Concord Enviro Systems Ltd

Concord Enviro Systems Limited: Trading Window closed from 1 October 2026 till expiry of 48 hours after declaration of Financial Results for the quarter and half-year ended 30 September 2026.

AGM details

• AGM held on 22 September 2026 at 12:00 Noon (IST) via VC.
• Record date for voting: 15 September 2026.
• Remote e-voting and AGM e-voting conducted for resolutions.
• All resolutions passed by majority.

Key resolutions

• Ordinary: Adopt financial statements for FY2026; approved.
• Ordinary: Re-appoint Prerak Goel as director by rotation; approved.
• Special: Re-appoint Prakash Shah as Independent Director for second term; approved.
• Special: Re-appoint Kamal Shanbhag as Independent Director for second term; approved.
• Special: Re-appoint Shiraz Bugwadia Homi as Independent Director for second term; approved.
• Special: Approve remuneration to Prayas Goel as Managing Director; approved.
• Special: Approve remuneration to Prerak Goel as Executive Director; approved.

Voting results

• Resolution 1: 99.996% in favour; passed.
• Resolution 2: 99.993% in favour; passed.
• Resolution 3: 99.991% in favour; passed.
• Resolution 4: 99.991% in favour; passed.
• Resolution 5: 96.60% in favour; 3.40% against; passed.
• Resolution 6: 96.60% in favour; 3.40% against; passed.
• Resolution 7: 99.989% in favour; 0.011% against; passed.

Dividend

• Dividend: No dividend proposed or declared.

Director changes

• Prerak Goel re-appointed as Director by rotation.
• Prakash Shah re-appointed as Independent Director for second term.
• Kamal Shanbhag re-appointed as Independent Director for second term.
• Shiraz Bugwadia Homi re-appointed as Independent Director for second term.
• Prayas Goel re-appointed as Managing Director; remuneration approved.
• Prerak Goel re-appointed as Executive Director; remuneration approved.

AGM details

• Held on 22 September 2026 at 12:00 IST via VC/OAVM.
• Remote e-voting conducted from 17 to 21 September 2026.
• AGM concluded at 1:05 PM IST.
• Record date information not specified.

Key resolutions

• Item 1 (Ord): Adopt standalone and consolidated financial statements for year ended 31 March 2026.
• Item 2 (Ord): Re-appoint Prerak Goel as Director (retiring by rotation).
• Item 3 (Special): Re-appoint Prakash Shah as Independent Director for second term.
• Item 4 (Special): Re-appoint Kamal Shanbhag as Independent Director for second term.
• Item 5 (Special): Re-appoint Shiraz Bugwadia as Independent Director for second term.
• Item 6 (Special): Re-appoint Prayas Goel as Managing Director; remuneration.
• Item 7 (Special): Re-appoint Prerak Goel as Executive Director; remuneration.
• Voting results and Scrutinizer’s Report to be posted on exchanges and company website.

Auditors & secretarial

• Statutory auditor: Deloitte Haskins & Sells LLP; no change noted.
• Secretarial auditor/Scrutinizer: Martinho Ferrao & Associates appointed.

Board and governance

• Independent Directors Shah, Shanbhag, Bugwadia re-appointed for a second term.
• Remuneration approvals for MD and ED indicate governance oversight.
• Chairs of Audit, Nomination & Remuneration, and Stakeholders Relationship Committees noted.

Related party transactions

• No material related party transactions disclosed.

AGM notice & AR access

• 27th AGM scheduled for 22 September 2026 at 12:00 PM IST via VC/OAVM.
• Annual Report 2025-26 accessible at: https://concordenviro.in/assets/download/Annual-Report-2025-26.pdf
• Weblink and path to AR details: www.concordenviro.in >>> Investors >>> Shareholders' Meetings.
• Letter dispatched to shareholders without registered emails providing AR web link.
• Cut-off date for non-registered e-mail addresses: 21 August 2026.
• RTA MUFG Intime India Private Limited contact for queries.

Financial snapshot

• Consolidated revenue from operations ₹5,578.56m; YoY decline 2.25%.
• Consolidated total income ₹5,856.69m.
• PAT (consolidated) ₹197.57m.
• Adjusted EBITDA ₹366.26m; margin 6.6%.
• Standalone revenue ₹558.71m; Standalone PAT ₹95.91m.
• Dividend not declared for FY26.
• IPO net proceeds ₹1,628.92m; utilised ₹1,183.34m; unutilised ₹437.42m.
• 600 million litres of water treated daily; 70 million litres recycled.

