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Concord Enviro Systems Q2 FY27 results: net loss of ₹4.10 crore vs ₹4.49 crore profit, revenue up 7.7%
Concord Enviro Systems Limited reported consolidated Q2 FY27 revenue of ₹134.46 crore, up 7.7% from Q2 FY26, while EBITDA was ₹7.78 crore and the EBITDA margin was 5.8%. The company reported a net loss of ₹4.10 crore and EPS of ₹-1.99, against a net profit of ₹4.49 crore in Q2 FY26. Revenue rose 57.5% from Q1 FY27, but the quarter remained loss-making.
Key points
- Consolidated revenue was ₹134.46 crore in Q2 FY27, up 7.7% from ₹124.84 crore in Q2 FY26 and 57.5% from ₹85.35 crore in Q1 FY27.
- EBITDA was ₹7.78 crore at a 5.8% margin, compared with ₹7.66 crore and 6.1% in Q2 FY26 and a loss of ₹14.94 crore in Q1 FY27.
- The company reported a net loss of ₹4.10 crore and EPS of ₹-1.99 in Q2 FY27, versus a net profit of ₹4.49 crore and EPS of ₹2.17 in Q2 FY26.
- H1 FY27 revenue was ₹219.8 crore, down 3.3% from ₹227.24 crore in H1 FY26, while PAT moved to a loss of ₹21.67 crore from a profit of ₹8.61 crore.
- Management targets FY27 revenue growth of 15–20%, FY27 EBITDA margin of 10–12% and FY27 capex of ₹30–35 crore.
How did Concord Enviro Systems perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹134.46 crore, an increase of 7.7% from ₹124.84 crore in Q2 FY26 and 57.5% from ₹85.35 crore in Q1 FY27. EBITDA rose 1.6% year on year to ₹7.78 crore, but the margin was 5.8%, 0.3 percentage points below Q2 FY26. Sequentially, EBITDA moved from a loss of ₹14.94 crore to a profit of ₹7.78 crore, while the margin improved from -17.5% to 5.8%.
The company reported a net loss of ₹4.10 crore in Q2 FY27 and EPS of ₹-1.99. In Q2 FY26, PAT was ₹4.49 crore and EPS was ₹2.17; against Q1 FY27, the net loss narrowed from ₹17.57 crore and EPS improved from ₹-8.49. On the standalone basis, Q2 FY27 revenue was ₹18.93 crore and PAT was ₹0.66 crore, against profit before tax of ₹1.02 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 134.46 | 85.35 | 124.84 | +7.7% | +57.5% |
| Other income | 0.89 | 6.42 | 5.91 | −84.9% | −86.1% |
| Total expenses | 137.26 | 110.44 | 125.74 | +9.2% | +24.3% |
| EBITDA | 7.78 | −14.94 | 7.66 | +1.6% | turned to profit |
| EBITDA margin | 5.8% | -17.5% | 6.1% | −0.3 pp | +23.3 pp |
| Profit before tax | −1.91 | −18.67 | 5.01 | turned to loss | |
| Tax | 1.40 | −2.57 | −0.47 | ||
| Net profit | −4.10 | −17.57 | 4.49 | turned to loss | |
| EPS (₹) | −1.99 | −8.49 | 2.17 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Concord Enviro Systems' costs and profit?
Total expenses rose 9.2% year on year to ₹137.26 crore, exceeding the 3.5% increase in total income to ₹135.35 crore. Cost of materials fell 23.2% to ₹47.16 crore, but employee cost rose 16.0% to ₹29.70 crore, finance costs rose 9.7% to ₹5.32 crore, depreciation rose 41.8% to ₹5.26 crore and other expenses rose 33.8% to ₹39.78 crore. There was no exceptional item.
Other income declined 84.9% year on year to ₹0.89 crore from ₹5.91 crore. Tax moved from ₹0.47 crore in Q2 FY26 to ₹1.40 crore in Q2 FY27. As a result, PBT moved to a loss of ₹1.91 crore from a profit of ₹5.01 crore, and the net loss was ₹4.10 crore against PAT of ₹4.49 crore. The company’s presentation said Q2 execution improved after supply-chain and logistics disruptions in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 47.16 | 61.41 | −14.25 | −23.2% |
| Employee cost | 29.70 | 25.61 | +4.09 | +16.0% |
| Finance costs | 5.32 | 4.85 | +0.47 | +9.7% |
| Depreciation | 5.26 | 3.71 | +1.55 | +41.8% |
| Other expenses | 39.78 | 29.73 | +10.05 | +33.8% |
| Total expenses | 137.26 | 125.74 | +11.52 | +9.2% |
| Other income | 0.89 | 5.91 | −5.02 | −84.9% |
| Tax | 1.40 | −0.47 | +1.87 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹219.8 crore, down 3.3% from ₹227.24 crore in H1 FY26. Total income fell 10.7% to ₹221.76 crore from ₹248.2 crore. The company’s presentation said H1 domestic inflows grew 55%, while the order book rose 34% year on year to ₹7,164 million.
