹50 Cr and ₹100 Cr) from BPCL for a municipal solid waste-based CBG plant in Hubli-Dharwad, Karnataka. This represents the company's fourth large-scale contract from BPCL within a month across Mysuru, Raipur, Kozhikode, and Hubli, representing ~20 TPD in aggregate CBG processing capacity. The execution timeline is 15 months from LOA followed by 5 years of operations and maintenance. Relative to ORSL's TTM revenue of ₹153 Cr, each large-scale contract represents roughly 33% to 65% of annual revenue, significantly expanding revenue visibility.

Contract classified as 'Large-scale', defining a value between ₹50 Crore and ₹100 Crore
Scope covers 15 months construction followed by 5 years of O&M
Marks the fourth BPCL EPCOM order secured within a month, totaling ~20 TPD processing capacity across 4 cities
Single order represents ~33% to 65% of ORSL's TTM revenue of ₹153 Cr

💡 Track the execution progress over the 15-month timeline, working capital requirements for EPC execution, and the planned transition to the BSE Main Board targeted by October 2026.

Organic Recycling Approves ₹30 Cr Corporate Guarantee & ₹10.8 Cr Indemnity For Subsidiary

🟡 NEUTRAL ⭐ 6/10

OTHER 📅 12 Oct 2026, 05:19 PM

Organic Recycling Systems Ltd has approved a corporate guarantee of ₹30.00 crore in favour of Bank of Baroda for credit facilities sanctioned to its wholly owned subsidiary, Solapur Bioenergy Systems Pvt Ltd (SBESPL). Additionally, the Board approved executing a Deed of Indemnity to Kiwi General Insurance to support ₹10.80 crore in performance surety bonds for projects totaling approximately ₹101.55 crore. The credit lines and surety bonds will support CBG project execution for BPCL (Raipur, Mysuru) and IOCL (Gorakhpur). The total corporate guarantee of ₹30.00 crore represents approximately 19.6% of the company's TTM revenue of ₹153 crore.

Corporate guarantee of ₹30.00 crore approved for Bank of Baroda credit facilities granted to subsidiary SBESPL.
Credit facilities comprise ₹20.00 crore fund-based and ₹10.00 crore non-fund-based limits.
Deed of Indemnity approved for Kiwi General Insurance covering aggregate EPC performance security of ₹10.80 crore.
Underlying contracts across BPCL (Raipur, Mysuru) and IOCL (Gorakhpur) CBG projects total approximately ₹101.55 crore.

💡 Track the execution and commissioning milestones of the underlying BPCL and IOCL projects, as well as any increase in reported contingent liabilities in upcoming financial reports.

ORSL Signs MoU with Aditya Birla Chemicals (Thailand) for Composite Waste Recycling

🔵 WATCH ⭐ 5/10

EXPANSION 📅 07 Oct 2026, 06:17 PM

Organic Recycling Systems Limited (ORSL) has signed a Memorandum of Understanding (MoU) with the Advanced Materials business of Aditya Birla Chemicals (Thailand) Limited on October 07, 2026. The partnership aims to develop scalable recycling solutions for composite waste, utilizing Aditya Birla's Recyclamine epoxy systems and ORSL's waste processing capabilities. No financial consideration has been exchanged under this initial exploratory agreement. While financially unquantified currently, it aligns with ORSL's strategic goal of diversifying into sustainable chemical recycling.

MoU executed on October 07, 2026, with Advanced Materials, Aditya Birla Chemicals (Thailand) Limited
Collaboration focuses on composite waste recycling and material recovery using Recyclamine epoxy systems
Nil consideration paid or received under the agreement
Partnership is exploratory and non-binding at this stage without quantified capital commitments

💡 Track whether this exploratory agreement translates into definitive commercial contracts, technology licensing revenue, or formal joint venture terms in upcoming quarters.

Shareholder Suhrud Patel Sells 900 Shares (0.01%) of Organic Recycling Systems via Open Market

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Oct 2026, 11:09 AM

Non-promoter shareholder Suhrud Chimanbhai Patel reported an open market sale of 900 equity shares of Organic Recycling Systems Ltd on September 30, 2026. Following the transaction, Patel's stake marginally declined from 5,48,043 shares (5.27%) to 5,47,143 shares (5.26%). Given the minuscule volume of 900 shares (worth approximately Rs 1.52 lakh at the current market price of Rs 168.6), the disposal represents just 0.01% of the total equity base of 1,03,99,275 shares.

