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Revenue
₹125 Cr
verified against source
Revenue YoY
-22.9%
reported change
EBITDA
₹7.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Concord Enviro reported a weak Q2 FY26 with revenue of ₹124.8 crore, down 23% YoY due to a high base from the Mexico project and a delay in an Africa project (US$6.7M) pending local approvals. EBITDA margin compressed to 6.2% (vs 16.7% last year) on lower absorption and higher employee costs. PAT fell 76% to ₹4.5 crore. Management revised FY26 revenue guidance from 18-20% to 12-15% and EBITDA margin guidance down ~100bps to 15-16%. Order book stands at ₹535 crore, with ₹270 crore in advanced discussions. CBG projects are expected to contribute ₹45 crore in H2. Long-term 20% growth aspiration remains, but near-term headwinds from project delays and margin pressure persist. Key risk: further slippage in Africa project execution or order conversion delays.
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Guidance to track
- Management revised FY26 revenue growth guidance from 18-20% to around 12-15% due to Africa project delay.
- EBITDA margin guidance lowered by ~1% from earlier 16-17% to 15-16% for FY26.
- CBG projects expected to contribute about ₹45 crore in revenue over the next two quarters.
- Management reiterated long-term aspiration of 20% revenue growth, though near-term guidance was lowered.
Risks flagged
- The US$6.7M Africa project is delayed due to pending local approvals; further slippage could impact FY27 revenue.
- Despite ₹2,700 crore in advanced discussions, conversion to orders is uncertain and may not materialize as expected.
- While management has shifted to USD-denominated contracts, residual INR/USD exposure remains and could impact margins.
- CBG margins are initially guided at 14-15%, but scalability to 18-20% is unproven and depends on project execution.
Key quotes
- We are revising our FY26 revenue growth guidance from 18 to 20% to now around 12 to 15%.
- We expect about a 1% down from the EBITDA targets that we had set for the year.
- Our core competency is twofold: our IP-backed product solutions and our decades of knowledge in industrial wastewater treatment.
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