CEWATERNSEQ4 FY26May 25, 2026

Concord Enviro Systems Limited

6,659words
108turns
9analyst exchanges
4executives
Management on call
Prayas Goel
CHAIRMAN AND
Prerak Goel
EXECUTIVE DIRECTOR – CONCORD ENVIRO SYSTEMS LIMITED
Anish Goel
CHIEF FINANCIAL OFFICER
Kanav Khanna
ERNST & YOUNG
Key numbers — 40 extracted
10%
ificant step forward in our thermal solutions portfolio. It delivers fuel savings in the range of 10% to 25% and achieves up to 90% efficiency by capturing both sensible and latent heat. At the sam
25%
step forward in our thermal solutions portfolio. It delivers fuel savings in the range of 10% to 25% and achieves up to 90% efficiency by capturing both sensible and latent heat. At the same time,
90%
ermal solutions portfolio. It delivers fuel savings in the range of 10% to 25% and achieves up to 90% efficiency by capturing both sensible and latent heat. At the same time, it is 40% to 50% light
40%
hieves up to 90% efficiency by capturing both sensible and latent heat. At the same time, it is 40% to 50% lighter than conventional systems and fully repairable in the field, reducing life cycle c
50%
up to 90% efficiency by capturing both sensible and latent heat. At the same time, it is 40% to 50% lighter than conventional systems and fully repairable in the field, reducing life cycle costs an
2 million
vest in strengthening our technology capabilities. During the year, we made an investment of USD2 million for a minority equity stake in a US- based polymer company, enhancing our access to advanced mater
INR43 crore
r, this led to missed deliveries in March and contributed to a revenue shortfall of approximately INR43 crores in Q4. While operations and shipments have since resumed, we continue to experience some delays
INR536 crore
healthy with strong execution visibility over the medium term. Currently, our order book is at INR536 crores along with an additional pipeline of INR3,000 crores. It is also noteworthy to mention that on t
INR3,000 crore
medium term. Currently, our order book is at INR536 crores along with an additional pipeline of INR3,000 crores. It is also noteworthy to mention that on top of this, in the ZLD segment, the company is L1 for
INR143 crore
noteworthy to mention that on top of this, in the ZLD segment, the company is L1 for orders worth INR143 crores, which includes an order of greater than INR100 crores from one of India’s largest steel manufac
INR100 crore
egment, the company is L1 for orders worth INR143 crores, which includes an order of greater than INR100 crores from one of India’s largest steel manufacturers. Another important milestone during the year h
INR80 crore
during the year has been the scaling up of our operations and maintenance business. We secured an INR80 crores O&M contract, the largest in our history yet and also completed the acquisition of Fatek Utiliti
Guidance — 20 items
Kanav Khanna
opening
“In case you have not received it, you can write to us; we will be happy to send it over.”
Kanav Khanna
opening
“We will be starting the call with a brief overview of the quarter and the year gone past and then we will follow it up with some questions and answers.”
Prayas Goel
opening
“As we reflect on the year gone by, FY26 has been a period of both meaningful progress and temporary execution challenges, where we have not only navigated short-term headwinds, but also laid a strong foundation for long-term growth.”
Prayas Goel
opening
“Alongside this, FY26 has been a year of building new growth engines for Concord Enviro.”
Prayas Goel
opening
“Furthermore, our compressed biogas projects moved from pipeline into execution during the year, supported by a strengthened and experienced project team and a focused approach towards industrial feedstock-based opportunities.”
Prayas Goel
opening
“Discussions with several leading players in the solar manufacturing ecosystem are now at advanced stages and we believe this segment will emerge as a significant growth driver for us going forward.”
Prayas Goel
opening
“At the same time, it is important to acknowledge that FY26 performance was impacted by a few external challenges.”
Prayas Goel
opening
“The Kenya project, which was one of our largest contributors was delayed due to changes in control and capex planning at the client’s end.”
Prayas Goel
opening
“This resulted in a revenue shortfall versus our earlier guidance and the project is now expected to be implemented in phases with visibility improving in Q2 of FY27.”
Prayas Goel
opening
“Despite these near-term challenges, our order book remains healthy with strong execution visibility over the medium term.”
Risks & concerns — 6 flagged
This represents an increase of 331% sequentially while a decline of 67% year-on-year.
— Prerak Goel
For the full year period ended 31st March 2026, revenue from operations stood at INR557.8 crores as against INR594.4 crores in the corresponding period last year, reflecting a decline of 6.2% year-on-year.
— Prerak Goel
EBITDA for the full year stood at INR36.6 crores compared to INR87.08 crores in the corresponding period last year, reflecting a decline of 57.9% year-on-year.
— Prerak Goel
Would you elaborate on the framework being used for cash flow forecasting, interest rate risk management and working capital efficiency to ensure liquidity while maintaining the profitability?