Backlog & orders

• Order book (executable) ₹5,360m; pipeline ~₹30,000m.
• Export order book ₹1,270m; export share 28% of revenue.
• Largest O&M contract won (~₹80 crore).
• Strategic orders: second solar industry order; steelmaker order secured.
• ZLD opportunities: L1 status ₹143 crore, including steel maker project.

Operations & technology

• H-Xtreme heat exchanger launched; 10-25% fuel savings.
• REM (Raw Effluent Membrane) technology validated in field trials.
• First waste pickle liquor ZLD system deployed in steel sector.
• Entry into Solar PV water solutions; first ultra-pure water order delivered.
• CBG projects progressed; pipeline strengthening in renewables.
• Roserve Water-as-a-Service platform expanded; annuity revenue growth.
• Manufacturing: Vasai and Sharjah facilities; ISO certifications.
• US investments: equity stakes in advanced materials and membranes.

Capital structure & liquidity

• Total borrowings ₹1,512.17m; cash ₹532.36m; net debt ₹979.81m.
• Debt-to-equity ratio 0.26x; net debt-to-equity 0.17x.
• IPO proceeds utilised ₹1,183.34m; unutilised ₹437.42m.
• Export revenue outside India ₹1,564.91m; export share 28%.
• Consolidated equity ₹5,715.68m; return on equity 3.58%.

Governance & leadership

• Board of 6 directors; 3 Independent; CFO changes in 2026.
• Namrata Goel appointed as Director in 2025; regularised Aug 2025.
• Sudarshan Kamath resigned as CFO Jan 2026; Anish Goel appointed Feb 2026; resigned Jul 2026.
• Deloitte Haskins & Sells LLP; unmodified audit opinions; no qualifications.
• RMC dissolved May 2026; IPO Committee dissolved Aug 2025.

IPO, investments & CSR

• IPO listed Dec 27, 2024; net proceeds ₹1,620.76m; expenses adjusted to securities premium.
• Material subsidiaries: RSSPL, CEF, Blue Water, CES, etc.
• CSR: policy adopted; expenditure ₹2.60m; CSR activities include health care.
• CSR Committee not required; CSR functions discharged by Board.

Outlook & risks

• Expect better export contributions as logistics normalise; CETP, solar, nuclear, desalination projects.
• Regulatory push on water recycling; ESG and circular economy opportunities expand.
• Risks: execution delays, supply chain disruptions, geopolitical factors.
• Management emphasises recurring revenue growth via Roserve RoServe and O&M.

AGM Details

• Date/time: 22 September 2026, 12:00 PM IST.
• Mode: VC/OAVM; venue deemed as registered office.
• Remote e-voting: 17–21 Sep 2026; cut-off date 15 Sep 2026.
• Notice and annual report available on the company website.
• VC/OAVM attendees counted for quorum; access limited to 1000 members.

Resolutions Put to Vote

• Item 1: Adopt standalone and Consolidated FY 2025-26 financials.
• Item 2: Re-appoint Prerak Goel as Director, retiring by rotation.
• Item 3: Re-appoint Prakash Shah as Independent Director for second term.
• Item 4: Re-appoint Kamal Shanbhag as Independent Director for second term.
• Item 5: Re-appoint Shiraz Bugwadia Homi as Independent Director for second term.
• Item 6: Re-appoint Prayas Goel as MD for 3 years; up to 2.2 million salary.
• Item 7: Re-appoint Prerak Goel as Executive Director for 3 years; up to 2.2 million.

Governance & Appointments

• Independents re-appointment for second terms (Items 3–5).
• Continuation beyond age 75 approved for Prakash Shah.
• MD/ED terms extend to 31 March 2030.
• Remuneration approvals to be governed by Schedule V.

Remuneration & Subsidiary Arrangements

• MD remuneration up to 2.2 million; incentives up to 10 million.
• Executive Director remuneration up to 2.2 million.
• RSSPL subsidiary remuneration up to 28 million noted.
• Board authorized to revise remuneration within Schedule V.

