Namo eWaste Management Ltd Management Discussions

Annexure-2

The Management Discussion and Analysis Report has been prepared in accordance with the provisions of Regulation 34(2)(e) of Listing Regulations, read with Schedule V(B) thereto, with a view to provide an analysis of the business and Financial Statements of the Company for FY-2024-25 and should be read in conjunction with the Companys financial statements, the schedules and notes thereto and other information included elsewhere in the Annual Report. The objective of this report is to convey the Managements perspective on the external environment and our industry, as well as strategy, operating and financial performance, material developments in human resources and industrial relations, risks and opportunities in the Company during the FY 2024-25. The Companys financial statements have been prepared in accordance with Geneally

Accepted Accounting Principles (GAAP) in India complying with the requirements of the Companies Act, 2013, as amended and regulations issued by the Securities and Exchange Board of India (‘SEBI) from time to time.

COMPANY OVERVIEW

Established in 2014, Namo eWaste Management Limited stands as one of Indias leading electronic waste management companies. The company operates a state-of-the-art facility with zero waste discharge technology, specializing in the recovery of precious and industrial metals from electronic waste through sustainable recycling processes. Through its integrated network of B2B partnerships and community collection initiatives, Namo eWaste has established a robust ecosystem for efficient e-waste management. The company serves producers, manufacturers, and bulk consumers while actively engaginginpublicawarenesscampaignsforresponsible e-waste disposal and provide comprehensive e-Recycling services in India for disposing of eWaste way, efficiently making our facility one of the most sustainable in the country with zero waste discharge technology. Our team is committed to providing reliable, affordable, and sustainable solutions for managing EEE waste.

Namo Ewaste is the first Company to start EPR recycling in India. To assist producers in complying with EPR guidelines, we offer a customized reverse logistics service to eliminate all the hassles of handling, transporting and disposing of e-waste products. The goal is to make recycling easier for consumers, reduce waste in landfills, and reduce greenhouse gas emissions caused by mining, manufacturing, transportation & incineration.

Namo has four certified facilities in India, with an annual capacity to shred up to a 50000 metric tons of electronics per year. This makes Namo one of the leading capacity e-waste processor in the industry. Through our specialized process we ensure responsible recycling of Electronic & Electrical eWaste (EEE). EEE recycling involves collecting, sorting and recycling electronic products in order to reuse any salvageable materials in the electronics.

Namo concerns regarding the security of confidential information on devices, when it comes to e-waste management. We provide on-site 3X data destruction service to erase your hard drive thoroughly and recycle obsolete IT equipment.

? Data Destruction through Software

? We simplify the data destruction process by working with Blanco. We eliminate data on each device with Electronics Assets Disposition software that was designed for the purpose.

? Data Degaussing

? The first step of the Data Degaussing Service wipes data from your hard drive and makes it a safe storage space again.

? Hard Disk Shredding

? We shred hard disks to a size of less than 5mm to prevent any data leaks. We also manually separate the hard disk to recover any usable information with proper data destruction service.

Namo is one of the leading IT Asset Disposition (ITAD) providers in India. We have the ability to process both data-bearing and non-data bearing assets for Clients business. Customer will have 100% data destruction and ensured environment compliance at the same time maximizing asset recovery value.

We have one factory at 14/1, Mile Stone, Main Mathura Road, Faridabad-121003, Haryana, India, spreading in an area of 2566 sq. mtr. along with one Storage &

Dismantling Unit on rent in K. No. 24, Musttil No. 6, Milestone 54, Main Mathura Road, Agwanpur, Palwal, Haryana-121102, India, spreading in an area of 16,010 sq. mtr. Our factory is equipped with requisite infrastructure including machineries and other handling equipment to facilitate smooth recycling process.

In April 2023, to expand business operations, we acquired Techeco Waste Management LLP, which was carrying on the business of ewaste recycling as partnership firm since October 2018. In April 2023.

Techeco Waste Management LLP growth due to their operates a factory in an area of 8000 sq. mtr. and is located at Gat No. 155B/2, Village Dhakambe, Tal. Dindori, Dist. Nashik 422004, Maharashtra, India.

Further, the Company successful came up with an IPO on 11th September, 2024. It was like a "Roller Coaster Ride" throughout this amazing journey. From planning to execution, from appointing underwriter to executing brand campaign, from filing DRHP to launching the IPO it was totally a different extravaganza.

