| Market Cap | ₹263.78 CrSmall Cap |
|---|---|
| Revenue TTM | ₹105.07 CrFY26 Operating |
| PE TTM | 10.52Sector 27.08 |
| Order from | Bharat Petroleum Corporation Limited (BPCL) |
| Execution period | 15 months construction plus 5 years O&M |
| Deal value | ₹167.3 Cr |
| Share of market cap | 63.4% |
| Share of annual revenue | 159.2% |
Key highlights
- Total contract value of ₹167.30 Crore inclusive of GST for two separate projects
- Execution timeline set at 15 months for construction followed by a 5-year O&M period
- Mysuru facility in Karnataka slated for ~5 TPD capacity at a value of ₹85.56 Crore
- Raipur facility in Chhattisgarh slated for ~4.8 TPD capacity at a value of ₹81.73 Crore
- Projects utilize organic municipal solid waste-to-CBG technology for renewable fuel production
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Project Scope and Timeline
The mandate covers two landmark Engineering, Procurement, Construction, Operation and Maintenance projects for Bharat Petroleum Corporation Limited. The first project in Mysuru, Karnataka, involves an investment of ₹85.56 crore, while the second in Raipur, Chhattisgarh, is valued at ₹81.73 crore. Beyond the initial 15-month construction phase leading to mechanical completion and full commissioning, the scope extends into a five-year operations and maintenance engagement.
These plants will utilize organic municipal solid waste as feedstock to produce Compressed Bio-Gas, with a combined rated processing capacity of approximately 9.8 tonnes per day.
Strategic Client Relationship
Bharat Petroleum Corporation Limited, the awarding entity, is one of India's premier public-sector oil marketing companies and a Fortune 500 firm. As a key participant in the national bioenergy ecosystem, BPCL is expanding its renewable energy footprint to align with national decarbonization goals. This collaboration signifies a deepening relationship between Organic Recycling Systems and India’s PSU oil majors, following the company’s recent O&M contract renewal with Indian Oil Corporation Limited for the Gorakhpur CBG plant.
BPCL’s transition towards integrated energy platforms creates sustained demand for specialized waste-to-energy infrastructure providers.
Business Impact and Market Expansion
- Geographic expansion into Karnataka and Chhattisgarh, increasing the multi-state operating presence
- Significant revenue visibility with a contract value nearly 1.6 times the FY26 annual operating revenue
- Transition from project builder to long-term partner through five-year O&M mandates
- Strengthened positioning in the organic municipal solid waste-to-CBG market segment
- Alignment with national SATAT and GOBARdhan policy initiatives for renewable energy
Financial Context and Valuation
Organic Recycling Systems operates in the waste management industry with a market capitalization of ₹263.78 crore. The company reported annual operating revenue of ₹105.07 crore, reflecting a year-on-year growth of 116.86%, while net profit reached ₹25.08 crore. Currently trading at a TTM P/E ratio of 10.52x, the company is priced lower than the industry average of 27.08x.
With a return on equity of 20.37% and a return on assets of 11.92%, the firm maintains efficiency metrics significantly above sector averages as it targets a transition to the BSE Main Board by October 2026.
“Being awarded two EPCOM contracts by BPCL simultaneously, spanning Karnataka and Chhattisgarh, is a significant milestone for Organic Recycling Systems. These are not just EPC contracts. They include five-year O&M responsibilities, which means BPCL is entrusting us with the long-term performance of these plants.”
| Share price | ₹169.1 |
|---|---|
| Market capitalisation | ₹263.78 Cr |
| Revenue (annual) | ₹105.07 Cr |
| Net profit (annual) | ₹25.08 Cr |
| P/E (TTM) | 10.52×Sector 25.53× |
| Promoter holding | 15.07% |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Organic Recycling Systems Ltd announcing the receipt of two EPCOM contracts from BPCL. Market figures from a third-party data provider.
