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 l...
bearish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Can EBITDA margins recover to double digits in H2 and 14-16% for FY26?
Asked by Balas Subramanium, Arhand Capital
Management gave specific margin and revenue growth ranges, directly addressing the question.
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Question
whether we can able to achieve double digit margins in H2 and we can able to maintain nearly 14 to 16% kind of margin in overall in FA26.
Management (unidentified)
we should be between the 15 to 16% given the projections... we should be in that 12 to 15% sort of a revenue growth range.
Partial answer
High priority
What is the timeline and scalability of CBG projects?
Asked by Balas Subramanium, Arhand Capital
Provided revenue timeline but margin and scalability details were vague.
no specific margin number givenscalability not quantified
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Question
what is the current timeline for revenue recognitions from your initial CPG projects and with a target of 3 to five industrial projects per year maybe 100 crore kind of potential what is the scalability and margin profile of this segment?
Management (unidentified)
we have penciled in about a 45 plus CR top line in the next two quarters... margin profile... relatively similar in terms of a bit contribution to our
Partial answer
High priority
Why is order book flat at 535 cr and what is the inquiry pipeline?
Asked by Balas Subramanium, Arhand Capital
Described pipeline strength but did not address why order book is flat or give numbers.
no explanation for flat order bookno quantification of pipeline
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Question
order book remains flat nearly 535 cr and how this order book usabilities and what is the inquiries especially in domestic and production marketers...
Management (unidentified)
India is seeing a very strong focus... inquiry pipeline that we're getting from large corporates... is very very strong.
Partial answer
Medium priority
What is the conversion rate and timeline for the nuclear sector L1 order?
Asked by Balas Subramanium, Arhand Capital
Gave timeline for this specific order but did not answer conversion rate question.
conversion rate not provided
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Question
what has been your conversion rate from year one into the final awarded year? Is there any timeline for this process in the government or PSU sector?
Management (unidentified)
it's generally about a two-month process for the government to kind of convert that into an order. So we are currently expecting this to materialize end of November early December.
Evasive
Medium priority
What is the commercial target for the 7.5 TPD carbon capture project?
Asked by Balas Subramanium, Arhand Capital
Provided timeline but no specifics on commercial model or milestones.
no commercial targets givenno milestones specifieddeferred to future updates
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Question
what is a targeted commercial in this business in terms of sale of systems carbon credit sharing and services side and what are the key regulatory or technological milestones?
Management (unidentified)
the deployment of the first commercial pilot is going well and in Q4 we should be stabilizing that pilot. Consequently we expect kind of revenue to come in in H2 of FY27 from there on.
Answered
High priority
What is your core competency vs global membrane players?
Asked by Kunal Ochi Ramani, Alpha Alternators
Clearly explained two core competencies without evasion.
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Question
what is the core competency we have that we exist in broader markets like Mexico or even India? What is our core competency in this business?
Management (unidentified)
our core competency... are twofold... solutions such as differential membrane... and our knowledge of industrial waste water... we have a huge body of knowledge and expertise.
Answered
High priority
Can you quantify efficiency advantage vs global players?
Asked by Kunal Ochi Ramani, Alpha Alternators
Provided specific percentage advantages on operating cost and power consumption.
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Question
can we quantify in the sense of efficiency how are you placed with the global players... are we any better in terms of efficiency or cost?
Management (unidentified)
we are able to provide... up to a 50% operating cost advantage... our captive power requirement has been at least 12 to 18% lower than what the other bids are.
Partial answer
High priority
What is the size of the delayed African project and FY27 guidance?
Asked by Sonia Wikar, Lal and Docha PMS
Gave project size and growth expectation but no specific FY27 guidance.
no formal FY27 guidance givendeferred to Q3 call
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Question
what is the size of this African project which saw delay in approval and... what is your guidance for FI27?
Management (unidentified)
the size of the project was about $6.7 million... we expect the approvals to come into Q4... we are still looking at 18 20% growth.
Partial answer
Medium priority
What is the competency and margin profile for CBG projects?
Asked by Kunal Ochi Ramani, Alpha Alternators
Explained competency but margins only described as similar to core, not quantified.
no specific margin or asset turn numbers
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Question
what is the competency again here... what will be the margins what will be the asset turns we are expecting?
Management (unidentified)
we are focusing on areas where the industry is itself generating organic waste... margin profile... rangebound in terms of the similar kind of profile to our core business.
Answered
High priority
Is the 20% growth guidance and 1300-1400 cr capacity target still valid?
Asked by Kunal Ochi Ramani, Alpha Alternators
Confirmed 20% growth guidance and capacity target without hedging.
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Question
do we still stand at the same guidance 20% growth and somewhere reaching the current capacity utilization by FI 28 or 29?
Management (unidentified)
the long-term guidance remains at 20%. We see the business growing very strongly... getting up to 13400 crores not a problem.
Evasive
Medium priority
What are the technology licensing deals and how will they benefit?
Asked by Kunal Ochi Ramani, Alpha Alternators
Acknowledged deals but gave no specifics on nature or quantified benefits.
no specific deals namedno timeline beyond current quarterbenefits vague
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Question
what are this licensing deals and how will this benefit us are there's any things on table and when should we expect this?
Management (unidentified)
there are a couple of advanced stages... we expect to kind of deploy some of these funds... focus remains more on technology licensing... open up new sector... add some topline.
Answered
Medium priority
What is the effective tax rate and forex loss outlook?
Asked by Kunal Ochi Ramani, Alpha Alternators
Provided specific tax rate range and forex loss expectation.
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Question
what should be our effective tax rate for next couple of years and... do will we expect any forex losses or this has been contained?
Management (unidentified)
we expect the average tax rate to be between the 12 and 14%... we don't expect anything large [forex losses].
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance revised to 15-16% for FY26 | 15.5% | 6% | Overstated vs filing |
| Revenue growth guidance of 12-15% for FY26 | 13.5% | -22.9% | Overstated vs filing |
| CBG revenue of 45+ crore in next two quarters | ₹45 cr | ₹125 cr | Understated vs filing |
| FY27 growth guidance of 18-20% | 19% | -22.9% | Overstated vs filing |
| Systems and plants business growth 14-15% for FY26 | 14.5% | -22.9% | Overstated vs filing |
| Long-term EBITDA margin target 18-20% | 19% | 6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.