Concord Enviro Systems Limited (CEWATER) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to Concord Envira Systems Ltd. U4 and FY26 earnings call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference with Mr. Kanav Khanna. Thank you and over to you, sir.

Thanks and good morning to all the participants on the call. Thank you for joining us on our Q4 and 12 month of FY26 earnings call. Please note that we have mailed out the results to everybody and you can see it on our website as well. It's also uploaded on the stock exchanges. In case you have not received it, you can write to us. We'll be happy to send it over. And before we proceed to the call, let me remind you that the discussion may contain some forward-looking statement and may invoke some known or unknown risks, uncertainties, and factors. It must be viewed in conjunction with our business model and could also cause future results or performance to vary significantly from what we have been implying. To take the results for the quarter and the full year and answer to all your queries, we have the management of Concord Enviro Systems Limited with us. Please welcome Mr. Prayas Goyal, Chairman and Managing Director. Mr. Brayra Goyal, Executive Director. Mr. Anish Goyal, Group CFO. We'll be starting the call with a brief overview of the quarter and the year gone past, and then we'll follow it up with some questions and answers. And now with that being said, I'll transfer the call to the management. Over to you.

I'm Brian Aswell. Very good morning to you and a warm welcome to Concord Enviro's Q4 and 12-month FI26 earnings call. Thank you for taking the time today to join us. As we reflect on the year gone by, FI26 has been a period of both meaningful progress and temporary execution challenges, where we have not only navigated short-term headwinds, but also laid a strong foundation for long-term growth. We are particularly excited about the launch of our Edge Xtreme Heat Exchanger, a next-generation product that we developed and introduced during the year and showcased at the Chemtech Exhibition in Mumbai. This system represents a significant step forward in our thermal solutions portfolio. It delivers fuel savings in the range of 10% to 25% and achieves up to 90% efficiency by capturing both sensible and latent heat. At the same time, it is 40% to 50% lighter than conventional systems and fully repairable in the field, reducing life cycle costs and downtime for customers. With this launch, we are strengthening our position in advanced industrial heat transfer and expanding our relevance across emerging applications such as solar photovoltaics, green hydrogen, carbon capture, and semi-con. Alongside this, FI26 has been a year of building new growth engines for Concord Enviro. We successfully completed... Pilot field trials of our raw effluent membrane technology, which represents a step change in wastewater treatment by enabling direct treatment of raw effluents without the need for conventional pretreatment. This innovation has the potential to significantly reduce energy consumption, chemical usage, and sludge generation across multiple industries. We also entered a new industrial vertical with the development of our first waste-ficker liquor ZLD system in the steel sector, opening up an entirely new avenue for growth. Furthermore, our compressed biogas projects move from pipeline into execution during the year, supported by a strengthened and experienced project team and a focused approach towards industrial feedstock-based opportunities. Our wastewater as a service platform, RoServ, has started gaining meaningful traction, marking an important step in our transition towards recurring OPEX-linked revenue streams. The focus on the solar photovoltaic sector has also started to translate into tangible outcomes. During the year, we secured and delivered our first solar PV order, covering both ultra-peer water systems and wastewater recycling for reuse. We also successfully commissioned systems for desalinated water in solar panel cleaning and have received additional orders, including both greenfield and efficiency improvement projects. Discussions with several leading players in the solar manufacturing ecosystem are now at advanced stages, and we believe this segment will emerge as a significant growth driver for us going forward. From a strategic standpoint, we have continued to invest in strengthening our technology capabilities. During the year, we made an investment of USD 2 million for a minority equity stake in a U.S.-based polymer company, enhancing our access to advanced material science capabilities. This marks our second investment in the U.S. Complimenting our earlier investment in membrane technology company, and together, these initiatives will support our long-term product development roadmap. At the same time, it is important to acknowledge that FI26's performance was impacted by a few external challenges. The Kenya project, which was one of our largest contributors, was delayed due to changes in control and capex planning as a client's end. This resulted in a revenue shortfall versus our earlier guidance, and the project is now expected to be implemented in phases with visibility improving in Q2 of FI27. In addition, 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. We also faced supply chain disruptions in the Middle East, particularly in our Sharjah manufacturing operations due to the ongoing geopolitical tensions. Together, this led to missed deliveries in March and contributed to a revenue shortfall of approximately 43 crore rupees in Q4. While operations and shipments have since resumed, we continue to experience some delays and higher logistics costs. Despite these near-term challenges, our order book remains healthy, with strong execution visibility over the medium term. Currently, our order book is at 536 crores, along with an additional pipeline of INR 3000 crores. It is also noteworthy to mention that on top of this, in the ZLD segment, the company is L1 for orders worth 143 crores, which includes an order of greater than 100 crores from one of India's largest steel manufacturers. Another important milestone during the year has been the scaling up of our operations and maintenance business. We secured an Rs. 80 crore O&M contract, the largest in our history yet, and also completed the acquisition of Fartek Utilities Private Limited to strengthen our credentials in this segment. This positions us well to pursue large government and EPC-led O&M opportunities, and we see this business emerging as a stable and recurring revenue stream over time. Looking ahead at FI27, several growth drivers are beginning to take shape. We expect CETP-related orders to start contributing to revenues, while export markets are showing strong traction and likely to play an increasingly important role in our growth. Our solar PV pipeline continues to strengthen, and we expect further momentum in this segment. At the same time, ROSER is scaling steadily, reinforcing our shift towards a more annuity-based business model. Overall, while FI26 has had its share of execution-related challenges, it has also been a year in which we have significantly strengthened our technology portfolio, diversified into new sectors, and built multiple growth engines for the future. Our focus remains firmly on execution discipline, technology differentiation, and creating a diversified, resilient business across geographies and industries. With that, I would like to now hand over to Mr. Prera-Goel to walk you through financial performance.

