Concord Enviro Systems Ltd(CEWATER)

NSE: CEWATERBSE: 544315

₹ 231.6-3.58%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 479 crWebsite: www.concordenviro.inUpdated: 24 Oct 2026

About

Concord Enviro Systems provides water and wastewater treatment systems, including zero-liquid-discharge (ZLD) plants. It also runs operation and maintenance (O&M) contracts and builds compressed biogas (CBG) projects for industrial customers in India and abroad. Revenue was Rs 557.86 Cr in FY26. In FY25, sales were Rs 3,640.60 Mn in India and Rs 2,303.79 Mn outside India. Its order book stood at INR 6,993 Mn as of June 30, 2026.^[1][2][3]

Business mix

O&M revenue was INR 1,338.85 Mn in FY26 (24% of total) vs INR 1,198.98 Mn (20%) in FY25.^[4]
O&M revenue was INR 310.14 Mn in Q1 FY27, and international revenue was INR 143.83 Mn.^[3]
Geographic sales in FY25: India 3,640.60 and outside India 2,303.79 (Rs Mn).^[2]
Order book of 5,327 Mn at 31 Mar 2025: 62% water, 15% CBG, 23% O&M.^[2]

Products and technologies

H-Xtreme, a non-metallic shell-and-tube heat exchanger launched in FY26, is said to deliver 10% to 25% fuel savings and up to 90% efficiency.^[4][3]
In Q1 FY27 it delivered its first project using Raw Effluent Membranes (REM), developed with NALA Membranes, for the mining, textile and paper industries.^[3]
Roserve is its Water-as-a-Service platform, aimed at recurring, annuity-style revenue.^[3]
Its plan for membrane product sales is INR 850 Mn over three years through distributors; membrane sales were INR 77.5 Mn in FY25.^[4][5]

Operations

It has manufacturing operations in Sharjah, which were disrupted by Middle East tensions in Q4 FY26.^[4]
The FY25 annual report shows capex of 105.05 Mn on a brownfield project at Vasai.^[2]
Debtor days were 186 days in FY26.^[4]

Order book and pipeline

The order book was INR 6,993 Mn at June 30, 2026, up from INR 5,360 Mn in Q4 FY26.^[3][4]
The S&P order book was INR 4,886 Mn in Q1 FY27, up from INR 3,346 Mn in Q4 FY26.^[3]
The opportunity pipeline was INR 32,000 Mn in Q1 FY27 vs INR 30,000 Mn in Q4 FY26.^[3][4]
Total contract value (TCV) of the order book, including long-term O&M, was INR 8,280 Mn at 31 March 2026.^[4]
The FY27 order intake target is about INR 1,000 Cr; about INR 200 Cr was achieved in Q1 FY27.^[3]

Customers and markets

INR 1,430 Mn of steel ZLD orders were signed in Q1 FY27, including INR 1,260 Mn from India's largest steel manufacturer.^[3]
Its first ZLD order from Europe (~EUR 600,000) is for critical mineral recovery from metal slag; revenue is expected in Q3 FY27.^[3]
Its CBG projects include one for Diageo Mexico (tequila vinasse) and one for a pharma company in Tamil Nadu.^[5]
It has a nuclear seawater desalination order (INR 36 Cr, Visakhapatnam), with commissioning targeted in Q4 FY27.^[4]
The FY25 annual report names customer concentration as a risk, with the top 10 customers contributing a substantial portion of FY25 revenue.^[2]

Investments and expansion

In Q1 FY27 it invested USD 575,000 for a stake of under 2% in WaHa, gaining exclusive India and UAE rights for atmospheric water generation.^[3]
In FY26 it invested USD 2 Mn for a minority stake in a US-based polymer company, its second US technology investment.^[4]
In FY26 it acquired Pathak Utility Pvt Ltd to build credentials in government and EPC O&M work.^[4]
A 7.5 TPD CO2 carbon capture demonstration project is planned, with commercial revenue expected from H2 FY27.^[5]

Recent developments

On 01 Oct 2026, subsidiary Rochem Separation Systems received orders worth Rs 14.25 Cr from a Solar PV module maker for water and wastewater systems in Hyderabad.^[6]
Middle East supply chain disruption reduced Q1 FY27 revenue by about INR 50-55 Cr.^[3]
In FY26 it secured an INR 800 Mn 10-year O&M contract, its largest ever.^[4]

Market Cap

₹479 Cr

High / Low

₹499 / 235

Stock P/E

-74.1

Price / Book

0.9

Book Value

₹276

EPS

₹9.6

No. of Shares

2.07 Cr

ROCE

6.7%

ROE

3.6%

OPM

8.2%

Debt / Equity

0.26

Sales

₹558 Cr

Net Profit

₹20 Cr

Promoter holding

51.4%

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