India-based e-waste recycling company Attero recorded a sharp rise in its business scale during the financial year 2024–25, reflecting strong demand for recycling and material recovery services. According to its latest financial disclosures, the company’s revenue more than doubled, even as its profit remained largely stable.
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Revenue More Than Doubles Year-on-Year
Attero reported a significant jump in revenue from operations, reaching ₹961 crore in FY25, compared to ₹446 crore in FY24. This represents a growth of more than 2.2 times, continuing the strong upward trend seen in the previous fiscal year.
The growth highlights increasing demand for e-waste recycling, lithium-ion battery processing, and recovery of valuable materials such as metals used in electronics.
Product Sales Drive Majority of Income
A major portion of Attero’s earnings came from the sale of recycled materials.
- Around 85.5% of total revenue (₹822 crore) was generated from selling recovered metals and battery-grade materials.
- The remaining revenue was contributed by services such as e-waste recycling, extended producer responsibility (EPR) compliance, secure data destruction, and waste management solutions.
This revenue mix indicates that Attero’s business model is heavily dependent on material recovery and resale rather than service-based income alone.
Rising Costs Offset Profit Growth
Despite strong revenue growth, the company’s profitability remained almost flat.
Attero reported a profit after tax (PAT) of ₹14.6 crore in FY25, only slightly higher than ₹14.47 crore in FY24.
The limited increase in profit is largely due to rising operational expenses:
- Total expenses surged to ₹936 crore, up from ₹426 crore in FY24
- Material costs alone accounted for around 89% of total expenses
- Employee benefits and manpower costs also increased significantly as operations expanded
This shows that while the company scaled rapidly, margins remained under pressure.
Cost Structure Reflects Scaling Operations
Attero’s expansion came with a corresponding rise in spending.
- Material procurement costs increased more than 2.3 times to ₹834 crore
- Employee expenses rose to ₹32 crore, more than double the previous year
- Contractual workforce and legal expenses also increased as the company expanded its operations
These figures indicate that scaling in the recycling sector requires significant investment in raw materials, workforce, and compliance.
Operational Efficiency and Margins
Despite pressure on profits, the company maintained stable operational metrics:
- EBITDA margin stood at 3.22%
- Return on Capital Employed (ROCE) was 20.61%
- The firm spent approximately ₹0.97 to earn ₹1 of revenue
These numbers suggest that while profitability margins are thin, operational efficiency remains relatively stable.
Business Model and Technology Focus
Attero operates in the environmental and sustainability sector, focusing on:
- Recycling electronic waste and lithium-ion batteries
- Extracting valuable materials like lithium, cobalt, and nickel
- Using patented technologies for material recovery
The company’s ability to recover high-value materials is a key factor driving its revenue growth.
Funding and Competitive Landscape
Attero has raised approximately $31 million in funding to date. Its key investors include NEA-Indo US Venture, DFJ Mauritius, and GHIOF.
The company competes with other players in the recycling and battery recovery space, such as Lohum and Recyclekaro, in a rapidly growing industry driven by sustainability and regulatory requirements.