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Concord Enviro Systems Ltd

CEWATER
NSE
331.05
0.47%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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Concord Enviro Systems Ltd

CEWATER
NSE
331.05
0.47%
29 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
685Cr
Close
Close Price
331.05
Industry
Industry
Pollution Control Equipment
PE
Price To Earnings
14.11
PS
Price To Sales
1.23
Revenue
Revenue
559Cr
Rev Gr TTM
Revenue Growth TTM
-4.91%
PAT Gr TTM
PAT Growth TTM
46.65%
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
97123200103162123207102125125
Growth YoY
Revenue Growth YoY%
66.3-0.33.4-0.3-22.91.4
Expenses
ExpensesCr
7510016099135119148103117120
Operating Profit
Operating ProfitCr
232340327459-184
OPM
OPM%
23.418.919.93.216.93.028.5-0.96.13.5
Other Income
Other IncomeCr
17611-12156-2
Interest Expense
Interest ExpenseCr
5445566556
Depreciation
DepreciationCr
6532333444
PBT
PBTCr
122140-321-65265-8
Tax
TaxCr
0230213100
PAT
PATCr
121928-417-94744-8
Growth YoY
PAT Growth YoY%
39.5-146.168.0194.3-74.04.4
NPM
NPM%
12.715.114.0-4.310.7-7.022.84.03.6-6.6
EPS
EPS
6.810.210.9-2.49.5-5.122.82.52.2-4.0

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
298383348329343497594559
Growth
Revenue Growth%
28.7-9.3-5.34.244.819.6-6.0
Expenses
ExpensesCr
228310286276300379501489
Operating Profit
Operating ProfitCr
70746153431189370
OPM
OPM%
23.519.217.716.212.523.715.712.5
Other Income
Other IncomeCr
3259814321
Interest Expense
Interest ExpenseCr
2841191919172121
Depreciation
DepreciationCr
2222252524161115
PBT
PBTCr
231223198996455
Tax
TaxCr
75322363
PAT
PATCr
16819165965848
Growth
PAT Growth%
-50.4143.8-14.0-66.71,651.7-39.5-18.3
NPM
NPM%
5.32.05.55.01.619.39.88.5
EPS
EPS
257.3127.6321.69.13.022.827.323.5

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
0000991010
Reserves
ReservesCr
-35-21-11268272313523539
Current Liabilities
Current LiabilitiesCr
191501450189245269291342
Non Current Liabilities
Non Current LiabilitiesCr
25740797966362423
Total Liabilities
Total LiabilitiesCr
413521518537592628849916
Current Assets
Current AssetsCr
284364333327373437617714
Non Current Assets
Non Current AssetsCr
129157185210220191231202
Total Assets
Total AssetsCr
413521518537592628849916

Cash Flow

Consolidated
Standalone
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
44146249117-355
Investing Cash Flow
Investing Cash FlowCr
-24-12-22-28-50-3-122
Financing Cash Flow
Financing Cash FlowCr
-23-1-33-12-27-4125
Net Cash Flow
Net Cash FlowCr
-217941-427
Free Cash Flow
Free Cash FlowCr
2904121113-45-21
CFO To PAT
CFO To PAT%
278.2175.2325.2297.62,138.9-36.18.2
CFO To EBITDA
CFO To EBITDA%
63.118.7101.491.7272.9-29.55.1

Ratios

Consolidated
Standalone
Financial YearMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
0000001,024
Price To Earnings
Price To Earnings
0.00.00.00.00.00.019.9
Price To Sales
Price To Sales
0.00.00.00.00.00.01.7
Price To Book
Price To Book
0.00.00.00.00.00.01.9
EV To EBITDA
EV To EBITDA
4.65.35.62.72.01.111.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
57.253.951.158.057.755.449.8
OPM
OPM%
23.519.217.716.212.523.715.7
NPM
NPM%
5.32.05.55.01.619.39.8
ROCE
ROCE%
16.814.011.78.45.824.012.7
ROE
ROE%
-45.3-38.9-179.16.11.929.810.9
ROA
ROA%
3.81.53.73.10.915.36.9
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. --- ### **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**. --- ### **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**. --- ### **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)**. --- ### **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**. --- ### **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. --- ### **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. --- ### **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. --- ### **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 --- ### **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. --- ### **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. ---