Concord Enviro Systems Ltd. (CEWATER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.0%

₹103.51

vs ₹235.35 price

Levered DCF

₹104.11

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.49×	17.71×	41.31×	312.11×	103.91×	46.28×	6.48×	3.21×
P/B	0.92×	1.71×	5.31×	6.09×	6.37×	-85.72×	0.16×	0.18×
P/S	0.94×	1.54×	3.46×	5.02×	5.23×	2.64×	0.13×	0.17×
EV / EBITDA	10.03×	10.42×	13.63×	36.58×	30.26×	20.22×	2.1×	1.55×
Gross margin	15.7%	45.1%	49.9%	48.6%	48.3%	50.8%	35.4%	56.6%
Operating margin	3.6%	16.4%	23.8%	9.8%	13.6%	38.0%	14.3%	17.5%
Net margin	3.5%	8.7%	8.4%	1.6%	5.0%	5.7%	2.1%	5.3%
Current ratio	2×	2.12×	1.62×	1.52×	1.73×	0.74×	1.7×	1.8×
Debt / equity	0.29×	0.25×	0.49×	0.61×	0.64×	-39.65×	0.37×	0.3×
Interest coverage	0.96×	5.51×	7.67×	1.87×	2.53×	0×	3.4×	3.6×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	9.6%	12.8%	2.0%	6.1%	-185.2%	2.4%	5.7%
Return on invested capital	2.4%	12.9%	23.3%	5.3%	8.9%	27.0%	7.6%	11.1%
Return on assets	2.1%	6.1%	6.6%	0.9%	3.1%	3.8%	1.3%	3.3%
Free cash flow yield	-11.3%	-2.3%	-2.6%	6.6%	1.2%	4.4%	-23.6%	26.4%
Earnings yield	3.8%	5.6%	2.4%	0.3%	1.0%	2.2%	15.4%	31.1%
Enterprise value	₹6.3B	₹10.2B	₹18.5B	₹18.2B	₹18.6B	₹13.3B	₹1.6B	₹1.2B
Net debt / EBITDA	1.75×	1.11×	1.03×	2.21×	2.47×	6.27×	1.43×	0.87×
Cash conversion cycle (days)	258	202	200	250	287	293	306	360