E waste management

portfolio
made by
Ishaan Basedia
About Indian Waste & E Waste Management Sector Report
2024

Key areas of focus include market trends, growth drivers, challenges, and opportunities. Our report is
essential for companies, investors, and stakeholders seeking to navigate the rapidly evolving Indian
waste & e-waste ecosystem and capitalize on its vast potential. Download now and stay informed.

List of
Chapter
Chapter 1 : Overview of the Waste & E Waste
Management sector Chapter 2 : E-waste management
in India
Chapter 3 : Waste management supply chain
in India Chapter 4 : Indian baery Recycling
Market
Chapter 5 : Analysis of Indian Green
Investment Space

Chapter 1 : Overview of the Waste & E Waste Management

sector

About the industry

The size of India's e-waste management market is expected to be US$ 5,198.52 million by 2032 from US$ 1,660.46
million in 2023 at a CAGR of 13.52% during the forecast period 2024-2032.
India is among the top five countries in the world that generate e-waste, the list includes China, USA, Japan, and
Germany. E-waste is
electrical and electronic equipment, including solar photo-voltaic modules or panels or cells, whether whole or in part
discarded as waste arising from all stages of their life cycle, all Insitu generated wastes from manufacturing and
refurbishment/repair activities. Approximately 61.3 million tons of e-waste were generated worldwide in 2023. India is
ranked third in the world in terms of e-waste generation, producing about 3.2 million tons a year. According to
estimates by Toxics Link, this is likely to rise to about five million tons by 2030. Computer equipment forms nearly
70% of e-waste in India. However, one-fifth of this waste originates from Maharashtra, though only about 47,810 tons
are recycled annually in the state. Others in the major contributor's list are Tamil Nadu at 13%, Uttar Pradesh 10.1%,
West Bengal 9.8%, Delhi 9.5%, Karnataka 8.9%, Gujarat 8.8% and Madhya Pradesh 7.6%.
Due to poor infrastructure and lack of legislation and framework for recycling e-waste, only 5% of total electronic trash
produced in India gets recycled officially every year. More than 95% is dealt by scrap dealers who break them down
rather
wastagethan recycle -- natural
of depleting resulting in
resources besides causing irreversible damage to the environment and lives due to
hazardous methods
employed. The e-waste management market does not have an up-to-date inventory or numbers for how much e-
waste it generates
each year, which makes it hard to know how much is recycled or
disposedincludes
E-waste of. precious material of economic importance like plastics, iron, glass, aluminum, copper, precious
metals
gold, such as silver,
platinum, palladium, indium, etc. and rare earth elements such as lanthanum, neodymium, etc. and hazardous
substances lead,
cadmium, mercury, etc. and other toxic substances such as polychlorinated bi-phenyls, etched chemicals, etc. The
printed
(PCBs)/printed boards
circuit wiring boards (PWBs) include the most complex mixture of
substances.

India witnessed the highest 163 per cent increase globally in generating electronic waste emanating from screens,
computers,
other small and
IT and telecommunication equipment (SCSIT) during the period of 2010 to 2022, said a United
Nations Trade and
Development
report.

The country more than doubled its share in the world's waste generation, from 3.1 per cent in 2010 to 6.4 per cent in
2022. Amongst 65 cities of India, 60% of the total generated e-waste has been generated and in 10 states 70% of the
total e-waste is generated in India.

MATTER OF WORRY
Countries Volume (mt) Growth (%) Share in Per Capita Growth (%)
2022 2020-22 world (%) (kg) 2022 2020-22
2022
INDIA 0.668 168 6.4 0.47 131
US 1.466 19 13.9 4.29 10
EU 1.261 3 12 2.81 1
UK 0.282 1 2.7 4.16 -6
JAPAN 0.453 -3 4.3 3.66 1
CHINA 2.195 42 20.9 1.54 34
BRAZIL 0.325 32 3.1 1.51 21
RUSSIA 0.263 25 2.5 1.81 24
WORLD 4.358 11 100 1.33 14
SOURCE : Unctad

What is E-waste management ?

E-waste management is the art and science of handling thousands of tons of highly harmful electronic waste that
increase day by day. E-Waste is the fastest rising kind of waste in the world. It is a gigantic problem already gaining
momentum at a scary speed. Yet most of us aren't cognizant of its gravity. These reasons have given rise to the
necessity of E-waste management. E-waste management helps to recover and reprocess as much usable material as
possible. It confirms that all the energy and water used to create these products is not lost. It also scavenges for rare
metals, which are not replenishable resources.
E-Waste (Management) Rules, 2023

As a response to the rising piles of dangerous dumping operations going on in India's informal sector, where over 95%
of the recycling
work is being carried out; E-Waste (Management) Rules came to the entire country in 2022, which introduced the
notion of Extended Producer Responsibility (EPR) — one of the key principles of India's e-waste management. These
rules cover over 100 types of
electronic equipment belonging to seven categories. However, only 5% of India's electronic waste is recycled in the
formal sector. This is processed using unhygienic and ecologically deteriorating methods.