WORLD ECONOMIC OUTLOOK

According to current market projections, the global e-waste recycling industry is expected to experience significant driven by increasing electronic waste generation, growing environmental concerns, and government regulations promoting circular economies, potentially reaching a market size of around $65.8 billion with a CAGR of 12.7% by 2026; key regions like China and Europe are anticipated to lead this growth with opportunities for businesses substantial investments in recycling technologies and infrastructure.

Key points about the e-waste recycling industry outlook:

Market size growth growth by 2026, with a projected

• The global e-waste recycling market is projected to reach a substantial size by 2026, with estimates suggesting a market value around $65.8 billion.

High CAGR

• The industry is expected to witness a robust compound annual growth rate (CAGR) of around 12.7%.

Driving factors:

? Increased e-waste generation: Rapid technological advancements and increased consumer electronics usage are driving the generation of electronic waste. ? Environmental concerns: Growing awareness of the environmental hazards posed by improper e-waste disposal is pushing demand for recycling solutions. ? Government regulations: Implementation of extended producer responsibility (EPR) policies and stricter e-waste management regulations are driving market growth.

? Urban mining potential: The opportunity to extract valuable metals like gold, silver, and copper from e-waste is creating significant interest in recycling.

• Key regional markets: i. Asia Pacific: Regions like China are expected to witness significant large electronics manufacturing base and increasing focus on recycling. ii. Europe: Strong environmental regulations and established recycling infrastructure are driving the European e-waste recycling market.

• Technological advancements: i. Improved sorting technologies: Developments in sorting technologies are enhancing the efficiency of e-waste recycling processes. ii. Advanced recycling techniques: Innovations in recycling methods for complex components like batteries and printed circuit boards are expected to further boost the market. Overall,theglobale-wasterecyclingindustryisexpected to see substantial growth in the coming years, driven by growing environmental concerns, technological advancements, and supportive government policies, presenting significant involved in e-waste management and recycling activities.

INDIAN ECONOMIC OUTLOOK

The Indian e-waste recycling industry is expected to see significant high CAGR (Compound Annual Growth Rate) due to rising e-waste generation from increased electronic consumption, growing environmental awareness, and supportive government policies, potentially making it a lucrative market with substantial economic potential; however, challenges remain regarding infrastructure development and effective collection mechanisms.

Key points about the Indian e-waste recycling market outlook for 2026:

• High growth potential

• The market is anticipated to witness substantial growth, with estimates suggesting a CAGR of around 14.25% in terms of revenue and 8.24% in terms of volume.

• Drivers of growth:

? Increased electronic usage: Rapid adoption of new electronic devices and growing disposable income are driving e-waste generation. ? Government regulations: Recent stricter e-waste management rules are pushing manufacturers and consumers towards proper recycling practices.

? Incremental 10% additional EPR targets (now pegged at 70%) from FY 25-26 for Producers/

Manufacturers.

? Environmental concerns: Growing awareness about the environmental damage caused by improper e-waste disposal is creating demand for recycling solutions.

• Market opportunities:

? Precious metals recovery: Recycling e-waste allows for extraction of valuable metals like gold, silver, and copper, which can generate significant revenue.

? Development of advanced recycling technologies: Innovation in recycling processescanimprove the range of recyclable materials. ? Circular economy potential: Establishing a robust e-waste recycling system extract valuable contributes to a circular economy model, reducing waste and promoting sustainability.

• Challenges:

? Infrastructure limitations: Inadequate collection centers and recycling facilities across the country hinder efficient e-waste management. ? Informal sector dominance: A large portion of e-waste is currently handled by the informal sector, often with poor recycling practices. ? Public awareness gap: Raising awareness about proper e-waste disposal practices is crucial for improving collection rates.

Lack of structured Regulation and Inadequate Infrastructure Despite the introduction of E-waste

(Management) Rules in 2016 and modified in 2022, the enforcement and implementation on the ground remain inconsistent. The e-waste sector in India is estimated to be only about 10-15 % organized, with the majority of e-waste still being handled by informal sectors that lack the necessary health, safety and environmental standards.