Sale of 900 equity shares representing 0.01% of the company's paid-up share capital
Holding reduced from 5,48,043 shares (5.27%) to 5,47,143 shares (5.26%)
Transaction executed on September 30, 2026 via open market sale
Shareholder Suhrud Chimanbhai Patel does not belong to the promoter/promoter group

💡 Track periodic shareholding pattern disclosures to monitor broader institutional or large public shareholder movements; no specific operational follow-up is necessary.

Organic Recycling Systems AGM Approves FY26 Accounts, Preferential Issue to Promoter

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 01 Oct 2026, 05:00 PM

Organic Recycling Systems Limited announced the voting results of its 18th Annual General Meeting held on September 30, 2026. All three resolutions were passed with 100% of the polled votes in favor. Key approvals include the adoption of FY26 financial statements, the appointment of Mrs. Janaki Sarang Bhand as Director, and a special resolution approving a preferential issue of equity shares to the promoter category. A total of 2,577,073 votes (16.52% of total outstanding shares) were cast.

All 3 resolutions passed with 100% favorable votes of total votes polled
Total votes polled stood at 2,577,073 shares, representing 16.5209% of total outstanding shares
Shareholders approved a preferential equity share issue to the promoter category
Promoter voting participation stood at 100% (2,350,509 shares) while public non-institutional turnout was 1.8103%

💡 Track subsequent regulatory filings regarding the terms, pricing, and exact dilution from the preferential equity issue to the promoter.

Organic Recycling Systems AGM Approves ₹16.10 Cr Preferential Allotment to Promoter

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 01:41 PM

Organic Recycling Systems Ltd held its 18th Annual General Meeting on 30 September 2026, where shareholders passed all proposed resolutions with requisite majority. Crucially, members approved a Special Resolution for the preferential issue of up to 10,00,000 equity shares at ₹161 per share (face value ₹10 plus ₹151 premium) to promoter Mr. Sarang Bhand, aggregating up to ₹16.10 crore. This fundraise represents ~11.2% of the company's current market cap of ₹144 crore and will inject fresh equity into operations. Additionally, the adoption of FY26 financial statements and the appointment of Mrs. Janaki Sarang Bhand as director liable to retire by rotation were cleared.

Approved preferential allotment of up to 10,00,000 equity shares to promoter Sarang Bhand
Issue price fixed at ₹161 per share (including ₹151 premium), raising up to ₹16.10 crore
Fundraise represents ~11.2% of the company's market cap of ₹144 crore
Adopted audited financial statements for the financial year ended 31 March 2026
Approved reappointment of Director Mrs. Janaki Sarang Bhand liable to retire by rotation

💡 Track the formal submission of Scrutinizer voting results within 2 working days and the subsequent allotment of shares to verify promoter stake expansion from the current 18.1%.

Organic Recycling Systems Concludes 18th AGM; Votes on ₹16.10 Cr Preferential Allotment to Promoter

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 30 Sep 2026, 12:31 PM

Organic Recycling Systems held its 18th Annual General Meeting on September 30, 2026. A key special resolution tabled was the preferential issue of up to 10,00,000 equity shares at ₹161 per share to Promoter Sarang Bhand, raising up to ₹16.10 crore. This proposed fundraise represents approximately 11.2% of the company's current market capitalization of ₹144 crore. Other ordinary business included adopting FY26 audited accounts and reappointing director Mrs. Janaki Sarang Bhand.

Proposed preferential issue of up to 10,00,000 equity shares to Promoter Sarang Bhand
Issue price fixed at ₹161 per share (including ₹151 premium), raising up to ₹16.10 crore
Fundraise equals ~11.2% of market capitalization (₹144 crore)
Adopted audited financial statements for the financial year ended March 31, 2026

💡 Track the formal scrutinizer's report and voting results to confirm approval, followed by the preferential allotment timeline and deployment into CBG and BOO projects.