Board actions and governance

• Board approved unaudited standalone and consolidated results for quarter ended 30 June 2026.
• IPO proceeds of Rs 1,750.00 million; deviation report shows no deviation.
• Shleshank Laheri appointed Chief Financial Officer.
• MD Prayas Goel reappointed for 3-year term from 1 Apr 2027 to 31 Mar 2030; subject to shareholders.
• Prakash Shah reappointed as Non-Executive Independent Director for second term; subject to shareholders.
• Kamal Shanbhag reappointed as Non-Executive Independent Director for second term; subject to shareholders.
• Shiraz Bugwadia reappointed as Non-Executive Independent Director for second term; subject to shareholders.

Financial results and operations

• Consolidated Q1 2026-27 total income Rs 2,106.81 million; revenue from operations Rs 853.47 million.
• Net loss after tax from continuing operations Rs 171.36 million; total comprehensive loss Rs 174.55 million; EPS Rs -8.28.
• Blue Water Trading & Treatment FZE discontinued; liquidation initiated.

Financial Performance

• Revenue from operations: INR 853 million in Q1 FY27 vs INR 1,024 million in Q1 FY26.
• EBITDA: negative INR 149 million in Q1 FY27 vs negative INR 9 million in Q1 FY26.
• Net loss for the quarter: INR 176 million vs PAT INR 41 million in Q1 FY26.

Operations & Portfolio

• Order book at INR 699 crores; majority deliverable in this financial year.
• H-Xtreme heat exchanger: up to 90% efficiency; significant fuel savings; traction expected in next two quarters.
• First ZLD order from Europe: EUR 600,000; revenues in Q3 FY27; margins higher in Europe.
• Roserve Water-as-a-Service platform performing well; marquee projects; growing recurring revenues.
• Delivered first REM membrane project; partnership with NALA Membranes; textile/paper effluent focus.
• WaHa partnership: stake <2%; USD 575,000 invested; exclusive rights for India and UAE.
• New Group CFO Shleshank Laheri introduced.

Order Book & Pipeline

• Orders worth INR 1,430 million signed; INR 1,260 million from steel manufacturers; added to order book.
• Healthy pipeline around INR 3,200 crores.
• Order intake guidance for FY27: about INR 1,000 crores; ~INR 200 crores already done.
• Management expects most orders to convert in 3–4 months.

Guidance & Outlook

• EBITDA margin target 14–16%; temporary investment impact; stabilizes after revenue crosses INR 850 crores; two years.
• Q2 FY27 expected to improve; supply chain normalization by end of Q2 FY27; growth in H2 FY27.

Q&A Highlights

• Revenue disruption quantified: ~INR 50 crores impact; INR 15 cr from trading, INR 42–43 cr manufacturing.
• Europe ZLD order timing and margins discussed.
• WaHa stake details and investment disclosed.
• Semiconductor route: working with US partner for Micron; membrane replacement first, then projects.
• Carbon capture: government push; 3–5 year horizon; biological route favored.
• Competitors in ZLD: Ion Exchange, Thermax, Arvind Envisol; Concord near Ion Exchange.
• Data centers synergy: WaHa dehumidification for data centers; large opportunity.

Issue overview

• Type of issue: IPO of equity shares.
• Total issue size and net proceeds reported; revisions due to higher offer-related expenses.
• Main objectives: capex, working capital, acquisitions, and general corporate purposes.

Utilisation of proceeds

• Utilisation aligns with disclosures; no material deviation.
• Object 1: partial utilisation; remaining funds idle.
• Object 2: utilisation not recorded yet.
• Object 3: partial utilisation; some funds idle.
• Object 4: fully utilised for prepayment of borrowings.
• Object 5: fully utilised for working capital.
• Object 6: not utilised.
• GCP: largely utilised; small residual.
• Unutilised funds are parked in fixed deposits and MA/escrow.

Governance and compliance

• Shareholder approvals not applicable for deviations; government approvals to be obtained per schedule.
• No material adverse events or regulatory actions reported.
• No governance concerns or related party issues identified.
• Monitoring agency notes data based on issuer information; not an audit.

GCP

• GCP utilisation: working capital components funded.
• Board approval for GCP allocation not explicitly stated.