Good morning, everyone. For the quarter ended 31 March 26, revenue from operations stood at 206 crores, compared with 124 crores in Q3 FI26, and 206 crores in Q4 FI25, reflecting a growth of 65% quarter-on-quarter, and flattish year-on-year. Ebitda for the quarter stood at 18.5 crores compared to 4.3 crores in Q3 F526 and 57.2 crores in F525. This represents an increase of 331% sequentially, while a decline of 67% year-on-year. EBITDA margin for the quarter stood at 9% compared to 3.5% in Q3 F526 and 27.7% in Q4 F525. Net profit after tax for the quarter stood at 14.1 crores. Compared with a net loss of 8.1 crores in Q3, FI26, and a net profit of 47.1 crores in Q4, FI25. For the full year pivot, ended 31st March 2026, revenue from operations stood at 557.8 crores as against 594.4 crores in the corresponding period last year, reflecting a decline of 6.2% year-on-year. EBITDA for the full year stood at 36.6 crores compared to 87.08 crores in the corresponding period last year, reflecting a decline of 57.9% year-on-year. EBITDA margin for FY26 stood at 6.6% versus 14.6% in FY25. Net profit after tax for the full year stood at 19.7 crores compared to 51.4 crores in the corresponding period last year. We are confident that strategic investments we are making in talent, technology, and execution will enable us to deliver growth in this year and substantiate long-term value. With that, we now open the floor for questions.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, they press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sukrit D. Patil from iSight FinTrade Private Limited. Please go ahead.

Good morning, Ratim. I have two questions. The first question to Mr. Pryas is, in your point of view, how is Concord preparing to capture future opportunities in water treatment, waste management, and environmental engineering while thoughtfully addressing challenges such as regulatory compliance, technological disruptions, and rising input costs? What strategic levers...

Yes, good morning. Thank you for your question. Yes, very rightly, there is a huge scope and opportunity opening up in the sectors of In the environmental sector, especially related to not only water, waste management, and we see a great amount of linkage between all of these. So, for example, in the waste management sector, we are seeing a lot of traction coming from the landfill leachate side of things as the government pushes more and more focus towards. Solid Waste Management in industrial sectors, and Concord Strategy has always been in differentiation in terms of bringing value to a customer from a technological standpoint to be able to impact the lifecycle operating cost of these solutions, because eventually it's the OPEX which is critical to the client in their decision making.

