GEM Enviro ManagementShare price, financial results, shareholding and management
- Market cap
- ₹86 cr
- Stock P/E
- 18.1peers 14.4
- Book value
- ₹23.5
- Price to book
- 1.62
- EV / operating profit
- -
- Market cap to sales
- 0.84
- ROCE · FY26
- 11.8%
- ROE · FY26
- 9.3%
- ROE, 3-year average
- 20.8%
- Operating margin · FY26
- 5.0%peers 16.8%
- Sales growth, 3 years
- 33.8%
- Profit growth, 3 years
- -22.3%
- Debt to equity
- 0.09peers 0.28
- Borrowings
- ₹5 cr
- Interest cover
- No interest
- Cash from business / op. profit
- -133%
- Debtor days
- 155
- Pledged
- 0.00%
- Promoter holding
- 73.71%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,263
- 52-week high / low
- ₹74 / ₹32
- Dividend yield
- Paid
- Face value
- ₹5
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
GEM Enviro Management share price chart
Close on 6 Nov 2026 · -2.54% on the day · Vol 6,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +9.9%
- 3 months
- +4.1%
- 6 months
- -20.9%
- 1 year
- -28.5%
- Traded a day, 20 days
- ₹0.05 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +73% | -21% |
| 3 years, a year | +34% | -22% |
| Latest half, H2 FY26 | +10% | -18% |
About GEM Enviro Management: business, products and customers
GEM Enviro Management helps companies that use plastic packaging meet their legal duty to have an equal amount of plastic waste recycled, by arranging recycling certificates for them from recyclers. Its shares trade on BSE SME.
GEM began in Delhi in 2013 trading plastic waste and products made from it. After the plastic waste rules put the duty to recycle on producers, importers and brand owners, it became a go-between: recyclers and waste processors generate extended producer responsibility (EPR) certificates on the pollution control board's portal, and GEM arranges their transfer to its clients, mostly FMCG and beverage brands, along with registration, filings and advice. It also trades industrial plastic scrap and offers ESG and BRSR reporting services.
Because GEM pays recyclers for the certificates and bills clients for them, its revenue includes the full value of the credits it passes on, and its margin is only the gap between the two prices. That is why sales can rise while profit falls: in FY26 the company says higher certificate procurement costs and new small competitors squeezed that gap. The business needs few fixed assets, but clients take months to pay.
Read more about the business
The Central Pollution Control Board has since brought in an electronic trading and settlement platform where EPR certificates are traded and settled directly. The company says this has materially hit its core certificate business and expects lower volumes and margins, so it is moving into scrap channelling, compliance and ESG work, digital platforms through a joint venture, and an underground power cable project in Noida through a subsidiary.
The offer document says GEM has no listed peers, so none are named for comparison.
From the offer document (Prospectus, June 2024), the annual report for FY26, the May 2026 investor presentation and the company's announcement of 16 September 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It has little debt for its size: debt to equity 0.09.
- The promoters own a large part of the company: 73.71%.
- It paid a dividend in the past year.
To watch
- The effect of the EPR certificate trading platform on volumes and margins, which the company expects to fall in the coming year (Annual report FY26, p.11 and p.25).
- Progress of the Noida underground cable project in the subsidiary GEM Green Infra Tech (Investor presentation, May 2026, p.18).
- Completion of the Solluz Energy investment, expected on or before 31 March 2027 (Announcement, 29 September 2026, subject line only).
- Collection of receivables, which stood high at March 2026 (Investor presentation, May 2026, p.8).
