Waste & Environmental Services Industry in India

This page maps the Indian waste and environmental services landscape through listed and unlisted operators active in waste handling, recycling and treatment.

Top waste & environmental services companies in India (listed and private)

Frequently asked questions

How large is the waste & environmental services industry in India?

1083 waste & environmental services companies with statutory filings (7 listed, 1076 private) reported combined revenue of ₹92,459 crore in FY2025, +21.4% on the same companies, and aggregate EBITDA of ₹19,621 crore. As filed each year, combined revenue was ₹16,155 crore in FY2018, reached ₹92,459 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 5 listed companies with an exchange price are worth ₹15,682 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of waste & environmental services companies was 21.2% in FY2025, 1.7 pts below FY2024, against a peak of 22.9% in FY2024. Profit after tax margin was 5.1% (+0.5 pts on FY2024). Aggregate EBITDA of listed and private waste & environmental services companies moved +71% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹19,621 crore (+13.9% on FY2024).

Which companies are leading the waste & environmental services industry?

By FY2025 revenue the largest waste & environmental services companies are CMR Green Technologies (₹6,669 crore, 5.0% EBITDA margin, private); Re Sustainability (₹4,279 crore, 32.9% EBITDA margin, private); Gravita India (₹3,869 crore, 11.3% EBITDA margin); Uni Recyclers (₹3,504 crore, 4.0% EBITDA margin, private); Green Agrevolution (₹3,010 crore, 14.4% EBITDA margin, private). Among the ten largest, Adani Green Energy Twenty Three (129.3%) and Re Sustainability (32.9%) earn the widest EBITDA margins and Uni Recyclers (4.0%) the thinnest. 22 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Waste regulation carried 0.7% of waste & environmental services stories in 2025-06 to 2026-05, up 0.3 pts (+97%) on the prior 12 months; net tone +72 vs +53 for all waste & environmental services stories. In buyer searches: Search interest in recycling and resource recovery queries (electronic waste recycling, plastic recycling, paper recycling) was +20% in the 12 months to 2026-09 vs the prior 12, led by “paper recycling” (+44%), followed by water and wastewater treatment (-18%); water and wastewater treatment moved -18%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Waste & Environmental Services EBITDA grew 71% since FY2022 (Industry financials). 23 private waste & environmental services operators pass an IPO-readiness screen (Top waste & environmental services companies in India). Waste regulation is gaining the most ground in waste & environmental services news (Waste & Environmental Services in the news). Recycling and resource recovery searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 23.6× and median P/E 34.0× across 5 priced waste & environmental services companies. (Market capitalisation & valuation).

How are waste & environmental services stocks valued?

The median trailing P/E is 34.0× and the median EV/EBITDA 23.6× across 5 priced companies.

What does this industry cover?

It covers operators involved in waste handling, recycling and environmental treatment services.

How are private companies selected?

The private universe uses relevant statutory activity codes and a legal-name guard for waste and environmental activity.

Research information, not investment advice.