Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹685Cr
Pollution Control Equipment
Rev Gr TTM
Revenue Growth TTM
-4.91%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

CEWATER
VS
| Quarter | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | | | 66.3 | -0.3 | 3.4 | -0.3 | -22.9 | 1.4 |
| 75 | 100 | 160 | 99 | 135 | 119 | 148 | 103 | 117 | 120 |
Operating Profit Operating ProfitCr |
| 23.4 | 18.9 | 19.9 | 3.2 | 16.9 | 3.0 | 28.5 | -0.9 | 6.1 | 3.5 |
Other Income Other IncomeCr | 1 | 7 | 6 | 1 | 1 | -1 | 2 | 15 | 6 | -2 |
Interest Expense Interest ExpenseCr | 5 | 4 | 4 | 5 | 5 | 6 | 6 | 5 | 5 | 6 |
Depreciation DepreciationCr | 6 | 5 | 3 | 2 | 3 | 3 | 3 | 4 | 4 | 4 |
| 12 | 21 | 40 | -3 | 21 | -6 | 52 | 6 | 5 | -8 |
| 0 | 2 | 3 | 0 | 2 | 1 | 3 | 1 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | | | | | 39.5 | -146.1 | 68.0 | 194.3 | -74.0 | 4.4 |
| 12.7 | 15.1 | 14.0 | -4.3 | 10.7 | -7.0 | 22.8 | 4.0 | 3.6 | -6.6 |
| 6.8 | 10.2 | 10.9 | -2.4 | 9.5 | -5.1 | 22.8 | 2.5 | 2.2 | -4.0 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 28.7 | -9.3 | -5.3 | 4.2 | 44.8 | 19.6 | -6.0 |
| 228 | 310 | 286 | 276 | 300 | 379 | 501 | 489 |
Operating Profit Operating ProfitCr |
| 23.5 | 19.2 | 17.7 | 16.2 | 12.5 | 23.7 | 15.7 | 12.5 |
Other Income Other IncomeCr | 3 | 2 | 5 | 9 | 8 | 14 | 3 | 21 |
Interest Expense Interest ExpenseCr | 28 | 41 | 19 | 19 | 19 | 17 | 21 | 21 |
Depreciation DepreciationCr | 22 | 22 | 25 | 25 | 24 | 16 | 11 | 15 |
| 23 | 12 | 23 | 19 | 8 | 99 | 64 | 55 |
| 7 | 5 | 3 | 2 | 2 | 3 | 6 | 3 |
|
| | -50.4 | 143.8 | -14.0 | -66.7 | 1,651.7 | -39.5 | -18.3 |
| 5.3 | 2.0 | 5.5 | 5.0 | 1.6 | 19.3 | 9.8 | 8.5 |
| 257.3 | 127.6 | 321.6 | 9.1 | 3.0 | 22.8 | 27.3 | 23.5 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 0 | 0 | 0 | 0 | 9 | 9 | 10 | 10 |
| -35 | -21 | -11 | 268 | 272 | 313 | 523 | 539 |
Current Liabilities Current LiabilitiesCr | 191 | 501 | 450 | 189 | 245 | 269 | 291 | 342 |
Non Current Liabilities Non Current LiabilitiesCr | 257 | 40 | 79 | 79 | 66 | 36 | 24 | 23 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 284 | 364 | 333 | 327 | 373 | 437 | 617 | 714 |
Non Current Assets Non Current AssetsCr | 129 | 157 | 185 | 210 | 220 | 191 | 231 | 202 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 44 | 14 | 62 | 49 | 117 | -35 | 5 |
Investing Cash Flow Investing Cash FlowCr | -24 | -12 | -22 | -28 | -50 | -3 | -122 |
Financing Cash Flow Financing Cash FlowCr | -23 | -1 | -33 | -12 | -27 | -4 | 125 |
|
Free Cash Flow Free Cash FlowCr | 29 | 0 | 41 | 21 | 113 | -45 | -21 |
| 278.2 | 175.2 | 325.2 | 297.6 | 2,138.9 | -36.1 | 8.2 |
CFO To EBITDA CFO To EBITDA% | 63.1 | 18.7 | 101.4 | 91.7 | 272.9 | -29.5 | 5.1 |
| Financial Year | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 0 | 0 | 1,024 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 19.9 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.7 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 |
| 4.6 | 5.3 | 5.6 | 2.7 | 2.0 | 1.1 | 11.5 |
Profitability Ratios Profitability Ratios |
| 57.2 | 53.9 | 51.1 | 58.0 | 57.7 | 55.4 | 49.8 |
| 23.5 | 19.2 | 17.7 | 16.2 | 12.5 | 23.7 | 15.7 |
| 5.3 | 2.0 | 5.5 | 5.0 | 1.6 | 19.3 | 9.8 |
| 16.8 | 14.0 | 11.7 | 8.4 | 5.8 | 24.0 | 12.7 |
| -45.3 | -38.9 | -179.1 | 6.1 | 1.9 | 29.8 | 10.9 |
| 3.8 | 1.5 | 3.7 | 3.1 | 0.9 | 15.3 | 6.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Concord Enviro Systems Ltd., headquartered in Mumbai, India, is a global leader in industrial water and wastewater treatment solutions, specializing in **Zero Liquid Discharge (ZLD)** and **Compressed Biogas (CBG)** technologies. Founded in 1999 (with operational roots dating back to 1992), the company has evolved into a fully integrated, technology-driven provider of sustainable water management systems. It operates under multiple brands and serves a diverse global clientele across 14 countries and five continents.