- Its borrowings rose a lot last year: ₹5 cr, from ₹0 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
GEM Enviro Management revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
GEM Enviro Management half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 18.49 | 15.08 | 22.19 | 37.01 | 54.82 | 40.73 |
| Expenses | 9.83 | 9.10 | 16.26 | 35.59 | 50.72 | 39.52 |
| Operating profit | 8.66 | 5.98 | 5.93 | 1.42 | 4.10 | 1.21 |
| OPM | 46.8% | 39.7% | 26.7% | 3.8% | 7.5% | 3.0% |
| Interest | 0 | 0 | 0 | 0.01 | 0.06 | 0.20 |
| Depreciation | 0.03 | 0.03 | 0.03 | 0.06 | 0.07 | 0.07 |
| Profit before tax | 8.78 | 6.49 | 6.20 | 1.87 | 4.44 | 1.75 |
| Net profit | 6.54 | 4.76 | 4.59 | 1.50 | 3.42 | 1.23 |
GEM Enviro Management profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 25.51 | 32.78 | 42.50 | 33.56 | 59 | 101.81 |
| Expenses | 17.43 | 22.77 | 29.19 | 18.81 | 52 | 95.81 |
| Operating profit | 8.08 | 10.01 | 13.31 | 14.75 | 7 | 6 |
| OPM | 31.7% | 30.5% | 31.3% | 44.0% | 13.0% | 5.0% |
| Other income | 0.09 | 0.11 | 0.28 | 0.72 | 1 | 1.15 |
| Interest | 0.08 | 0.09 | 0 | 0.11 | 0 | 0 |
| Depreciation | 0.30 | 0.06 | 0.05 | 0.06 | 0 | 0 |
| Exceptional and other items | · | · | · | · | · | -0.85 |
| Profit before tax | 7.79 | 9.97 | 13.54 | 15.23 | 8 | 6.30 |
| Tax rate | 25.2% | 25.3% | 25.6% | 25.8% | 25.0% | 24.9% |
| Net profit | 5.83 | 7.45 | 10.08 | 11.30 | 6 | 4.73 |
| EPS ₹ | 161.94 | 206.94 | 325.58 | 5.36 | 2.70 | 2.10 |
| Dividend payout | 0.0% | 7.3% | 14.8% | 9.3% | 9.0% | 12.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
GEM Enviro Management profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 31.7% | 30.5% | 31.3% | 44.0% | 13.0% | 5.0% |
| Tax rate | 25.2% | 25.3% | 25.6% | 25.8% | 25.0% | 24.9% |
| ROCE | · | 73.6% | 65.4% | 52.6% | 19.3% | 11.8% |
| ROE | · | 54.6% | 48.7% | 38.7% | 14.4% | 9.3% |
| Dividend payout | 0.0% | 7.3% | 14.8% | 9.3% | 9.0% | 12.0% |
GEM Enviro Management debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
GEM Enviro Management balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.36 | 0.36 | 0.31 | 10.53 | 11 | 11 |
| Reserves | 9.79 | 16.78 | 23.95 | 23.55 | 38 | 42 |
| Net worth | 10.15 | 17.14 | 24.26 | 34.08 | 49 | 53 |
| Borrowings | 0.02 | 0.02 | 0 | 0 | 0 | 5 |
| Other liabilities | 8.78 | 9.69 | 11.45 | 7.61 | 10 | 10 |
| Total liabilities | 18.95 | 26.85 | 35.71 | 41.69 | 59 | 68 |
| Fixed assets | 0.30 | 0.24 | 0.31 | 0.30 | 1 | 1 |
| Capital work in progress | 0.04 | 0.06 | 0.01 | 0.01 | 0 | 0 |
| Investments | 0 | 0 | 0.61 | 0.61 | 1 | 1 |
| Other assets | 18.61 | 26.55 | 34.78 | 40.77 | 57 | 66 |
GEM Enviro Management cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 0.23 | 3.45 | 8.46 | 3.72 | -9 | -8 |
| Cash from investing | 0.04 | 0.04 | -0.41 | 0.68 | -9 | 2 |
| Cash from financing | -0.25 | -0.47 | -3.06 | -1.49 | 9 | 4 |
| Net cash flow | 0.02 | 3.02 | 4.99 | 2.91 | -9 | -2 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 187 | 204 | 188 | 262 | 180 | 155 |
| Inventory days | 54 | 17 | 4 | · | · | 39 |
| Days payable | 427 | 898 | 472 | · | · | 238 |
| Cash conversion cycle | -187 | -677 | -279 | 262 | 180 | -44 |
| Working capital days | 77 | 107 | 94 | 195 | 222 | 155 |
GEM Enviro Management peers and competitors
Listed SME companies in the same industryBy sales, GEM Enviro Management is number 12 of the 15 listed SME companies in other utilities.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Urban Enviro Waste Management | 106 | 7.2 | 182 | 14.9 | 17.4% | 0.72 |
| Z-Tech (India) | 733 | 20.3 | 156 | 36 | 28.0% | 0.34 |
| Apex Ecotech | 336 | 19.8 | 149 | 17 | 14.6% | 0.02 |