— Sucrit D Patil
So, we do see, that is a challenge for CBG projects going forward and from our company’s perspective, we are kind of trying to be very cautious in ensuring that projects we get involved in are the one’s that don’t face the challenges of feedstock availability.
— Prayas Goel
I don’t think going forward also, barring the conflict and the impact of that, we don’t see anything which is substantially changing for us.
— Prayas Goel
Q&A — 9 exchanges
Q
Good morning to the team. I have two questions. The first question to Mr. Prayas is, in your point of view how is Concord preparing to capture future opportunities in water treatment, waste management and environmental engineering, while thoughtfully addressing challenges such as regulatory compliance, technological disruptions and rising input costs? What strategic levers will be put into place that will be important for sustaining growth and leadership in FY27? That is my first question. I will ask my second question after this? Thank you.
Prayas Goel
Yes, good morning. Thank you for your question. Yes, very rightly, there is a huge scope and opportunity opening up in the sectors of environmental sectors, especially related to not only water, waste management and we see a great amount of linkage between all of these. So, for example, in the waste management sector we are seeing a lot of traction coming from the landfill leachate side of things as the government pushes more and more focus towards solid waste management in industrial sectors. And Concord’s strategy has always been in differentiation in terms of and bringing value to a custome
Q
Thank you. My first question is how do you see revenue growth for FY27 and '28? And also, if you could indicate any EBITDA guidance, EBITDA margin guidance?
Prerak Goel
Hi, thank you for the question. So, Amit I think see if you look at our order book, it is quite strong. I think we have a very good pipeline of orders which are converting in Q1 of this year. However, as we did talk about it, we have still some challenges in terms of the global geopolitical situation. Material movement from our Sharjah facilities are still interrupted due to the disputes, due to the conflict in the region and we have been kind of treading a little bit cautiously in terms of giving out some guidance. I think Q1 will give us better colour. It looks like the conflict is coming to
Q
Yes, thank you, sir for the opportunity. Sir, my major question is regarding, there is a huge investment from other players in the CBG segment. How do you see the company in next year in terms of CBG segment execution and feedstock availability?
Prayas Goel
Yes, hi, thank you for the question. Yes, I mean, CBG again, flavour of the day more or less with the ongoing gas crisis and increasing gas prices as well. But at the same time, we are seeing that the existing capacities of CBG plants which are installed are already struggling to get feedstock and that has led to a further kind of a race and increase in prices of this already scarce feedstock. So, we do see, that is a challenge for CBG projects going forward and from our company’s perspective, we are kind of trying to be very cautious in ensuring that projects we get involved in are the one’s
Q
Yes, thank you for the opportunity. I have just one question with regard to the order book. So, sir, if we see Y-o-Y, the order book stands flat at about close to INR535 crores. And this is after the fact that we missed out on exhibition because of external delays. So, if we factor in that, say INR43 crores of revenue which was deferred and another INR50 crores, I believe there is a drop in the order book. So, I mean, are we facing any issues with the projects? Has our, I mean, are the costs not competitive or how is it, sir? Any colour on that?
Prerak Goel
Yes, sure. So, I mean, I think we spoke about a couple of orders which in Q3 we were L1. However, I think general sentiment, we saw those orders kind of getting shifted to Q1. In fact, as we speak, we are in the midst of finalizing a few of the large orders that we have spoken about. But I think see generally, we have not seen any change in the outlook or the order wins that we are getting. In fact, I think we had a very strong order intake target for Q1 and out of that almost about 60%, 65% of that has already been converted. So, we don’t expect anything on a longer- term basis to be impactin
Q
Yes, good morning, sir. Sir, we are kind of new to the company. Can you please explain like I see a lot of segments. What exactly are we doing in each segment? And for example, you talked of getting into solar PV plants, certain parts of that and then you are talking of CBG plants. So, what exactly are we doing the EPC, are we doing the maintenance and what would be the order book in each of the segments?
Prayas Goel
Hi, yes, good morning. Thank you for your question. So, yes, what we do, for example, in is water-wastewater management across the sector. So, when we talk about solar, we provide across the entire segment, especially the manufacturing. We provide the input side ultra-pure water, which is critical to the manufacturing of in the solar value chain. And we also provide wastewater management and zero liquid discharge solutions for the industrial wastewater coming from these manufacturing facilities. So, that is essentially what we do on the solar or electronics and semi-con kind of industry. When
Q
Yes, my first question is on the H-Xtreme Heat Exchanger. I just want to clarify the numbers stated in the previous question. So, the market is around USD40 million and we expect to crack a double-digit market share. Is that correct?