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### **Core Capabilities & Business Model**
Concord Enviro offers **end-to-end solutions** across the entire water and waste lifecycle:
- **Design, engineering, manufacturing, installation, commissioning, and digital monitoring**
- **Backward-integrated manufacturing** ensures control over key components, particularly membranes and system modules.
- **IoT-enabled digital platforms** provide real-time monitoring, predictive maintenance, and optimization of water systems.
#### **Business Segments:**
1. **Systems & Plants**
Turnkey solutions including:
- Effluent Treatment Plants (ETP)
- Sewage Treatment Plants (STP)
- Zero Liquid Discharge (ZLD) systems
- Anaerobic Digesters & Biogas Plants
- Desalination & RO Systems (including Ultra-High Pressure RO)
2. **Consumables & Spare Parts**
Supply of proprietary membranes, plant chemicals, filtration units, and mechanical/electrical components.
3. **Operations & Maintenance (O&M)**
Long-term service contracts for its own and third-party systems, including **rehabilitation, performance optimization, and digitalization**.
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### **Strategic Brands**
- **Concord Enviro**: Global brand delivering integrated water and wastewater solutions.
- **Rochem**: Flagship brand catering to Indian industrial customers.
- **Roserve**: "Pay-Per-Use" model enabling clients to access water treatment systems with **no upfront capital (OPEX-based pricing)**.
- **Reva Enviro**: Specializes in **biological treatment and anaerobic digestion technologies**.
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### **Technology & Innovation**
#### **Proprietary Technologies**
- **5 Proprietary Membranes**: Developed for specific industries and applications, focusing on energy efficiency, durability, and sustainability.
- **Ultra-High-Pressure Reverse Osmosis (UHPRO)**: **First introduced in India by Concord**, this technology reduces energy consumption by ~30% and enables 95–97% lower energy use in ZLD systems versus conventional methods.
- **Waste Heat Evaporator (WHE)**: Corrosion-resistant, modular, and energy-efficient alternative to traditional multi-effect evaporators.
- **Plastic-Based Heat Exchangers**: In development—**non-corrosive, durable, low-lifecycle-cost** alternative to stainless steel systems.
- **Raw Effluent Membrane (REM)**: Successfully piloted; capable of treating raw effluent without extensive pre-treatment.
- **Proprietary Silica-Reducing Chemical Mix**: Reduces chemical usage and sludge generation in effluent treatment.
#### **R&D Leadership**
- **31-member in-house R&D team** based in Vasai, Maharashtra.
- **9 granted Indian patents; 21 pending** (as of Aug–Nov 2025).
- Focus areas: membrane design, system efficiency, process innovation, green ZLD, and industrial circularity.
- Collaborations with U.S. firms: Licensing of **Printed Spacer Membrane Elements** and **Raw Effluent Membranes (REM)**.
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### **Market Leadership & Competitive Advantage**
- **#1 ZLD Solution Provider in India by Revenue (FY25)**; holds **~43.4% market share**.
- **India’s leading manufacturer** of offshore desalination systems.
- **First principles engineering approach**: Designs systems from the ground up for cost, efficiency, and safety—**not assembled from off-the-shelf parts**.
- **Lowest operational cost (OPEX)** for clients: Achieved through energy-efficient design, in-house manufacturing, and advanced membranes.
- High **customer retention**: All **Top 10 clients have relationships exceeding 5 years**; **76.47% of FY25 revenue from repeat orders**.