| Sattva Engineering Construction | 102 | 7.8 | 143 | 13.1 | 15.4% | 0.34 |
| Hi-Green Carbon | 344 | 100.4 | 139 | 3.4 | 16.7% | 0.70 |
| Organic Recycling Systems | 214 | 8.6 | 105 | 25 | 29.0% | 0.37 |
| Felix Industries | 330 | 18.2 | 102 | 18.1 | 27.6% | 0.22 |
| GEM Enviro Management | 86 | 18.1 | 102 | 4.7 | 5.0% | 0.09 |
| Filtra Consultants and Engineers | 71 | 18.9 | 97.7 | 3.7 | 4.8% | 0.05 |
| Greenleaf Envirotech | 76 | 10.5 | 60.6 | 7.2 | 16.9% | 0.19 |
| EP Biocomposites | 15 | 10.6 | 13.6 | 1.5 | 16.4% | 0.20 |
| Median of the 10 others | 160 | 14.4 | 122 | 14 | 16.8% | 0.28 |
GEM Enviro Management shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
GEM Enviro Management shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 73.43% | 73.43% | 73.69% | 73.71% | 73.71% |
| Foreign investors (FIIs) | 3.22% | 0.71% | 0.70% | 0.08% | - |
| Indian institutions (DIIs) | 3.15% | 0.94% | 0.00% | 0.00% | - |
| Number of shareholders | 1,111 | 1,958 | 2,314 | 2,324 | 2,263 |
GEM Enviro Management study: the business from its own documents
Read from 5 of the company's own documentsGEM Enviro Management key facts from the filings
Each figure with the document it comes from
- EPR share of sales
- 96.7%
- Share of revenue from EPR consultancy and certificate fulfilment in the nine months to December 2023.Offer document, p.144
- Largest customer
- 22.9%
- Share of revenue from the biggest client in the nine months to December 2023; the top ten were 57.4%.Offer document, p.145
- New trading platform
- EPRETP
- The pollution control board's exchange for EPR certificates, which the company says has materially hit its core business.Annual report FY26, p.13 and p.20
- Operating margin
- 13.6% → 6.8%
- Standalone EBITDA margin fell in FY26 as certificate costs rose and smaller rivals entered.Annual report FY26, p.25 to 26
- Money owed by clients
- ₹36.5 cr
- Standalone trade receivables at March 2026, against ₹29.2 cr a year earlier.Investor presentation, May 2026, p.8
Show 5 more facts
- New borrowing
- ₹5.0 cr
- Short-term borrowings at March 2026, from none a year earlier, while cash fell to ₹4.0 cr from ₹10.6 cr.Investor presentation, May 2026, p.8
- Change at the top
- Dec 2025
- Co-founder and Managing Director Sachin Sharma stepped down for personal reasons; Anil Kumar Behl, an independent director, became Managing Director.Annual report FY26, p.48
- Power cable project
- Noida
- The subsidiary GEM Green Infra Tech is building a high tension line and moving overhead lines underground.Investor presentation, May 2026, p.18; Annual report FY26, p.47
- New companies
- 51% and 75%
- GEM Ecomind, a joint venture with Rudrabhishek Infosystem formed in April 2026, and Novuscom Neo, agreed in September 2026 for ₹0.3 cr.Annual report FY26, p.47; Announcement, 16 September 2026, p.1 to 2
- IPO
- ₹44.9 cr at ₹75
- Of this, ₹33.7 cr was promoters and others selling existing shares and ₹11.2 cr was new money; listed in June 2024.Offer document, p.2; Annual report FY26, p.13
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the move to the exchange-based EPR certificate platform will reduce its business volumes and put pressure on margins in the coming year, and that it is diversifying into waste channelling, compliance, ESG advisory, digital sustainability services and ESG-focused infrastructure, with these plans at various stages of assessment. Its announcement of 29 September 2026 says an investment in Solluz Energy is expected to be completed on or before 31 March 2027; a revised agreement with Solluz was signed on 12 October 2026 (only the subject lines of these two announcements were available).
