Transcript of the Conference call held on May 25, 2026.
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Concord Enviro Systems reported Q4 FY26 revenue of INR206 crores (flat YoY) with EBITDA margin declining sharply to 9% from 27.7% in Q4 FY25, impacted by INR43 crores revenue shortfall due to project delays. Full year FY26 revenue was INR557.8 crores (down 6.2% YoY) with EBITDA margin at 6.6% versus 14.6% in FY25. The company launched its H-Xtreme Heat Exchanger delivering 10-25% fuel savings and entered the steel sector with waste pickle liquor ZLD systems. Order book stands at INR536 crores with a pipeline of INR3,000 crores, and the company is L1 for INR143 crores orders including a major steel order. Management targets INR1,000 crores order intake for FY27 with 14-16% EBITDA margin guidance, though near-term challenges from Middle East geopolitical tensions and feedstock availability persist.
The sharp margin compression in FY26 reflects execution challenges and higher costs, but a strong order book and new product launches provide medium-term growth visibility. Management's lack of specific FY27 revenue guidance due to geopolitical uncertainty adds near-term caution.