Concord Enviro Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Concord Enviro Systems Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Concord Enviro reported Q4 FY26 revenue of Rs 206 crore, roughly flat year-on-year, with EBITDA margin falling to 9% from 27.7% in Q4 FY25, which management attributed to project delays in Kenya, slower compressed biogas execution, and supply chain disruptions from its Sharjah facility. Full year FY26 revenue declined 6.2% to Rs 557.8 crore with EBITDA margin at 6.6% versus 14.6% in FY25. Management highlighted the launch of the H-Xtreme Heat Exchanger, progress in solar PV, raw effluent membrane technology trials, and growth of the Roserve and O&M businesses as new growth engines for FY27.
Numbers mentioned
Revenue from operations: INR206 crores (Q4 FY26)
p. 5
“For the quarter ended 31st March '26, revenue from operations stood at INR206 crores compared with INR124 crores in Q3 FY26 and INR206 crores in Q4 FY25”
Prerak Goel, page 5 of the filed PDF · View the filing
EBITDA: INR18.5 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR18.5 crores compared to INR4.3 crores in Q3 FY26 and INR57.2 crores in FY25.”
Prerak Goel, page 5 of the filed PDF · View the filing
EBITDA margin: 9% (Q4 FY26)
p. 5
“EBITDA margin for the quarter stood at 9% compared to 3.5% in Q3 FY26 and 27.7% in Q4 FY25.”
Prerak Goel, page 5 of the filed PDF · View the filing
Net profit after tax: INR14.1 crores (Q4 FY26)
p. 5
“Net profit after tax for the quarter stood at INR14.1 crores compared with a net loss of INR8.1 crores in Q3 FY26 and a net profit of INR47.1 crores in Q4 FY25.”
Prerak Goel, page 5 of the filed PDF · View the filing
Revenue from operations: INR557.8 crores (FY26)
p. 5
“For the full year period ended 31st March 2026, revenue from operations stood at INR557.8 crores as against INR594.4 crores in the corresponding period last year, reflecting a decline of 6.2% year-on-year.”
Prerak Goel, page 5 of the filed PDF · View the filing
EBITDA: INR36.6 crores (FY26)
p. 5
“EBITDA for the full year stood at INR36.6 crores compared to INR87.08 crores in the corresponding period last year, reflecting a decline of 57.9% year-on-year.”
Prerak Goel, page 5 of the filed PDF · View the filing
EBITDA margin: 6.6% (FY26)
p. 5
“EBITDA margin for FY26 stood at 6.6% versus 14.6% in FY25.”
Prerak Goel, page 5 of the filed PDF · View the filing
Net profit after tax: INR19.7 crores (FY26)
p. 5
“Net profit after tax for the full year stood at INR19.7”
Prerak Goel, page 5 of the filed PDF · View the filing
Order book: INR536 crores (as of Q4 FY26)
p. 5
“Currently, our order book is at INR536 crores along with an additional pipeline of INR3,000 crores.”
Prayas Goel, page 5 of the filed PDF · View the filing
ZLD L1 orders: INR143 crores
p. 5
“in the ZLD segment, the company is L1 for orders worth INR143 crores, which includes an order of greater than INR100 crores from one of India’s largest steel manufacturers.”
Prayas Goel, page 5 of the filed PDF · View the filing
O&M contract size: INR80 crores
p. 5
“We secured an INR80 crores O&M contract, the largest in our history yet”
Prayas Goel, page 5 of the filed PDF · View the filing
Revenue shortfall from delays: approximately INR43 crores (Q4 FY26)
p. 4
“Together, this led to missed deliveries in March and contributed to a revenue shortfall of approximately INR43 crores in Q4.”
Prayas Goel, page 4 of the filed PDF · View the filing
Total contracted value (TCV): INR800 crores
p. 13
“So, 828 is the value of signed orders and 536 is the value of orders that we will deliver in FY27.”
Prerak Goel, page 13 of the filed PDF · View the filing
Nuclear order size (Visakhapatnam): INR36 crores
p. 14
“It is INR36 crores without taxes.”
Prerak Goel, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 14% to 16% · FY27
stated conditionally by Prayas Goel
p. 9
“Target doesn’t change, so we still look at a target 14% to 16% EBITDA in our projects.”
Prayas Goel, page 9 of the filed PDF · View the filing
Order inflow — about INR1,000 crores · FY27
stated as an aspiration by Prerak Goel
p. 14
“So, I mean, if you put all this together, it is about a INR1,000 crores kind of an intake target for the year.”
Prerak Goel, page 14 of the filed PDF · View the filing
Kenya project revenue visibility — Q2 FY27
stated conditionally by Prayas Goel
p. 4
“the project is now expected to be implemented in phases with visibility improving in Q2 of FY27.”
Prayas Goel, page 4 of the filed PDF · View the filing
Heat exchanger market share — double-digit market share · within the next 3 years
stated as an aspiration by Prayas Goel
p. 12
“Yes, within the next 3 years, yes.”