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
GEM earns a thin fee between what recyclers charge for certificates and what brands pay, so sales look large next to profit.
Its weak spot is that a new government trading platform cuts out the go-between role on which most of its business rests.
WatchCan it set its own prices?Certificate costs rose and smaller rivals pushed prices down, so the company says its pricing power was hurt.
WatchHow strong is it against rivals?Its know-how of the rules and its recycler network helped, but the company itself says there are no entry barriers and the new platform reduces the need for intermediaries.
AverageWho are its customers?Clients are mainly well known FMCG and beverage brands, but the largest one alone brought about a fifth of sales.
AverageDoes it need a lot of money?It owns few assets, but clients pay slowly, so receivables are large, and it has started to borrow and to put money into new ventures.
WatchCan it keep finding new work?Its main source of work is being reshaped by regulation, and the new lines it is moving into are still early.
WatchDo good and bad years swing a lot?Its results depend on rules set by the pollution control board, and a change in those rules has already halved its margins.
Who runs GEM Enviro Management?
Promoters, directors and officers; tap a name for the background
DPDinesh PareekhPromoter and Non-Executive Chairman
On the board since February 2013, with over 30 years of experience including capital markets; studied to intermediate level. Also promoter director of BLP Equity Research, a promoter of GEM. The offer document names Sangeeta Pareekh as spouse.
Offer document, p.171 and p.187 to 188; Annual report FY26, p.44AKAnil Kumar BehlManaging Director
A fellow Chartered Accountant who practised in audit and tax for more than 40 years; an independent director until 9 December 2025, then Managing Director for three years.
Offer document, p.172; Annual report FY26, p.5 and p.48SSSachin SharmaPromoter and co-founder; Managing Director until December 2025
A textile technology graduate with a postgraduate diploma from IIM Calcutta; worked at Edelweiss among others before co-founding GEM in 2013. Ceased to be Managing Director on 8 December 2025 for personal reasons.
Offer document, p.171 and p.186; Annual report FY26, p.48SPSangeeta PareekhPromoter
Associated with the company since 2014, with 25 years in capital and finance markets; studied to intermediate level and named in the offer document as a promoter of Race Eco Chain.
Offer document, p.188SASarthak AgarwalPromoter
Described in the offer document as studying mechanical engineering at BITS Pilani, Hyderabad campus, with no work experience; held 25% before the IPO.
Offer document, p.188 to 189BEBLP Equity Research Private LimitedCorporate promoter
A Delhi company formed in 2017 for market research, promoted by Dinesh Pareekh and Securocrop Securities India.
Offer document, p.186 to 187SKSuresh Kumar GuptaIndependent Director
A practising Chartered Accountant with over 40 years in accounting, audit, tax and financial advice; appointed in December 2025.
Annual report FY26, p.6 and p.48SKSandhya KohliIndependent Director
Holds an MBA in finance with over two decades in finance and capital markets; appointed in August 2025.
