Financial Performance Highlights - Q4 FY26

  • Revenue from Operations: ₹2,060.44 Mn (vs. ₹2,069.93 Mn in Q4 FY25, -0.5% YoY)
  • Other Income: ₹46.37 Mn (vs. ₹26.81 Mn in Q4 FY25, +73.0% YoY)
  • Total Income: ₹2,106.81 Mn (vs. ₹2,096.74 Mn in Q4 FY25, +0.5% YoY)
  • EBITDA: ₹185.04 Mn (vs. ₹572.93 Mn in Q4 FY25, -67.7% YoY)
  • Profit before Tax: ₹177.84 Mn (vs. ₹519.76 Mn in Q4 FY25, -65.8% YoY)
  • Profit after Tax: ₹146.85 Mn (vs. ₹484.88 Mn in Q4 FY25, -69.7% YoY)
  • Net Profit/Loss after Tax for the Period: ₹141.55 Mn (vs. ₹471.31 Mn in Q4 FY25, -70.0% YoY)

Financial Performance Highlights - FY26

  • Revenue from Operations: ₹5,578.56 Mn (vs. ₹5,944.39 Mn in FY25, -6.2% YoY)
  • Other Income: ₹278.13 Mn (vs. ₹47.24 Mn in FY25, +488.8% YoY)
  • Total Income: ₹5,856.69 Mn (vs. ₹5,991.63 Mn in FY25, -2.3% YoY)
  • EBITDA: ₹366.66 Mn (vs. ₹870.82 Mn in FY25, -57.9% YoY)
  • Profit before Tax: ₹257.13 Mn (vs. ₹644.65 Mn in FY25, -60.1% YoY)
  • Profit after Tax: ₹227.98 Mn (vs. ₹581.93 Mn in FY25, -60.8% YoY)
  • Net Profit/Loss after Tax for the Period: ₹197.57 Mn (vs. ₹514.93 Mn in FY25, -61.6% YoY)

Revenue Breakdown by Segment (FY26)

  • Systems & Plants: ₹3,207.67 Mn (FY25: ₹3,580.02 Mn)
  • Sale of consumables and spare parts: ₹1,032.03 Mn (FY25: ₹1,165.40 Mn)
  • O&M services: ₹1,338.85 Mn (FY25: ₹1,198.98 Mn)

Geographic Revenue Breakdown (FY26)

  • Outside India: ₹1,564.82 Mn (FY25: ₹2,303.79 Mn)
  • Within India: ₹4,013.74 Mn (FY25: ₹3,640.60 Mn)

Balance Sheet Position (as of 31st March 2026)

  • Total Equity: ₹5,715.68 Mn (FY25: ₹5,336.75 Mn)
  • Total Assets: ₹9,518.36 Mn (FY25: ₹8,487.05 Mn)
  • Inventories: ₹2,196.50 Mn (FY25: ₹1,726.66 Mn)
  • Trade Receivables: ₹2,641.33 Mn (FY25: ₹1,739.26 Mn)
  • Cash and Cash Equivalents: ₹532.36 Mn (FY25: ₹251.90 Mn)
  • Borrowings (Current): ₹1,468.73 Mn (FY25: ₹1,226.96 Mn)

Operational Highlights and Challenges

Management Commentary: Executive Director Prerak Goel stated that FY26 was marked by significant external challenges including supply chain disruptions that impacted operational momentum and led to a 6% revenue decline. The company made deliberate investments in strengthening human capital which led to higher overheads.

Key Project Delays Impacting Revenue:

1. Kenya ZLD Project: Delayed due to change of control and capex planning at client's end. Impact: ~₹50 Crore revenue shortfall vs guidance. Expected revival in Q2 FY27.

2. CBG Project: Slow execution due to financial closure and lack of quality feedstock availability. Impact: ~₹40 Crore deferral. Expected completion by Q3 FY27.

3. Middle East Conflict: Supply disruptions from Sharjah manufacturing facility in March resulted in missed deliveries. Impact: ₹43 Crore shortfall in Q4 target for S&P and trading sales.

Order Book Status:

  • Total Contract Value (TCV): ₹8,280 Mn as of 31st March 2026
  • Annual Contract Value (ACV): ₹5,360 Mn as of 31st March 2026
  • Order Pipeline: ₹30,000 Mn as of 31st March 2026
  • The company is L1 for ZLD orders worth ~₹143 Crores, including ~₹126 Crores from one of India's largest steel manufacturers

Strategic Developments and Initiatives

Product Launches & Innovations:

  • H-Xtreme Heat Exchanger: Launched Q3 FY26, using Germany-designed HPC tubes, delivers 10-25% fuel savings and 90% efficiency
  • Raw Effluent Membrane (REM): Completed pilot field trials in Q2 FY26, licensed from US partner
  • Crystallizer: Developed and tested for ZLD solutions, patent filing in process

Expansion & Investments:

  • Acquired stake in Membrane Technology Company (Q3 FY26)
  • Invested $2 Mn equity stake in US-based polymer company (Q3 FY26)
  • Acquired Pathak Utility Pvt Ltd for government and large EPC O&M contract prequalification

New Business Verticals:

  • Forayed into CBG Plant installation (April 2024)
  • Started Third-party O&M division
  • Expanded into Solar PV sector with first orders
  • Entered Waste Pickle Liquor system market for steel industry
  • Roserve - Water-as-a-Service platform scaling meaningfully in Q3 FY26

R&D and Intellectual Property:

  • 9 patents granted in India; 21 additional applications filed
  • R&D team of 31 employees as of December 31, 2025
  • Five new patents granted in 2025

Manufacturing Facilities:

  • Vasai, Maharashtra: 15,000 Sq. ft. built up area
  • Sharjah, UAE: 96,000 Sq. ft. built up area

Market Opportunities

  • Global wastewater treatment market projected to grow at 7.7% CAGR from USD 313.0B in CY23 to USD 452.9B by CY28
  • India's wastewater market expected to expand at 12.0% CAGR from USD 7.3B in FY24 to USD 12.8B by FY29
  • Carbon Capture TAM projected to grow from USD 4.51B in 2025 to USD 14.51B by 2032
  • Global solar PV panels market estimated at USD 170.25B in 2023, expected 7.7% CAGR from 2024 to 2030