INDUSTRY OVERVIEW

The e-waste recycling industry focuses on the collection, dismantling, and recycling of discarded electronic devices like computers, mobile phones, and appliances, driven by growing environmental concerns and regulatory pressures to manage electronic waste responsibly; this market is experiencing significant growth due to the rapid increase in electronic device consumption, leading to a higher volume of e-waste, while also presenting opportunities to recover valuable materials like precious metals from discarded electronics, fostering a circular economy approach.

Key points about the e-waste recycling industry:

• Rising e-waste generation: The rapid pace of technological advancements results in shorter product lifecycles, generating more e-waste.

• Environmental concerns: Growing awareness about the environmental damage caused by improper e-waste disposal is driving demand for recycling solutions.

• Regulatory frameworks: Governments are implementing stricter regulations to manage e-waste collection and recycling.

• Economic value of recovered materials: Valuable metals like gold, silver, and copper can be extracted from e-waste, making recycling economically viable.

• Advanced recycling technologies: Development of new methods to efficiently materials from complex e-waste.

• Extended Producer Responsibility (EPR):

Manufacturers taking greater responsibility for managing end-of-life products.

• Circular economy initiatives: Promoting reuse, refurbishment, and recycling to minimize waste generation.

• Focus on data security: Growing emphasis on secure data erasure from discarded electronics.

Outlook

Still only 17% of the worlds electronic waste is properly managed and recycled. E-waste remains the fastest growing solid waste stream globally. And there is no slowdown in sight. Due to number of societal factors, including new and improved technologies being introduced faster than ever, electronics are becoming obsolete at a much faster rate than ever before. This results in approximately 100 billion pounds of e-waste generated each year, a metric which is growing at a staggering rate.

BUSINESS OVERVIEW

We are an E Waste collection, disposal and recycling company that offers comprehensive services for recycling of electrical and electronic equipment (EEE) waste like Air Conditioners, Refrigerator, Laptop, Phones, Washing Machine, Fans etc. We are an ISO 9001:2015, ISO 14001:2015, ISO 27001:2022 & ISO 45001:2018 certified company, complying with strict environmental regulations regarding handling hazardous products and disposing them safely to keep our environment green. We are committed towards managing large volume of electrical and electronic equipment waste and able to extract all of the components of an electrical item including precious and semi-precious metals like Copper, Aluminium, Iron etc. Electrical and electronic equipment comprises of many complex materials like batteries, plastics, glass, and ferrous and non-ferrous metals. These materials must be processed carefully to avoid releasing harmful chemicals into the environment. We take steps to safely recover valuable commodities within e-waste for recycling and reuse. Additionally, we organize awareness campaigns, collection drives, and events to collect waste and promote public consciousness regarding its safe disposal. As authorized recyclers we enter into procurement service contracts with these manufacturers and producers to pick up e-waste from their service centres, warehouses and retail outlets. Apart from this E-waste is also sourced through waste aggregators who collect ewaste from consumers by going door to door. We have engaged aggregators across various places in India who form a support for our e-waste collection for EPR. We reach out to our target audience for procurement of e-waste through various initiatives and marketing strategies like participation in various Events & Expos, conducting awareness campaigns at schools, Media Coverage like featuring in clean India Journal, Economic times, Dainik Bhasker, Delivering talks like speech Jitopreneurs, London etc. After procurement and processing the E-waste, we also issue a certificate of recycling/certificate of dismantling or green certificate (to producers/manufacturers/ importers who require to manage their obligation under

E-waste Management Rule) which is authorized from the State Pollution Control Board(SPCB) and Central Pollution Control Board(CPCB).

Our Service Portfolio includes:

Electronic Recycling

The Electronic Products that cannot be refurbished, such as those that are obsolete or irreparably damaged are channelized to the dismantling unit, which involves collecting, sorting, dismantling and recycling electronic products to recover useful materials like copper, Aluminium, Iron, Plastic, Zinc & Brass Scrap etc. along with safe disposal of the hazardous elements recovered during recycling. Further, we provide Data destruction services and IT Asset Disposition services through Data Degaussing, Hard disk Shredding & Software Data destruction to ensure security of confidential information on devices of the customer as data stored on IT assets must be audit observations securely erased are to prevent unauthorized access or data breaches

Refurbishment

The Electronic Products that are still functional but outdated and require minor repairs are refurbished. This involves testing, repairing, and cleaning the devices to bring them back to a usable condition. Various brands for which we have undertaken such service includes IT products of Apple, HP, Lenovo, Dell etc. Refurbished electronics are then packaged and made available for sale through various channels.

