Apex Ecotech Limited is an **ISO 9001:2015 certified** environmental engineering firm specializing in high-performance turnkey solutions for water and wastewater management. The company provides an integrated suite of services—from design and engineering to procurement and construction (**EPC**)—enabling industrial and infrastructure clients to achieve stringent regulatory compliance and high resource recovery rates. ### Specialized Technical Suite & High-Impact Solutions Apex Ecotech distinguishes itself through a focus on technically demanding niches, particularly **Zero Liquid Discharge (ZLD)** systems, which allow for **>98% water recovery**. The company’s technology portfolio is designed to minimize both **CAPEX and OPEX** for its clients. * **Water & Wastewater Treatment:** Design and commissioning of **Effluent Treatment Plants (ETP)**, **Sewage Treatment Plants (STP)**, and **Water Treatment Plants (WTP)**. * **Advanced Membrane Technologies:** Deployment of **Ultrafiltration (UF)**, **Membrane Bioreactors (MBR)**, **Nanofiltration (NF)**, and **Reverse Osmosis (RO)**. * **Thermal & Evaporation Systems:** Implementation of **Mechanical Vapor Recompression (MVR)**, **Multi-Effect Evaporators**, and crystallizers for near-zero liquid waste. * **Specialized Processes:** Expertise in **Electrodialysis Reversal (EDR)** and **Electrocoagulation** for treating complex industrial effluents. * **Annuity Services:** Provision of **Operation & Maintenance (O&M)**, long-term service engagements, and in-house supply of specialized **chemicals and spare parts**. ### Operational Scale and Execution Capabilities The company utilizes an end-to-end model that minimizes reliance on third-party vendors, ensuring control over project timelines and quality. * **Human Capital:** A team of over **100 professionals** led by a management team with over **120 years of cumulative experience**. * **Track Record:** Successfully completed **250+ projects** to date. * **Treatment Volume:** Manages an aggregate capacity of **14.5 crore liters per day (LPD)** of water, including **0.55 crore LPD** specifically through high-complexity **ZLD systems**. * **Geographic Footprint:** Headquartered in **Pune** with a major office in **Delhi**; international operations extend to **Vietnam** and **Bangladesh**. * **Strategic Alliances:** Maintains technical collaborations with global industry leaders including **Veolia, DuPont, Grundfos, Pentair, and Suez**. ### Strategic Growth Pillars & Market Evolution Following its **NSE SME IPO in December 2024**, Apex Ecotech has shifted its focus toward larger-scale industrial contracts and digital transformation. * **Scaling "Ticket Size":** The company has transitioned from mid-sized projects to large-scale industrial contracts exceeding **₹100 Crore**. * **Digitalization:** Integrating **AI and digital monitoring** into project operations to enhance value-added services and operational savings for customers. * **Sector Diversification:** Serving over **14 sectors**, including Automobile, Pharma, Beverages, FMCG, Steel, and Chemicals. * **Global Expansion:** Targeting high-potential markets in **Vietnam, Indonesia, and the Middle East** to reduce domestic geographic concentration. ### Key Project Pipeline & Order Book (FY 2025-26) The company entered FY25-26 with a strong opening order book and has since secured landmark contracts that provide high revenue visibility. | Client | Estimated Project Value | Scope of Work | Execution Timeline | | :--- | :--- | :--- | :--- | | **Reliance Consumer Products** | **₹100–125 Crore** | Advanced Water Treatment Plants | **70%** execution in FY25 | | **Larsen & Toubro (L&T)** | **₹45–55 Crore** | Infrastructure/Construction segment | Ongoing | | **CRD Consumer Products** | **₹18–22 Crore** | Consumer Goods segment | Ongoing | | **Bharatiyam Beverages** | **₹10–15 Crore** | Turnkey ETP expansion | Completion by **March 2026** | | **Luminous Power Tech.** | **~₹5.3 Crore** | Industrial Power segment | Ongoing | | **Pragati Power Corp.** | **₹3–5 Crore** | Retrofit using proprietary **UF/MBR membranes** | Ongoing | ### Financial Performance & Capital Structure Apex Ecotech has demonstrated a significant surge in profitability and revenue, supported by a strengthened balance sheet following its public listing. | Particulars | H1 FY26 (Unaudited) | H1 FY25 | YoY Growth | FY25 (Full Year) | FY24 (Full Year) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹32.57 Cr** | **₹21.70 Cr** | **50.09%** | **₹70.96 Cr** | **₹53.08 Cr** | | **EBITDA** | **₹3.00 Cr** | **₹2.08 Cr** | **44.27%** | **₹11.06 Cr** | **₹8.88 Cr** | | **EBITDA Margin** | **9.21%** | **9.58%** | **-37 bps** | **15.58%** | **16.73%** | | **Profit After Tax (PAT)** | **₹2.58 Cr** | **₹1.55 Cr** | **66.01%** | **₹8.56 Cr** | **₹6.63 Cr** | | **PAT Margin** | **7.91%** | **7.15%** | **+76 bps** | **12.06%** | **12.49%** | **Capital Highlights:** * **Debt Status:** Transitioned to a **debt-free** status as of **March 31, 2025**, utilizing IPO proceeds and internal accruals. * **IPO Details:** Raised **₹25.54 crore** in **December 2024** at an issue price of **₹73 per share**. * **Bonus Issue:** Allotted **87,17,400 bonus shares** in a **9:1 ratio** during FY25. * **Liquidity Management:** Increasing borrowing limits to **₹100 Crore** by **April 2026** to support larger project cycles. ### Risk Factors & Contingencies Investors should consider the following risks inherent in the company's operating model: * **Client & Industry Concentration:** A significant portion of revenue is tied to a limited number of industrial sectors, making the company sensitive to specific sectoral downturns. * **Competitive Pressure:** Competes with established players such as **Ion Exchange India Ltd., Thermax India, and Toshiba Water Solutions**. * **Legal Contingencies:** The company is managing disputes regarding interest on late payments to **MSME creditors**, totaling **₹16.01 Lakhs** as of March 2025. * **Litigation:** Ongoing dispute with **M/s Positive Metering Pumps (I) Pvt Ltd**; while an appeal was quashed, the company classifies the interest as a **contingent liability** rather than a provision. * **Market Volatility:** As a recently listed SME, the stock may experience higher volatility. The company has also issued shares at prices lower than the IPO price in the year preceding the listing, which may impact investor sentiment.