Concord Enviro Systems Limited has informed the Exchange about Transcript
CEWATER · price
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Concord Enviro reported Q1 FY26 revenue of INR1,024 million, broadly flat YoY. EBITDA rose to INR107 million from INR15 million, but adjusted EBITDA (excluding one-offs like peso gain and IPO cost recovery) was only INR27.5 million. PAT turned positive at INR51 million vs a loss of INR26 million last year. Order book stood at INR5,366 crores as of June 30, 2025, with an additional INR2,500 crores pipeline under discussion. Management maintained FY26 revenue growth guidance of 18-20% and EBITDA margin profile of ~16%, with H2 expected to deliver 60-65% of full-year revenue. Key wins include an INR800 million 10-year O&M order from a listed client, INR125 million Mexico O&M order, and INR150 million S&P order from an auto client. The first Mexico project was commissioned in July 2025. The company is exploring new verticals including solar, green hydrogen, carbon capture, and semiconductors.
The flat YoY revenue and weak underlying adjusted EBITDA raise concerns about execution momentum, though management attributes this to a H2-heavy delivery schedule. The maintained 18-20% growth guidance and healthy order pipeline provide some comfort, but the lumpiness in quarterly execution and one-off-heavy Q1 results mean investors should watch H2 delivery closely for confirmation.