EKI Energy Services, an Indian carbon credit management company, has seen its stock fall about 97% from its all-time high. The company's revenue dropped from Rs 1,800 crore in FY22 to around Rs 87 crore in FY26, and it has swung from large profits to repeated losses. Its market capitalization has shrunk from roughly Rs 8,000 crore to Rs 200 crore. The article highlights several causes: volatility in global carbon credit prices, rising competition in voluntary carbon trading, slower export markets, and auditor concerns over revenue recognition. CRISIL also flagged high inventory levels and a stretched working capital cycle. For anyone tracking carbon markets, this is a concrete example of how quickly a carbon credit business can unwind when prices and trust both weaken.
