Environmental Services · Founded 1999 · www.concordenviro.in · BSE 544315 · NSE CEWATER · ISIN INE037Z01029
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Business
Concord Enviro Systems Ltd. (CEWATER) is an Indian company primarily engaged in providing comprehensive environmental solutions, with a strong focus on water and wastewater management. Its core business involves the design, engineering, procurement, construction (EPC), and operation & maintenance (O&M) of various water and wastewater treatment plants. This includes solutions for industrial effluent treatment, municipal sewage treatment, and water recycling/reuse. The company generates revenue through project-based contracts for setting up new facilities and recurring income from O&M services for existing plants.
Revenue Mix
While specific breakdowns are not publicly available without detailed financial reports, the company's revenue typically stems from:
EPC Projects: Design, engineering, supply, installation, and commissioning of water and wastewater treatment infrastructure. This forms a significant portion, especially for large-scale municipal or industrial projects.
Operations & Maintenance (O&M): Long-term contracts for the upkeep, management, and operational efficiency of treatment plants. This provides a more stable, recurring revenue stream.
Specialized Products & Services: Potentially includes sales of proprietary equipment, chemicals, or specialized consulting related to environmental compliance and sustainability.
Industry
The environmental services industry in India, particularly water and wastewater management, is driven by increasing industrialization, urbanization, water scarcity, and stringent environmental regulations. Concord Enviro Systems operates within this growing market, positioning itself as an integrated solution provider. The industry is fragmented, with numerous local players and a few larger, more established companies. CEWATER competes by offering end-to-end solutions, leveraging its project execution capabilities and technical expertise to secure municipal and industrial contracts. Its positioning likely emphasizes reliability, technological solutions, and compliance adherence.
MOAT
Concord Enviro Systems' potential competitive advantages include:
Execution Track Record: A proven history of successfully completing complex EPC projects builds client trust and allows the company to bid for larger contracts.
Technical Expertise: Specialization in various treatment technologies and processes, enabling them to offer customized solutions for diverse client needs.
Client Relationships: Established relationships with industrial clients and government bodies (municipalities) can lead to repeat business and referrals.
Regulatory Compliance: Deep understanding and capability to navigate India's evolving environmental regulations, which is crucial for clients.
Integrated Offerings: Ability to provide both EPC and O&M services, offering a comprehensive solution that can be attractive to clients seeking single-point responsibility.
Growth Drivers
Government Initiatives: Schemes like the Swachh Bharat Abhiyan (Clean India Mission), Jal Jeevan Mission, and Namami Gange program, which emphasize water and wastewater infrastructure development.
Stricter Environmental Regulations: Increasing enforcement of pollution control norms by regulatory bodies (e.g., CPCB, SPCB) compels industries to invest in treatment facilities.
Industrial Expansion: Growth in manufacturing and other industrial sectors generates more wastewater, requiring treatment solutions.
Urbanization & Population Growth: Rising urban populations increase demand for municipal water supply and sewage treatment infrastructure.
Water Scarcity: Growing awareness and necessity for water recycling and reuse drives demand for advanced treatment technologies.
Risks
Project Execution Risk: Delays, cost overruns, or failure to meet performance specifications on large projects can impact profitability and reputation.
Client Payment Delays: Especially prevalent in government/municipal projects, leading to working capital strain.
Intense Competition: The presence of numerous domestic and international players can lead to pricing pressure and margin erosion.
Regulatory & Policy Changes: Sudden shifts in environmental policies or government spending priorities can affect demand for services.
Raw Material Price Volatility: Fluctuations in the cost of construction materials (steel, cement) and specialized equipment can impact project margins.
Technology Obsolescence: Rapid advancements in treatment technologies require continuous investment in R&D and skill upgrades.
Management & Ownership
Concord Enviro Systems Ltd. is likely promoter-led, common for many Indian companies. The quality of management would depend on their experience in the environmental sector, track record of project execution, financial prudence, and corporate governance standards. Ownership typically includes the promoter group, institutional investors, and public shareholders.