Under it, emphasis is laid on improving the management of e-waste. The government has further curtailed the usage of
hazardous substances. They have made the manufacturers use technology or advanced methods to make the end
products recyclable. These rules have been drastically expanded in terms of the items covered to include many
additional categories such as solar panels, toys etc. Further push towards consolidation and formation of larger
organized companies has been given by discontinuing the concept of PROs and dismantlers, under the new regulations
by introducing a concept of online trading of EPR certificates.
In recent years, public organizations and startups have built highly sophisticated ways of disassembling, sorting, and
converting such waste. The development of organized recycling units, however, has been slow.

Chapter 2 : E-waste management in

India
India produces nearly 18.5 lakh tons of e-waste with a generation of 1.3 kg of waste per capita and also imports
enormous quantities of
e-waste from other countries. The total volume of the current municipal solid waste (MSW) in India contains 8% of
electronic
These waste. Of
appliances all generated
alone constitute electronic
70% of the waste, IT
e-stream, followed by telecommunication equipment, telephones
(12%), electrical equipment (8%), medical equipment (7%), and electronic equipment. The Global E-waste Monitor
reports that in 2019 nearly 53.6 million tons of e-waste were generated. Among which America accounted for 13.1
Mt, Europe 12Mt, Asia 24.9 Mt, Africa 2.9 Mt, Oceania 0.7 Mt, and only 17% of this was collected and recycled, and
it also reports that a record 59 million tons of e-waste, and is expected to increase to 81 million tons in 2030.

The increased scope of the new e-waste policy came into effect from April 2023. Solar panels were included in the
scope, as the need for these on account of increasing renewable energy consumption necessitated their proper
disposal. Hazardous substance in electronic equipment was reduced with the inclusion of more than 100 varieties of
equipment under EPR. Measures were introduced which were supposedly going to bring about responsible
management of e-waste, minimize harmful practices, and ensure the
manufacturers' adherence to managing the end-of-life stages of their products; however, it should be recognized that
policies would continue to change with the technological and social development of a country, thus demanding
constant revisions and enhancements.

Electronics industry is one of the world's largest and fastest growing manufacturing industries. With increasing sales
of electronic and electrical devices, comes the speedy obsolescence of the products, particularly computers and
mobile phones that are a surplus since they have short life spans. When electronic products are no longer considered
to be in serviceable condition, they are termed e-waste.

E-waste is chemically and physically different from all the other forms of municipal or industrial waste; it contains
both valuable and hazardous materials that require special treatment and recycling approaches in order not to
contaminate the environment and have detrimental effects on human health. The phenomenal growth in the
amount of e-waste has become a significant challenge to waste
management in developed as well as developing countries. Another point is that hazardous waste is processed very
unprofessionally in the country except for a few certified e-recyclers.
Current Status of India E-Waste Management Market

Informal Sector: As of now, India's informal sector handles approximately 90% of e-waste collection and 70% of
recycling.
The industry of e-waste recycling in India is formalized and regulated to handle and dispose of e-wastes
appropriately.
Certification Programs: Ie-Stewards is a measure created to audit and accredit recyclers and take-back
programs, thereby allowing responsible consumers to identify those meeting high standards.
Co-funded Grant Scheme: As co-funded grants, it would finance on e-waste management facilities and
the capacity building of e-waste businesses between 25% and 50% of the total costs.
Waste to Wealth Mission: The Waste to Wealth Mission is initiated by the Office of the Principal Scientific
Advisor to the Government of India, under the Prime Minister's Science, Technology & Innovation Advisory
Council. The goal of the mission is to leverage the global technological capabilities for creating socio-
economic benefits for the people of India by adopting waste and pollution management efficiently as part of
the government's commitment to doing so.
The country now boasts 468 authorized dismantlers/recyclers spread across 22 states, with a total capacity of
1.38593 million metric tons per annum (mtpa), but most operate at less than half capacity on average. Haryana takes
the lead in collecting and processing e- waste this year with 245 thousand metric tons; other big contributors are Uttar
Pradesh, Uttarakhand, Tamil Nadu, and Haryana.

Opportunities

E-waste management offers a revenue Opportunity of US$ 3,428.75 million by 2032 In India’s E-Waste Management Market

India's e-waste management industry presents an important economic opportunity that exists from reclaiming
valuable metals from dismantled electronics. E-waste is comprised of gold, silver, platinum, copper, and palladium.
Once they have been extracted and reused, it saves more resources than digging deep into mines, thus conserving
and creating more value. For example, one ton of computer scrap contains more gold than 17 tons of gold ore. Indeed,
cell phones contain 5 to 10 times as much gold as the minerals in ore. Ironically, despite their very low-tech methods,
the Indian informal e-waste industry somehow still manages to achieve astonishing metal recovery rates. While
approximately only 30% of cobalt from e-waste has been recycled in the past, up to 75% can be recovered by this
advanced method of recycling.

