Concord Enviro Systems Limited (CEWATER)

About

Concord Enviro Systems Limited operates in waste management within the utilities sector. The ₹569.25 Cr market cap company operates through parent and subsidiary entities, with consolidated quarterly revenues ranging from ₹85–₹206 Cr in recent periods. Recent results are volatile, with a consolidated loss of ₹17.57 Cr in Jun 2026.

Face value: ₹5

Market cap

₹525 Cr

P/E

—

P/B

0.9×

Dividend yield

0%

ROE

3.6%

ROCE

8.2%

Debt / equity

0.26

OPM

6.6%

EPS (TTM)

₹-3.4

Book value

₹276.1

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Jun 2026 consolidated loss of ₹17.57 Cr with -17.5% OPM represents severe margin compression; verify root causes and whether this reflects execution shortfalls, competitive pressure, or adverse project mix
Quarterly OPM volatility ranging from -17.5% to 10.94% suggests execution or project-cycle dependency; verify contract terms, cost structure, and pipeline visibility
Stock down 49.22% in 1 year and trading ₹294 below 52-week peak; verify if recent loss is temporary or signals structural deterioration
ROE of only 3.58% indicates poor capital returns; verify if this reflects temporary losses or persistent competitive disadvantage

Generated analysis · source review pending

Growth drivers

Mar 2026 consolidated revenue of ₹206.04 Cr, highest in recent quarters shown, demonstrates execution capability; verify whether contract pipeline supports sustaining this scale
Low D/E ratio of 0.26 provides balance-sheet capacity for growth; verify capital deployment plans and whether leverage headroom is being used for expansion
Waste management is a utilities infrastructure service; verify if regulatory evolution, urbanization, or industrial demand are expanding the addressable market and contract pipeline

Generated analysis · source review pending

433 historical price candles were omitted because the exchange source has not been verified.

₹253.5-2.4%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 9.5% (3-yr avg)
−Thin operating margin of 6.6%

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 22
Growth: 0
Valuation: 50

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Refex Industries LimitedREFEXREFEX	₹3,722 Cr	₹3,884 Cr	₹2,853 Cr	₹427 Cr	15.7%	₹246 Cr	9%	23.2%	15%	65
Ems LimitedEMSLIMITEDEMSLIMITED	₹1,840 Cr	₹1,994 Cr	₹651 Cr	₹111 Cr	19.2%	₹68 Cr	12.4%	12.7%	8.9%	332
Antony Waste Handling Cell LimitedAWHCLAWHCL	₹1,009 Cr	₹1,435 Cr	₹1,067 Cr	₹187 Cr	19.5%	₹58 Cr	8.7%	11.6%	10.8%	-3,362
Eco Recycling LtdECORECOECORECO	₹750 Cr	₹750 Cr	₹48 Cr	₹29 Cr	59.7%	₹24 Cr	49.3%	—	—	—
Concord Enviro Systems LimitedCEWATERCEWATER	₹525 Cr	₹676 Cr	₹541 Cr	₹16 Cr	6.6%	₹-7 Cr	3.5%	8.2%	3.6%	244
VVIP Infratech LtdVVIPILVVIPIL	₹357 Cr	—	₹346 Cr	₹72 Cr	20.7%	₹30 Cr	8.7%	—	—	—
Organic Recycling Systems LtdORGANICRECORGANICREC	₹209 Cr	₹244 Cr	₹44 Cr	₹7 Cr	15%	₹4 Cr	9.2%	2.8%	2.7%	297
Race Eco Chain LimitedRACERACE	₹196 Cr	₹286 Cr	₹653 Cr	₹15 Cr	2.3%	₹8 Cr	1.2%	16.9%	10%	43
GEM Enviro Management LtdGEMENVIROGEMENVIRO	₹81 Cr	—	₹96 Cr	₹5 Cr	5.6%	₹5 Cr	4.9%	—	—	—
EP Biocomposites LtdEPBIOEPBIO	₹15 Cr	—	₹14 Cr	₹2 Cr	16.4%	₹1 Cr	10.7%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	497	594	558
COGS	222	298	293
Gross profit	275	296	265
	158	204	230
	118	92	35
OPM %	23.7%	15.4%	6.4%
Depreciation	16	11	17
Interest	17	21	21
	15	-2	25
Profit before tax	44	58	23
Tax	3	6	3
Tax %	5.8%	10.9%	12.9%
	41	51	20
PAT margin %	8.3%	8.7%	3.5%
EPS (₹)	22.8	23.7	9.6
EPS adjusted (₹)	22.8	24.9	9.6
Annual report	—	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9	9	10	10
Reserves	—	313	523	561
	—	153	131	151
	—	152	184	229
Total equity & liabilities	—	628	849	952
	139	104	107	136
CWIP	—	1	4	3
Investments	—	60	66	93
	—	463	672	720
Total assets	—	628	849	952