PBT moved to a loss of ₹20.58 crore in H1 FY27 from a profit of ₹11.12 crore in H1 FY26. PAT was a loss of ₹21.67 crore, compared with a profit of ₹8.61 crore, and EPS was ₹-10.48 against ₹4.16.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 219.80 | 227.24 | −3.3% |
| Profit before tax | −20.58 | 11.12 | turned to loss |
| Net profit | −21.67 | 8.61 | turned to loss |
| EPS (₹) | −10.48 | 4.16 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, consolidated total assets were ₹1004.6 crore and total equity was ₹553.75 crore, compared with ₹951.84 crore and ₹571.57 crore at 31 March 2026. Borrowings rose to ₹217.25 crore from ₹151.22 crore, while cash fell to ₹26.16 crore from ₹53.24 crore. Inventories were ₹252.54 crore against ₹219.65 crore, trade receivables were ₹247.83 crore against ₹264.13 crore, and trade payables were ₹166.51 crore against ₹162.4 crore.
For H1 FY27, operating cash flow was an outflow of ₹30.19 crore, compared with an outflow of ₹40.6 crore in H1 FY26. Investing cash flow was an outflow of ₹51.39 crore against an inflow of ₹30.64 crore, while financing cash flow was an inflow of ₹54.49 crore against ₹20.56 crore. Capital expenditure was ₹15.21 crore, compared with ₹7.96 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,005 | 951.84 |
| Total equity | 553.75 | 571.57 |
| Borrowings | 217.25 | 151.22 |
| Cash and equivalents | 26.16 | 53.24 |
| Inventories | 252.54 | 219.65 |
| Trade receivables | 247.83 | 264.13 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −30.19 | −40.60 |
| Cash from investing | −51.39 | 30.64 |
| Cash from financing | 54.49 | 20.56 |
| Capital expenditure | 15.21 | 7.96 |
Source: Company's results filing (XBRL).
How has Concord Enviro Systems done over the last 8 quarters?
Revenue reached ₹206.99 crore in Q4 FY25 and ₹206.04 crore in Q4 FY26, before falling to ₹85.35 crore in Q1 FY27 and recovering to ₹134.46 crore in Q2 FY27. PAT bottomed at a loss of ₹17.57 crore in Q1 FY27 after a profit of ₹47.13 crore in Q4 FY25; the latest quarter recorded a loss of ₹4.10 crore. The EBITDA margin improved from -17.5% in Q1 FY27 to 5.8% in Q2 FY27, below 28.5% in Q4 FY25.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditors’ limited review reports. It also approved the statement of deviations, if any, in the use of IPO proceeds. The same-day investor presentation reported Q2 FY27 revenue growth of 7.7% and signed orders of ₹7,164 million. No dividend, fund-raising or appointment announcement was filed.
What did Concord Enviro Systems' management say?
Management said the order book rose 34% year on year to ₹7,164 million and H1 domestic inflows grew 55%. It identified Hexstream, CBG, dehumidification, membranes and GrowServe as areas being scaled, with opportunities in solar, data centres, semiconductors and naval projects. The risks cited were Middle East conflict, sea-freight volatility, quarterly delivery volatility, higher design and execution fixed costs, delayed Sharjah scale-up and CBG feedstock and municipal-policy constraints.
Executive Director Prerak Goel said, “So we do expect quarterly volatility to continue.” He also said, “Yeah, EBITDA should come into double digits, ma’am,” and said the company believes it can grow in the range of 20–25% per annum. No analyst concerns were recorded in the available call summary.
How did Concord Enviro Systems shares react?
After the filing, CEWATER fell 2.0% within five minutes, 1.7% within 15 minutes and 1.2% within 30 minutes from the price when the filing appeared. The stock closed 4.3% below its pre-results close on the reaction day and was also down 4.3% by the next day’s close from the same pre-results close. The Waste Management industry median rose 3.5% on the reaction day, leaving CEWATER 7.8 percentage points behind; the next day, the stock was 8.3 percentage points behind the industry median.
Earlier reaction-day moves were mixed: CEWATER fell 5.5% on 11 August 2026, rose 1.3% on 22 May 2026 and fell 8.1% on 12 February 2026. Previous moves also included declines of 6.6% on 7 November 2025, 2.8% on 8 August 2025 and 7.3% on 24 May 2025, and a rise of 5.4% on 17 January 2025.
| After the filing | Stock | Waste Management median |
|---|---|---|
| 5 minutes | −2.0% | |
| 15 minutes | −1.7% | |
| 30 minutes | −1.2% | |
| Reaction day | −4.3% | +3.5% |
| Next day | −4.3% | +4.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −5.5% |
| 22 May 2026 | +1.3% |
| 12 February 2026 | −8.1% |
| 7 November 2025 | −6.6% |
| 8 August 2025 | −2.8% |
| 24 May 2025 | −7.3% |
| 17 January 2025 | +5.4% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Concord Enviro Systems' revenue in Q2 FY27?
Revenue from operations was ₹134.46 crore, up 7.7% from ₹124.84 crore in Q2 FY26 (consolidated).
Did Concord Enviro Systems make a profit in Q2 FY27?
No. It reported a net loss of ₹4.10 crore, against a net profit of ₹4.49 crore in Q2 FY26.
What was Concord Enviro Systems' EPS in Q2 FY27?
Basic loss per share was ₹1.99, against ₹2.17 in Q2 FY26.
How did Concord Enviro Systems shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.3% from the previous close; the median Waste Management stock moved +3.5%.
When did Concord Enviro Systems announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended On 30Th September 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On Tuesday, 3Rd November 2026 (BSE, 3 November 2026) · PDF
- Results For Quarter And Half Year Ended 30.09.2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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