Organic Recycling Systems CEO Yashas Bhand Ceases Office Following Natural Calamity

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 24 Sep 2026, 05:50 PM

Organic Recycling Systems announced the immediate cessation of Whole-Time Director and CEO Mr. Yashas Bhand effective September 24, 2026. This follows an unforeseen event where Mr. Bhand was affected by floods during a pilgrimage in the Kailash Mansarovar region, and authorities are currently searching for his whereabouts. In response, the company amended its 18th AGM notice to withdraw his re-appointment resolution and instead proposed the appointment of Mrs. Janaki Sarang Bhand. Managing Director Sarang Bhand and CFO Jigar Gudka continue as key managerial personnel overseeing operations.

Cessation of Mr. Yashas Bhand as Whole-Time Director and CEO effective September 24, 2026
Withdrawal of AGM resolution Item No. 2 regarding his reappointment for the AGM scheduled on September 30, 2026
Appointment of Mrs. Janaki Sarang Bhand proposed as Director liable to retire by rotation with sitting fees of ₹10,000 per meeting
Company reported TTM revenue of ₹153 Cr and TTM PAT of ₹41 Cr with operational continuity led by MD Sarang Bhand

💡 Track announcements regarding the appointment of a new operational CEO and updates from the AGM on September 30, 2026, alongside H1 FY27 financial performance.

Organic Recycling Systems CEO Yashas Bhand Steps Down; Janaki Bhand Nominated to Board

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 24 Sep 2026, 05:41 PM

Organic Recycling Systems announced the cessation of Mr. Yashas Bhand as Whole-Time Director and CEO with immediate effect from September 24, 2026. The board action follows an unforeseen incident in Nepal where he was affected by natural calamity and flooding during a pilgrimage, with his whereabouts currently untraceable. Consequently, the AGM notice for September 30, 2026, has been amended to withdraw his reappointment and propose Mrs. Janaki Sarang Bhand as a director retiring by rotation. Managing Director Sarang Bhand continues to oversee operations for the company, which generated Rs 153 Cr in TTM revenue.

Cessation of Whole-time Director and CEO Mr. Yashas Bhand effective September 24, 2026
AGM notice corrigendum issued to withdraw Item No. 2 regarding his reappointment for the AGM scheduled on September 30, 2026
Mrs. Janaki Sarang Bhand proposed for appointment as Director liable to retire by rotation with proposed sitting fees of Rs 10,000 per meeting
Company reports TTM revenue of Rs 153 Cr and TTM PAT of Rs 41 Cr under current leadership structures

💡 Watch for subsequent management commentary regarding the appointment of an interim or permanent CEO and whether executive leadership transitions affect ongoing CleanTech EPC and CBG project execution.

Organic Recycling Systems to Consider Fundraise via Preferential Issue on September 2, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 29 Aug 2026, 08:59 PM

Organic Recycling Systems Limited has scheduled a Board of Directors meeting on September 2, 2026. The board will consider and approve raising funds via the issue of equity shares and/or convertible securities through preferential allotment or private placement. The board will also decide on convening an Annual General Meeting to seek shareholder approval for the proposed capital raise.

Board of Directors meeting scheduled for September 02, 2026
Proposal to evaluate fundraise via shares and/or convertible securities on a preferential allotment/private placement basis
Meeting will also consider convening the Annual General Meeting for shareholder approval
Total quantum and pricing of the proposed fundraise are not disclosed in the intimation

💡 Track the outcome of the September 2, 2026 board meeting for details on issue pricing, dilution percentage, total fund quantum, and identified investors.

Organic Recycling Systems Allots 51.99 Lakh Bonus Equity Shares in 1:2 Ratio

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 12:03 PM

Organic Recycling Systems Ltd has approved the allotment of 51,99,630 bonus equity shares of face value Rs 10 each. The bonus shares were issued in a 1:2 ratio (1 new share for every 2 existing shares) to shareholders registered on the record date of August 20, 2026. Consequently, the company's paid-up equity share capital expands from Rs 10.40 crore (1,03,99,275 shares) to Rs 15.60 crore (1,55,98,905 shares).

Allotted 51,99,630 fully paid-up bonus equity shares of Rs 10 each
Bonus issue ratio executed at 1 new share for every 2 existing equity shares
Record date for bonus eligibility was August 20, 2026
Post-bonus paid-up share capital increased to Rs 15,59,89,050 across 1,55,98,905 equity shares

💡 Track the demat account credit timeline and the formal receipt of listing and trading approvals from BSE for the newly allotted bonus shares.

