NSE: CEWATER · BSE: 544315
CONCORD ENVIRO SYSTEMS L
Builds water and wastewater treatment and Zero Liquid Discharge (ZLD) systems for industrial clients, with a strong footprint in the steel sector, alongside compressed biogas (CBG) plants and a newly launched H-Xtreme heat exchanger aimed at industrial fuel savings. The business runs on an engineering, procurement and construction (EPC) model, supplemented by operations and maintenance (O&M) services that are shifting toward recurring revenue, including a recently secured ₹80 crore O&M contract, the largest in company history. FY26 revenue stood at ₹557.8 crores, down 6.2% year-on-year, with the order book at ₹536 crores, a pipeline of ₹3,000 crores and L1 position on ₹143 crores of additional ZLD orders including a ₹126 crore order for India's largest ZLD system by capacity at a major integrated steel manufacturer. Execution spans India, Kenya, Uganda and a Sharjah manufacturing base in the Middle East, with a wholly owned subsidiary Rochem Separation Systems handling separation and membrane-based water treatment. The largest cost line is materials at 46.1% of revenue, followed by other operating expenses at 21.8% and employee costs at 19.1%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Water and wastewater treatment EPC, Zero Liquid Discharge (ZLD) systems, Compressed Biogas (CBG) projects, H-Xtreme Heat Exchanger, Operations and Maintenance services, Solar PV water treatment. Project-based, cyclical water and wastewater treatment EPC with growing recurring O&M revenue.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 594 | 558 |
| EBITDA (ex other income) | 93 | 37 |
| margin % | 15.7 | 6.6 |
| Owners' profit | 51 | 20 |
| EPS, as reported (₹) | 23.74 | 9.55 |
| ROE % · ROCE % | 9.6 · 15.5 | 3.5 · 7.8 |
| Debt / equity (x) | 0.24 | 0.26 |
| Cash from operations | 5 | (23) |
| Capex | (26) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 162 | 123 | 207 | 102 | 125 | 125 | 206 | 85 |
| Profit before tax | 20 | (7) | 53 | 6 | 5 | (7) | 18 | (19) |
| Net profit | 17 | (9) | 47 | 4 | 4 | (8) | 14 | (18) |
| EPS (₹) | 9.51 | (4.14) | 22.11 | 1.99 | 2.17 | (3.96) | 6.83 | (8.49) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REFEX INDUSTRIES LIMITED | 3,184 | 12.9 | 2.11 | 8.3 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,638 | 24.0 | 1.55 | 11.6 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD | 802 | 13.7 | 0.88 | 4.7 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. | 754 | 32.5 | 6.73 | 22.3 | 20.4 | 26.2 | 30.6 | 64.4 |
| CONCORD ENVIRO SYSTEMS L ◆ | 480 | — | 0.84 | 9.0 | 3.5 | 4.4 | — | (10.0) |
| VVIP Infratech Limited | 370 | 5.9 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 182 | 4.2 | 1.48 | 7.3 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited | 90 | 19.2 | — | — | — | 11.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.8 | 1.5 | 1 of 6 | 100% |
| ROCE | 4.4 | 13.8 | 9 of 9 | 0% |
| ROE | 3.5 | 11.8 | 6 of 6 | 0% |
| Debt / Equity | 0.3 | 0.2 | 4 of 6 | 40% |
| EBITDA margin | (10.0) | 17.6 | 6 of 6 | 0% |
| Revenue growth | (16.6) | 35.9 | 6 of 7 | 17% |
| Profit growth | (526.5) | (59.3) | 5 of 5 | 0% |
| Market cap | 480 | 480 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Concord Enviro to discuss Q2 and H1 FY27 results on November 4 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve September quarter and half-year results on November 3 | results | low | — | — |
| 12 Oct 2026 · RTA compliance certificate for quarter ended Sept 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Subsidiary Rochem bags INR 14.25 Cr order from solar PV maker | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · 27th AGM: All 7 resolutions passed with 96 to 100 percent approval | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Concord Enviro 27th AGM held on 22 Sep 2026; all 7 resolutions tabled | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Concord Enviro fixes 27th AGM on 22 Sep 2026 via video conferencing | compliance | minimal | — | — |
| 29 Aug 2026 · Newspaper ad for 27th AGM scheduled 22 Sep 2026 | compliance | minimal | — | — |
| 28 Aug 2026 · 27th AGM notice: Sept 22 meeting to vote on director re-appointments and MD pay | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.