Precious metals lost through non-recycled e-waste cost the world's economy a staggering USD 57 billion. It's a
potential 'urban mine' of critical metals India currently imports. For original equipment manufacturers, recycling e-
waste is also an easily accessible and non- polluting source for essential parts. To make that point: The five tonnes of e-
waste - that is, 183 computers- can be converted into Rs 1,78,308.

Consumer Electronics e-Waste to Boost Revenue Opportunity of US$ 3,286.92 million by 2032 In India E-Waste Management
Market

India is the world's third-largest producer of electronic waste (e-waste) after China and the US. 82% of the e-waste in
India comes from personal devices like smartphones, tablets, laptops, and PCs. For example, according to Statista,
approximately 2.1 million tons of
personal devices corresponded to the e-waste that needed recycling in 2023. Only around 78,000 tons of it, though
likely entered official channels last year or around 70 percent of the total personal device waste in the country and less
than 3 percent of India's total e- waste. The balance 88 percent of the remaining e-waste is electrical equipment at 8
percent and medical equipment at 7 percent. The
e-waste management market has huge volume, which is a result of massive sales growth in electronic gadgets,
boosting demandprocess
The disassembly for recycling, repair,
may also and reuse
liberate of metal-based
workers electronics.
to inhalable lead and In India, there is a struggle to manage
e-waste
mercury.
Such in whatever
problems ways possible.
are addressed by India in new rules on e-waste beginning from April 1, 2023. Such rules indicate
Among
average them
electronic include
lifespans
items of the percentage
besides inability to comprehend the harmful
recycling figures naturealong
of electronics of e-waste, safety concerns,
with a corresponding and
sale high recycling
volume. For
costs.
example, it was
estimated that scanners would recycle at least 900 kg in the year 2023 from a 60% rate based on a sales volume of
1500
2018. kg in the
Other year
legislations implemented included EPR; recycling standards; and environmentally friendly practice
requirements
before items were applied
disposed of. Consequently, in the ensuing years, it would act as a catalyst for e-waste management
market growth.

Challenges

Low penetration of formal sector and reduced efficiency\

 Formal sector recycles only a small fraction of the e-waste produced in India. Some 80 percent of the e-waste,
containing old laptops and cell phones, cameras and air conditioners, televisions and LED lamps, is manually
dismantled, while new e-waste management regulations guide how hazardous waste in this industry is processed
safely. Thus, recycling e-waste by the informal sector involves an enormous health and environmental cost that
includes contaminating the groundwater and soil. Total recovery rates for some of the key materials like cobalt are
very low due to the nature of poor extraction techniques. This leads to a large loss of otherwise usable raw
materials that are cheaper and more energy efficient than those extracted from fresh ores.Only after the waste
has been channelled into the formal sector, its processing process becomes efficient. Organizations across the
world receive certifications such as ISO, R2v3 for their responsible handlings, proper processes, safety measures,
and documentation. Increasing the compliance in India to the same levels as the other could contribute to
increasing the efficiency of the industry..

Toxic nature of pollution and low regulatory compliance

There are 500+ registered e-waste recyclers and dismantlers in India.However, it is reported that many of the
recyclers are not
recycling but reselling the goods back to the market. Some store and process the waste in hazardous conditions,
and others don't have adequate capacity needed to handle the waste. Some of the recyclers undertake merely
some part of dismantling and selling the products to the unorganized sector, which is against the spirit of the
regulations. Many of the e-wastes devices emit
known carcinogens and toxins including lead, mercury, barium, and other heavy metals into the environment. In
the unorganized sector, the workers (usually children) handle the material without any protection.

Low consumer awareness

A significant percentage of individual consumers and households would like to retain it in the basement and
garage or sell it to
the unorganized sector for a very low price. The government can also undertake additional campaigns so that
consumers are
sensitised to their responsibilities. This would ensure that sufficient wastes are collected through the formal
sector, while promoting participation in producer take-back systems or the practice of trading only with
registered dealers, dismantlers, etc. Meanwhile, manufacturers and organized retailers should be asked to
make their take-back programs stronger, which will enhance the flow of used equipment in the organized
sector.
Lack of planning at initial stages

Electronic products are no longer often designed to be durable, upgradable, repairable, and reusable.
Manufacturers need to
make sure it is easy to take apart their devices and that fundamental components are easy to replace.
Instructions on how to conduct common repairs must be made available and it should be possible to erase
data safely without risking leakage of said data. Hazardous substances or materials that can impede or
interfere with the recycling process should be avoided.

Other challenges

Illegal Dumping: This illegal deposition of e-wastes is the widest raging issue that prevails in developing countries
and poses
significant risk towards environmental health. This is most dominant in the informal sector.

