Ahead Of A Main Board Move, Organic Recycling Systems Books ₹240-270 Crore In New Orders And ₹16.10 Crore Capital Raise

Organic Recycling Systems Limited (ORSL, BSE: 543997), which listed on BSE's SME platform in 2023, has said it intends to move to the Main Board by October 2026. Two developments this month bear directly on that plan: its subsidiary won three new contracts from Bharat Petroleum Corporation Limited (BPCL) worth a combined ₹250-270 crore, and the company's board approved a preferential issue of up to 10 lakh shares at ₹161 per share to raise ₹16.10 crore, with shareholder approval due at an AGM scheduled for September 30.

BSE's current migration criteria, revised in August 2025, require an average market capitalisation of ₹100 crore over the preceding six months, average EBITDA of ₹15 crore across the preceding three financial years with a floor of ₹10 crore in each year, at least 1,000 public shareholders, and a minimum three-year listing history. ORSL's EBITDA for FY24, FY25 and FY26 was ₹10.30 crore, ₹20.91 crore and ₹30.28 crore, respectively, resulting in a three-year average EBITDA of ₹20.50 crore. As of 17^th September 2026, the average 6 month Market Capital is ~247.16 Crore. As of July 26, the company had 1,034 public shareholders.

The three BPCL contracts for CBG plants in Mysuru, Karnataka; Raipur, Chhattisgarh; and Kozhikode, Kerala individually valued in the ₹80-90 crore range were all awarded within a single week in early September.

Pankaj Tanwar, CEO - Bioenergy, Organic Recycling Systems Limited, said:
"These three BPCL awards, coming within days of each other, mark an important step in scaling both our order book and our operating footprint across states. As we work towards our stated goal of moving to the BSE Main Board, a larger and more diversified base of contracted, long-term engagements is central to the kind of company we are building. We believe this growing scale, combined with the capital raise approved by our board, positions us well for the next phase of our journey."

Each contract carries a five-year operations and maintenance mandate on top of construction, which management says will provide for O&M revenue linked to the commissioning and execution of the projects over the next 12-15 months.

Jigar Gudka, Chief Financial Officer, Organic Recycling Systems Limited, said: “A larger, more diversified order book with contracted O&M revenue attached provides greater visibility into the revenue profile as these projects progress. As these three plants transition from construction into O&M over the next 12 to 15 months, we expect this to contribute to EBITDA visibility as the projects are commissioned and O&M activities commence.”

The timing lines up with ORSL's stated objective of seeking a Main Board migration in October 2026. The company will be subject to the applicable BSE migration requirements and the formal review and approval process.

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