Okay, my second question to Mr. Anish is, from a technical standpoint, how is the company optimizing its capital structure to balance growth investments in environmental projects with keeping the debts under control, especially given the capital-intensive nature of the infrastructure projects? Could you elaborate on the framework being used for cash flow forecasting, interest rate risk management, and working capital? Efficiency to ensure liquidity while maintaining the profit stability. Thank you.

Yeah, sure. Thank you for this question. Yes, I and the entire management fully understand that it's a very working capital heavy business model. While we have good designs from our four bankers, however, for each project, we allocate working capital. And each project and the investment in that project in terms of letters, in terms of financing by creditor directly and stocks, we manage project by project methodology. And as management has said in the call that we are having one project of hundreds here now, that single project will have a very dedicated way of managing working capital separately. So we are very, very clear about how we manage our working capital.

Thank you, and that's good. Thank you.

Thank you. Ladies and gentlemen, before we take the next question, a reminder to all the participants, anyone who wishes to ask a question, may press star and one. We will take our next question from the line of Amit Mahendele from Dobro Capital. Please go ahead.

Thank you. My first question is, how do you see revenue growth for FI27 and FI28? And what could indicate, you know, any EBITDA guidance?

Hi, thank you for the question. So, Amit, you know, I think if you look at our order book, it's quite strong. I think we have a very good pipeline of orders which are converting in Q1 of this year. However, you know, as we did talk about it, we have still some challenges in terms of the global geopolitical situation. Material movement from our Sharjah facilities are still interrupted due to the disputes, the conflict in the region, and, you know, we've been kind of treading a little bit cautiously in terms of giving out some guidance. I think Q1 will give us better color. It looks like the conflict is coming to an end with the recent statements that have been made. So hopefully, you know, with that, we'll be able to kind of create a little bit more longer-term execution strategy to be able to get that. So therefore, I can only add that while the order book is strong and, you know, there is growth in the S&P order book, which will support growth in this financial year, given some short-term challenges, we'll probably add more color in the Q1.

Sure, sir. And are you using Red Sea for, I mean, Sharjah? How is the service delivery happening?

Yeah, so that's a challenge. I think Jebel Ali port, which is normally used, is still under low volumes. And, you know, the Core Fakan port, which is on the opposite side, where most of the shipments are going from. But traffic has been slow, and, you know, we keep hearing of blockages as well as delayed shipments from this port. So, that's up. That's the issue that we have at the moment.

Sorry, I missed the port. Which port are you using currently?

Core Fakan. Okay, great.

And my next question is on heat exchangers. Like, how do you see, you know, what type of revenue do you expect to generate from heat exchangers? I mean, I'm not asking like FY27, but broadly in three, four years, what type of revenue and EBITDA can you generate?

We're going to be operating. It's about a 40 million US dollar kind of a market, and we have our first kind of revenue coming in in this year, so there should be a scale-up, and we will look to kind of capture double-digit kind of market capacity in this segment.

You mean double-digit market share?

Yeah, yeah, yeah.

Okay, good. Okay. Thanks.

Thank you. A reminder to all the participants, if you wish to ask a question, please press star and 1. We will take our next question from the line of Majid Ahmad from Pinpoint X Capital. Please go ahead.

Audible, sir. Yeah, yeah, yeah, yeah, yeah, thank you, sir, for the opportunity. Sir, my major question is regarding. There is a huge investment from other players in the CBG segment. How do you see the company next year in terms of CBG segment execution and the feedstock availability?

Yeah, hi. Thank you for the question. Yes, I mean, CBG, again, flavor of the day, more or less with the ongoing gas crisis and increasing gas prices as well. But at the same time, we are seeing that, you know, the capacity, the existing capacities of CBG plants which are installed are already struggling to get feedstock. And that has led to, you know, further kind of a race and increase in prices of this already scarce feedstock. So we do see that that is a challenge for CBG projects going forward. And from our company's perspective, we are kind of, you know, trying to be very cautious in ensuring that projects we get involved in are, you know, don't face the challenges of feedstock availability.

But, sir, in the coming year, how do you see the things panning out?

Yes, we do have, we do have signed projects, and a few of them are directly related to, let's say, on-site or on-plant feedstock generation from production, from industrial production facilities. So, for us, we do see that, that kind of panning out, panning out well.

