Attero, a Noida-based cleantech firm, reported a sharp rise in operating revenue for FY25 as demand for organised e-waste recycling and recovered battery metals strengthened, even as profitability remained constrained by rising costs and near-parity between expenses and income.
Revenue more than doubled on core recycling operations
Attero’s revenue from operations climbed to ₹961 crore in FY25 from ₹446 crore in FY24, a 2.2x year-on-year increase driven primarily by its e-waste recycling and lithium-ion battery processing businesses.
A substantial portion of income came from the sale of recovered metals such as lithium, cobalt and nickel, materials that are increasingly sought after by electronics and electric vehicle (EV) manufacturers. The company also earns from services including extended producer responsibility (EPR) compliance, secure data destruction and broader waste-management solutions.
Rising costs keep profits largely unchanged
Despite the revenue surge, profit after tax (PAT) was nearly flat at about ₹14.6 crore in FY25, signalling that cost inflation and scale-related expenses have limited margin expansion.
Total expenses rose to roughly ₹936 crore, closely tracking revenue growth. Raw material and input costs constituted the largest share—around 89%—of total expenses, while employee benefits and other operational expenditures increased as Attero ramped up capacity and services.
On a unit basis, the company spent approximately ₹0.97 to generate every ₹1 of revenue, underscoring the tight operating leverage despite higher volumes.
Investment, regulation and demand set the near-term outlook
Attero is continuing to invest in advanced recycling technologies and infrastructure to consolidate its position within India’s circular economy. Strengthening regulatory frameworks around e-waste and growing corporate focus on sustainability are expected to support demand for organised recycling services.
The accelerating adoption of EVs and the expanding consumer electronics market are likely to boost demand for recycled battery materials over the medium to long term, presenting opportunities for scale and vertical integration if the company can manage input costs and improve operating efficiencies.
