Concord Enviro Q4 Revenue Flat at INR206 Crores

Revenue from operations: INR206 crores (compared to INR124 crores in Q3 FY26 and INR206 crores in Q4 FY25)
Quarterly growth: 65% quarter-on-quarter, flat year-on-year
EBITDA: INR18.5 crores (compared to INR4.3 crores in Q3 FY26 and INR57.2 crores in Q4 FY25)
Quarterly EBITDA growth: 331% sequentially, decline of 67% year-on-year
EBITDA margin: 9% (compared to 3.5% in Q3 FY26 and 27.7% in Q4 FY25)
Net profit after tax: INR14.1 crores (compared to net loss of INR8.1 crores in Q3 FY26 and net profit of INR47.1 crores in Q4 FY25)

New Product Launches:

Introduced H-Xtreme Heat Exchanger during FY26, showcased at ChemTECH exhibition in Mumbai
Delivers 10-25% fuel savings and up to 90% efficiency by capturing sensible and latent heat
40-50% lighter than conventional systems and fully repairable in the field
Targets emerging applications: solar photovoltaic, green hydrogen, carbon capture, and semi-con

Technology Developments:

Completed pilot field trials of raw effluent membrane technology enabling direct treatment without conventional pre-treatment
Potential to significantly reduce energy consumption, chemical usage, and sludge generation
Entered steel sector with first waste pickle liquor ZLD system
Made USD2 million investment for minority equity stake in US-based polymer company (second US investment after membrane technology company)

Growth Segments:

Solar PV sector: Secured and delivered first order covering ultra-pure water systems and wastewater recycling
Commissioned systems for desalinated water in solar panel cleaning
Received additional orders including Greenfield and efficiency improvement projects
Compressed biogas projects moved from pipeline to execution with strengthened project team
Roserve wastewater-as-a-service platform gaining meaningful traction

Project Delays:

Kenya project delayed due to changes in control and capex planning at client's end
Expected to be implemented in phases with visibility improving in Q2 FY27
Compressed biogas projects slower due to delays in financial closure and lack of timely feedstock availability
Revenue deferral into next financial year

Supply Chain Issues:

Supply chain disruptions in Middle East, particularly Sharjah manufacturing operations
Due to ongoing geopolitical tensions
Missed deliveries in March contributing to revenue shortfall of approximately INR43 crores in Q4
Operations and shipments resumed but continue to experience delays and higher logistics costs
Using Khor Fakkan port instead of Jebel Ali due to regional disruptions

Current order book: INR536 crores
Additional pipeline: INR3,000 crores
L1 status for orders worth INR143 crores (includes order >INR100 crores from one of India's largest steel manufacturers)
Order book breakdown:
Sale of plants (water and CBG): INR334 crores (CBG: ~INR20 crores)
Consumables and spares: INR41.5 crores
Annual O&M order book for FY27: INR160 crores
Total contracted value (including longer-term O&M): INR800 crores

Expect CETP-related orders to start contributing to revenues
Export markets showing strong traction
Solar PV pipeline continues to strengthen
Roserve scaling steadily, reinforcing shift towards annuity-based business model
Order intake target: ~INR1,000 crores for FY27
India S&P business: INR350-400 crores
Export market: INR200-250 crores
Desalination/naval orders: INR150-200 crores
Large EPC projects: INR300 crores

Nuclear order in Vishakhapatnam: Received and in design phase (INR36 crores without taxes)
Execution expected in Q2-Q4 FY27 with commissioning target in Q4
Diageo relationship: Projects under execution in Africa
Uganda orders: Almost executed with some site works happening
Kenya order: Expected to start executing in phases with first phase in July

Working capital-heavy business model
Project-by-project working capital allocation methodology
Dedicated working capital management for large projects (e.g., INR100 crores project)
IPO money primarily invested in fixed deposits as per statutory rules
Investments focused on businesses rather than cash-generating mutual funds

Focus on technological differentiation to impact customer life cycle operating costs
Strategy to pursue industrial organic waste-based CBG projects rather than biomass-dependent projects
Target EBITDA margin of 14-16% for projects, though near-term cost pressures may impact
Employee benefit costs increased due to team strengthening for new product initiatives
Revenue expected to improve from Q2 FY27 onwards as new contracts ramp up

Rochem India: Separate family investment business (INR8-10 crores annual revenue) focused on maintenance chemicals for shipping industry, not part of Concord group
Management expects to capture double-digit market share in the ~USD40 million heat exchanger market