Okay, sir. So, in this quarter, we have seen a sharp dip in our gross margin. What are the major reasons, sir, due to which of the orders?

I don't think it's order-specific. I think, you know, if you look at it, we have some BOT projects, which were done this year. Plus, we missed some of our, you know, membrane shipments that were coming in from Dubai. That's obviously where we do have better margins. So, I think it's a combination of a lot of things, some expense, some costs going up, export being a little bit lower. So, it's a combination of all of that piece, which has kind of impacted margins in Q4. I think overall, during the year, as you know, you've seen a better, stabler mix of... The services and the S&P, you've seen the margins have been pretty much in the same area. But I think in Q4, one, because S&P was higher as compared to the overall product mix and more focused on the Indian market, there were some challenges on the cross margins. But I think overall basis, we see it to be maintained. And I don't think going forward also, barring the conflict and the impact of that, we don't see anything which is substantially changing for us.

Sir, in the last quarter, you have gold in FI-25. You're looking to maintain 14% to 16% EBITDA. Are you in line with that or still there's uncertainty regarding that?

Yeah, so as I was saying, I mean, you know, we're already seeing some of our raw material prices going up. We've had to move a lot of freight to air freight to support projects. So there is some cost increase that we are seeing this year, but, yeah, I mean, it all depends on how it moves over the next quarter. But, yeah, I think we'll be able to kind of give you an annual impact in Q1. I think it's too early, given where we are, to kind of estimate what kind of numbers target. It doesn't change, so we're still looking to target 14% to 16% EBITDA in our projects. But given that whatever orders are signed up, there could be some dips because of higher costs. So probably Q1 will add some more flavor to that.

Sir, finally, just wanted to know regarding the investment that you have made. So, in your balance sheet, is it there in the investment section? Like, if you can give me a breakup of your investment, of FI26, of 93 groups?

Yeah, so this will have, sorry, yeah, Anish, go ahead.

Yes, yes, the investment is in balance sheet. What we did in NALA membranes you are referring to, it lands in our balance sheet. As you speak, how much of

them is invested in mutual funds or how much is investment in, in other words, if you can give me that breakup, like income generating.

Okay, when we say investments, our IPO money is still a little bit of that is left. As per statutory rules, we can invest only in FT. Otherwise, there are no other investments. Whatever investments we have, they are investment in businesses or new businesses only. So, we don't invest in cash generating mutual fund or such things.

Okay, so what is it? Thank you, sir. All very best.

Thank you. Thank you. Participants, you may please press star and one to ask a question. Next question is from the line of Hitcha from Dalal and Rocha. Please go ahead.

Yeah, thank you for the opportunity. I have just one question to take out to the order book. So if we see why the order book stands flat at about close to 535 crores. And this is after the fact that we missed out on exhibition because of external details. So if we factor in that 43 crores of revenue without decor and another 50 crores, I believe there is a drop in the order book. So I mean, are we facing any issues with the projects? I mean, are the votes not competitive or how is it? Any comment on that?

Yeah, sure. So, I mean, I think we spoke about a couple of orders, which in Q3, we were L1. However, I think general sentiment, we saw those orders kind of getting shifted to Q1. In fact, as we speak, we are in the midst of finalizing a few of the large orders that we've spoken about. But I think generally, we've not seen any change in the outlook or the order wins that we're getting, in fact. I think we had a very strong order intake target for Q1, and out of that, almost about, you know, 60, 65% of that has already been converted. So we don't expect anything on a longer-term basis to be impacting us. In fact, you know, getting to L1 status on these large orders itself is, you know, talking about how strong. The company's performance has been. Now, we did see some orders in March, you know, get delayed, so clients basically parried them over into Q1, so I'm sure when the Q1 number comes out, you'll see a more healthier order book there.

Oh, you'll be fine. Thank you, Dan, too. Thank you.

Thank you. Participants, anyone who wishes to ask a question, please press star and one. We will take our next question from the line of Udith Regal from PenPoint X Capital. Please go ahead.