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### **Manufacturing & Operations**
- **Two backward-integrated manufacturing facilities**:
- **Vasai, Maharashtra (India)**: 96,000 sq. ft. – produces systems, membrane modules, WHEs, and crystallizers.
- Capacity: 11,000 modules/year, 600 systems/year.
- Expansion underway (₹105.05M capex): Will increase membrane output to **2,000 modules/month**.
- **Sharjah, UAE (Concord Enviro FZE)**: 15,000 sq. ft. – manufactures membrane casting, modules, and supports international sales.
- Capacity: 6,000 modules/year.
- New **assembly unit planned** (land leased in Sharjah Free Zone) to produce **containerized plants, WHE modules, and membrane systems**—**targeting Sep 2026 commercial launch**.
- **ISO Certified**: Both facilities are ISO 9001:2015 certified; Sharjah unit also holds ISO 14001:2015 and ISO 45001:2018.
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### **Product & Service Highlights**
- **Turnkey ZLD Systems**: Deliver >95% water recovery; reduce freshwater intake and regulatory compliance costs.
- **Compressed Biogas (CBG) Plants**: Launched in April 2024; leverages in-house anaerobic digester expertise.
- Converts agricultural waste, distillery effluent (e.g., tequila vinasse), food waste, and sewage into clean energy.
- Flagship projects: Diageo Mexico (La Barca), pharmaceutical plant in Tamil Nadu.
- Supported by India’s **SATAT initiative** for clean fuel and energy security.
- **Global ‘Pay-Per-Use’ Model (Roserve)**: Eliminates capex for clients; ideal for volatile production cycles or seasonal industries.
- **Third-Party O&M Services**: Growing rapidly—offering upgrades, digital monitoring, and performance optimization for non-Concord systems.
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### **Markets Served & Geographic Footprint**
- **Industries**: Pharmaceuticals, chemicals, food & beverage, distilleries, automotive, steel, textiles, defense, energy, aerospace, semiconductors, solar PV, and refineries.
- **Global Presence**: 298–300+ clients across **14 countries**, including India, Mexico, UAE, Germany, and the U.S.
- **Export Revenue**: 39% of FY25 revenue from international markets.
- **International Expansion**:
- Entered **U.S. market in FY25**—a major step in long-term global strategy.
- Sales office in Hamburg, Germany; plans for local subsidiaries in high-growth regions.
- Targeting **Latin America, Africa, Middle East, and Southeast Asia**.
---
### **Sustainability & Emerging Sectors**
Concord is positioning itself as a **sustainability enabler** in next-generation industrial technologies:
- **Solar PV**: Developing solutions for **high-strength acid/alkali wastewater** from panel manufacturing.
- **Green Hydrogen**: Supplying **desalination and ultra-pure water systems**; integrating WHE into electrolyser units.
- **Semiconductors**: Providing high-purity water and ZLD systems for wafer fabrication; targeting upcoming Indian fabs.
- **Carbon Capture**: Developing **biological CO₂ capture and membrane separation**; planning a **7.5 TPD demo project (₹12 crore investment, FY26)**.
- **Circular Economy**: Recycles **70 million liters of water daily** across its installations; supports resource recovery of water, salts, and biogas.
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### **Order Book & Financial Highlights (as of Nov 2025)**
- **Total Order Book**: ₹5,354 million (Sept 30, 2025), up from ₹5,327 million (Mar 31, 2025).
- **ZLD Projects**: 53%
- **CBG Systems**: 15%
- **O&M, Spares, Consumables**: Remainder
- **Pipeline**: Projects worth **₹2,500–2,700 crores** in advanced discussions; strong conversion expected.
- **Membrane Sales**:
- FY25: ₹77.5 million (via distributor model)
- FY26 target: ₹300 million
- 3-year target: ₹850 million
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### **Recent Milestones (FY25–FY26)**
- Commissioned first **project in Mexico** (July 2025) for Diageo—showcasing international scalability.
- Secured major O&M contracts: ₹800 million (listed Indian client), ₹125 million (Mexico).
- Launched **Raw Effluent Membrane (REM)**; field trials successful.
- **Listed on NSE and BSE in 2024**—enabling greater access to capital and visibility.
- Brownfield expansion at Vasai facility underway; new Sharjah plant construction in progress.
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### **Investment in Growth**
- **Sharjah Assembly Unit**: ₹250 million investment, aimed at enhancing global delivery and responsiveness.
- **R&D Expansion**: Active development in **product concentration, process separation, and green hydrogen integration**.
- **Sales & Partnerships**: Collaborating with international EPCs, consultants, and local distributors to expand global reach.
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