Annual report FY26, p.6 and p.48GEM Enviro Management latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹40.7 cr (+10%), net profit ₹1.2 cr (-18%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 73.71%.
GEM Enviro Management announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateWe wish to inform you that Company has entered into the revised Share Subscription Agreement on October 12, 2026 with Solluz Energy Private Limited to acquire 2PDF ↗
- Company UpdatePlease find enclosed the copy of certificate received from M/s Skyline Financial Services Private Limited, the Registrar and Share Transfer Agent of the CompanyPDF ↗
- Company UpdateThe investment in Solluz Energy Private Limited is expected to be completed on or before March 31, 2027PDF ↗
- AGM/EGMPlease find enclosed the consolidated scrutiniser''s report on voting results through remote e-voting and venue e-voting at 13th AGM and voting resultsPDF ↗
- Company UpdateWith reference to the email dated September 28, 2026, please find the attached clarification sought for significant movement in the price of security of the ComPDF ↗
- Company UpdateThe Exchange has sought clarification from GEM Enviro Management Ltd on September 28, 2026 with reference to significant movement in price, in order to ensure t
- AGM/EGMWe would like to inform you that the 13th Annual General Meeting of the Company was held today i.e., Monday, September 28, 2026 through VC/OAVM facility and busPDF ↗
- Insider Trading / SASTThis is to inform you that the Trading Window of the Company will be closed with effect from Thursday, October 01, 2026 till the completion of 48 hours after thPDF ↗
- Company UpdateWe wish to inform you that the Company has entered into the Share Subscription Agreement on September 16, 2026 with Novucom Neo Private LimitedPDF ↗
GEM Enviro Management annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
GEM Enviro Management share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 0.2500ex-date 21 Sept 2026
- DividendFinal Dividend - Rs. - 0.2500ex-date 22 Sept 2025
- DividendFinal Dividend - Rs. - 0.5000ex-date 23 Sept 2024
Checks we ran on GEM Enviro Management's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,25,50,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹95.5 cr of sales against ₹101.8 cr for the full year; both are shown as reported.
- !Earnings per share changes basis between FY23 (₹325.58) and FY24 (₹5.36) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about GEM Enviro Management
What does GEM Enviro Management do?
GEM Enviro Management helps companies that use plastic packaging meet their legal duty to have an equal amount of plastic waste recycled, by arranging recycling certificates for them from recyclers. Its shares trade on BSE SME.
What is the share price of GEM Enviro Management?
₹38 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of GEM Enviro Management?
₹86 cr at the close on 6 Nov 2026, on 2,25,50,400 shares.
What is the P/E of GEM Enviro Management?
18.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are GEM Enviro Management's revenue and profit?
Revenue ₹102 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of GEM Enviro Management?
Dinesh Pareekh, Sachin Sharma, Sangeeta Pareekh, Sarthak Agarwal, BLP Equity Research Private Limited; promoters held 73.71% at 31 March 2026.
What is GEM Enviro Management's website?
www.gemrecycling.com
More SME companies like GEM Enviro Management
Other listed SME companies in other utilities, the closest in size first, each read from its own documents.
- Sattva Engineering ConstructionSATTVAENGG · NSE Emerge · Other Utilities · listed 2025Market cap ₹89 cr
- Urban Enviro Waste ManagementURBAN · NSE Emerge · Other Utilities · listed 2023Market cap ₹79 cr
- Filtra Consultants and EngineersFILTRA · BSE SME · Other UtilitiesMarket cap ₹69 cr
- Greenleaf EnvirotechGREENLEAF · NSE Emerge · Other Utilities · listed 2025Market cap ₹59 cr
- Felix IndustriesFELIX · NSE Emerge · Other Utilities · listed 2017Market cap ₹313 cr
- Hi-Green CarbonHIGREEN · NSE Emerge · Other Utilities · listed 2023Market cap ₹326 cr
Built from 3 annual reports, 1 offer document, 1 investor presentation, 9 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.