Oh, yeah. Good morning, sir. So, we are kind of new to the company. Can you please explain, like, I see a lot of segments. What exactly are we doing in each segment? And, for example, you talked of, you know, getting into solar PV plants, certain parts of that, and then you're talking about CBG plants. So, what exactly are we doing the EPC? Are we doing the maintenance? And what would be the order book in each of the segments?

Hi. Good morning. Thank you for your question. So, yeah, but what we do, for example, is water waste, water management across the sector. So, when we talk about solar, across the entire segment, especially the manufacturing, we provide the input side ultra-clear water, which is critical to the manufacturing of. In the solar value chain. And we also provide wastewater management and zero liquid discharge solutions for the industrial wastewater coming from these manufacturing facilities. So that's essentially what we do on the solar or electronics and semiconductor kind of industry. When we talk about CBG projects, here we deliver a complete turnkey EPC or E&M kind of solutions where we Build the entire value from, right from the anaerobic digesters to the pretreatment to the post-gas separation, compression, et cetera, to deliver complete CBG solutions. On the, on all of these, we do, we also provide operation and maintenance contracts. So we'll do O&M by providing our services, manpower, spare parts, chemicals, membranes, to operate these assets for the long term as well. I hope that clarifies.

Yeah, so sir, this, say, 500-odd crores order book that we have, what would be, like, the breakup in two different settings?

Yeah, as on 31st March, we had 334 crores, which is our sale of plants, including water and CBG. CBG, out of that, was about 20-odd crores. Then we had consumables and spares. So this is where our clients purchase materials from us for operating the water treatment plant. So that was about 41.5 crores. And then, you know, if you look at the annual O&M order book, this is the value of services that we will vendor during the 12-month period. That's approximately 160 crores for the financial year FI 27. So that's the split roughly about 530 crores.

And, sir, for the last three years, our revenue has remained flattish, and the margins have also compressed in the last four quarters especially. So, how do we see the revival? By when can we see the revival? I mean, since we are working in such a niche segment, and generally, we've seen other companies not doing less than 20% EBITDA. So, what is the bottleneck, and when can we see things reviving?

See, I think, you know, if you look at last year, generally our Q4, I mean, I think if you look at the full year performance of FI25, it was very similar. We had three quarters and then the fourth quarter where we have a jump in sales. This year, we're seeing, again, a similar-ish kind of this because the S&P business does go, it's not very, you know, flattish across the year. They are H2, which is generally a little bit higher. So, as such, we don't think there is going to be any time lag. Maybe Q1 because of the conflict, and we've seen that delivery is still running a little bit slow. Q1 might be still a little bit depressed, 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. We should definitely see a spike in revenue going up as well as the margins improving because currently with the investment in some of the teams to improve or to take forward the HX products, the CBG products. There's a slight bit of cost which is accumulated on the balance sheet. So if you really see the cost from last year, the major cost increase has been on the employee benefit side. So, you know, we've kind of strengthened some teams there. So I think as the revenue grows, that overhead gets covered across a larger number and therefore profitability itself will increase. And then, yeah, revenue growth. As we said, I think some headwinds in terms of execution, but otherwise, you know, you will see that the order book is continuing to grow for us, and hopefully next quarter with some large announcements, we'll be able to kind of.

And so, in the CBG segment, you spoke about availability of field stock being an issue. So, your clients, what kind of field stock were they using? And we've heard in this segment that the issue is in the field stock as well as the digesters. So, could you please throw some light on that?

Yes, I think the very early projects that we've seen in this segment did face challenges in terms of either mechanically indigested or more, I would say, you know, the promised yields were probably a bit too high. So I think we've seen some moderation to more practical yields now that the industry is kind of projecting. And in terms of feedstock, as I mentioned, our kind of focus is not to rely on biomass, but rely on industrial, organic wastes, which are byproducts for our customer, whether it's food processing industry or, you know, agri-based kind of industrial processing, where we have a byproduct from the customer's main manufacturing facility.

Say, are you talking about like press mud and like fed wash from sugar plants? Is that what you're referring to?

No, not only limited to press mud, sir. I think press mud is also today quite a, I would say, it's quite scarce, but let's say I'm talking about coming from potato processing, for example.

All right, sir. Thank you. Thank you.