Outlook
Concord Enviro Systems operates in a fundamentally strong growth sector in India, driven by essential needs and regulatory tailwinds. The increasing focus on sustainability, water conservation, and pollution control provides a robust demand environment for its services. However, the business is capital-intensive, project-based, and subject to execution risks, competition, and potential payment delays from clients, particularly in the public sector. The company's ability to consistently secure and execute profitable contracts, manage working capital effectively, and adapt to technological advancements will be key determinants of its long-term success.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 200 | 103 | 162 | 123 | 207 | 102 | 125 | 125 | 206 | 85 |
| Other Income | 7 | 1 | 2 | 1 | 3 | 15 | 6 | 4 | 5 | 6 |
| Total Income | 207 | 104 | 163 | 124 | 210 | 117 | 131 | 129 | 211 | 92 |
| Total Expenditure | 160 | 99 | 135 | 121 | 148 | 103 | 117 | 120 | 188 | 100 |
| Operating Profit | 47 | 5 | 29 | 3 | 62 | 14 | 14 | 8 | 23 | -9 |
| Interest | 4 | 5 | 5 | 6 | 6 | 5 | 5 | 6 | 6 | 5 |
| Depreciation | 3 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | 5 | 0 |
| Profit Before Tax | 40 | -2 | 21 | -6 | 53 | 6 | 5 | -7 | 18 | -19 |
| Provision for Tax | 3 | 0 | 2 | 1 | 3 | 1 | -0 | -0 | 3 | -3 |
| Profit After Tax | 37 | -3 | 19 | -6 | 49 | 5 | 5 | -7 | 15 | -16 |
| Adjustments | -9 | -2 | -2 | -2 | -2 | -1 | -1 | -2 | -0 | -1 |
| Profit After Adjustments | 28 | -4 | 17 | -9 | 47 | 4 | 4 | -8 | 14 | -18 |
| Adjusted Earnings Per Share | 15.4 | -2.4 | 9.5 | -4.1 | 22.8 | 2 | 2.2 | -4 | 6.8 | -8.5 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 298 | 383 | 348 | 329 | 343 | 497 | 594 | 558 | 541 |
| Other Income | 2 | 2 | 7 | 8 | 7 | 15 | 5 | 28 | 21 |
| Total Income | 300 | 386 | 355 | 338 | 350 | 512 | 599 | 586 | 563 |
| Total Expenditure | 226 | 309 | 287 | 275 | 299 | 378 | 500 | 520 | 525 |
| Operating Profit | 74 | 77 | 68 | 63 | 52 | 134 | 99 | 65 | 36 |
| Interest | 30 | 43 | 21 | 20 | 20 | 18 | 22 | 22 | 22 |
| Depreciation | 22 | 22 | 25 | 25 | 24 | 16 | 11 | 17 | 18 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 22 | 12 | 23 | 19 | 8 | 99 | 64 | 26 | -3 |
| Provision for Tax | 7 | 5 | 3 | 2 | 2 | 3 | 6 | 3 | 0 |
| Profit After Tax | 15 | 8 | 19 | 16 | 5 | 96 | 58 | 23 | -3 |
| Adjustments | 1 | -0 | 1 | 0 | 0 | -55 | -7 | -3 | -4 |
| Profit After Adjustments | 16 | 8 | 20 | 16 | 5 | 41 | 51 | 20 | -8 |
| Adjusted Earnings Per Share | 257.3 | 127.6 | 321.6 | 193.4 | 3 | 22.8 | 24.9 | 9.5 | -3.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | 18% | 10% | 0% |
| Operating Profit CAGR | -34% | 8% | -1% | 0% |
| PAT CAGR | -60% | 66% | 4% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -49% | NA% | NA% | NA% |
| ROE Average | 4% | 17% | 13% | 8% |
| ROCE Average | 7% | 16% | 13% | 14% |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | -35 | -20 | -11 | 269 | 281 | 323 | 534 | 572 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 235 | 5 | 32 | 41 | 33 | 23 | 8 | 4 |
| Other Non-Current Liabilities | 21 | 33 | 46 | 35 | 30 | 14 | 15 | 30 |
| Total Current Liabilities | 198 | 509 | 463 | 200 | 258 | 280 | 293 | 351 |
| Total Liabilities | 419 | 528 | 529 | 545 | 602 | 639 | 861 | 969 |
| Fixed Assets | 79 | 100 | 136 | 149 | 139 | 104 | 107 | 136 |
| Other Non-Current Assets | 49 | 56 | 47 | 57 | 77 | 87 | 124 | 119 |
| Total Current Assets | 291 | 372 | 346 | 338 | 386 | 448 | 614 | 704 |
| Total Assets | 419 | 528 | 529 | 545 | 602 | 639 | 861 | 969 |
| #(Fig in Cr.) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 2 | 3 | 10 | 20 | 60 | 18 | 25 |
| Cash Flow from Operating Activities | 44 | 14 | 62 | 49 | 117 | -35 | 5 | -23 |
| Cash Flow from Investing Activities | -24 | -12 | -22 | -28 | -50 | -3 | -122 | 53 |
| Cash Flow from Financing Activities | -23 | -1 | -33 | -12 | -27 | -4 | 125 | -1 |
| Net Cash Inflow / Outflow | -2 | 1 | 7 | 9 | 41 | -42 | 7 | 28 |
