Apex Ecotech Limited (APEXECO)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Apex Ecotech's revenue was ₹116 Cr (+136.7% year on year, +251.5% on the previous half-year), and net profit ₹14.0 Cr (+100.0% year on year); the operating margin was 16.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹116 | +136.7% | +251.5% |
| Operating profit | ₹19.0 | +111.1% | +530.1% |
| Net profit | ₹14.0 | +100.0% | +366.7% |
| EPS (₹) | 10.96 | +106.0% | +459.2% |
| Operating margin | 16.4% | — | — |
APEXECO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the APEXECO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 92.91%. That is close to its usual level. Turnover was only ₹18 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal. It closed at a price band (circuit) on 5 sessions in about the last 20.
Delivery in the last 5 sessions: 83.3% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Apex Ecotech Limited submitted the Scrutinizer's Report for its 17th Annual General Meeting held on September 26, 2026. All four ordinary resolutions, including the adoption of audited financial statements for FY ended March 31, 2026, were approved unanimously with 100% votes cast in favor. The resolutions also approved the reappointment of directors Ajay Raina and Ramakrishnan Balasundaram Aiyer retiring by rotation, alongside the reappointment of statutory auditors for a 4-year term. Up to 94,41,400 valid votes were recorded across resolutions with zero votes cast against.
- All 4 ordinary resolutions approved unanimously with 100% votes cast in favour and 0% against
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved with 94,41,400 votes
- Reappointment of Statutory Auditors confirmed for a four consecutive year term with 94,41,400 votes
- Reappointments of directors Ajay Raina (76,32,770 votes) and Ramakrishnan Balasundaram Aiyer (66,82,230 votes) approved
Apex Ecotech Limited submitted the Scrutinizer's Report for its 17th Annual General Meeting held on September 26, 2026. All four ordinary resolutions, including the adoption of audited financial statements for FY ended March 31, 2026, were approved unanimously with 100% votes cast in favor. The resolutions also approved the reappointment of directors Ajay Raina and Ramakrishnan Balasundaram Aiyer retiring by rotation, alongside the reappointment of statutory auditors for a 4-year term. Up to 94,41,400 valid votes were recorded across resolutions with zero votes cast against.
- All 4 ordinary resolutions approved unanimously with 100% votes cast in favour and 0% against
- Adoption of audited financial statements for the financial year ended March 31, 2026 approved with 94,41,400 votes
- Reappointment of Statutory Auditors confirmed for a four consecutive year term with 94,41,400 votes
- Reappointments of directors Ajay Raina (76,32,770 votes) and Ramakrishnan Balasundaram Aiyer (66,82,230 votes) approved
Apex Ecotech Limited announced a change in its registered office address within Pune under Regulation 30 of SEBI LODR Regulations. The office has shifted from Rahatani (PIN 411017) to Unit No. 302, Blue Sapphire Business Park, Pimple Saudagar (PIN 411027). The intimation was signed and submitted on September 10, 2026. This is purely a procedural relocation with no financial impact.
- Registered office relocated to Unit No. 302, Third Floor, Blue Sapphire Business Park, Pimple Saudagar, Pune - 411027
- Previous registered office was located at Office No. 202, Garden Plaza, Rahatani, Pune - 411017
- Filing submitted and digitally signed on September 10, 2026 under Regulation 30
Apex Ecotech Limited has scheduled its 17th Annual General Meeting (AGM) for Saturday, September 26, 2026, at 12:00 PM IST via Video Conferencing. The company has fixed Saturday, September 19, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will begin on September 23, 2026 (09:00 AM IST) and end on September 25, 2026 (05:00 PM IST). This is a routine administrative filing with no direct operational or financial impact.
