APEXECO
Apex Ecotech financials
- Market cap
- ₹359 Cr
- Sector
- Utilities
- Calls analysed
- 3
APEXECO Q4 FY26
What went well
- Full Year FY26 Revenue from operations of ₹148.65 crores, up 109.5% YoY, demonstrating highest ever financial performance.
- H2 FY26 Revenue of ₹116.08 crores, showing a robust 135.68% YoY growth.
- Order book of over ₹125 crores as of March 31, 2026, providing strong revenue visibility for FY27.
What to watch
- EBITDA margin for FY26 grew by 96.82% (to ₹21.76 crores), which was lower than revenue growth, indicating some margin pressure.
- H2 margins were impacted by increased logistic costs and a sharp rise (25-40%) in raw material (metal) costs, which the company had to absorb for existing projects.
What Apex Ecotech Ltd does
Apex Ecotech Limited is an ISO 9001:2015-certified, engineering-driven company that designs, manufactures, commissions and operates turnkey water and wastewater treatment plants for industrial and municipal clients. Its core solutions span Water Treatment Plants (WTP), Effluent/Sewage Treatment Plants (ETP/STP), membrane-based recycling (Electro Dialysis Reversal, Membrane Bioreactor), evaporators and Mechanical Vapour Recompression (MVR)-based Zero Liquid Discharge (ZLD) systems that let industries recycle and reuse process water. It also supplies electrification & automation (control panels, sludge dewatering systems) and post-commissioning operations, maintenance and aftersales services. The company serves clients across roughly 15 industry verticals including automobile, FMCG/beverage, pharma and power, with marquee clients such as Reliance Consumer Products, Larsen & Toubro and CRD Consumer Products.
Segments
- Water Treatment Plants (WTP)
- Sewage Treatment Plants (STP)
- Zero Liquid Discharge (ZLD)
- Wastewater / Effluent Treatment Plants (ETP)
- Membrane Recycle Systems (EDR)
- Electrification, Automation & Aftersales
- Completed water & wastewater treatment turnkey projects
- 250+
- Total water & wastewater treatment volume handled
- 145+ Million Liters/Day
- Zero Liquid Discharge (ZLD) plants volume
- 5.5+ Million Liters/Day
- Industries served
- 15 types
- Years in business
- 16+ (since 2009)
- Team size
- 100+
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 6 delivered 1 missed 3 open- Revenue Growth Rate delivered said Q4 FY25 Promised: maintain that [historical growth rate]. Hopefully, outperform that. Q4 FY26: FY26 revenue grew 109.5% YoY to ₹148.65 crores, significantly outperforming historical growth rates.
- Reporting Frequency missed said Q4 FY25 Promised: definitely from subsequent quarters, we'll be doing it [quarterly updates]. Q4 FY26: Company continued with half-yearly reporting, not quarterly updates. Management acknowledged the request for more communication, promising to be 'more visible in future' but did not commit to quarterly calls.
- Revenue Growth open said Q4 FY26 Promised: we are looking for at least 30 to 40% growth overall. Q4 FY26: Management guided for 30-40% revenue growth in FY27.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 22 | 49 | 33 | 116 |
| EBITDA | 2 | 9 | 3 | 19 |
| Net profit | 2 | 7 | 3 | 14 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +100.1% 1Y
1Y: ₹136.15 on 10 Sept 2025 → ₹272.5. High ₹290.2 (17 Aug 2026), low ₹104.6 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −5.0%
- 12 May
- Q2 FY26
- −1.9%
- 24 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹14 Cr | ₹36 Cr | ₹50 Cr |
| Borrowings | ₹4 Cr | ₹1 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Other liabilities | ₹5 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr | ₹9 Cr | ₹25 Cr |
| Total liabilities | ₹14 Cr | ₹10 Cr | ₹18 Cr | ₹26 Cr | ₹58 Cr | ₹89 Cr |
| Fixed assets | ₹4 Cr | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹9 Cr | ₹8 Cr | ₹16 Cr | ₹24 Cr | ₹56 Cr | ₹86 Cr |
| Total assets | ₹14 Cr | ₹10 Cr | ₹18 Cr | ₹26 Cr | ₹58 Cr | ₹89 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs added +2.31 pp while the public trimmed −2.29 pp. The shareholder count shrank 16% to 658.
- Promoters
- 69.3%
- DIIs
- 8.4%
- Public
- 22.3%
Since Mar 2025
- DIIs +2.31 pp
- Public −2.29 pp
- FIIs −0.01 pp
How it drifted, 3 quarters
Over this window DIIs went from 6.1% to 8.4% — +2.3 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 69.3%, FIIs 0.0%, DIIs 6.1%, Public 24.6%.Sep '25: Promoters 69.3%, DIIs 6.5%, Public 24.2%.Mar '26: Promoters 69.3%, DIIs 8.4%, Public 22.3%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- India Equity Fund 1 AIF +1.87 pp 8.39% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Apex Ecotech Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ramakrishnan Balasundaram Aiyer | 20.93% | unchanged |
| Anuj Dosajh | 20.93% | unchanged |
| Ajay Raina | 13.72% | unchanged |
| Lalit Mohan Datta | 13.72% | unchanged |
| India Equity Fund 1 AIF | 8.39% | +1.87 pp |
| Securocrop Securities India Private Limited | 2.09% | unchanged |
| Sangeeta Pareekh | 2.09% | unchanged |
| Aastha Gupta | 1.01% | unchanged |
| Monica Bhat | 0.00% | unchanged |
| Asha Iyer | 0.00% | unchanged |
| Poonam Dosajh | 0.00% | unchanged |
| Ruby Datta | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Apex Ecotech Ltd
Guides on how to read this kind of business and the numbers that matter.