Concord Enviro Systems / Q3-FY26

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Negative2026-02-10Back to CEWATER

Revenue

₹125 Cr

verified against source

Revenue YoY

1.4%

reported change

EBITDA

₹4.3 Cr

latest reported figure

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Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY26: 7.7 · Negative source sentiment · 2025-11-06Q2 FY26Q3 FY26: 4.3 · Negative source sentiment · 2026-02-10Q3 FY267.74.3
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Concord Enviro reported a weak Q3 FY26 with revenue of ₹124.6 crore (flat YoY) and EBITDA margin of 3.5%, impacted by project execution delays in Kenya and a BOO project land acquisition. PAT loss widened to ₹8.2 crore due to higher employee costs from new product teams. Management slashed FY26 revenue guidance to ₹600 crore (2% growth), citing SAP reimplementation and extended lead times. EBITDA margin guidance was cut to 10-12% from 15-16%. Positives include a healthy order book, new HX heat exchanger product launch, and strong pipeline in solar PV and steel ZLD. FY27 growth drivers include CBG orders and export traction, but execution risks persist. Key risk: further project slippages could delay margin recovery.

Colored figures show movement against the previous available record.

Guidance to track

  • Management guided to approximately ₹600 crore revenue for FY26, implying ~2% growth, due to project delays and SAP reimplementation.
  • EBITDA margin for FY26 expected between 10-12%, down from earlier 15-16% guidance, due to lower revenue absorption and higher employee costs.
  • Management targets EBITDA margin of 14-16% for FY27, as new product investments start commercializing.
  • A large order in solar PV or steel ZLD is in final negotiation stages, with decision expected within 6 weeks.

Risks flagged

  • Kenya project and BOO land acquisition delays pushed revenues to FY27; similar slippages could recur.
  • EBITDA margin guidance cut to 10-12% due to lower revenue absorption; if FY27 growth disappoints, margins may stay below 14%.
  • Despite 60% coverage for FY27, management refrained from committing to 30-40% growth, citing execution risks.
  • Previous large IGO order impacted working capital; new large orders could increase days if not managed.

Key quotes

  • Given these shifts, SAP reimplementation taking place this quarter and higher engineering lead timeline for large projects currently on order for FY26, we are guiding towards a revenue of approximately 600 cr rupees implying an expected growth of 2% for the year.
  • Our target does remain between the 14 to 16% band for next year.
  • We are currently in the midst of an SAP reimplementation... that is creating some challenges in being able to catch up with execution in Q4.

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