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Africa project delay may extend further
View Risks →Concord Enviro Systems Limited — Q2 FY26
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.
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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.
कॉनकॉर्ड एनवायरो की दूसरी तिमाही (Q2 FY26) कमजोर रही। कंपनी की कमाई ₹124.8 करोड़ रही, जो पिछले साल से 23% कम है। इसकी वजह मेक्सिको प्रोजेक्ट का बड़ा आधार और अफ्रीका के एक प्रोजेक्ट (US$6.7M) में देरी है, जो स्थानीय मंजूरी का इंतजार कर रहा है। कंपनी का मुनाफा (EBITDA) पिछले साल के 16.7% से घटकर 6.2% रह गया, क्योंकि खर्च बढ़ा और काम कम हुआ। शुद्ध मुनाफा (PAT) 76% गिरकर ₹4.5 करोड़ रहा। प्रबंधन ने इस साल की कमाई वृद्धि का अनुमान 18-20% से घटाकर 12-15% कर दिया है। ऑर्डर बुक ₹535 करोड़ है, जिसमें ₹270 करोड़ के ऑर्डर पर बातचीत चल रही है। CBG प्रोजेक्ट्स से दूसरी छमाही में ₹45 करोड़ की कमाई होने की उम्मीद है। लंबी अवधि में 20% वृद्धि का लक्ष्य है, लेकिन फिलहाल प्रोजेक्ट देरी और मुनाफा दबाव चिंता का विषय है।
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Read Transcript →Quarter Snapshot
Order Book
₹535 crore
Flat QoQ
Order book remains stable at ₹535 crore as of Sep 30, 2025, with 53% from ZLD projects and 15% from CBG.
Advanced Discussions Pipeline
₹2,700 crore
N/A
Management highlighted advanced discussions for new projects worth approximately ₹2,700 crore with encouraging conversion prospects.
CBG Revenue Guidance (H2 FY26)
₹45 crore
New segment
CBG projects are expected to contribute about ₹45 crore in revenue over the next two quarters, marking entry into a new segment.
Africa Project Size
$6.7 million
Delayed to FY27
A US$6.7 million Africa project faced approval delays, with only ~$1M expected in Q4 FY26 and balance shifting to FY27.
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Guidance and risk preview
Management revised FY26 revenue growth guidance from 18-20% to around 12-15% due to Africa project delay.
The US$6.7M Africa project is delayed due to pending local approvals; further slippage could impact FY27 revenue.
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