Thank you. Participants, to ask a question, please press star and 1. Next question is from the line of Nikhil Gupta. From VAYU Capital, please go ahead.

Thank you for the opportunity. I hope I am loud and clear.

Yes, you are audible.

Yeah, my first question is on the HX-16 heat exchanger. I just want to clarify the numbers stated in the previous question. So, the market is around $40 million and we expect to crack double-digit market shortage. Is that correct?

Yes, within the next three years, yes.

Yeah. And also, in the last con call, you mentioned that we will expect first order in the last quarter before F526. Have we got it at all?

No, not yet. We are on the verge of it in this month.

Okay. My last question is, please clarify if I'm wrong in any sense. So, there is a separate vertical named as Rokam India. I think it's a separate business in which separate venture sole partners invested. Is it not a part of Concord?

No, actually, that's an erstwhile chemical company which focuses on... Supply of maintenance chemicals to the shipping industry. It was an Oswald business started by my father. There's a separate CEO which runs it, and it's a family investment, but not part of the Concord Group.

What would be the scale of that business, and do any of both of you spend some time running that?

No, we're not involved in that. As I said, there's a CEO. He's got a 35% share in that business. He operates it. It's about 8 to 10 crore business per annum.

Oh, very small scale.

Yeah, yeah, it's a very small scale. It's just maintenance chemicals for the shipping industry, so very, very specific.

Okay, thank you so much.

Thank you. Thank you. Participants, you may press star and want to ask a question. We will take our next question from the line of Agam Shah from an individual investor. Please go ahead.

A quick question on the order book. In one of your slides, it says that the TCV order book is 800 crores and total average order value is 536 crores. So what is the order book?

So that's about 800 quers, includes all the O&M's which are longer term. So, currently, we have, like, you know, with one of the leading EPC companies, they have offloaded an ONM for water treatment plant for a 10-year pivot. So, there are a couple of such contracts which are longer term, and, you know, so, basically, the annual execution value is smaller, but the order signed is higher. So, 828 is the values of signed orders, and 536 is the value of orders that we will deliver in FY27.

And this includes a large order for you to run from the steel?

Not yet, sir. We'll announce that once we have the order.

So, when is it? Is it stuck in some process to be fulfilled or you've won the order?

So, we have been unofficially informed that we are L1, as we mentioned earlier, and we are awaiting the award letter, which could happen. Yes.

And anything, any monetization revenue can we see from the data center for this year?

Yes, sir. So, actually, I mean, as Pastor mentioned, a couple of orders are there in the pipeline. What happened was a lot of people wanted to try the product. So we've put out some trial plans in the last quarter, and we're expecting those to convert. So, yeah, I mean, our entire chemical industry clients, this is a great product for them. So we're kind of, you know, pursuing opportunities with them and very good traction. Obviously, they know Rochem and Concord to the water treatment plants that we do for them. So that's kind of allowing us very good access to them for this product.

And also, so is there any color or rough idea can give maybe, is the order coming more from the solar front, or the steel front, or how is it, or which particular area are we targeting more, or are you seeing a section to close?

Sir, we are seeing a lot coming from metals and mining, if I look at where the pipeline is. And what the, let's say, active negotiation bids that the team is focusing on. Metals and mining, steel included, we're seeing a lot happening there. Solar, we're seeing a lot happen. Now, having said that, there's also enough happening in the other sectors like textile, pharma, chemical. But if I see big ticket, it's more metals and mining.

Okay, okay. Thanks a lot.

Thank you. A reminder to all the participants, if you wish to ask a question, please press star N1. Next question is from the line of Dheeraj Ram from 361 Capital. Please go ahead.

Hi, sir. Thank you for taking up the question. So, I just wanted to understand what can be your order inflow target for FY27. And you can give me a breakup of what is the order pipeline in sector-wise that you've spoken about emerging sectors. If you can use sector-wise ordering order inflow backup or order by time, that would be helpful.

