Concord Enviro Systems Ltd

NSE: CEWATER BSE: 544315

Incorporated in 1999, Concord Enviro Systems Ltd is in the business of manufacturing and trading of water treatment plant components and providing technical consultancy and design services[1]

₹279

52W: ₹235 — ₹665

PE 95.8 · Book ₹103 · +171% vs book

Market Cap₹578 Cr

Stock P/E95.8Price to Earnings

ROCE3.22%Return on Capital

ROE2.49%Return on Equity

Div. Yield0%Face Value ₹5

Strengths

+Company is almost debt free.
+Company has delivered good profit growth of 43.2% CAGR over last 5 years

Weaknesses

−Stock is trading at 2.71 times its book value
−Though the company is reporting repeated profits, it is not paying out dividend
−Company has a low return on equity of -1.39% over last 3 years.
−Contingent liabilities of Rs.188 Cr.
−Earnings include an other income of Rs.12.6 Cr.

Shareholding Pattern

Promoters51.43%

FIIs1.28%

DIIs7.25%

Public40.05%

Category	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.39%	51.39%	51.39%	51.39%	51.43%▲0.0	51.43%
FIIs	3.62%	1.59%▼2.0	0.95%▼0.6	0.94%▼0.0	0.26%▼0.7	1.28%▲1.0
DIIs	14.94%	15.42%▲0.5	12.2%▼3.2	11.3%▼0.9	10.67%▼0.6	7.25%▼3.4
Public	30.07%	31.6%▲1.5	35.46%▲3.9	36.38%▲0.9	37.65%▲1.3	40.05%▲2.4

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	7.34	13.91	16.69	8.29	15.05	11.56	21.68	11.22	13.68	13.34
Expenses	7.94	12.51	18.06	8.32	14.63	11.45	21.6	12.62	14.99	14.52
Operating Profit	-0.6	1.4	-1.37	-0.03	0.42	0.11	0.08	-1.4	-1.31	-1.18
OPM %	-8.17%	10.06%	-8.21%	-0.36%	2.79%	0.95%	0.37%	-12.48%	-9.58%	-8.85%
Net Profit	-0.33	1.88	-1.11	0.23	0.65	0.38	1.88	3.95	1.02	-0.42
EPS ₹	-0.18	1.03	-0.61	0.13	0.36	0.18	0.91	1.91	0.49	-0.2

AI Insights

Revenue Trend

TTM revenue at ₹59.92Cr, up 5.9% YoY. OPM at -6.36%.

Debt Position

Borrowings at ₹2.41Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1.94Cr (206% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 7.25% (-7.69pp change). FIIs: 1.28% (-2.34pp change). Promoters hold 51.43%.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 3.22% (Mar 2025). Working capital days: -36.51.

Valuation

PE 95.8x with 3.22% ROCE. Price is 171% above book value of ₹103. Dividend yield: 0%.