Urban Enviro Waste Management Limited (URBAN)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Urban Enviro's revenue was ₹95.0 Cr (+37.7% year on year, +9.6% on the previous half-year), and net profit ₹6.0 Cr (+100.0% year on year); the operating margin was 33.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹95.0 | +37.7% | +9.6% |
| Operating profit | ₹32.1 | +220.7% | +102.5% |
| Net profit | ₹6.0 | +100.0% | -34.0% |
| EPS (₹) | 6.69 | +120.1% | -36.3% |
| Operating margin | 33.8% | — | — |
URBAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.0% of the URBAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.0%. The price rose 18.00% on unusually low delivery, so more of the move than usual was intraday trading. It traded 8.0 times its average daily volume.
Delivery in the last 5 sessions: 85.7% · 87.5% · 93.8% · 87.5% · 55.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Urban Enviro Waste Management Limited has received in-principle approval from the National Stock Exchange of India (NSE) on October 14, 2026, for its proposed Rights Issue of fully paid-up equity shares. The approval was granted vide NSE letter reference NSE/LIST/C/2026/1153. The company has a current market capitalization of approximately ₹107 Cr, debt of ₹34 Cr, and net worth of ₹47 Cr. Detailed terms of the Rights Issue, including issue size, entitlement ratio, price, and record date, are not disclosed in this intimation.
- NSE granted in-principle approval on October 14, 2026
- Approval issued vide letter reference NSE/LIST/C/2026/1153
- Proposed fundraise is via a Rights Issue of fully paid-up equity shares
- Issue price, total quantum, and entitlement ratio remain not disclosed in the filing
Urban Enviro Waste Management Limited has submitted its quarterly compliance filing citing non-applicability of SEBI Corporate Governance provisions for the quarter ended September 30, 2026. The exemption is claimed under Regulation 15 of SEBI LODR Regulations, 2015, as the company's securities are listed on the SME Exchange. This is a standard quarterly administrative filing required for SME-listed entities and carries no financial or operational impact.
- Corporate governance provisions under Regulation 17 to 27 are not applicable for the quarter ended September 30, 2026
- Exemption claimed under Regulation 15 of SEBI LODR Regulations, 2015 for SME-listed companies
- SEBI exemption also applies to entities with paid-up capital not exceeding Rs 10 Crore and net worth not exceeding Rs 25 Crore
Urban Enviro Waste Management Limited has submitted its investor grievance report under Regulation 13(3) of the SEBI Listing Regulations for the quarter ended September 30, 2026. According to Registrar and Share Transfer Agent Bigshare Services Pvt. Ltd., the company received zero complaints during the quarter. Furthermore, zero complaints were pending at the beginning of the period, resolved, or pending at the end. This is a routine quarterly compliance filing with no impact on business operations or financials.
- Zero complaints pending at the start of the quarter (01.07.2026)
- Zero complaints received during the quarter ended 30.09.2026
- Zero complaints resolved or pending at the close of the quarter
Urban Enviro Waste Management has approved a rights issue to raise up to Rs 69.28 crore through the issuance of up to 86,60,000 equity shares. The issue price is fixed at Rs 80 per share (including a Rs 70 premium), representing a 32.2% discount to the current market price of Rs 118. The rights entitlement ratio is set at 1:1, meaning eligible shareholders can subscribe to 1 share for every 1 held. This fundraise represents approximately 65% of the company's existing market cap of Rs 106 crore and will double its equity base.
- Rights issue size capped at up to Rs 69.28 crore (aggregating up to Rs 7,000.00 lakhs approved)
- Up to 86,60,000 fully paid-up equity shares of face value Rs 10 to be issued
- Issue price fixed at Rs 80 per share (Rs 10 face value plus Rs 70 premium)
- Entitlement ratio set at 1:1 (one rights share for every one fully paid-up share held)
- Board approved Draft Letter of Offer for filing with stock exchanges; Record Date to be notified separately
Urban Enviro Waste Management has approved a rights issue to raise up to Rs 69.28 crore through the issuance of up to 86,60,000 equity shares. The issue price is fixed at Rs 80 per share (including a Rs 70 premium), representing a 32.2% discount to the current market price of Rs 118. The rights entitlement ratio is set at 1:1, meaning eligible shareholders can subscribe to 1 share for every 1 held. This fundraise represents approximately 65% of the company's existing market cap of Rs 106 crore and will double its equity base.