Prayas Goel
Yes, within the next 3 years, yes. Yes. And also in the last concall, you mentioned that we will expect first order in the in the last quarter Q4 FY26. Have we got that order? No, not yet. We are we are on the verge of it in this month. Okay. My last question is, please clarify if I am wrong in any sense. So, there is a separate vertical named as Rochem India. I think it is a separate business in which separate venture soul partners invested. Is it not a part of Concord? No, actually that is an erstwhile chemical company which focuses on supply of maintenance chemicals to the shipping industry
Q
Quick question on the order book. In one of your slides, it says that the TCV order book is INR800 crores and total average order value is INR536 crores. So, what is the order book?
Prerak Goel
So, that is the total contracted value, Agam. So, that is about INR800 crores includes all the O&Ms which are longer term. So, currently, we have like with one of the leading EPC companies, they have offloaded an O&M for a water treatment plant for a 10-year period. So, there are a couple of such contracts which are longer term and so that basically the annual execution value is smaller, but the order signed is higher. So, 828 is the value of signed orders and 536 is the value of orders that we will deliver in FY27. And this includes the large order for you won from the steel? Not yet, sir. We
Q
Hi, sir. Thank you for taking up the question. So, I just wanted to understand what can be your order inflow target for FY27? And if you can give me a breakup of what is the order pipeline in sector-wise that you have spoken about emerging sectors. If you can just sector-wise order inflow breakup or order pipeline breakup, that would be helpful?
Prerak Goel
Hi, Dheeraj. Dheeraj, we can cover the some breakups and everything separately on email if you don’t mind. But I mean, it is a huge pipeline. I think as Prayas mentioned, steel and mining are currently the largest opportunities that we are looking at. But I think even if you look at the membrane brine concentration, the landfill leachate, these are all kind of like strong sectors where we are seeing a lot of projects that are coming up. Also, the upcoming liquid waste management rules which will take effect from FY27. So the CETPs and the tertiary treatment sewage treatment plants, there is a
Q
Yes, thank you everyone for joining the call. We look forward to catching up with you again in the next call. Thank you.
Management
Speaking time
Prayas Goel
26
Prerak Goel
19
Moderator
11
Dheeraj Ram
11
Majid Ahamed
7
Amit Mehendale
6
Udit Sehgal
6
Nikhil Gupta
6
Agam Shah
6
Anish Goel
4
Opening remarks
Kanav Khanna
Thanks and good morning to all the participants on the call and thank you for joining us on our Q4 and 12-month of FY26 Earnings call. Please note that we have mailed out the results to everybody and you can see it on our website as well. It is also uploaded on the stock exchanges. In case you have not received it, you can write to us; we will be happy to send it over. And before we proceed to the call, let me remind you that the discussion may contain some forward-looking statements and may invoke some known or unknown risks, uncertainties and factors. It must be viewed in conjunction with our business model and could also cause future results or performance to vary significantly from what we have been implying. To take the results for the quarter and the full year and answer to all your queries, we have the management of Concord Enviro Systems Limited with us. Please welcome Mr. Prayas Goel, Chairman and Managing Director; Mr. Prerak Goel, Executive Director; Mr. Anish Goel, Group CF
Prayas Goel
Good morning, ladies and gentlemen. I am Prayas Goel. A very good morning to you and a warm welcome to Concord Enviro’s Q4 and 12-month FY26 Earnings call. Thank you for taking the time today to join us. As we reflect on the year gone by, FY26 has been a period of both meaningful progress and temporary execution challenges, where we have not only navigated short-term headwinds, but also laid a strong foundation for long-term growth. We are particularly excited about the launch of our H-Xtreme Heat Exchanger, a next-generation product that we developed and introduced during the year and showcased at the ChemTECH exhibition in Mumbai. This system represents a significant step forward in our thermal solutions portfolio. It delivers fuel savings in the range of 10% to 25% and achieves up to 90% efficiency by capturing both sensible and latent heat. At the same time, it is 40% to 50% lighter than conventional systems and fully repairable in the field, reducing life cycle costs and downtime
Prerak Goel
Thank you, Prayas. Good morning, everyone. For the quarter ended 31st March '26, revenue from operations stood at INR206 crores compared with INR124 crores in Q3 FY26 and INR206 crores in Q4 FY25, reflecting a growth of 65% quarter-on-quarter and flattish year-on-year. EBITDA for the quarter stood at INR18.5 crores compared to INR4.3 crores in Q3 FY26 and INR57.2 crores in FY25. This represents an increase of 331% sequentially while a decline of 67% year-on-year. EBITDA margin for the quarter stood at 9% compared to 3.5% in Q3 FY26 and 27.7% in Q4 FY25. Net profit after tax for the quarter stood at INR14.1 crores compared with a net loss of INR8.1 crores in Q3 FY26 and a net profit of INR47.1 crores in Q4 FY25. For the full year period ended 31st March 2026, revenue from operations stood at INR557.8 crores as against INR594.4 crores in the corresponding period last year, reflecting a decline of 6.2% year-on-year. EBITDA for the full year stood at INR36.6 crores compared to INR87.08 cro
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