Extended Producer Responsibility Services(EPR)

EPR is a policy approach where producers are responsible to disclose the entire lifecycle of their products, including their end-of-life disposal according to environmental regulations. This may involve partnering with recycling facilities, refurbishment centers, or waste management companies to process collected materials in an environmentally responsible manner. We assist customers to meet their EPR targets as stated above according to the E-waste Management

Rules 2022. This service offers compliance auditing and reporting, return filing and awareness related to safe disposal of E-waste.

INTERNAL CONTROL SYSTEMS

Your Company maintains adequate internal control systems commensurate with the nature of its business and size and complexity of its operations. These are regularly tested for their effectiveness by Statutory as well as Internal Auditors.

The framework is a combination of entry level controls, including enterprise risk management, legal compliance framework, internal audit and anti-fraud mechanisms such as ethics framework, code of conduct, whistle-blower policy, etc, process level controls, information technology-based controls, period end financial reporting and closing controls. Further, the Internal Control Systems have been designed to provide reasonable assurance with regard to recording and providing reliable financial and operational information. In the highly data privacy IT environment of the Company, validation of IT Security receives focused attention from IT specialists and Statutory Auditors. The Internal Auditor reports administratively to the Chairman of the Board and functionally to the Audit Committee. The Internal Audit function develops an audit plan for the Company, which covers, inter alia, corporate, core business operations, as well as support functions. The Audit Committee reviews the annual internal audit plan. Significant presented to the Audit Committee, together with the status of the management actions and the progress of the implementation of the recommendations.

The Audit Committee reviews the adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations. During the year, the Company has taken steps to review and document the adequacy and operating effectiveness of internal controls. Nonetheless, your Company recognizes that any internal control framework, no matter how well designed, has inherent limitations and accordingly, regular audits and review processes ensure that such systems are reinforced on an ongoing basis. Your Companys Management has carried out the evaluation of design and operative effectiveness of these controls and noted no significant material weaknesses that might impact financial statements as at the Balance Sheet date.

HUMAN RESOURCE MANAGEMENT

Our management consist of highly qualified professionals in e-waste management, technical and commercial fields. Human Resource Management (HRM) in our company is full of promise and positive change. As we move forward, HRM will play a pivotal role in shaping our organizational culture, fostering employee engagement, and driving performance. We plan to help our team get better at their jobs by teaching them new skills and training. This will make sure our employees can handle any changes that happen in our business. Our commitment to employee well-being and work life balance will remain unwavering, fostering a positive and supportive workplace that attracts and retains top talent. By aligning HRM strategies with our companys overall goals, we are focused to create a future where our employees thrive, our organization flourishes, and innovation flourishes at every step.

A Healthy Work Environment

Various awareness sessions on driving employees towards healthy and better lifestyle were touched upon by experts during the exclusive sessions for employees. Health and wellness always remained priority of the Companys philosophy. The Company had a total of 60 permanent employees in its rolls as on March 31, 2025.

FINANCIAL PERFORMANCE

The following table sets forth certain key performance indicators for the years indicated:

Particulars	FY 25	FY 24	Y-O-Y-Gr
Revenues	14983.2	10093.18	48.45%
Other Income	135.25	14.44	836.63%
Total Income	15118.45	10107.62	49.57%
Raw Material Expenses	11758.91	7717	52.38%
Employee costs	447.76	322.21	38.97%
Other expenses	1435.01	920.42	55.91%
Finance Costs	161.81	117.07	38.22%
Depreciation	136.62	117.06	16.71%
Total Expenditure	13940.11	9193.76	51.62%
EBITDA	1476.77	1140.74	29.45%
EBITDA Margins (%)	9.76	11.28	-15.57%
PBT	1178.34	906.61	29.97%
Tax	332.40	227.99	48.11%
PAT	845.94	678.62	23.88%
PAT Margins (%)	5.60	6.71	-16.54%
EPS	3.7	4.24	-12.74%