- Rights issue size capped at up to Rs 69.28 crore (aggregating up to Rs 7,000.00 lakhs approved)
- Up to 86,60,000 fully paid-up equity shares of face value Rs 10 to be issued
- Issue price fixed at Rs 80 per share (Rs 10 face value plus Rs 70 premium)
- Entitlement ratio set at 1:1 (one rights share for every one fully paid-up share held)
- Board approved Draft Letter of Offer for filing with stock exchanges; Record Date to be notified separately
Urban Enviro Waste Management has secured a 5-year contract valued at ₹219.09 Cr from the Akola Municipal Corporation in Maharashtra. The scope involves door-to-door collection and transportation of municipal solid waste to the processing site at Bhod, with an option to extend for up to 2 additional years. Execution is scheduled to commence within 15 days of the work order. This single order represents approximately 67.8% of the company's TTM revenue (₹323 Cr) and over 2x its market cap (₹109 Cr).
- Awarded ₹219.09 Cr work order by Akola Municipal Corporation, Maharashtra
- Contract duration is 5 years, extendable by up to 2 years
- Scope covers door-to-door solid waste collection and transportation to Bhod site
- Execution to begin within 15 days from the date of work order issue
Urban Enviro Waste Management Limited has issued the notice for its 15th Annual General Meeting scheduled for September 25, 2026. Key special business items include increasing the authorised share capital from Rs 15.00 crore to Rs 20.00 crore by creating 50 lakh new equity shares of Rs 10 each. The company is also seeking shareholder approval to increase managerial remuneration, including fixing Managing Director Kamlesh Sharma's pay at Rs 3.00 lakh per month with an overall ceiling of Rs 5.00 lakh per month. The cut-off date for e-voting entitlement is September 18, 2026.
- 15th Annual General Meeting scheduled for September 25, 2026, at Nagpur registered office
- Proposed increase in Authorised Share Capital from Rs 15,00,00,000 to Rs 20,00,00,000
- Managing Director remuneration proposed at Rs 3,00,000 per month with a ceiling of Rs 5,00,000 per month from April 1, 2026
- Remote e-voting window runs from September 21, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
Urban Enviro Waste Management's Board evaluated a proposal for fundraising via equity shares or warrants but decided not to proceed with it at this time. To maintain future flexibility, the Board approved an increase in authorized share capital from ₹15.00 crore to ₹20.00 crore (by adding 50 lakh shares of ₹10 each), subject to shareholder approval. The company has scheduled its 15th Annual General Meeting (AGM) for September 25, 2026. This move prevents immediate equity dilution while preparing structural headroom for future capital needs.
- Board decided not to proceed with proposed equity/warrant fundraising at this time
- Authorized share capital raised from ₹15,00,00,000 to ₹20,00,00,000 (addition of ₹5,00,00,000)
- Additional 50,00,000 equity shares of face value ₹10 each created subject to AGM approval
- 15th Annual General Meeting convened for September 25, 2026 at 11:30 AM
Urban Enviro Waste Management has secured a work order worth ₹ 1.64 Cr from the Municipal Council Mul in Maharashtra. The contract involves waste collection, transportation, processing, and road sweeping for a duration of 6 months. While positive, the order is small, representing only about 0.51% of the company's TTM revenue of ₹ 323 Cr. Execution is scheduled to begin within 2 days of the award date (August 11, 2026).
- Total order value of ₹ 1,63,60,430 (approx. ₹ 1.64 Cr)
- Contract duration is limited to 6 months
- Execution to commence within 2 days of the award date
- Order size represents ~0.51% of TTM revenue (₹ 323 Cr)
- Scope includes road sweeping, drain cleaning, and maintenance of public toilets
Urban Enviro Waste Management has secured a new work order valued at ₹14.58 crore from Nagar Palika Parishad Kichha, Uttarakhand. The contract spans 3 years and covers comprehensive waste management services including collection, transportation, and segregation. This order represents approximately 4.5% of the company's TTM revenue of ₹323 crore. The project marks a geographical expansion into Uttarakhand, aligning with the company's strategy to grow beyond its core states.
- Total order value of ₹14,57,86,266.67 (approx ₹14.58 Cr) awarded by domestic municipal authority.
- Contract duration is fixed for 3 years, providing medium-term revenue visibility.
- Execution is scheduled to commence within 15 days of the award date (August 1, 2026).
- Scope includes collection, lifting, transportation, unloading, and segregation of liquid and dry waste.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew by 37.65% YoY, reaching INR 14,105.27 Lakhs in FY 2024-25 compared to INR 10,247.24 Lakhs in FY 2023-24. The company also reported revenue of INR 8,665.96 Lakhs for the half-year ended September 30, 2025.
Geographic Revenue Split
As of FY 2023-24, the revenue mix was dominated by Gujarat at 42%, followed by Maharashtra at 27%, Rajasthan at 18%, and Chhattisgarh at 13%. This represents a significant shift from FY 2019-20 when Maharashtra accounted for 70% of revenue.