10+ Years Experience Professional Appointed as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Aug 2026, 10:21 AM

Organic Recycling Systems Ltd (Market Cap: ₹196 Cr) has appointed Mr. Manoj Kumar as Company Secretary and Compliance Officer effective September 1, 2026. He replaces Ms. Seema Gawas, who resigned on August 5, 2026, to pursue other opportunities. Mr. Kumar is an ICSI member with over 10 years of experience in corporate laws and governance. This is a routine administrative change and does not impact the company's core waste management operations.

Resignation of Ms. Seema Gawas effective August 5, 2026
Appointment of Mr. Manoj Kumar effective September 1, 2026
Mr. Kumar possesses over 10 years of professional experience in secretarial compliance

💡 No action required; this is a routine regulatory filing regarding Key Managerial Personnel (KMP) transition.

Organic Recycling Systems Appoints Manoj Kumar as CS Following Resignation of Seema Gawas

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Aug 2026, 10:18 AM

Organic Recycling Systems Ltd has announced a change in its Key Managerial Personnel (KMP). Ms. Seema Gawas resigned as Company Secretary and Compliance Officer effective August 5, 2026, to pursue external opportunities. The Board has appointed Mr. Manoj Kumar, who has over 10 years of experience in corporate laws and secretarial compliance, as her successor effective September 1, 2026. This transition occurs as the company manages a market capitalization of ₹196 Cr and TTM revenue of ₹153 Cr.

Ms. Seema Gawas resigned as Company Secretary and Compliance Officer effective August 5, 2026.
Mr. Manoj Kumar appointed as the new Company Secretary and Compliance Officer effective September 1, 2026.
The new appointee, Mr. Manoj Kumar, brings over 10 years of professional experience in secretarial compliance and regulatory affairs.
The Board meeting approving these changes was conducted in 15 minutes, from 9:30 a.m. to 9:45 a.m. on August 5, 2026.

💡 Investors should monitor the company's regulatory filings during the transition period to ensure seamless compliance with SEBI LODR requirements.

Organic Recycling Systems Appoints New Company Secretary with 10+ Years Experience

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Aug 2026, 10:11 AM

Organic Recycling Systems Ltd has announced a transition in its secretarial leadership. Ms. Seema Gawas resigned as Company Secretary and Compliance Officer effective August 5, 2026, to pursue other opportunities. The Board has appointed Mr. Manoj Kumar, an Associate Member of ICSI with over 10 years of experience in corporate laws and governance, to the position effective September 1, 2026. This is a routine administrative change for the company, which currently has a market capitalization of Rs 196 Cr.

Resignation of Ms. Seema Gawas effective from the closure of business hours on August 5, 2026
Appointment of Mr. Manoj Kumar as Company Secretary and Compliance Officer effective September 1, 2026
New appointee Mr. Manoj Kumar brings over 10 years of professional experience in secretarial compliance and regulatory affairs
The Board meeting for these approvals was conducted within a 15-minute window from 9:30 a.m. to 9:45 a.m. on August 5, 2026

💡 Investors should monitor the transition to ensure continued adherence to SEBI listing regulations and corporate governance standards. No immediate impact on business operations or financial performance is expected.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 59.27% YoY from INR 275 million in FY24 to INR 438 million in FY25. The company operates across EPC, Products, Output Monetization, and Licensing segments, achieving a 37% CAGR from FY21 to FY25.

Geographic Revenue Split

The company executes projects PAN India with key operations in Delhi, Kolkata, Kerala, and Maharashtra. Specific percentage split per region is not disclosed, but nationwide execution is a primary driver.

Profitability Margins

Net profitability saw a massive turnaround with PAT increasing 102% YoY to INR 157 million in FY25. PAT margin improved from -29% in FY24 to 32% in FY25, driven by higher-margin EPC contracts and operational efficiencies.

EBITDA Margin

EBITDA margin stood at 36% in FY25, a slight decrease from 38% in FY24, despite EBITDA absolute value growing 53.4% YoY to INR 158 million. The margin expansion from 1% in FY21 to 36% in FY25 reflects the shift toward proprietary technology commercialization.