Hi, Deirdre. We can cover some breakups and everything separately on email, if you don't mind. But I mean, it's a huge pipeline. I think, as Paras mentioned, steel and mining are currently the largest opportunities that we're looking at. But I think even if you look at desal, you look at the membrane concentration, landfill leachate, these are all kind of like strong sectors where we're seeing a lot of projects that are coming up. Also, the upcoming liquid waste management rules, which will take effect from FI27, so the CETPs and the tertiary treatment, sewage treatment plants, there's a lot of investment going around there. So, I mean, the order pipeline does have a flavor of all of these. I mean, I can ask Sommet to connect with you offline and just share some more details in terms of what the pipeline does look like.

Gaurik, but if you can share with me what is your target for ordering flow for FY27, that should be helpful.

Sure. So, I mean, see if... If you look at the India market, you know, the S&P business, we're looking at almost about 350 to 400 crores. If you look at the export market, it's almost about a 200, 250 crore kind of a pipeline. Then we've got desalination, our naval orders, that's another 150 to 200 crores. We have some large orders which are also in the pipeline. These are mainly projects which are, you could say, kind of an EPC kind of a flavor. So that's both for CETPs as well as some large corporates. So that's another 300-odd crores that will be coming in there. So, I mean, if you put all this together, it's about 1,000 crore kind of an intake target for the year.

Okay. Okay, got it. And in Q2 and Q3, we spoke about a nuclear order in Vishakobatnam. Yes, that order has been received. Probably that was in L1 status.

No, it has been received, and we are currently in execution phase for that order.

Okay. Did we start recording revenues? No, not yet.

It will probably start in Q2. Right now, we are in design phase.

Okay, am I right that saying that it is 100 million dollars and executed in one-time venture?

No, it will be executed in Fi27. It will be spread between... Our machine target is Q4.

Okay, the size of the order, sir?

It's 36 crores without taxes.

Okay, got it. And this last question is, are we targeting more towards larger orders, which means higher working depth loading, or are we targeting towards smaller orders with three to four months of execution time? Or are you very better?

So we have a mix of both. I mean, if you look at our smaller scale orders, which are, you know, what we generally say is sub five crores. That's bread and butter business for the organization. It mainly covers a lot of the, you know, the chemical, pharma, textile sort of sectors, you know, which are basically the brownfield or a small greenfield expansion, and we're giving them our products. The larger orders are more for the steel mining CETP business. That's where we're seeing larger traction, larger order values, mainly, again, revolving on equipment supply. So again, I mean, in terms of, if you look at our pipeline today, it's very equipment heavy. You know, there was a time where for some of our international projects we were doing civil as well. That portion has reduced. So if you look at our civil component in our order book today, and even in our immediate bid pipeline, it's much, much smaller. as compared to some of the earlier periods. So, yeah, but, you know, there will be a focus on both. We have almost like two teams, one which focuses on the smaller segment, and then, you know, the key team which focuses on the larger projects. So that's the way we want to go. We do appreciate the larger projects that are going to be, you know, tougher to come by. There's more competition there, obviously. But, you know, we want to kind of keep tracking a few of those larger projects while we keep our smaller project execution line pretty heavy. Yeah, that's really where the focus is.

Okay, and this last question, sir, any progress on our DIG order that was slow moving in the past few quarters?

Yeah, so I think, you know, see, with the Azure relationship is progressing pretty well. We do have a couple of projects which are under execution for them in Africa. So that out of them, you know, because they had, there was a change of control there. They have sold the beers to another large brewery. Yeah, basically, we are very clear. So those projects are moving along. Kenya has seen some delays. But I think, yeah, I mean, I think with Diacho, I think the next phase of investment will probably get more clarity once the next financial year begins. So July onwards, we'll see.

Okay, but have you started executing this order, sir?

The Uganda order has almost been, you know, executed. There's some site work happening, and the supplies have been almost done. The Kenya order, as we spoke about, has been delayed. We expect them to start executing that order in phases with the first phase probably underway in July.

Okay, okay. Yeah, that's it. Thank you, sir. Thank you.

Thank you. A reminder to all the participants, if you wish to ask a question, please press star and 1. As there are no further questions from the participants, I now hand the conference back to the management for closing comments.

Thank you, everyone, for joining the call. We look forward to catching up with you again in the next call. Thank you.

Thank you. On behalf of Concord Envirosystems Limited, that concludes this conference. Thank you all for joining us today, and you may now disconnect your lines.