Inadequate Infrastructure: There is inadequate specialized infrastructure in place which includes recycling plants,
making proper e-waste disposal and recycling impossible. The development of such infrastructure takes a lot of
time and closely relates to government private sector collaboration.

Availability of Data : There is a scarcity of information. E-waste management programs cannot, therefore, be
effectively monitored and evaluated for their effectiveness. Decisions for future action depend, therefore on
feedback and data analysis and coordination with many individuals at different levels is required.
Addressing these challenges is crucial for the advancement of sustainable e-waste management in India.
Growth drivers

1. Growing demand for electronic gadgets

The short life span of electronic gadgets, coupled with rising incomes with the emerging app economy, will
continue to fuel e-
waste generation. Gadget boom in India has been propelled by essential services such as banking, shopping, and
education,
which are today made available through smartphone applications. An ever-growing need to own the latest model
of an electronic item has also triggered off the e-waste management. Some other makers of consumer
electronics, like mobile phones, operate on the similarly suspect plan of planned obsolescence: for example, not
providing any further software upgrades or introducing
new features that wouldn't work with the older model. And some products are designed to be less
2. Increasing penetration of consumer durables
repairable and more upgradable, so consumers simply prefer to replace them.

While demand for consumer durables in India has picked up sharply, the penetration is still low in both rural and
urban markets
against global averages. The Indian consumer electronics and appliances (CEA) market has seen a CAGR of
more than 16% during FY16-FY21, and it is expected to grow at a CAGR of 30% between FY21 and FY26.
Increasing brand and product awareness, affordable pricing, innovative products, and high disposable incomes
along with the government's thrust to increase domestic manufacturing will lead to strong growth in CEA
industry in India. With the emerging urban needs, Air Conditioners,
Laptops and LED TVs are expected to drive it, while refrigerators, washing machines, and other electronic goods
are expected to drive the rural demand. Generation of e-waste would be driven by better penetration and a
3. Urban mining and increased feasibility
higher replacement rate.

Growing stockpiles of e-waste, extraction technologies improving, and restriction on processing in the
unorganized sector make
the mining of e-waste a relatively increasingly profitable business. Additionally, more often than not, material
extraction from e-
waste is also relatively energy efficient compared to extraction from ores such as copper. For instance, China
began to extract more cobalt from recyclables than from mines. A few studies also reported that one tonne of old
phones contains more gold than the same amount of ore. One million cell phones contain an estimated 24kg of
gold, 16,000kg of copper, 350kg of silver, and 14kg of palladium. Barely a percentage of these materials is
recovered so they can be returned to the production cycle multiple times. Natural resources are being depleted
at an alarming rate, and their scarcity will only further encourage 'urban mining'. At the current rate of
consumption, the below-ground reserves of some of these materials- gold and silver would be depleted within
4. Growth in IT service companies
less than 25 years.

India has a stranglehold on the IT services space with a humongous share of the global market. Often, these giant
IT services
companies are compelled to invest in the latest hardware equipment that meets the global standards. This
leads to the generation of large volumes of old equipment which are generally discarded as e-waste,
thereby leading to huge e-waste
generation. As per some reports, more than 50% of the computers replaced are in good working condition but
are discarded due to newer technology. A single hard drive, or a single memory storage device, can hold
thousands of pages of commercially sensitive information and therefore means companies have to take care in
the way that their IT assets are disposed of so as not to damage the data.
5. Businesses need to secure the disposal of data
 A single hard drive, or a single memory storage device, can hold thousands of pages of commercially sensitive
information and therefore means companies have to take care in the way that their IT assets are disposed of so
as not to damage the data.

Naturally, before destruction, organizations like to examine their available options for maximizing the value of
old IT assets. This makes there a potential for leakage of personal information in case the equipment is not
delivered at disposal appropriately.
Hence, one of the most important developments that formal sector recyclers have undergone is the
requirement
6. Increase in to
thegive a guarantee
scope against
of the e-waste misuse of information.
regulations

The e-waste regulations notified in 2016 had provided a list of 21 items under the following categories: E-waste
recycling

1. Information technology and telecommunication equipment

2.Consumer electrical and electronics New rules, effective from 2023, have expanded the scope of the
regulation from a list of 106 items and have introduced categories such as Photovoltaic Panels, Toys, Leisure
and Sports Equipment, Medical Devices, Laboratory Instruments, etc. It is expected to cause an enormous
growth in the scope of regulations and now the manufacturers of all these items would also be covered under
the regulations
7. Favourable and
policy will have
initiatives to to comply
boost with the EPR
manufacturing requirement.
in India

Many global electronics companies have adopted a China+1 and even a China replacement strategy for
manufacturing. So, India
has lately experienced massive interest from global companies in electronics manufacturing. Make In India"
and Atmanirbhar Bharat have provided a much-needed boost to the electronics production in the country.

