Standalone Financial Performance (Rs. in Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹189.32 (Q2 FY26: ₹136.83)
  • Other income: ₹14.69 (Q2 FY26: ₹20.00)
  • Total income: ₹204.01 (Q2 FY26: ₹156.83)
  • Total expenses: ₹193.33 (Q2 FY26: ₹150.75)
  • Profit before tax: ₹10.68 (Q2 FY26: ₹6.08)
  • Tax expense: ₹4.13 (Q2 FY26: tax credit of ₹4.13)
  • Profit after tax: ₹6.55 (Q2 FY26: ₹10.21)
  • EPS: ₹0.32 (Q2 FY26: ₹0.49)

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹314.43 (H1 FY26: ₹249.01)
  • Other income: ₹26.94 (H1 FY26: ₹87.20)
  • Total income: ₹341.37 (H1 FY26: ₹336.21)
  • Total expenses: ₹328.54 (H1 FY26: ₹277.55)
  • Profit before tax: ₹12.83 (H1 FY26: ₹58.66)
  • Tax expense: ₹3.23 (H1 FY26: ₹8.93)
  • Profit after tax: ₹9.60 (H1 FY26: ₹49.73)
  • EPS: ₹0.46 (H1 FY26: ₹2.40)

Standalone Balance Sheet (as of September 30, 2026)

  • Total assets: ₹2,498.35 million (March 31, 2026: ₹2,311.18 million)
  • Equity share capital: ₹103.48 million (unchanged)
  • Other equity: ₹2,084.97 million (March 31, 2026: ₹2,075.17 million)
  • Total equity: ₹2,188.45 million (March 31, 2026: ₹2,178.65 million)
  • Investments in subsidiaries and joint ventures: ₹1,396.14 million (March 31, 2026: ₹1,286.14 million)
  • Cash and cash equivalents: ₹215.52 million (March 31, 2026: ₹479.73 million)

Consolidated Financial Performance (Rs. in Million)

Quarter Ended September 30, 2026:

  • Revenue from operations: ₹1,344.55 (Q2 FY26: ₹1,248.45)
  • Other income: ₹8.91 (Q2 FY26: ₹59.08)
  • Total income: ₹1,353.46 (Q2 FY26: ₹1,307.53)
  • Total expenses: ₹1,372.56 (Q2 FY26: ₹1,257.44)
  • Loss before tax: ₹22.31 (Q2 FY26: profit of ₹48.45)
  • Share of loss from joint ventures: ₹3.21 (Q2 FY26: ₹1.64)
  • Tax expense: ₹14.04 (Q2 FY26: tax credit of ₹4.65)
  • Loss from continuing operations: ₹36.35 (Q2 FY26: profit of ₹53.10)
  • Loss from discontinued operations: ₹4.69 (Q2 FY26: ₹8.19)
  • Net loss: ₹41.04 (Q2 FY26: profit of ₹44.91)
  • EPS from continuing and discontinued operations: ₹(1.99) (Q2 FY26: ₹2.17)

Half Year Ended September 30, 2026:

  • Revenue from operations: ₹2,198.02 (H1 FY26: ₹2,272.37)
  • Other income: ₹19.60 (H1 FY26: ₹209.64)
  • Total income: ₹2,217.62 (H1 FY26: ₹2,482.01)
  • Total expenses: ₹2,423.46 (H1 FY26: ₹2,370.82)
  • Loss before tax: ₹219.41 (H1 FY26: profit of ₹111.19)
  • Share of loss from joint ventures: ₹13.57 (H1 FY26: ₹4.65)
  • Tax income: ₹11.70 (H1 FY26: tax expense of ₹2.06)
  • Loss from continuing operations: ₹207.71 (H1 FY26: profit of ₹104.48)
  • Loss from discontinued operations: ₹9.02 (H1 FY26: ₹18.38)
  • Net loss: ₹216.73 (H1 FY26: profit of ₹86.10)
  • EPS from continuing and discontinued operations: ₹(10.48) (H1 FY26: ₹4.16)

IPO Proceeds Utilization

The company completed its IPO in December 2024, raising ₹1,750.00 million (net of offer expenses of ₹129.24 million). As of September 30, 2026:

  • Total amount utilized: ₹1,195.68 million out of ₹1,620.76 million allocated
  • Unutilized amount: ₹425.08 million, of which ₹424.25 million is temporarily invested in bank deposits

Breakdown of utilization:

  • Investment in CEF for assembly unit: ₹75.35 million utilized of ₹250.00 million allocated
  • Investment in RSSPL for manufacturing expansion: ₹7.50 million utilized of ₹105.05 million allocated
  • Company's plant and machinery: ₹4.84 million utilized of ₹32.07 million allocated
  • Repayment of CEF borrowings: ₹500.00 million fully utilized
  • Working capital for CEF: ₹200.00 million fully utilized
  • Investment in Roserve Enviro JV: ₹0.00 utilized of ₹100.00 million allocated
  • Technology and growth initiatives: ₹209.54 million utilized of ₹235.00 million allocated
  • General corporate purposes: ₹198.45 million utilized of ₹198.64 million allocated

Subsidiaries and Joint Ventures

The consolidated results include:

  • 10 subsidiaries including Rochem Separation Systems, Concord Enviro FZE, and others
  • 4 joint ventures including Roserve Enviro Private Limited and WHE Systems (FZC)
  • The audit report notes that 5 subsidiaries with significant assets (₹4,731.94 million) and 4 joint ventures were reviewed by other auditors

Discontinued Operations

Blue Water Trading & Treatment FZE, a step-down subsidiary, is classified as discontinued operation since February 13, 2025, and is undergoing voluntary liquidation. For H1 FY27, it reported:

  • Total income: ₹0.12 million
  • Loss after tax: ₹9.02 million

Business Segment

The company is primarily engaged in a single business segment of water and wastewater treatment and reuse solutions, including zero liquid discharge technology.

Signature and Authentication

The documents were signed by Prerak Goel, Executive Director (DIN: 00348563), and digitally authenticated.