Concord Enviro Systems Limited (CEWATER) AI Stock Analysis

Concord Enviro Systems Limited

(NSE:CEWATER)

Select Model

Rating:49Neutral

Price Target:INR 223.00▼(-1.61% Downside)

Action:reiterated

Date:09/19/26

The score is held back primarily by weak and volatile cash generation (negative operating and free cash flow in recent years) and a sharp FY2026 margin compression despite strong revenue growth. Technical indicators are mixed with a generally weaker longer-term trend, and valuation is difficult to support due to a negative P/E and no dividend yield data.

Positive Factors

Integrated water infrastructure offeringThe integrated offering spans project design through installation and servicing, supporting broader customer relationships and recurring engagement than equipment sales alone. Its focus on treatment, recycling, and reuse also aligns the business with durable water-management infrastructure needs.

Negative Factors

Volatile operating cash generationRepeated reversals in operating cash flow indicate that reported earnings are not consistently converting into cash. This can constrain internally funded growth, increase reliance on financing or working-capital support, and make the company less resilient when project timing or collections become less favorable.

Concord Enviro Systems Limited (CEWATER) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 4.65B
Dividend Yield: ―
Average Volume (3M): 13.32K
Price to Earnings (P/E): -65.5
Beta (1Y): 1.71
Revenue Growth: -8.97%
EPS Growth: -111.39%
Country: India
Employees: 1,141
Sector: General
Sector Strength: 55
Industry: Environmental Services

Concord Enviro Systems Limited Business Overview & Revenue Model

Company Description

Concord Enviro Systems Ltd., founded in Mumbai, India, in 1992, delivers comprehensive solutions for water and wastewater treatment and reuse. The company's portfolio includes various treatment plants, such as facilities for effluent, anaerobic diges...

Concord Enviro Systems Limited Financial Statement Overview

Summary

Strong revenue growth (including a sharp FY2026 jump) is offset by a material FY2026 profitability reset (gross margin down to 15.7% and net margin to 3.5%) and the biggest concern: volatile cash conversion with negative operating cash flow in FY2024 and FY2026 and negative free cash flow in FY2024–FY2026. Balance sheet leverage has improved, but rising FY2026 debt and limited return visibility constrain confidence.

Income Statement

58Neutral

Balance Sheet

71Positive

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	5.56B	5.92B	5.58B	4.95B	3.41B	3.27B
Gross Profit	2.07B	2.67B	875.09M	2.47B	1.66B	1.58B
EBITDA	925.07M	979.90M	632.09M	1.36B	498.09M	615.78M
Net Income	475.64M	514.93M	197.57M	414.39M	54.87M	164.77M
Balance Sheet
Total Assets	0	8.49B	9.52B	6.28B	5.92B	5.37B
Cash, Cash Equivalents and Short-Term Investments	978.03M	857.15M	658.02M	282.30M	776.67M	196.06M
Total Debt	0	1.34B	1.67B	1.59B	1.70B	1.71B
Total Liabilities	-5.50B	3.15B	3.80B	3.05B	3.11B	2.68B
Stockholders Equity	5.50B	5.34B	5.72B	3.23B	2.81B	2.69B
Cash Flow
Free Cash Flow	-486.16M	-210.11M	-592.65M	-445.82M	1.12B	209.44M
Operating Cash Flow	-406.53M	47.48M	-387.10M	-346.68M	1.17B	490.34M
Investing Cash Flow	306.38M	-1.22B	470.43M	-32.69M	-498.30M	-278.85M
Financing Cash Flow	205.62M	1.25B	197.31M	-40.67M	-268.79M	-119.70M

Concord Enviro Systems Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price226.65

Price Trends

50DMA259.54Negative

100DMA282.01Negative

200DMA303.22Negative

Market Momentum

MACD-10.27Positive

RSI27.85Positive

STOCH14.08Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CEWATER, the sentiment is Negative. The current price of 226.65 is below the 20-day moving average (MA) of 246.83, below the 50-day MA of 259.54, and below the 200-day MA of 303.22, indicating a bearish trend. The MACD of -10.27 indicates Positive momentum. The RSI at 27.85 is Positive, neither overbought nor oversold. The STOCH value of 14.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CEWATER.

Concord Enviro Systems Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:CEWATER against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BFUTILITIE	68Neutral	INR 16.01B	17.16	―	―	-12.77%	-36.47%
IN:DENTA	61Neutral	INR 5.94B	11.07	―	1.12%	9.36%	-14.51%
IN:DIACABS	61Neutral	INR 206.75B	92.33	―	―	92.58%	416.48%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:RELINFRA	55Neutral	INR 19.01B	0.59	―	―	-6.41%	-40.45%
IN:CEWATER	49Neutral	INR 4.64B	-65.50	―	―	-8.97%	-111.39%
IN:BAJEL	48Neutral	INR 18.57B	84.49	―	0.37%	2.11%	70.34%

* General Sector Average

Performance Comparison

IN:CEWATER and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:CEWATER	Concord Enviro Systems Limited	224.10	-255.10	-53.23%
IN:BAJEL	Bajel Projects Limited	160.50	-27.51	-14.63%
IN:BFUTILITIE	BF Utilities Ltd.	424.95	-304.15	-41.72%
IN:DIACABS	Diamond Power Infrastructure Limited	345.70	191.75	124.55%
IN:RELINFRA	Reliance Infrastructure Limited	46.58	-157.27	-77.15%
IN:DENTA	Denta Water and Infra Solutions Limited	222.55	-178.24	-44.47%

Concord Enviro Systems Limited Corporate Events

Concord Enviro Systems Confirms All Shares Fully Dematerialised for September Quarter

Oct 12, 2026

Concord Enviro Systems Limited has submitted to Indian stock exchanges and depositories a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026. The certifi...

Concord Enviro Systems Publishes Q1 FY27 Earnings Call Transcript for Investors

Aug 17, 2026

Concord Enviro Systems Limited has released the official transcript of its Q1 FY27 earnings conference call, held on August 12, 2026, featuring Chairman and Managing Director Prayas Goel and Executive Director Prerak Goel. The company has filed this...

Concord Enviro Systems Publishes Q1 FY27 Investor Presentation

Aug 11, 2026

Concord Enviro Systems Limited has released an investor presentation detailing its financial performance and key developments for the quarter ended June 30, 2026. The disclosure, made in line with listing regulations, is intended to update shareholde...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 19, 2026

Concord Enviro Systems Limited AI Stock Analysis