Synopsis: Organic Recycling Systems Limited’s board, at its April 24 meeting, approved audited FY26 results showing consolidated revenue more than doubling to Rs. 105.07 crore on 117 percent year-on-year growth and consolidated PAT rising 60.5 percent to Rs. 25.08 crore.
Organic Recycling Systems Limited placed three items before its board on April 24: FY26 audited results, a new business line announcement, and a senior management appointment. The headline numbers in the results are strong but two of the three actions deserve analytical scrutiny that the top-line figures alone do not invite.
With a market capitalisation of approx Rs. 201 crore, the shares of Organic Recycling Systems were last recorded at Rs. 237 per share as of March 30, 2026, against a 52-week high of Rs. 377 and a 52-week low of Rs. 206 apiece.
On a consolidated basis, the group’s revenue from operations jumped 117 percent year-on-year from Rs. 48.39 crore in FY25 to Rs. 105.07 crore in FY26. This growth is disproportionately weighted to the second half: H2 FY26 alone contributed Rs. 74.50 crore in revenue against H1 FY26’s Rs. 30.58 crore, indicating strong operational acceleration through the January–March 2026 quarter.
Consolidated profit before tax rose 57.3 percent from Rs. 16.83 crore to Rs. 26.47 crore. Net profit after tax came in at Rs. 25.08 crore, up 60.5 percent, with basic EPS climbing from Rs. 20.27 to Rs. 28.52 per share.
On a standalone basis, revenue grew a solid 59.8 percent from Rs. 27.38 crore to Rs. 43.76 crore, while standalone PAT rose 21.1 percent to Rs. 4.02 crore, a more modest profit trajectory relative to revenue, implying that subsidiary operations are now carrying meaningful weight in group-level earnings.
A notable structural positive: consolidated operating cash flow turned strongly positive at Rs. 18.55 crore in FY26, reversing FY25’s outflow of Rs. 9.96 crore. At the group level, the business is now generating real cash from operations, not just accounting profits.
The standalone picture carries a meaningful concern. Operating cash flow at the standalone level remained negative at Rs. 1.98 crore despite reporting a Rs. 4.02 crore net profit. Standalone trade receivables rose from Rs. 30.31 crore to Rs. 33.69 crore, while standalone cash fell sharply from Rs. 25.37 crore to Rs. 1.99 crore though the bulk of that cash reduction was driven by the Rs. 26.21 crore redemption of preference shares during the year, a financing activity rather than an operational drain.
Debtor days at 304, which is exceptionally high for an engineering services company and warrants monitoring in subsequent quarters. If consolidated receivables follow a similar pattern (consolidated trade receivables rose from Rs. 50.62 crore to Rs. 69.69 crore), the quality of the revenue acceleration needs to be assessed against collection cycles over the next two reporting periods.
Business Overview
Organic Recycling Systems Limited, incorporated in 2008 and headquartered in Navi Mumbai, is an SME-listed engineering company specialising in sustainable waste management solutions. It operates across waste types and the value chain through its subsidiaries as well as associates Blue Planet Kannur and Blue Planet Palakkad, and a partnership firm, Industrial Associates.
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