Plastic waste is one of the biggest problems of our time.

We’re tackling it with technology, innovation and empowerment.

ॐ

14th April 2024

ResGen Limited manufactures and sells pyrolysis oil from plastic waste and plastic scrap in
India. The company’s pyrolysis oil is a substitute for furnace oil. It also produces by-
products, such as carbon and gas. The company was formerly known as Ecojanitors
Limited and changed its name to ResGen Limited in July 2022. ResGen Limited was
incorporated in 2018 and is headquartered in Mumbai, India.

Industry
Oil & Gas
Sector
Energy

Incorporated in 2018, ResGen Limited is engaged in the process of manufacturing

Pyrolysis Oil (a substitute for furnace oil) from all kinds of waste plastics. The company's
headquarter is situated in Mumbai. The company was envisioned to make environment-
saving projects commercially viable and highly scalable.

The products of the company revolve around PYROLYSIS OIL.

The heavy usage of Plastic in various and diverse segments is creating hazardous issues
for the environment and ResGen Limited with its sustainable solution strives at addressing
these problems.

ResGen was founded on the idea of using plastic waste and converting it into a substitute
for fuel. The company has come up with an ingenious, eco-friendly solution, which uses
each by-product to increase efficiency. This not only offers alternate use of plastic waste
but add an additional solution for fuel.

ResGen call this innovation: PlasEco. During the manufacturing of PlasEco, they are able to
repurpose the by-products generated, such as Carbon, which substitutes for coal; and Gas,
which substitutes for LPG.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

Plastic Waste Pyrolysis Oil Market Outlook (2024 to 2034)

According to a recent industry analysis by Fact.MR, the global plastic waste pyrolysis oil
market size is expected to touch US$ 269.4 million in 2024 and further expand at a CAGR
of 14.1% to ascend to US$ 1 billion by the end of 2034.

Plastic Waste Pyrolysis Oil Market Size

Plastic Waste Pyrolysis Oil Market size surpassed USD 641.1 million in 2023 and is
anticipated to expand at 5.3% CAGR from 2024 to 2032. The demand for pyrolysis oil has
been steadily increasing due to the growing recognition of the need for alternative and
sustainable energy sources. Governments worldwide have implemented supportive
policies and incentives to encourage the use of renewable energy sources, including
pyrolysis oil, as part of their efforts to create a more sustainable future.

Moreover, strategic collaborations among industry stakeholders, research institutions, and

governmental bodies have played a significant role in driving the expansion of the plastic
waste pyrolysis oil market. Such collaborations foster knowledge sharing, resource
pooling, and the development of innovative solutions, thereby accelerating the growth
and adoption of plastic waste pyrolysis technologies.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

The operation of incineration systems for waste management requires specialized

facilities, which can pose challenges due to their high construction costs and the need for
expensive components. These factors are expected to hinder the demand for such systems
in the industry during the forecast period. Additionally, the treatment of flue gases and
other residues generated during the incineration process adds to the capital requirements
and may impact the whole market development.

Furthermore, the maintenance and operational costs are influenced by the volume of
waste treated, which can have a significant influence on the overall expenses associated
with incineration systems. However, significant economic transformation on account
of rapid industrialization and commercialization will positively embark the plastic waste
pyrolysis oil market.

Plastic Waste Pyrolysis Oil Market Trends

In recent years, there has been a growing global concern about plastic pollution
and the limited capacity of landfills to accommodate plastic waste. As a result,
governments worldwide are shifting their focus towards accepting circular economy
practices that prioritize recycling and reusing plastic waste. The plastic waste pyrolysis
oil market development has been facilitated by sustainable improvements in business
operations and the provision of effective customer service. Furthermore, the industry is
driven by the global goal of achieving zero-waste generation, which involves
diverting waste from landfills and increasing the deployment of pyrolysis plants
worldwide.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
Plastic Waste Pyrolysis Oil Market Analysis

The LDPE segment projected to foresee 4.5% growth during 2023 to 2032. Low-Density
Polyethylene is particularly favored in packaging due to its ability to provide effective
product protection. In response to global sustainability concerns and the growing focus
on environmental responsibility, there is a notable shift towards more sustainable
packaging solutions. LDPE plastic plays a crucial role in this trend by being used in the
development of eco-friendly packaging materials. These sustainable packaging options
include recyclable, biodegradable, and compostable alternatives. By incorporating LDPE
plastic into these solutions, the plastic waste pyrolysis oil market aims to reduce the
environmental impact of packaging waste and promote a circular economy.