Prayas Goel, page 12 of the filed PDF · View the filing
Nuclear order execution — Q2, Q3, and Q4 FY27, commissioning in Q4
stated firmly by Prerak Goel
p. 14
“No, it will be executed in in FY27. It will be spread between Q2, Q3, and Q4. Our commissioning target is Q4.”
Prerak Goel, page 14 of the filed PDF · View the filing
Revenue and margin recovery — Q2 onwards
stated conditionally by Prayas Goel
p. 11
“But I think Q2 onwards things should pick up, especially with some of the contracts that we have and which is coming in this month.”
Prayas Goel, page 11 of the filed PDF · View the filing
Kenya order execution start — July, first phase
stated conditionally by Prerak Goel
p. 15
“We expect them to start executing that order in phases with the first phase probably underway in July.”
Prerak Goel, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the order book is strong but declined to give specific guidance due to ongoing geopolitical disruptions affecting the Sharjah facility, promising more clarity in Q1.
Answered by Prerak Goel
Asked by Amit Mehendale: What is the revenue and EBITDA margin guidance for FY27 and FY28?
p. 7
“So, therefore, I can only add that while the order book is strong and there is growth in the S&P order book which will support growth in this financial year, given some short-term challenges, we will probably add more colour in the Q1 calls.”
Prerak Goel, page 7 of the filed PDF · View the filing
Management attributed it to BOT projects, missed higher-margin Dubai membrane shipments, and a higher proportion of S&P versus services revenue mix.
Answered by Prayas Goel
Asked by Majid Ahamed: What caused the sharp dip in gross margin this quarter?
p. 8
“I think if you look at it, we had some BOT projects which were done this year plus we missed some of our membrane shipments that were coming in from Dubai.”
Prayas Goel, page 8 of the filed PDF · View the filing
Management said some orders shifted from Q3/March into Q1 and that a large portion of the Q1 order intake target has already converted, with no change in longer-term outlook.
Answered by Prerak Goel
Asked by Het Shah: Why has the order book remained flat year-on-year given deferred revenue?
p. 9
“I think we had a very strong order intake target for Q1 and out of that almost about 60%, 65% of that has already been converted.”
Prerak Goel, page 9 of the filed PDF · View the filing
Management said the steel order has not yet been formally awarded and they are awaiting the award letter.
Answered by Prerak Goel
Asked by Agam Shah: Has the large steel order been included in the order book figures?
p. 13
“So, we have been unofficially informed that we are L1 as we mentioned earlier and we are awaiting the award letter which could happen anytime.”
Prerak Goel, page 13 of the filed PDF · View the filing
Management confirmed the order has been received and is in the design phase, with revenue recognition expected to start in Q2.
Answered by Prerak Goel
Asked by Dheeraj Ram: What is the status of the Vishakhapatnam nuclear order and when will revenue recognition begin?
p. 14
“No, not yet. It will it will probably start in Q2. Right now, we are in design phase.”
Prerak Goel, page 14 of the filed PDF · View the filing
Management said Kenya has faced delays due to a change of control at the client, with execution expected to begin in phases from July.
Answered by Prerak Goel
Asked by Dheeraj Ram: What is the progress on the Diageo order in Kenya?
p. 15
“Kenya has seen some delays. But I think, yes, I mean, I think with Diageo, I think the next phase of investment will probably get more clarity once their next financial year begins.”
Prerak Goel, page 15 of the filed PDF · View the filing
Risks flagged
Kenya project delayed due to change of control and capex planning at the client
p. 4
“The Kenya project, which was one of our largest contributors was delayed due to changes in control and capex planning at the client’s end.”
Prayas Goel, page 4 of the filed PDF · View the filing
Compressed biogas project execution slower than expected due to financial closure delays and feedstock unavailability
p. 4
“execution of our compressed biogas projects was slower than anticipated due to delays in financial closure and lack of timely feedstock availability from clients, leading to deferral of revenues into the next financial year.”
Prayas Goel, page 4 of the filed PDF · View the filing
Supply chain disruptions at Sharjah manufacturing due to geopolitical tensions
p. 4
“We also faced supply chain disruptions in the Middle East, particularly in our Sharjah manufacturing operations, due to the ongoing geopolitical tensions.”
Prayas Goel, page 4 of the filed PDF · View the filing
Continuing shipping delays and higher logistics costs from the Middle East conflict
p. 4
“While operations and shipments have since resumed, we continue to experience some delays and higher logistics costs.”
Prayas Goel, page 4 of the filed PDF · View the filing
Feedstock scarcity for CBG projects amid rising competition
p. 8
“we are seeing that the existing capacities of CBG plants which are installed are already struggling to get feedstock and that has led to a further kind of a race and increase in prices of this already scarce feedstock.”
Prayas Goel, page 8 of the filed PDF · View the filing
Rising raw material and freight costs pressuring margins
p. 8
“we are already seeing some of our raw material prices going up. We have had to move a lot of freight to air freight to support projects.”
Prayas Goel, page 8 of the filed PDF · View the filing
Port congestion and shipment delays affecting Sharjah facility logistics
p. 7
“but traffic has been slow and we keep hearing of blockages as well as delayed shipments from this port.”
Prerak Goel, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.