Concord Enviro Systems Limited — Q3 FY26
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 ac...
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.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Key priorities for growth and profitability, balancing expansion with margins.
Asked by Sukrit Deep Part, Eyesight Private Limited
Management gave generic statements about technology and value-add without concrete priorities or margin targets.
vague generalitiesno specific plan
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Question
My first question to the CEO is uh looking beyond the guidance which you have given uh what will be the key priorities guiding uh the company's strategy to strengthen growth and profitability. How do you plan to balance expansion in waste management services with sustaining margins over the next few quarters?
CEO (name not stated)
Yes, thank you. And that remains a strong priority for us in terms of uh balancing uh margins and uh frankly the focus comes from uh differentiated technology and looking at value added solutions for the same uh industrial space...
Partial answer
Medium priority
Financial signals for cost control, capital allocation, debt management.
Asked by Sukrit Deep Part, Eyesight Private Limited
Management discussed strategy but did not specify financial signals or metrics for capital allocation decisions.
no specific financial signalsdeferred to strategic narrative
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Question
My second question to uh CFO is uh as Concord plans forward, what financial signals will drive decisions on cost control, capital allocation and debt management, how will these signals influence long-term earning stability and shareholder value creation?
CFO (name not stated) and Anish
Yeah. So, uh, hi Peria. So, see, I think from a long-term value creation perspective, uh, you know, we are obviously targeting, uh, the sectors which are adjacent to our business...
Answered
High priority
Why is execution lagging and guidance cut despite large order book?
Asked by Akan Sha, Individual Investor
Management explained specific project delays (Kenya, land acquisition, SAP implementation) and lowered guidance to 600 cr revenue.
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Question
Hi sir can you explain concepts but can you explain detail I mean what is happening? Why is the execution lagging since last two quarters and uh you have cut the guidance for this year's growth also.
Management (likely CEO or CFO)
Yeah. Thank you. Sorry. Yeah. Yeah. Thank you AM. uh agam I think you know there are a couple of things that have happened this year I think last quarter we had talked about the Kenya project which had uh got revised to an FI27 uh year because of some internal aspects at the client's end...
Partial answer
High priority
Strategy to prevent future execution hits and ensure sustained growth.
Asked by Akan Sha, Individual Investor
Management cited stronger order book and product diversification but did not outline specific risk mitigation measures.
no concrete mitigation planvague on strategy
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Question
So uh I mean I'm talking in terms of longer term. So what are we doing? I mean let's say some other hit might happen next quarter something else might come up. So so what is the strategy out here or what is the thought process? Have you thought anything? I mean how to tackle these uh things?
Management
Yes sir. So uh I think uh uh in recognizing the fact obviously that uh you know the growth has to be sustained. So what we are seeing is a couple of things. Uh first and foremost more importantly we are seeing a stronger order book with a bigger focus on Q1 and Q2...
Answered
Medium priority
Timeline for commercialization of new product and revenue from Q1.
Asked by Akan Sha, Individual Investor
Management gave a clear timeline: orders in Q4, deliveries in Q1 FY27.
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Question
And uh on the new product which we have launched, can we expect uh commercialization and revenue from next quarter on the Q1 onwards?
Management
Yes, we we expect the ramp up of orders to start uh in we starting to receive uh orders in this in Q4 which will be for deliveries in Q1 that's 27.
Answered
High priority
Update on large orders in solar/semiconductor space and timeline.
Asked by Akan Sha, Individual Investor
Management confirmed final negotiation stages and gave a 6-week timeline for decision.
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Question
And any big projects which are working for the solar or the semiconductor space any big orders or anything which you have bid for and can commercialize.
Management
Yes, as we mentioned earlier we are in the negotiation uh negotiation final negotiation stages with uh one of the largest players uh in this space. ... It should be in the next 6 weeks.
Deflected
High priority
Reason for gross margin decline from 47% to 37-38%.