More such policies are being implemented, such as the Production Linked Incentive scheme, Scheme for
Promotion of
Manufacturing of Electronic Components and Semiconductors, Merchandise Exports from India Scheme, Modified
Electronics
Manufacturing Clusters Scheme, some of the initiatives undertaken to propel the domestic electronics industry.
Moreover, India is also at the cusp of a technology revolution with 5G deployment. Artificial intelligence, extended
reality, and robotics will further enable other aspects, such as improvements in productivity and overall
competitiveness in manufacturing, which will further aid India in completing as a global manufacturing hub.

Chapter 3 : Waste management supply chain in

India
There are different actors with multiple roles involved in the e-waste supply chain at various stages of the process.
There are two paths
that this e-waste could follow: formal or informal. The informal sector manages a far larger portion of e-waste than
the formal sector does in India. However, it can be assumed that these sectors operate mostly hand in hand, and
interlink several of their operations.
Better linkages of the formal sector with the informal sector are warranted to make the system more sustainable.
Good interlinkages between formal and informal actors of the e-waste supply chain are desired for the proper
management of e-wastes. The informal sector offers extensive reach and flexibility in collection and initial
processing, whereas the formal sector offers technological, environmental, and regulatory advantages in recycling
and value addition. This is the highest significance of collaboration and integration of both sectors and that is less
exposure of risk and maximum benefits in e-waste management.

India e-waste supply chain processes consist of generation, collection, transportation, recycling and disposal.
Supply Chain Key Players: Consumers, Manufacturers, Retailers, Recyclers, Government Agencies and the Regulatory
Bodies. The dynamics of the e-waste management system are formed by each actor who plays an important role in
building a system that is both resilient and fragile. It is necessary to understand the complex interactions of these
elements to develop appropriate strategies to address this growing e-waste issue in India.

Actors in the e-waste supply chain

•Recyclers:E-waste recyclers collect and process used electronics to recover recycled materials, including metals
and plastics. They play a significant role in maintaining human environments clean and contributing toward
sustainable resource management by safe handling of toxic materials and ensuring a circular economy.

•Policymakers (Government): Policymakers have key and separate roles at the central, state, and local levels. Its
major role is to constituting e-waste management hubs with enhanced participation from authorized recyclers.
The objectives include enforcing a structure for Extended Producer Responsibility and elaboration of standards for
collecting and recycling e-waste on principles of environmentally sound.

•Waste of Electrical and Electronic Equipment (WEEE) Producers: The producers of electrical and electronic products
are equally responsible for generating e-waste, as the customers. For the purpose of making encouragement for
recycling and recovery of e-waste from the producers' end, the MoEF&CC laid down guidelines for EPR in 2016. It is
basically a way for shifting some of the burden of management and final disposal of the e-waste from local authorities
and customers to the producers. The implementation of EPR regulations creates incentives for electrical and electronic
equipment manufacturers to produce easily recyclable products, but it also holds the producers responsible for their
disposal. Therefore, WEEE producers assume a critical position in the larger e-waste supply chain.

•NGOs/Think Tanks/Academia: Such NGOs/Think tanks and academia study all crucial aspects of e-waste
and develop recommendations for national policymaking.

•Producer Responsibility Organisations (PROs)/Aggregators: Professional bodies that are authorized and
compensated, either collectively or individually, by e-waste producers for collecting e-waste and channelling end-
of-life products to appropriate recycling centers thus better managing e-waste.

Stages involved in E-waste Recycling

In addition to the actors in the e-waste supply chain, the stages of the whole e-waste recycling process are equally
important. Various crucial steps involved in the e-waste recycling process are collection, dismantling, shredding, and
recycling. In India, different formal and informal actors are present at each stage of e-waste recycling. Every step is
important: The collection of e-waste is processed systematically in order to arrive at accredited recycling plants, and
the segmentation and shredding of e-waste make possible the recovery of valuable parts. Recycling and recovery of
critical minerals and metals like copper, gold, and silver will obviously generate much-needed momentum for a
circular economy. Moreover, various steps of e-waste recycling could eventually identify key players within the e-
waste reverse supply chain. There are different stages in the recycling of e-waste, and these are as follows;

Collection: Collection and transportation are crucial steps in e-waste recycling, Recyclers place collection bins
and take
back booths in convenient locations, and then collect it and transport it to a recycling facility.
Dismantling: E-waste dismantling is a manual or mechanical breakdown of electronic equipment into their
constituent parts. This helps disconnect useful materials in the form of metals, plastics, and circuit boards for
later recycling.
Shredding, Sorting, and Separation: the process of shredding breaks down e-waste pieces into smaller
fragments making it easier to sort. The sorted materials like metals, plastics, and glass are separated
through numerous methods through magnets, airflow, and optical sensors in sorting. This separation allows
every material type to be processed and recycled into new products in an efficient manner.