- 17th Annual General Meeting scheduled for September 26, 2026, at 12:00 PM IST
- Cut-off date for voting eligibility set as September 19, 2026
- Remote e-voting window runs from September 23, 2026 (09:00 AM) to September 25, 2026 (05:00 PM)
Apex Ecotech Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled to take place via Video Conferencing on September 26, 2026. The ordinary agenda includes adopting the audited financial statements for FY2025-26 and the re-appointment of directors retiring by rotation, Mr. Ajay Raina and Mr. Ramakrishnan Balasundaram Aiyer. Additionally, the company is seeking shareholder approval to re-appoint M/s Raman Chawla & Associates as statutory auditors for a 4-year term at an annual fee of ₹11,50,000.
- 17th Annual General Meeting scheduled for September 26, 2026, via Video Conferencing
- Proposed re-appointment of statutory auditors M/s Raman Chawla & Associates for a 4-year term until 2030 AGM at an annual fee of ₹11,50,000
- Re-appointment of directors retiring by rotation: Mr. Ajay Raina (13.72% shareholding) and Mr. Ramakrishnan Balasundaram Aiyer (20.93% shareholding)
Apex Ecotech Limited announced that its Board of Directors approved the shifting of the company's registered office within local limits on September 02, 2026. The office will move from Rahatani, Pune (PIN 411017) to Blue Sapphire Business Park, Pimple Saudagar, Pune (PIN 411027). The relocation is subject to standard regulatory compliances under Section 12(5) of the Companies Act, 2013. This is purely an administrative update with no impact on core business operations or financials.
- Board approved shifting of registered office within local limits on September 02, 2026.
- Relocation from Rahatani, Pune (PIN 411017) to Blue Sapphire Business Park, Pimple Saudagar, Pune (PIN 411027).
- Change is subject to necessary approvals under Section 12(5) of the Companies Act, 2013.
CRISIL has assigned a first-time 'BBB/Stable' long-term and 'A3+' short-term rating to Apex Ecotech's Rs 75 crore bank facilities. The rating is supported by a robust unexecuted order book of Rs 146 crore as of July 2026, which provides strong revenue visibility. The company's estimated FY26 revenue grew 109% YoY to Rs 148.66 crore, while maintaining a very low debt-to-equity ratio of 0.02. Liquidity is considered adequate with a current ratio of 4.4 times and cash balances of Rs 12 crore.
- CRISIL BBB/Stable and A3+ ratings assigned to Rs 75 crore total bank loan facilities.
- Unexecuted order book stands at Rs 146 crore as of July 1, 2026, providing nearly 100% revenue visibility against FY26 estimates.
- Estimated FY26 revenue increased to Rs 148.66 crore from Rs 70.97 crore in FY25.
- Working capital efficiency improved with Gross Current Asset (GCA) days reducing to 137 days from 237 days YoY.
- Net worth increased to Rs 63 crore in FY26 from Rs 46.23 crore in FY25, aided by SME-IPO proceeds.
Financial Performance
Revenue Growth by Segment
Revenue from operations for H1 FY26 reached INR 32.57 Cr (3,256.98 Lakhs), representing a significant growth of 50.09% YoY compared to H1 FY25. Total revenue for the full year 2023-24 was approximately INR 71 Cr. The growth is driven by accelerated project execution and the ability to take on larger orders following the IPO capital infusion.
Geographic Revenue Split
Not disclosed in available documents, though the company operates from offices in Pune and New Delhi and is planning expansion into select international markets.
Profitability Margins
For F.Y. 2024-25, the Operating Profit Margin stood at 15.58% and the Net Profit Margin was 12.07%. In H1 FY26, the PAT Margin was 7.91%, which is an improvement of 75.92 BPS YoY, reflecting better margin realization in the second half of the fiscal year due to operational scalability.
EBITDA Margin
EBITDA for H1 FY26 was INR 3.00 Cr (299.94 Lakhs), growing 44.27% YoY. This growth in core profitability is attributed to improved resource utilization and the benefits of operating leverage as the company scales its turnkey project execution.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods, but IPO proceeds have been utilized to strengthen the financial position and support operational expansion and working capital requirements.
