Concord Enviro Systems Limited (CEWATER) Financial Results — Revenue ₹206 Cr

Investor Takeaways

Revenue reached INR206 crores in Q4 FY26, up 65% QoQ.

Net profit was INR14.1 crores in Q4 FY26.

Full-year revenue declined 6.2% YoY to INR557.8 crores.

EBITDA fell 57.9% YoY to INR36.6 crores.

Net profit declined 61.6% YoY to INR19.7 crores.

Order book stands at INR536 crores, including INR143 crores in L1 ZLD orders.

Management expects FY27 growth from CETP orders, solar PV, and scaled H-Xtreme Heat Exchanger sales.

Target EBITDA margin of 14-16% for FY27.

Market Cap: ₹599.57 Cr; P/E Ratio: 11.22.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹206 Cr	+65% QoQ; -6.2% YoY (FY26)
Net Profit	₹14.1 Cr	-61.6% YoY (FY26)
EBITDA	₹36.6 Cr	-57.9% YoY (FY26)
EPS	Not available
OPM	Not available

What Changed

Revenue declined 6.2% YoY to INR557.8 crores for the full fiscal year FY26, reaching INR557.8 crores. EBITDA dropped 57.9% YoY to INR36.6 crores, and net profit fell 61.6% YoY to INR19.7 crores. Despite this full-year decline, Q4 FY26 showed sequential improvement with revenue of INR206 crores, up 65% QoQ, and net profit of INR14.1 crores. The order book is currently INR536 crores, which includes INR143 crores in L1 ZLD orders, indicating future revenue visibility. Management has highlighted expectations for growth in FY27 driven by CETP orders, solar PV projects, and scaling of H-Xtreme Heat Exchanger sales. Margin improvement is targeted at an EBITDA margin of 14-16% in FY27. The company’s market capitalization stands at ₹599.57 crores, with a P/E ratio of 11.22, reflecting valuation relative to earnings.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Concord Enviro Systems Limited (CEWATER)	11.22	N/A	N/A	599.57
VA Tech Wabag Limited (WABAG)	34.36	N/A	N/A	8,636.73
ION Exchange (India) Limited (IONEXCHANG)	26.31	N/A	N/A	5,722.2
Enviro Infra Engineers Limited (EIEL)	16.3	N/A	N/A	3,392.99

Concord Enviro Systems trades at a lower P/E multiple compared to its peers, suggesting potential undervaluation relative to earnings, though peers have higher market capitalizations.

Risks & Concerns

Full-year revenue and profitability declined significantly YoY, indicating ongoing pressure.

EBITDA margin compression of 57.9% YoY suggests operational challenges.

No specific risks were mentioned in the provided filing.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	122.82	-8.56	0.93
Q2FY25	161.89	17.3	16.6

CRITICAL: The Quarterly Trend section is included only if quarterly data is provided. Data from Q3FY25 and Q2FY25 is available and has been included above. The most recent quarterly data provided is Q3FY25 and Q2FY25; no Q4FY25 or Q1FY26 quarterly trend data beyond the summary figures is provided in the context. Therefore, the Quarterly Trend section is limited to the available quarters.

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