Recycling and Recovery: Recycling and recovery of e-waste is taken from shredded and sorted waste,
whereby valuable resources will be extracted from separated materials. This includes metals recovered
through smelting, which are melted into the form of copper, gold, as well as aluminium, while plastics as
well as glass cleanings are prepared for reusing. It
 reduces the acquisition of raw material extraction while fostering environmentally friendly
manufacturing processes.

Chapter 4 : Indian baery Recycling

Market
India's shift towards a low-carbon economy will mold a great transformation there. And it lies at the center, because of
their application
in vehicles for pollution-free travel, besides serving as the storage solution for renewable energies. However,
battery recycling too becomes the most necessarily needed thing there because it lacks most of the essential raw
materials. However, the potential is to
experience significant growth only in the latter half of the current decade, especially with sizable volumes of used
batteries that are currently going into the vehicles coming to market. Leverage a bigger global opportunity, and
repurpose opportunity will be critical in near term. This would play a critical role in extending battery life, increasing
the usage of batteries, and enhance the value proposition for recycling companies. The focus will be on the global
market by importing rare battery materials into the country and developing India as an export hub, not concentrating
the same in China for global battery producers. With these key tailwinds, the recycling and repurposing market has
tremendous potential for the coming years and will surely grow exponentially.

1. Increase in battery demand from multiple end-use segments

Growth drivers
a. EV segment

The global market has witnessed an unprecedented explosion in the EV industry despite various challenges. In
global markets, the penetration of EVs into passenger vehicle sales stood at ~16% in 2022, which had positively
impacted the global demand for Li-ion batteries. Demand for Li-ion batteries was pegged at around 600 GWh in
2022, and by 2030, it is expected to cross 3800 GWh. India also saw an uptick across all segments of EV sales in
FY22. In total, it moved up by 110% in FY22, reaching 500K+ vehicles. With such increased demand in global EV
sales, a big market for the reuse and recycling industry should be opened in the years to come when the
batteries reach the end of their life.

b. Stationary storage

A large-scale shift to renewable energy generation will only compliment the pathway to electrification to realize
a more sustainable and cleaner mobility solution. India aims at increasing its renewable power generation from
the current levels of around 100 GW to 500 GW by 2030. Any large-scale renewable power generation requires
battery storage capabilities as the grid cannot directly handle the intermittency in this power generation. Li-ion
batteries provide an economic solution for storage. Within several years, we will find tremendous demand for Li-
ion applications for round-the-clock solar projects. Apart from the renewable energy needs, the
telecommunication and data centre storage applications give a further boost to the demand for Li- ion batteries.

c. Consumer electronics

Demands of Mobile phones, Laptops, Power Banks, etc. consumer electronics products that required a backup
through Li-ion batteries are increasing . India is currently the second largest market in the world, with 43%
market penetration for smartphones. With increased disposable income, the importance of smartphones in life,
and improved network infrastructure, this is expected to soar sharply in the next few years. Other accessories
with LiBs, such as wireless earphones and smartwatches, are growing phenomenally.
2. Limited resource availability in India

India does not have reserves of the key battery materials lithium, nickel, and cobalt, which will be crucial for a
smooth transition
towards clean energy. This can be rectified by discovering the reserves of these materials in India and working
towards partnership with mineral-rich countries to create a continuous supply of mineral ores and concentrates,
but developing a robust recycling eco-system that can provide a certain proportion of key materials with
minimal investment and minimal dependencies on other countries is an attractive proposition for the country.
The government has taken the right step by bringing in Battery
Waste Management Rules in August 2022. Its further step of permitting export of battery scrap to well-
established companies such as Lohum would help them in building the provision of the necessary materials in
India. With the PLI scheme slated to
propel the battery manufacturing sector in the ensuing years, the recycling market will assume a strategic
role in reducing the dependence on virgin raw materials and imports.
Challenges for Battery Recycling Industry

Securing quality battery scrap

The biggest challenge in the development of the battery recycling ecosystem in India is scrap collection. Assuring
quality
procurement of scrap for recycling is a major element in realizing and maintaining recycling opportunities.
Without proper battery waste management and collection systems in place, there is a strong possibility that
batteries can end up in landfills, which further lead to environmental pollution.

Rapidly changing battery technologies and not enough scale to set up commercial
scale recycling

In the next couple of years, the number of EV batteries reaching the end-of-life stage may not be at a level that
allows companies
to invest significantly and create any meaningful scale to support an effective recycling facility. A dominant share
of the recycled battery happens to come from the consumer electronics segment. Going ahead, because of
higher usage of batteries in the EVs space, there will be volumes in recycling scrap. Even with EVs, multiple
battery chemistries and changes in the composition of existing chemistries are challenging the recycling market.

