Attero’s Revenue Growth in E-Waste Recycling

Attero, a prominent e-waste recycling company, has achieved impressive growth, with over 50% year-on-year growth reported in FY24. Its revenue has surged to more than double during the fiscal year ending March 2025. Despite this remarkable increase, the company’s profits have not seen the same trajectory.

Revenue Surge in FY25

According to financial statements obtained from the Registrar of Companies (RoC), Attero’s operational revenue jumped more than 2.2 times, reaching Rs 961 crore in FY25 compared to Rs 446 crore in FY24. The company focuses on environmentally sustainable practices, providing recycling and upcycling services for electronic and biowaste.

Products and Services Revenue

Sales of products, such as recycled metals and battery-grade materials, constituted 85.5% of revenue, amounting to Rs 822 crore. The remainder of the income is derived from services offered, including e-waste recycling, lithium-ion battery processing, EPR compliance, secure data destruction, and waste management solutions.

Expense Breakdown

Material costs represented a significant 89% of total expenditures, which escalated by 2.3 times, peaking at Rs 834 crore in FY25 from Rs 363 crore in FY24. Employee benefit costs more than doubled, rising to Rs 32 crore, while costs associated with contractual manpower climbed to Rs 15.5 crore. Legal expenses remained constant at Rs 10 crore throughout the year. Collectively, Attero’s total expenses grew 2.2 times, reaching Rs 936 crore in FY25 from Rs 426 crore in FY24.

Profitability Metrics

Attero reported a stable profit of Rs 14.6 crore in FY25, slightly better than Rs 14.47 crore in FY24. The company’s return on capital employed (ROCE) and EBITDA margin stood at 20.61% and 3.22%, respectively. On a unit level, Attero spent Rs 0.97 for every rupee earned in FY25. By the end of the fiscal year, the company’s current assets amounted to Rs 422 crore, while its cash and bank balance rose to Rs 30.6 crore.

Funding and Market Position

To date, Attero has successfully raised a total of $31 million, backed by notable investors such as NEA-Indo US Venture (34.74%), DFJ Mauritius (23.54%), and GHIOF (9.47%). The co-founder and CEO, Nitin Gupta, holds a 9.19% stake in the company. Attero faces competition from various firms, including Lohum, Recyclekaro, and Redwood Materials.