BSE: 543595
EP BIOCOMPOSITES LIMITED
Manufactures fibre-reinforced plastic (FRP) products and builds water and wastewater treatment infrastructure from its base in Goa. Operations are split into two divisions: an FRP unit that makes doors, door frames, bio-toilets, biodigester tanks and, more recently, cast iron benches, and an Aqua unit that designs, supplies, installs and operates sewage and effluent treatment plants. Customers include government departments (Goa Tourism Development Corporation, the Goa Fisheries Department via Sewerage & Infrastructural Development Corporation of Goa, ONGC), hotels, institutions and residential clients, with work also subcontracted through construction firms. Recent orders illustrate the order book shape: a 100 KLD sewage treatment plant at Cutbona jetty (about Rs. 2.84 crore) with 10 years of operations and maintenance, a 225 KLD modular STP using MBBR technology for the ONGC Convention Centre in Goa (about Rs. 1.25 crore), and a 1,000-unit order of Model IV Premium Cast Iron Benches for tourism and public locations across Goa (about Rs. 2.15 crore). The company has set a five-year target to recycle 100 million litres of wastewater daily and has signed a research agreement with IISc Bengaluru to develop non-biological wastewater treatment technology. Raw materials are the dominant cost, at 63.6% of revenue in FY26, followed by employee costs at 12.8% and other operating expenses at 7.4%; capital spending was just 0.7% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. FRP division (doors, frames, bio-toilets, biodigester tanks, cast iron benches), Aqua division (sewage and effluent treatment plants). Small, order-driven, materials-intensive sanitation and water-treatment business with project-based revenue.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 7 | 11 | 12 | 14 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 3.94 | 6.84 | 6.13 | 0.00 |
| ROE % · ROCE % | — · 10.5 | — · 15.0 | — · 13.6 | — · 16.2 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (1) | (1) | (0) | 2 |
| Capex | — | — | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 4 | 4 | 7 | 4 | 8 | 4 | 10 |
| Profit before tax | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 2 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 2.20 | 1.74 | 1.32 | 4.21 | 1.22 | 4.91 | 0.51 | 0.00 |
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 | 3,053 | 12.3 | 2.02 | 7.9 | 13.5 | 19.1 | 29.2 | 13.0 |
| EMS LIMITED | 1,605 | 23.6 | 1.52 | 11.4 | 8.6 | 11.0 | — | 17.9 |
| ANTONY WASTE HDG CELL LTD | 809 | 13.8 | 0.88 | 4.8 | 10.0 | 6.9 | 17.8 | 17.3 |
| ECO RECYCLING LTD. | 778 | 33.5 | 6.94 | 23.0 | 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 | 387 | 6.2 | — | — | — | 15.2 | — | — |
| ORGANIC RECYCLING SYSTEMS LIMI | 179 | 4.1 | 1.46 | 7.2 | 20.4 | 15.7 | — | 21.7 |
| GEM Enviro Management Limited | 87 | 18.4 | — | — | — | 11.8 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 13.7 | 4 of 8 | 57% |
| ROCE | 13.8 | 13.8 | 5 of 9 | 50% |
| Revenue growth | 35.9 | 35.9 | 4 of 7 | 50% |
| Market cap | 15 | 480 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · EP Biocomposites 7th AGM: All resolutions passed unanimously | board shareholder meetings | low | — | — |
| 29 Sept 2026 · EP Biocomposites signs strategic collaboration with Malligavad Foundation | strategic transactions | medium | — | — |
| 29 Sept 2026 · Trading window closed till half-yearly results publication | compliance | minimal | — | — |
| 29 Sept 2026 · EP Biocomposites 7th AGM held on Sep 28, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · EP Biocomposites bags INR 92 lakh STP order from Beleza by the Beach | business updates | medium | — | — |
| 26 Sept 2026 · Chairman shares FY26 results and growth plans at 7th AGM | investor communications | medium | — | — |
| 21 Sept 2026 · EP Biocomposites AGM presentation shows revenue growth and margin improvement | investor communications | medium | — | — |
| 4 Sept 2026 · FY2025-26 annual report: profit rises 41.5% as margins improve | results | medium | — | — |
| 4 Sept 2026 · 7th AGM notice on September 28, 2026 | management changes | low | — | — |
| 29 May 2026 · Press release on the financial results for the half year and year ended March 31, 2026 | results | medium | — | — |
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.