Urban Enviro Waste Management Limited has received in-principle approval from the National Stock Exchange of India Limited (NSE) for the issuance of 32,00,000 equity shares of Rs. 10/- each. The approval pertains to the conversion of warrants issued on a preferential basis, in terms of Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed this development to the exchange on May 08, 2026, pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015.

Approval Details

The NSE granted its in-principle approval vide reference number NSE/LIST/54201 dated May 06, 2026. The key details of the approved issuance are summarised below:

Conditions Attached to the Approval

The in-principle approval has been granted subject to the company fulfilling the following conditions as stipulated by NSE:

• Filing the listing application at the earliest from the date of allotment
• Receipt of statutory and other approvals, and compliance with guidelines/regulations issued by statutory authorities including SEBI, RBI, and MCA
• Compliance with all applicable guidelines, regulations, and directions of the exchange or any statutory authorities as on the date of the listing application
• Compliance with all conditions as per the SEBI (LODR) Regulations, 2015, Companies Act, 1956/Companies Act, 2013, and other applicable laws
• Submission of documents as may be required by NSE and payment of applicable fees

Regulatory Advisory on Internal Controls

NSE has also advised Urban Enviro Waste Management to strengthen its internal controls to monitor trades executed by the proposed allottees in the company's scrip prior to allotment. Specific directives issued by the exchange include:

• The company is required to obtain an undertaking from the allottee(s) confirming that they shall not engage in intra-day trading or any sale in the company's scrip until the allotment date, as required under SEBI (ICDR) Regulations
• The responsibility and onus of verifying the above undertaking and ensuring compliance with applicable provisions, including Regulation 167(6) of SEBI ICDR Regulations, 2018, rests solely with the issuer company
• Any non-compliances observed by the exchange post the undertaking and verification by the issuer company may impact the listing of such shares

NSE has also noted that it reserves the right to withdraw its in-principle approval if the information submitted to the exchange is found to be incomplete, incorrect, misleading, or false, or in contravention of any applicable rules, bye-laws, and regulations. The company's Company Secretary and Compliance Officer, Shraddha Kulkarni, signed and submitted the intimation on May 08, 2026.

As Urban Enviro Waste Management marks three years of its listing on NSE Emerge—where its shares were listed on 22 June 2023—the Company is preparing to present its next phase of strategic growth, titled Urban 2.0, at its upcoming Annual General Meeting. The initiative is expected to outline the Company's approach towards entering new states, scaling its execution footprint, and deepening its participation in India's growing environmental services opportunity.

Operational Foundation Across Key Markets

Over the past three years, Urban Enviro has continued to build its capabilities in the waste management sector across Chhattisgarh, Maharashtra, Gujarat, and Rajasthan, creating a strong base for the next stage of expansion. The Company presently operates with 844 vehicles and 5,183 employees on roll, with this capacity expected to grow as new geographies are added in the coming phase.

The Board believes that the operational learning built over the last several years positions the Company to improve execution efficiencies, support margin expansion, and pursue faster top-line growth through new market entry.

Financial Growth and Fund Raising Plans

The Company has witnessed a substantial rise in profitability over recent fiscal years. The following table highlights the growth in profit:

To further strengthen its financial base and support expansion-led investments, Urban Enviro plans to raise approximately ₹75 crore over the next two years through a combination of QIP and warrants issuance.

Urban 2.0: Strategic Direction

While the full details of Urban 2.0 will be formally unveiled at the AGM, the broader strategic direction encompasses the following key priorities:

• Entry into new states beyond the current operational geographies
• Scaling of execution footprint and vehicle fleet
• Deepening participation in India's environmental services sector
• Leveraging opportunities under the government's Swachh Bharat Mission (SBM) Urban 2.0, which focuses on waste management mandates for urban local bodies (ULBs)
• Working towards cities achieving "Garbage-Free" status through 100% door-to-door collection, source segregation, and treatment of solid/liquid waste
• Addressing directives including bio-mining of legacy dumps, zero open discharge of sewage, and reuse of treated effluent

Management Commentary

Commenting on the upcoming initiative, the management stated: "Urban 2.0 represents a natural progression in the Company's journey as a listed enterprise. Having established a credible operating foundation across key markets, the Company now believes it is well placed to pursue its next phase of growth with greater scale, stronger financial capacity and sharper execution. Company is aggressively looking at opportunities that the government's Swachh Bharat Mission (SBM) Urban 2.0 which focuses on waste management with mandates for urban local bodies (ULBs)."

About Urban Enviro Waste Management

Urban Enviro Waste Management Limited provides waste management solutions and Municipal Solid Waste (MSW) management services, comprising waste collection, transportation, segregation, and disposal services across the country. The Company caters to Indian local bodies and also provides services to residential areas, industries, research institutes, power stations, government and semi-government hospitals, and cantonment boards. The Company has an established track record of over 15 years as a significant player in the waste management industry.