The flash pyrolysis process is attracting significant attention from the energy and chemical
industries due to its potential in generating bio-based fuels, chemicals, and other value-
added products. This process involves rapidly heating biomass or organic materials to
high temperatures in the absence of oxygen, resulting in the decomposition of the
feedstock into various valuable components. The growing focus on transitioning towards a
low-carbon economy and the increasing demand for sustainable alternatives are key
factors driving the interest in flash pyrolysis.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

The fuel segment dominated 60% of the plastic waste pyrolysis oil market share in 2022
and is expected to grow at a lucrative pace by 2032. As the global production of plastic
waste continues to escalate, there is growing concern regarding environmental pollution
and resource depletion. Furthermore, the fuel produced from plastic waste through
pyrolysis can serve as an alternative to conventional fossil fuels. By substituting non-
renewable energy sources with fuel derived from plastic waste, there is potential to
reduce greenhouse gas emissions and dependence on finite resources. This contributes
to efforts aimed at combating climate change and achieving greater energy sustainability.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

The Asia Pacific region is experiencing a significant surge in plastic waste generation,
driven by factors including population growth, urbanization, and changing consumption
patterns. This upward trend has created an urgent demand for efficient solutions to
manage plastic waste, with a particular focus on the adoption of pyrolysis technology. The
escalating levels of plastic waste necessitate effective management strategies to prevent
environmental pollution and mitigate the strain on landfills. By employing pyrolysis,
plastic waste can be transformed into useful resources, contributing to waste reduction,
resource recovery, and energy generation.

Plastic Waste Pyrolysis Oil Market Share

Some of the key players operating across the plastic waste pyrolysis oil market are

• Agilyx
• Nexus Circular
• OMV Aktiengesellschaft
• Niutech Environment Technology Corporation
• ETIA S.A.S.
• Chevron Phillips Chemical Company LLC.
• Divya International
• Ecomation Oy
• Kingtiger (Shanghai) Environmental Technology Co., Ltd.
• Recor
• Agile Process Chemicals LLP
• Klean Industries
• Amma Green Technology
• Ratan Pyrotech Industries
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
Increasing focus on the development of several pyrolysis plants across the globe along
with various technological innovations by these players will enhance the complete
business landscape.

Plastic Waste Pyrolysis Oil Industry News:

In March 2023, Agilyx partnered with INEOS Styrolution, a leading styrenics supplier with
a strong portfolio of styrene monomer, polystyrene, ABS standard, and specialty
products. The partnership aims to establish a TruStyrenyx chemical recycling facility,
which is capable of processing 100 tons of plastic per day in Channahon, Illinois.
TruStyrenyx, a collaboration between Agilyx and Technip Energies, offers a
comprehensive solution for chemically recycling polystyrene back into high-purity
styrene monomer, which can then be used to manufacture new food-grade plastic
products or packaging.

In February 2022, Agilyx entered a partnership agreement with Virgin Group. The
partnership aimed to reuse plastic waste to produce synthetic crude oil that will then be
refined into a lower carbon fuel. Virgin Group aims to provide lower carbon fuel solutions
to the global-market and expects Virgin Atlantic & other Virgin companies to be the early
adopters as part of the Group’s transitional plans of achieving net zero by 2050.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

Karan Bora
Managing Director & CEO

Education

Indian Institute of Management, Kozhikode logo

Indian Institute of Management, KozhikodeIndian Institute of Management, Kozhikode
Master of Business Administration - MBAMaster of Business Administration - MBA
2020 - 20222020 - 2022
Cardiff University / Prifysgol Caerdydd logo
Cardiff University / Prifysgol CaerdyddCardiff University / Prifysgol Caerdydd
BE- Civil and Environmental BE- Civil and Environmental
2011 - 2015

Also Director in Markolines Pavement Technologies Ltd is in the business of providing highway operations &
maintenance services.
https://www.markolines.com/