Capital Expenditure

The company is investing in a backward integration initiative involving the acquisition of a fabrication facility and the Solapur plant upgrade. Total assets increased from INR 1,350 million to INR 1,936 million in FY25, representing a 43.4% increase in the asset base.

Credit Rating & Borrowing

Long-term borrowings stood at INR 350 million in FY25. Debt/Equity ratio improved from 7.3x in FY24 to 5.0x in FY25 due to a significant increase in shareholder funds from INR 816 million to INR 1,354 million.

⚙️ Operational Drivers

Raw Materials

Key feedstocks include Municipal Solid Waste (MSW), Organic Waste, and Napier Grass (cultivated over 150 acres). Feedstock aggregation and seasonal availability are cited as critical operational bottlenecks.

Import Sources

Feedstock is primarily sourced locally within India from municipal corporations and agricultural clusters in states like Maharashtra (Solapur) and Uttar Pradesh (Varanasi).

Key Suppliers

Suppliers include municipal bodies for MSW and local farmers for Napier grass. The company also partnered with Indian Oil Corporation Ltd (IOCL) for technology commercialization.

Capacity Expansion

Current initiatives include the Solapur plant upgrade for CBG offtake and the cultivation of Napier grass over 150 acres to ensure a stable supply of green energy feedstock.

Raw Material Costs

Total expenses excluding depreciation and finance costs rose 62.8% to INR 280 million in FY25. Raw material costs are managed through backward integration into fabrication and feedstock cultivation.

Manufacturing Efficiency

The company utilizes patented technologies like DRYAD and Marut Drum to improve organic fraction recovery and anaerobic digestion efficiency.

Logistics & Distribution

Distribution is supported by the SATAT scheme and long-term offtake contracts with PSUs like IOCL, BPCL, and HPCL for CBG.

📈 Strategic Growth

Expected Growth Rate

37%

Growth Strategy

Growth will be driven by scaling the biomedical waste vertical (market expected to reach USD 3.45 billion by 2033), commercializing R&D innovations like the BIO-CCU platform, and expanding high-margin CleanTech EPC projects nationwide.

Products & Services

Compressed Bio-Gas (CBG), Bio-fertilizers, Biochar, Refuse Derived Fuel (RDF), and specialized advisory services in environmental strategy.

Brand Portfolio

DRYAD (Anaerobic Digestion), Marut Drum (Organic Recovery), LIPH-AD, INV-CO, EW-CO, Sanjeevak, and Alpha Carbon.

New Products/Services

India’s first pilot-scale BIO-CCU platform for CO2 valorization and decentralized modular biogas systems. Expected to contribute to revenue through technology licensing.

Market Expansion

Expansion into sustainable chemicals and catalyst distribution to support eligibility for larger project bids and diversify revenue.

Market Share & Ranking

Prominent homegrown CleanTech company; the CBG sector has <1% installed capacity vs potential, indicating massive headroom.

Strategic Alliances

Collaborations with IIT Bombay, IIT Kharagpur, AGH University Poland, and University of Birmingham for deep-tech R&D.

🌍 External Factors

Industry Trends

The CBG sector is a national priority with a production potential of 62 MMT annually. The biomedical waste market is growing at 10% CAGR, driven by stricter 2016 regulatory rules.

Competitive Landscape

Positioned as a full-stack EPC provider in a fragmented market, competing with both local waste management firms and international technology providers.

Competitive Moat

Moat is built on 2 granted patents and 5+ proprietary technologies (DRYAD, Marut Drum). Sustainability is high due to the high technical barrier to entry in anaerobic digestion.

Macro Economic Sensitivity

Highly sensitive to government policy (SATAT scheme, Swachh Bharat Mission) and blending obligations (1-5% CBG blending in CGD networks by FY29).

Consumer Behavior

Shift toward circular economy and institutional adoption of compliant treatment technologies (autoclaving, microwave sterilization) is driving demand.

Geopolitical Risks

Minimal direct impact as feedstocks and customers are domestic, though global CleanTech trends influence R&D direction.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and SEBI (LODR) Regulations 2015. Mandatory 1-5% CBG blending obligation by FY29 is a key regulatory tailwind.