Chapter 5 : Analysis of Indian Green Investment

Space
Drivers of investor interest and valuation for recycling companies

1. Addressable Market Size

High feedstock and high demand for the end-products. Here, an example from India is: Established collection for
some plastics
such as PET; however, yet to be established collections for larger volumes of MLPs and Li-ion batteries.
Furthermore, the
government gives a demand in the use of recycled material by forcing the producer to use recycled material.
2. Technology Innovation

Earlier, most of the recyclers were focusing on low-tech mechanical processes like crushing and separation using
magnets or
washing and smelting of e-waste, or processing only till black mass in the case of batteries. Today, recyclers are
investing increasingly in the high-tech process that can extract high-grade materials to be traded. Investments in
technology and the ability to perform at high throughput would be critical to scale up.
3. Business Model Robustness

Businesses that are not wholly dependent on a regulatory incentive like EPR fees, but which are able to make
value-added
products or have efficient operations or use a process that has some type of technological barriers are of especial
attractiveness. Many recycling firms also offer additional services besides recycling. These may include giving
data destruction capabilities, reverse logistics, or organizations with expertise in the organization of awareness
events. Apart from diversification by service,
diversification may also relate to location and the products offered by a firm.
4. Other Competitive Advantages

These include access to landfills, municipal waste collections, and lands at low costs from municipal authorities.

Some companies in India have been allotted land instead of paying a low-cost royalty. Stable customer base and
effective marketing of high quality products are differentiators. Some recycling companies have been
collaborating with some large brand owners in testing the impact of products made from recycled material
through recycling material application in developing their products, yet maintaining a high-quality standard of
safety.
5. Efficiency of operations and team

Like any other manufacturing concern, the most key efficiency indicators are high capacity utilization, operating
margins (EBIT
and EBITDA) and profitability (ROCE). With most other sectors being fast-changing ones, experience of the
promoter and the management team would also be critical.
Top Listed Companies ( In Random Order )

#1 Antony Waste Handling Cell Ltd.

Market Cap - ₹ 2,378

Cr.
Current Price - ₹ 837
High / Low - ₹ 902 /
355 Stock P/E - 27.8

Antony Waste Handling Cell Ltd. is the business of mechanical power sweeping of roads, collection and transportation
of waste, waste to energy project, and undertake designing, construction, operation and maintenance of the
integrated waste management facility in Kanjurmarg, Mumbai.
It is one of the top five players in the Indian municipal waste management industry, having completed 20 years in
operation.
The company has processed 15.20mmt of waste till H1FY23 since its inception. The company has executed projects in 9
states, worked with 23+ municipal corporations and has 10,000 + employees. The company has 35+ completed & on-
going projects.
Company owns one of the biggest stand-alone waste processing plants in Asia. The Kanjurmarg site in Mumbai
processes 5,800 TPD
of Solid waste with a total capacity of processing 7,500 TPD of waste. Recent figures for Antony Waste Handling Cell
Limited are mixed. With a market cap of ₹2,298 Cr, the stock is trading at a price of ₹810; the 52-week high/low ranges
from ₹902 to ₹355. In terms of valuation, this stock has a P/E ratio of 26.9, which is not significantly above industry
average. With a Price-to-Book ratio at 4.0, valuation is premium. Its ROCE of 13.9% and ROE of 16.3% mean profitability
in good shape and efficient capital usage. Growth investors may consider the stock of Antony Waste Handling Cell
Limited as it has given pretty good returns in profitability, growth, and hence will be under consideration, but value
investors need to wait for a correction or better entry point due to premium valuation.

#2 Nupur Recyclers Ltd.

Market Cap - ₹ 947

Cr. Current Price - ₹

138 High / Low - ₹

143 / 57.4 Stock P/E -

100

Nupur Recyclers Ltd was incorporated in the year 2019 and is engaged in imports and processing/Trading of ferrous and
nonferrous metals. During FY23, the company acquired 51% equity shares of M/s Danta LLC., It automatically became a
subsidiary of the Company. Also, the company incorporated 2 new subsidiaries namely, Nupur Polymers Pvt Ltd and
Nupur Extrusion Pvt Ltd on May 1st, 2023 and May 27th 2023, respectively.
Numbers at Nupur Recyclers Ltd project a conservative picture. With a market capitalization of ₹908 Cr, the current
price of ₹132 has been near the 52-week high of ₹143 and the low of ₹57.4 has been pretty volatile. Valuations
appear stretched as the stock P/E stood at 96.1 which goes to indicate overvaluation and the Price-to-Book ratio of
10.6 (calculated: ₹132/₹12.5) further amplifies the premium valuation. Although return on capital employed of 13.9%
is respectable, the return on equity of 9.12% is rather poor.
#3 Ganesha Ecosphere Ltd.