Profitability Margins
Net profit margin improved to 7.27% in FY 2024-25 from 6.88% in FY 2023-24. Operating profit margin remained stable at 12.09% compared to 12.12% in the previous year. Return on Net Worth was 32.18%.
EBITDA Margin
EBITDA to sales turnover was 18.09% in FY 2024-25, showing consistency with the 18.11% reported in FY 2023-24. Core profitability is driven by a 5-year EBITDA CAGR of 84%.
Capital Expenditure
Property, Plant and Equipment stood at INR 2,832.63 Lakhs as of March 31, 2025, an increase from INR 2,544.04 Lakhs in the prior year, reflecting ongoing investment in waste management infrastructure.
Credit Rating & Borrowing
The Debt-Equity ratio improved to 1.29 in FY 2024-25 from 1.39 in FY 2023-24. Finance costs increased by 38.6% to INR 342.80 Lakhs, while the Interest Coverage Ratio remained healthy at 5.11.
Operational Drivers
Raw Materials
Primary operational costs include Employee Benefits (40.8% of revenue at INR 5,759.42 Lakhs) and Other Expenses including fuel and vehicle maintenance (41.4% of revenue at INR 5,840.82 Lakhs).
Import Sources
Not disclosed in available documents; however, operations are concentrated in Maharashtra, Gujarat, Rajasthan, and Chhattisgarh.
Capacity Expansion
The company utilizes modern technologies and equipment for waste processing; however, specific installed capacity in MT or units is not disclosed. Expansion is focused on diversification into recycling and resource recovery.
Raw Material Costs
Total expenditure rose 37.6% to INR 12,742.10 Lakhs in FY 2024-25. Procurement strategies involve technology-driven solutions to enhance transparency and real-time oversight.
Manufacturing Efficiency
The company focuses on operational efficiency through a competent talent pool and technology-driven solutions to manage internal processes.
Logistics & Distribution
Logistics costs are integral to waste collection and transportation services; the company operates across multiple states using specialized waste handling equipment.
Strategic Growth
Expected Growth Rate
69%
Growth Strategy
Growth will be achieved through diversification into related sectors such as recycling, renewable energy production from waste, and resource recovery. The company also plans to expand its geographical footprint beyond current states and leverage strategic partnerships with local municipalities.
Products & Services
Solid waste management services including collection, transportation, and processing for residential, commercial, and industrial sectors.
Brand Portfolio
URBAN (Urban Enviro Waste Management Limited).
New Products/Services
Exploration of recycling and renewable energy production from waste to enhance business resilience and competitiveness.
Market Expansion
Targeting expansion beyond Maharashtra, Gujarat, Rajasthan, and Chhattisgarh to increase market penetration.
Strategic Alliances
Collaborations with local municipalities, waste generators, and recycling facilities to strengthen market presence.
External Factors
Industry Trends
The industry is evolving toward sustainable waste management and eco-friendly practices. URBAN is positioning itself to capitalize on these trends through technological advancements and diversification into resource recovery.
Competitive Landscape
Characterized by intense competition from both established players and new entrants, threatening market share and profitability.
Competitive Moat
Moat is built on long-term strategic partnerships with municipalities and specialized infrastructure. Sustainability depends on maintaining regulatory compliance and adapting to rapid technological shifts in waste processing.
Macro Economic Sensitivity
Highly sensitive to urbanization rates and industrialization, which drive the volume of solid waste generation.
Consumer Behavior
Rising environmental concerns among the public and regulatory bodies are increasing demand for sustainable waste solutions.
Geopolitical Risks
Primarily domestic risks related to state-level environmental policies and regulatory changes in India.
Regulatory & Governance
Industry Regulations
Operations are governed by waste management regulations, environmental policies, and municipal contract terms. Compliance is critical to avoid operational constraints.
Environmental Compliance
The company must adhere to evolving waste management regulations and environmental policies, which may increase operational costs.
Taxation Policy Impact
Effective tax rate for FY 2024-25 was approximately 27.2% (INR 384.32 Lakhs tax on INR 1,410.17 Lakhs PBT).
Legal Contingencies
The company has disclosed pending litigations that could impact its financial position; however, specific case values were not detailed in the summary documents.
Risk Analysis
Key Uncertainties
Key risks include regulatory compliance challenges, technological obsolescence, and high capital requirements for infrastructure, which could strain liquidity.
Geographic Concentration Risk
Significant concentration in Gujarat (42%) and Maharashtra (27%), making the company vulnerable to policy changes in these specific states.
Third Party Dependencies
High dependency on municipal authorities for contract renewals and payments.
Technology Obsolescence Risk
Rapid advancements in waste technology pose a threat to existing infrastructure, requiring continuous R&D investment.
Credit & Counterparty Risk
Receivables quality is a concern as debtor days rose from 54.93 to 81.82, indicating potential credit risk from municipal counterparties.
