Micro Recycling
Market Cap
₹1,504 ₹1,504 Cr.
P/E
17.76
PEG
0.85
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The thesis is live only if expanded capacity converts into sustained customer orders and production; FY27 utilization, lead-alloy revenue, gross margin per ton and receivables are the key validation points.

The bull path relies on faster utilization and a stronger value-added lead-alloy mix, while the bear path reflects utilization shortfall and weaker realizations, compounded by commodity and customer-concentration risks.

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5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The thesis is live only if expanded capacity converts into sustained customer orders and production; FY27 utilization, lead-alloy revenue, gross margin per ton and receivables are the key validation points.
  • The bull path relies on faster utilization and a stronger value-added lead-alloy mix, while the bear path reflects utilization shortfall and weaker realizations, compounded by commodity and customer-concentration risks.
Bear : 6.1% CAGR • ₹198 Cr
Base: 19.9% CAGR • ₹365 Cr
Bull: 28.2% CAGR • ₹510 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • 7 of 13 promises kept — but every miss clusters in one place : Solar, battery, and green-hydrogen timelines all slipped 18–24 months (H2 pushed ~7 years); the balance-sheet and 5G promises landed on time.
  • The tell : Management hits every target it controls (leverage 0.64x, EBITDA doubled to ₹2.08 lakh Cr, 5G on schedule) and misses every first-of-a-kind build-out — so haircut clean-energy dates by 18–24 months.
  • The number that doesn't add up : Revenue grew 5% but receivables jumped 26% and cash drained to ₹0.46 Cr — growth is turning cash-intensive right before the make-or-break renewal.
Met : 0
Progress: 0
Missed : 0
Buy Report $5
WORST-CASE SCENARIO
  • Risk is concentrated in inventory and working-capital fragility: a stock-heavy balance sheet, weak cash conversion and short-term funding leave limited room for execution mistakes.
  • The most severe exposure is existential correlation risk, where an IPO failure, major-customer loss and lead-price correction could combine into a solvency event; single-site and commodity dependencies remain severe.
High Risk : 1
Medium Risk : 5
Low Risk : 11
Buy Report $5
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