Market Cap - ₹ 6,026

Cr. Current Price - ₹
2,379 High / Low - ₹
2,418 / 811 Stock P/E -
101

Ganesha Ecosphere Ltd is one of the leading PET Waste Recycling companies from India. It manufactures Recycled
Polyester Staple Fibre (RPSF), Spun yarn, and dyed texturised yarn in India. The company happens to be India's largest
PET bottle recycling company, which recycles around 16%-18% of India's PET bottle waste. Ganesha Ecosphere's latest
numbers don't make for a pretty picture. The company stands at a market capitalization of ₹6,052 Cr. Its current price
of ₹2,384 is very close to 52-wk-high of ₹2,438. So in terms of valuation, it's stretched as the stock P/E ratio stands at
101, way above the industry average of 26.8, and the Price-to-Book ratio also stands at 5.96. ROCE stands at 8.03%,
and ROE at 4.82%. The company's dividend yield is quite negligible at 0.13%. The positives of this company include
sales growth of 32.4% over the last quarter and 14.3% over three years, with an operating profit margin (OPM) of
13.3%. The company's debt-to-equity ratio of 0.39 and current ratio of 4.47 clearly indicate that its debt is manageable
and it is well liquidated.

#4 Namo eWaste Management Ltd.

Market Cap - ₹ 398

Cr. Current Price - ₹
174 High / Low - ₹
221 / 135 Stock P/E -
58.1

Namo eWaste Management was founded in 2014. It offers services that involve collection, disposal, and recycling of
e-waste. The company is an ISO-certified one. It provides broad-ranging services for the recycling of Electrical and
Electronic Equipment (EEE) like air conditioners, refrigerators, laptops, phones, washing machines, fans, and many
more. CO. The company is funding its subsidiary, Techeco Waste Management LLP, to start a Lithium Battery Recycling
Plant in Nashik, which will be put for recycling waste lithium batteries such as those found in cellphones, laptops,
cylindrical, EV, battery pouch, soft-battery, scrap leftover material of cathode.
Market cap at ₹393 Cr. As of date, the price of the company is ₹172. It is within the range of the company for the 52-
week range, which
lies between ₹221/₹135. The P/E ratio of the stock for the valuation purpose is 57.2 times and can be contrasted with
the industry average of 33.5 times. The sales of ₹101 Cr and the OPM at 11.4% show some operational efficiency. The
profit after tax of the company is at ₹6.86 Cr. Given a debt-to-equity ratio of 0.41 and a current ratio of 1.66, it
indicates that the debts are manageable, and the liquidity is adequate.

#5 Sunlite Recycling Industries Ltd.

Market Cap - ₹ 169

Cr. Current Price - ₹
155
 High / Low - ₹ 210 /
150
Stock P/E - 19.0

Established in the year 2012, Sunlite Recycling Industries is one of the most prominent companies that have
ventured into copper rod production, copper wires, conductors, and earthing materials from recycled copper scrap.
Promising number for Sunlite Recycling. At ₹173 Cr market capitalization, the valuations seem reasonable with a stock
P/E of 19.5, which is somewhat lesser than the industry average of 21.8. The return on capital employed stands at an
impressive 31.4%, and return
on equity at an astonishing 75.2% reflecting efficient usage of capital as well as much shareholder return. Sales of
₹1,166 Cr reflect scale, though the OPM and profit after tax are only 1.60% and ₹8.90 Cr respectively. The debt equity
stands at 1.74, thus a cause for concern. However, the current ratio works out to 1.25 that should not pose a significant
problem for short-term debts. Price-to-sales ratio stands at 0.15, which speaks of potential undervaluation.

Conclusion
India's e-waste management market is poised for rapid growth, projected to reach $5.2 billion by 2032, driven by its
status as the third-
largest e-waste generator globally, producing 3.2 million tons annually. However, the country faces significant
challenges, with only 5% of e-waste being recycled officially, highlighting the urgent need for improved infrastructure,
legislation, and recycling frameworks to mitigate environmental risks and capitalize on economic benefits.
The organically evolved e-waste recycling hubs based on the collection, dismantling, and mini-recycling by informal
collectors, dismantlers, and small-scale recyclers at initial stages of processing e-waste; such hubs are prominent for
dismantling and material recovery skills. Their acquaintance and association with the local community help them
handle large volumes of e-waste in an appreciable manner despite the shortage of organized infrastructure. Initiatives
like the PLI scheme would benefit the formal recyclers by increasing their capacities of recycling. The RDP will serve
as a bridge between the formal and informal sectors to bridge the recycling ecosystem while allowing the informal
players to opt for legal channels and to perform business transactions within the system. This will make the recycling
ecosystem stronger and help the economy of the country through recovered metals.

Huge gap is lying in between the generation of WEEE, its reusability and recycling. 95% of the total WEEE
recycling sectors work informally because of the
presence of attractive valuable materials in the WEEE. Largely due to lack of information and awareness towards the
consumers and producers about the hazardous impacts of WEEE, as well as due to the weak enforcement of
environmental laws and regulations, mass management of WEEE is primarily carried by the informal sectors.

India's e-waste recycling market has vast potential, driven by high feedstock, growing demand, and government
regulations. Key success factors include technology innovation, robust business models, efficient operations, and
strategic partnerships, enabling recyclers to capitalize on this rapidly growing industry.