Asked by Polaris security (analyst name not stated), Polaris security
Management disagreed with the analyst's margin calculation and claimed gross margins are stable at 48-51%, not declining.
disputed analyst's numbersreframed to different metric
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Question
Um so I understand that we have some slippage in that 10 order and one more order which led to this muted execution in the P3 and and P2 but if I look at the gross margin they have significantly over the last year... what's leading to this kind of uh deep in the margin?
Management (likely CFO)
Uh hi Malik. Uh sorry Malik I'm not able to see the numbers that you're reflecting because I think our gross margins have been pretty consistently stable. I think we've been between the 48 to 51% that's where the band has been over the last I mean I would say couple of years in fact.
Evasive
High priority
Confidence in achieving 600 cr revenue in Q4 and FY27 growth outlook.
Asked by Polaris security (analyst name not stated), Polaris security
Management declined to give a growth percentage for FY27, citing uncertainty.
refused to commitdeferred to future
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Question
in your assessment for the last look at that first nine months we have not seen any growth we still expecting to to do the same kind of revenue which was last year of around 600 CR right that implies close to around 250 CR of top line and in Q4 confident of you are...
Management
Um Malik I would probably not be able to comment on that completely right now. ... I would refrain from committing on that right now.
Answered
High priority
Will EBITDA margin achieve 15-16% guidance given Q3 performance?
Asked by Sonia Viker, Balalan Rocha PM
Management explicitly stated EBITDA margin will be 10-12%, below the 15-16% guidance, due to lower revenue and higher employee costs.
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Question
Uh so last quarter in the corn call you had revised your guata marginal guidance from 16 to 17% to 15 to 16%. Now considering uh Q3's performance uh uh do you think for fobia we'll be able to deliver that 15 to 16% aida margin?
Management
Uh no son hi uh son so there will be an impact because of the lower revenue uh there will be an impact in terms of the uh eida um I think uh you know given the higher employee cost and everything I think that's almost we're looking at a 2 to 3% impact there so yes I mean it would kind of go down um we're looking at anywhere between 10 to 12% at the current moment
Answered
High priority
Will EBITDA margin return to 15-16% in FY27?
Asked by Sonia Viker, Balalan Rocha PM
Management confirmed a target of 14-16% EBITDA margin for FY27, citing product commercialization.
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Question
So from FY27 perspective will the margin come back to the same trajectory this 15 16 or 17% in that range we'll be able to achieve that.
Management
Yeah see that's a target uh I think you know given that couple of the products that we've been working on over the last 12 18 months are now at uh you know at commercialization stage. ... our target a bit does remain between the 14 to 16% uh band for next year.
Evasive
Medium priority
Cost competitiveness of biological CO2 capture vs penalty rates.
Asked by Bala Subramanyan, Adhan Capital
Management did not provide cost estimates, citing need for pilot completion and offered to share separately.
deferred to separate discussionno numbers given
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Question
I'm trying to understand what is the estimated levelized cost of capture per ton for per ton of CO2 using your biological system and obviously it should be below the penalty rate for that cost.
Management
Yeah. Hi good morning. So uh yes I I think uh maybe we can share some information separately with you uh on the details of the cost. ... it's a function largely of the scale of the projects and this is something which I guess we will have a little bit more clarity on once we are through with uh the pilots
Answered
High priority
Confidence in maintaining 600 cr revenue guidance for FY26.
Asked by Draam, BNK securities
Management confirmed 600 cr revenue guidance is based on existing orders already in execution, not new orders.
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Question
So just circling back to the previous participants question what is what is giving us the guidance of 600 rows maintaining for FY26 while in last call you have committed that some of our orders are in finalization of completion which is expected to give us the boost of topline margins which hasn't happened so far.
Management
Hi D. Uh the these orders are currently firmed up. In fact uh I mean we we're midway through our quarter. So uh a lot of this is also supplied. So right now we're not banking on any uh new orders. This is basically all orders in hand which we are executing through to 31st of March.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue guidance of 600 crores for FY26 | ₹600 cr | ₹125 cr | Overstated vs filing |
| EBITDA margin guidance revised to 10-12% for FY26 | 11% | 3% | Overstated vs filing |
| EBITDA margin target for FY27 is 14-16% | 15% | 3% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.