| Closing Cash & Cash Equivalent | 2 | 3 | 10 | 20 | 60 | 18 | 25 | 53 |
| # | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 257.34 | 127.6 | 321.62 | 193.39 | 3.01 | 22.77 | 24.88 | 9.55 |
| CEPS(Rs) | 0 | 480.39 | 0 | 492.45 | 16.39 | 61.76 | 33.62 | 19.02 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | -568.57 | -327.71 | -173.7 | 3142.55 | 154.37 | 177.23 | 257.86 | 276.17 |
| Core EBITDA Margin(%) | 24.04 | 19.42 | 17.49 | 16.62 | 12.93 | 23.95 | 15.92 | 6.74 |
| EBIT Margin(%) | 17.52 | 14.37 | 12.4 | 11.63 | 8.07 | 23.52 | 14.54 | 8.53 |
| Pre Tax Margin(%) | 7.4 | 3.26 | 6.5 | 5.63 | 2.2 | 19.86 | 10.84 | 4.61 |
| PAT Margin (%) | 5.11 | 2.05 | 5.51 | 5 | 1.6 | 19.34 | 9.79 | 4.09 |
| Cash Profit Margin (%) | 12.46 | 7.72 | 12.65 | 12.74 | 8.69 | 22.62 | 11.71 | 7.06 |
| ROA(%) | 3.63 | 1.66 | 3.63 | 3.07 | 0.96 | 15.49 | 7.76 | 2.49 |
| ROE(%) | 0 | 0 | 0 | 12.82 | 2 | 31.85 | 13.59 | 4.13 |
| ROCE(%) | 18.79 | 17.77 | 12.34 | 10.21 | 6.87 | 26.33 | 15.16 | 6.86 |
| Receivable days | 155.52 | 131.08 | 157.77 | 155.48 | 124.62 | 101.83 | 106.01 | 143.31 |
| Inventory Days | 149.01 | 133.07 | 144.72 | 139.69 | 151.17 | 111.63 | 100.29 | 128.34 |
| Payable days | 225.3 | 183.54 | 196.39 | 208.17 | 201.69 | 166.79 | 154.39 | 186.49 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 19.89 | 26.5 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 1.92 | 0.92 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.99 | 0.91 | 1 | 0.3 | 0.17 | 0.26 | 1.79 | 1.09 |
| EV/Core EBITDA(x) | 3.96 | 4.56 | 5.11 | 1.55 | 1.12 | 0.98 | 10.73 | 9.31 |
| Net Sales Growth(%) | 0 | 28.74 | -9.29 | -5.25 | 4.21 | 44.76 | 19.64 | -6.15 |
| EBIT Growth(%) | 0 | 5.57 | -21.74 | -11.13 | -27.72 | 322.13 | -26.06 | -44.91 |
| PAT Growth(%) | 0 | -48.33 | 143.72 | -14.01 | -66.7 | 1651.67 | -39.45 | -60.82 |
| EPS Growth(%) | 0 | -50.42 | 152.06 | -39.87 | -98.44 | 655.23 | 9.28 | -61.63 |
| Debt/Equity(x) | -8.93 | -17.95 | -34.29 | 0.47 | 0.47 | 0.47 | 0.25 | 0.26 |
| Current Ratio(x) | 1.47 | 0.73 | 0.75 | 1.69 | 1.49 | 1.6 | 2.1 | 2.01 |
| Quick Ratio(x) | 0.86 | 0.42 | 0.49 | 1.02 | 0.91 | 1.05 | 1.51 | 1.38 |
| Interest Cover(x) | 1.73 | 1.29 | 2.1 | 1.94 | 1.38 | 6.43 | 3.94 | 2.18 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0.13 | 0.29 |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.39 | 51.39 | 51.39 | 51.39 | 51.39 | 51.43 | 51.43 | 51.43 | 51.43 |
| FII | 5.86 | 3.61 | 1.59 | 0.96 | 0.94 | 0.26 | 1.28 | 0.37 | 0.55 |
| DII | 10.74 | 14.88 | 15.42 | 12.2 | 11.3 | 10.67 | 7.25 | 7.21 | 6.56 |
| Public | 32.01 | 30.12 | 31.6 | 35.46 | 36.37 | 37.64 | 40.04 | 40.99 | 41.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
| FII | 0.12 | 0.07 | 0.03 | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.01 |
| DII | 0.22 | 0.31 | 0.32 | 0.25 | 0.23 | 0.22 | 0.15 | 0.15 | 0.14 |
| Public | 0.66 | 0.62 | 0.65 | 0.73 | 0.75 | 0.78 | 0.83 | 0.85 | 0.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | +18% | +10% | — |
| Operating Profit CAGR | -34% | +8% | -1% | — |
| PAT CAGR | -60% | +66% | +4% | — |
| Share Price CAGR | -49% | — | — | — |
| ROE Average | +4% | +17% | +13% | +8% |
| ROCE Average | +7% | +16% | +13% | +14% |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 51.39 | 51.39 | 51.39 | 51.39 | 51.39 | 51.43 | 51.43 | 51.43 | 51.43 |
| FII | 5.86 | 3.61 | 1.59 | 0.96 | 0.94 | 0.26 | 1.28 | 0.37 | 0.55 |
| DII | 10.74 | 14.88 | 15.42 | 12.2 | 11.3 | 10.67 | 7.25 | 7.21 | 6.56 |
| Public | 32.01 | 30.12 | 31.6 | 35.46 | 36.37 | 37.64 | 40.04 | 40.99 | 41.45 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 |
| FII | 0.12 | 0.07 | 0.03 | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.01 |
| DII | 0.22 | 0.31 | 0.32 | 0.25 | 0.23 | 0.22 | 0.15 | 0.15 | 0.14 |
| Public | 0.66 | 0.62 | 0.65 | 0.73 | 0.75 | 0.78 | 0.83 | 0.85 | 0.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 | 2.07 |
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