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	-35	5	-23
	-3	-122	53
	-4	125	-1
Net cash flow	-42	7	28
Free cash flow	-45	-21	-44
CFO / Operating profit %	-29.5%	5.1%	-63.2%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: -6%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: -62%

Return on equity

7 years: —
5 years: —
3 years: 9%
Last year: 4%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.4%	49.8%	47.5%
EBITDA margin %	23.7%	15.7%	6.6%
EBIT margin %	20.4%	13.8%	3.6%
PAT margin %	8.3%	8.7%	3.5%
Working capital
Receivable days	126	107	173
Inventory days	254	211	274
Payable days	191	167	202
NWC days	189	151	244
Leverage
Current ratio	1.62	2.13	2.08
Debt to EBITDA	1.3	1.4	4.13
Debt to equity	0.47	0.24	0.26
Interest coverage	6.9	4.2	2.3
Asset turnover	0.79	0.7	0.59
Return ratios
Return on assets %	6.6%	6.1%	2.1%
Return on capital employed %	32.4%	18.9%	8.2%
Return on equity %	12.8%	9.6%	3.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	51.39%	51.39%	51.39%	51.39%	51.39%	51.43%	51.43%	51.43%
	5.86%	3.61%	1.59%	0.96%	0.94%	0.26%	1.28%	0.37%
	11.38%	14.94%	15.42%	12.2%	11.3%	10.67%	7.25%	7.21%
Government	0%	0%	0%	0%	0%	0%	0%	0%
	31.37%	30.06%	31.6%	35.45%	36.37%	37.64%	40.04%	40.99%
No. of shareholders	—	—	—	—	54,564	51,508	49,708	49,680

Promoter holding up 0.04 percentage points since Sep 2024.

41 deals · 27 Dec 2024 – 19 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Mar 2026	ROSHANI JIGNESH SHAH	Bulk	NSE	Sell	1,04,000	₹269.91	₹2.81 Cr
14 Feb 2025	SETU SECURITIES PVT LTD	Bulk	NSE	Buy	1,73,504	₹524.25	₹9.10 Cr
14 Feb 2025	PGIM INDIA EQUITY GROWTH OPPORTUNITIES FUND SERIES I	Bulk	NSE	Sell	1,60,000	₹529.90	₹8.48 Cr
14 Feb 2025	SETU SECURITIES PVT LTD	Bulk	NSE	Sell	1,30,105	₹523.40	₹6.81 Cr
14 Feb 2025	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	1,24,465	₹524.34	₹6.53 Cr
14 Feb 2025	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	55,715	₹522.35	₹2.91 Cr
20 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,63,118	₹740.75	₹12.08 Cr
20 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,63,118	₹742.35	₹12.11 Cr
13 Jan 2025	ROSHANI JIGNESH SHAH	Bulk	NSE	Buy	1,08,000	₹657.29	₹7.10 Cr
2 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,61,447	₹789.88	₹12.75 Cr

1–10 of 41

1 / 5

Mr. Prayas GoelExecutive Director-Chairperson related to Promoter-MD
Mr. Prerak GoelExecutive Director
Ms. Namrata GoelNon-Executive - Non Independent Director
Ms. Kamal ShanbhagNon-Executive - Independent Director
Mr. Prakash ShahNon-Executive - Independent Director
Mr. Shiraz BugwadiaNon-Executive - Independent Director
Mrs. Jyoti Nikunj ChawdaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

1

across 1 fund houses

Held by these funds

1.7%

of the company's equity

All mutual funds

6.95%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
Portfolio of Kotak Infrastructure & Economic Reform FundNEW	Kotak Mahindra Mutual Fund	3.52 L	9.49	0.38%	1.7%	—

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

1

Annual Report FY2025from bse Summary

Investor Presentation and earnings call

5

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

45 announcementsExport CSV

1 Oct 2026, 5:42 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

28 Sept 2026, 1:09 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

22 Sept 2026, 6:17 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Aug 2026, 5:31 pmCompany Update

Dispatch Of Letter To Shareholders Whose E-Mail Addresses Are Not Registered With Company/Registrar & Transfer Agent/Depository Participants

General PDF

29 Aug 2026, 5:21 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

28 Aug 2026, 5:17 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

28 Aug 2026, 5:00 pmAGM/EGM

Notice Of The 27Th Annual General Meeting Of Concord Enviro Systems Limited For The Financial Year 2025-26

AGM PDF

17 Aug 2026, 1:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:42 pm	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
28 Sept 2026, 1:09 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Concord Enviro Systems Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Announcements

Annual reports

Investor Presentation and earnings call

1

1