Our Business Strategies

Expand our Domestic presence in existing and new markets

For the Fiscal Year 2024-25, 2023-24 & 2022-23 our revenue from operations were Rs. 14983.20 Lakhs, Rs. 10,093.18 lakhs and Rs. 5,844.60 lakhs respectively. Currently, we market our products to around 20 states & Union Territories in India of which majority portion of the revenue comes from the state of Haryana, Delhi and Maharashtra. The other states include Tamil Nadu, Uttar-Pradesh, Rajasthan, Gujarat, West-Bengal, Punjab, Uttarakhand, Chandigarh etc. We plan to continue our strategy of diversifying and expanding our presence in these regions for the growth of our business. We further seek to identify markets where we believe we can provide cost advantages to our clients and distinguish ourselves from other competitors.

Through further diversification of our operations geographically, we hope to hedge against risks of operations in only specific areas and protection from fluctuations resulting from business concentration in limited geographical areas Thus, we intend to focus on current markets to increase our customer base and to tap new market to increase our geographical reach.

Setup of new integrated factory unit through our subsidiary i.e. Techeco Waste Management LLP

In order to increase recycling capabilities, we currently are in process of Funding the Capital Expenditure requirements of our subsidiary i.e. Techeco Waste Management LLP, towards setting up of a new factory unit at Nashik, whereby Lithium Battery Recycling Plant is proposed to be set up which will be used to recycle waste lithium batteries, such as cellphone laptop battery, cylindrical battery, EV battery, soft battery pouch, scrap leftover material of cathode etc. and finally to get black mass, copper and Aluminium.

The Proposed land on which the said unit is being constructed comprises of over 10,200 sq. mtr. area which is taken on lease for 15 Years. The total cost for setting up new factory unit is estimated to be Rs. 1163.84 Lakhs which includes civil construction to be carried out on said land and purchase of machineries to be installed.

STRENGTH & OPPORTUNITY

The strength and opportunity for our company based on the following factors:

A. INTERNAL ENVIRONMENT

B. The Internal Environment consists of the following aspects:

I. Marketing Aspect : Marketing is the process of determining, anticipating, creating, and satisfying customer needs for products or services.

II. Financial and Accounting Aspects : Financial condition is often considered as the best measure of the strength or competitive position of the company and the main attraction for investors. Determining the financial strengths and weaknesses of the organization/company is important in formulating an strategy. III. Aspects of Human Resources : Human resources are internal environmental factors in the company that carries out all activities within the company. Companies can work well if they have human resources who have the capability, expertise in competition, and good management.

B. EXTERNAL ENVIRONMENT

The external environment can be said as components that are or come from outside the Company. These components tend to be outside the reach of the Company, meaning that the company cannot intervene on these components. Components are more likely to be needed as something that is given or something that inevitably must be accepted.

RISKS & THREATS

While our company enjoys numerous opportunities and strengths, its essential to be mindful of potential risks and threats that could impact our progress. However, the followings are the risks/threat which our company faces:

• Health risks: E-waste contains toxic substances like lead, mercury, and arsenic that can cause irreversible health effects, including cancer, neurological damage, and miscarriages.

• Environmental impact: E-waste can pollute the air, water, and soil. Improper disposal can also contaminate drinking water supplies.

• Cost: Recycling e-waste can be expensive because it requires specialized equipment and expertise to break down the materials into individual components.

• Lack of regulations: There may be a lack of standardized regulations and infrastructure for e-waste recycling.

• Unsafe practices: In developing countries, the informal recycling sector may use unsafe practices that expose workers to hazardous substances.

• Contamination: E-waste can become contaminated during the recycling process.

• Inefficiency: The recycling process can be

CONCLUSION

In conclusion, the journey detailed within this report reflects our teams dedication, resilience, and strategic vision. As we forge ahead, delighted by opportunities and fortified against challenges, we remain dedicated in our pursuit of industry leadership and continued success. We extend our heartfelt appreciation to our dedicated workforce, valued stakeholders, and partners for their integral role in our achievements. Together, we stand assured to embrace the future with confidence and enthusiasm, ready to chart new milestones and elevate our company to greater heights.

		For and on behalf of the Board
		Namo Ewaste Management Limited
Date: 13.08.2025	(Akshay Jain)	(Ujjwal Kumar)
Place: Faridabad	Managing Director	Director
	DIN: 06763819	DIN:08151157