Credit Rating & Borrowing
The Debt-Equity Ratio improved to 0.00 in F.Y. 2024-25 from 0.03 in F.Y. 2023-24. This was achieved through the repayment of debt using IPO proceeds and the issuance of new equity, effectively eliminating interest-bearing debt costs.
Operational Drivers
Raw Materials
Advanced membrane technologies and components for effluent treatment plants; specific material names like steel or chemicals are not individually listed with percentage costs.
Capacity Expansion
The company is currently scaling up rapidly to handle larger turnkey projects. While specific MT/unit capacity is not provided for service-based execution, the company is expanding its domestic and international market reach following the IPO.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company faces challenges related to working capital intensity and the procurement of specialized technology components for water treatment systems.
Manufacturing Efficiency
The company observed that H1 typically accounts for 25-30% of annual business, while H2 is 3x more productive. Efficiency improved in the second half of FY25 due to better resource utilization and accelerated project execution.
Strategic Growth
Expected Growth Rate
50.09%
Growth Strategy
Growth is being achieved through the utilization of IPO proceeds to fund working capital for larger turnkey projects, expanding into new domestic and international markets, and leveraging expertise in Zero Liquid Discharge (ZLD) systems. The company is focusing on high-demand sectors driven by environmental regulations.
Products & Services
Zero liquid discharge (ZLD) systems, advanced membrane technologies, effluent treatment plants, and turnkey water/wastewater project execution.
Brand Portfolio
Apex Ecotech.
New Products/Services
Expansion into intelligent, energy-efficient water management systems and carbon-neutral technologies; specific revenue contribution percentages for new launches are not disclosed.
Market Expansion
Targeting expansion in domestic Indian markets and select international regions to diversify the client base and reduce industry-specific vulnerability.
External Factors
Industry Trends
The water treatment industry is growing rapidly due to rising demand for water recycling and strict environmental mandates. The industry is shifting toward sustainable, energy-efficient, and carbon-neutral solutions, where the company is positioning itself as a technology-driven leader.
Competitive Landscape
Intense competition exists from both domestic and international wastewater treatment firms, requiring constant innovation to maintain market share.
Competitive Moat
The moat is built on specialized expertise in Zero Liquid Discharge (ZLD) and advanced membrane technologies. This is sustainable due to the high technical barrier to entry and the increasing regulatory necessity for these specific solutions in industrial sectors.
Macro Economic Sensitivity
Highly sensitive to environmental regulations and government policies regarding water recycling and zero liquid discharge norms.
Consumer Behavior
Industrial clients are increasingly adopting sustainable practices and water recycling due to both regulatory pressure and corporate ESG goals.
Geopolitical Risks
Expansion into international markets introduces exposure to global economic conditions and changes in international trade regulations.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by environmental regulations and pollution control board norms that mandate wastewater treatment and zero liquid discharge for industrial units.
Environmental Compliance
The company is focused on environmental compliance as its core business; it spent INR 8.15 Lakhs on CSR obligations in F.Y. 2024-25, representing 2% of its average net profit of INR 407.34 Lakhs.
Legal Contingencies
The company is involved in material litigations as disclosed in Note 25 of the financial statements. These cases could lead to financial liabilities or operational disruptions, though specific case values were not provided in the summary.
Risk Analysis
Key Uncertainties
Unforeseen economic conditions affecting demand and changes in government tax laws or environmental statutes could impact performance by more than 10-15% if projects are delayed.
Geographic Concentration Risk
The company has a presence in Pune and Delhi; however, specific revenue percentages per region are not disclosed.
Third Party Dependencies
Dependence on a limited number of industries for revenue creates a high risk of sector-specific downturns impacting the order book.
Technology Obsolescence Risk
The water treatment sector is subject to technological shifts; the company mitigates this by investing in advanced membrane technologies and energy-efficient systems.
Credit & Counterparty Risk
The company continues to face challenges related to receivables and working capital intensity, indicating a risk in the collection cycle from industrial clients.