Kunal Bora
Chief Financial Officer
Education
Imperial College London logo
Imperial College LondonImperial College London
MSc, Accounting and FinanceMSc, Accounting and Finance
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
2018 - 20192018 - 2019
City, University of London logo
City, University of London City, University of London
Bachelor of Engineering (B.Eng.), Engineering with Management and Entrepreneurship
Bachelor of Engineering (B.Eng.), Engineering with Management and Entrepreneurship
2015 - 20182015 - 2018
City, University of London logo
City, University of London City, University of London
Foundation degree, Electrical and Electronics Engineering Foundation degree, Electrical
and Electronics Engineering
2014 - 20152014 - 2015
Symbiosis International School Symbiosis International School
International Baccalaureate International Baccalaureate
2012 – 2014

Experience
ResGen logo
Non Executive DirectorNon Executive Director
ResGenResGen
Jun 2022 - Present · 1 yr 11 mosJun 2022 - Present · 1 yr 11 mos
Mumbai, Maharashtra, IndiaMumbai, Maharashtra, India
Credent Property Advisory logo
Assistant Vice President
Assistant Vice President
Credent Investment · Full-timeCredent Investment · Full-time
Jan 2022 - Present · 2 yrs 4 mosJan 2022 - Present · 2 yrs 4 mos
Mumbai, Maharashtra, IndiaMumbai, Maharashtra, India
FutureBricks logo
Business Development ManagerBusiness Development Manager
FutureBricks · Full-timeFutureBricks · Full-time
Jan 2020 - Apr 2021 · 1 yr 4 mosJan 2020 - Apr 2021 · 1 yr 4 mos
London, United KingdomLondon, United Kingdom
Sun Global Investments Limited logo
Summer InternSummer Intern
Sun Global Investments LimitedSun Global Investments Limited
Jun 2018 - Jul 2018 · 2 mosJun 2018 - Jul 2018 · 2 mos
London, United KingdomLondon, United Kingdom
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
Project ManagerProject Manager
MarkolinesMarkolines
Jun 2017 - Aug 2017 · 3 mosJun 2017 - Aug 2017 · 3 mos
Mumbai Area, India

Mahesh Pagnis
CTO & Senior Scientist

Abhijeet Oza
Executive Director
Education
Savitribai Phule Pune University logo
Savitribai Phule Pune UniversitySavitribai Phule Pune University
Master of Business Administration - MBA, Finance, GeneralMaster of Business
Administration - MBA, Finance, General
2014 - 20162014 - 2016
Savitribai Phule Pune University logo
Savitribai Phule Pune UniversitySavitribai Phule Pune University
Bachelor of Commerce - BCom, Business/Commerce, GeneralBachelor of Commerce -
BCom, Business/Commerce, General
2010 - 2013
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

ResGen IPO is a book built issue of Rs 28.20 crores. The issue is entirely a fresh issue of 60
lakh shares.

ResGen IPO bidding started from February 28, 2023 and ended on March 2, 2023. The
allotment for ResGen IPO was finalized on Wednesday, March 8, 2023. The shares got listed
on BSE SME on March 13, 2023.

ResGen IPO price band is set at ₹45 to ₹47 per share. The minimum lot size for an
application is 3000 Shares. The minimum amount of investment required by retail investors
is ₹141,000. The minimum lot size investment for HNI is 2 lots (6,000 shares) amounting to
₹282,000.

Financials

• Market Cap₹ 165 Cr.

• Current Price₹ 78.7
• High / Low₹ 113 / 41.4
• Stock P/E35.4
• Book Value₹ 21.8
• Dividend Yield0.00 %
• ROCE21.7 %
• ROE18.0 %
• Face Value₹ 10.0
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.

RECENT ACTIONS

In continuation of Outcome of Board Meeting dated 2Oth March , 2024, we wish to inform
you that the Board of Directors of the Company has resolved to acquire 55% stake for a
consideration of Rs.65Lacs in Company "Resgen Protech Private Limited", a Company
registered in Mumbai and has been incorporated on 15th January, 2024 (the *Target
Company,). The Target Company will initiate the Tyre Pyrolysis Business using Advanced
Batch Automated Process/Continuous Process, LDO/LPG/LSHS fired reactors with concept
of zero emission and zero discharge. All the infrastructure for new set up will be provided
to the Target Company by ResGen Limited. As the Target Company is recently
incorporated on 15th January, 2024 and yet to commence any significant business the
details pertaining to last three years are not available.

(Rajeev Chauhan)
 Plastic waste is one of the biggest problems of our time.
We’re tackling it with technology, innovation and empowerment.
Sources:-

https://www.gminsights.com/industry-analysis

https://in.investing.com

https://in.linkedin.com/

https://www.screener.in