Apex Ecotech Ltd(APEXECO)

NSE: APEXECO

₹ 228.8-1.10%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 302 crUpdated: 24 Oct 2026

About

Apex Ecotech manufactures, commissions and runs operations and maintenance for Water Treatment Plants, Effluent Treatment Plants and Zero Liquid Discharge systems, delivered as turnkey projects to industrial clients. Revenue from operations was ₹148.65 crore in FY26. It is listed on the NSE EMERGE platform after an SME IPO, and as of FY26 it had completed more than 250 projects.^[1][2][3]

Products and services

Its portfolio includes effluent and sewage treatment plants, zero liquid discharge systems and water recycling technologies (FY25 annual report).^[1]
Core offerings include zero liquid discharge systems, membrane technologies and effluent treatment plants, delivered as turnkey projects (FY25).^[1]
Technologies in its offering include MBR, MVR, EDR and zero liquid discharge (Q4 FY26 call).^[3]
Spares and service revenue was about 5% of total revenue in FY26, according to management.^[3]

Key operating numbers

Order book was over ₹125 crore as of March 31, 2026, about double the prior year-end. Management expects to execute it within FY27, with 8 to 12 month project gestation.^[3][4]
Order book was ₹145 crore as of November 2025, on top of ₹32 crore executed in H1 FY26.^[5]
Total water and wastewater treatment capacity served was 145+ million litres/day, and zero liquid discharge capacity was 5.5+ million litres/day (Q3 FY26 call).^[6]
Completed turnkey projects: 250+ as of FY26.^[3]
H1 typically brings 25 - 30% of annual revenue. H2 FY26 revenue was ₹116.08 crore, up 135.68% YoY.^[5][3]

Customers and markets

Largest-ever order: ₹100 - 125 crore from Reliance Consumer Products for advanced water treatment at beverage plants. About 70% was to be executed in FY26 and the balance in FY27.^[5][6]
L&T Construction order of ₹45 - 55 crore for WTP, ETP and ZLD at an automobile plant in Tamil Nadu, for execution during FY2026 - 27.^[6]
CRD Consumer Products ETP order of ₹18 - 22 crore, scheduled for completion by March 2026.^[6]
Smaller orders came from Bharatiyam Beverages and Pragati Power Corporation (FY26).^[3][4]
Serves about 14 sectors, including steel, pharma, beverages, food, FMCG and chemicals. Before COVID it was concentrated in the automobile sector (Q2 FY26 call).^[5]
Named competitors include Ion Exchange India, Thermax and Toshiba Water Solutions. The company has OEM partnerships with Veolia, DuPont and Grundfos (Q3 FY26 call).^[6]

Geographic focus

In the Q4 FY26 call, management said its Gulf foray did not work out and its focus will be primarily India.^[3]
The Q1 FY27 call cited a presence in Bangladesh and Vietnam as emerging international markets.^[4]

Plans

Management guided to at least 30 - 40% revenue and profit growth for FY27 and about a 15% EBITDA margin. It said price hikes have been applied to new orders.^[3]
The company is seeking higher bank guarantee limits to take on larger projects running at the same time (Q4 FY26).^[3]
An ESOP scheme for core employees was planned for launch by the end of FY26.^[5]

Recent developments

Metal prices rose 25 - 40% while most FY26 revenue was being booked. The company absorbed these costs on pre-negotiated contracts.^[3]
Management said the IPO proceeds were fully deployed as of the Q1 FY27 call.^[4]
SME IPO of 34,99,200 equity shares at ₹73 per share, listed on NSE EMERGE (FY25).^[1]
The company employed around 116 people (FY25 annual report).^[1]

Market Cap

₹302 Cr

High / Low

₹297 / 102

Stock P/E

19.6

Price / Book

5.3

Book Value

₹48

EPS

₹12.9

No. of Shares

1.32 Cr

ROCE

41.2%

ROE

31.1%

OPM

15.2%

Debt / Equity

0.02

Sales

₹149 Cr

Net Profit

₹17 Cr

Promoter holding

69.3%

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