Credit rating
Credit Rating- New 1 Aug - CRISIL assigned APEX Ecotech BBB/Stable and A3+ ratings for Rs.75 crore bank facilities.
Source: Nse
Apex Ecotech Ltd. (APEXECO)
SME CapIT stocks · SME cap · NSE
Apex Ecotech Limited is an ISO 9001:2015 certified, engineering-driven company specializing in turnkey solutions for Water and Wastewater Treatment, Membrane Recycling, Evaporators, and Zero Liquid Discharge Systems. It focuses on sustainable, energy-efficient, and environmentally responsible treatment solutions.
₹240.35
-12.60 · -4.98%
Market cap ₹334 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result07 May, 03:56 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
69BullishSMA20 -1.8% / mo · MACD − · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 100
Sector 3M: +13.7% vs Nifty 500 -5.6%
IT FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
APEXECOD candles · FIT view+97.0%Latest close ₹240.35 on 2026-10-21
Bar
-2.3%
RSI
37
MACD hist
-0.90
52W pos
71%
2026-10-21O ₹246.05H ₹246.05L ₹240.35C ₹240.35Vol 10,400 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APEXECONifty ITNifty 500
- APEXECO
- -3.9%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +2.6 pp
Chart stats
21 Oct 2026- From 52W high
- -19.1%
- 52W range position
- 71%
- ATR (14)
- 4.6%
- Volume vs 20D
- 0.69x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹239.1 - ₹277.8
₹297.2
₹102.1 - ₹297.2
₹11
Latest completed session
20-session average
41.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED63
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish69
Price trend and sector-relative-strength timing.
Valuation
Legacy model+42.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹116 Cr | NDF | +251.5% |
| EBITDA | ₹19 Cr | NDF | +533.3% |
| Operating margin | 16.0% | NDF | +700 bps |
| PAT | ₹14 Cr | NDF | +366.7% |
| PAT margin | 12.1% | NDF | +298 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.60
- P/B
- 5.27
- EV/EBITDA
- 15.23
- Market Cap
- 334.00Cr
Profitability
- ROE
- 31.10%
- ROCE
- 41.40%
- ROA
- 19.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 66.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 63.00%
- EPS 3Y
- 69.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- —
- Altman Z
- 9.53
- Book Value
- 48.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 7.00 Cr
- EPS TTM
- 12.91
Shareholding
- Promoter Hold
- 69.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 116+251.5% vs prev
Net Profit
₹ CrLatest: 14.0+366.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 136% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
95
RS percentile
Stage 2 UptrendEstablished S2
1M return
-9.3%
3M return
-3.9%
6M return
+101.1%
1Y return
+88.7%
RS 1D
0
RS 20D
+1
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is 11.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +9.3%.
50-DMA
price below
200-DMA
price above
S2 entered
19 May 2026
S2 age
109 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
258 observations
21 Oct 2026Value 180.83-4.09%
RS vs Nifty 500181
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 63 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation10/30
Growth21/25
Quality17/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
-3
Raw sum
63
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
63/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 42.0%.
- Quality contributes 17/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
19.6
PB
5.3
EV/EBITDA
15.2
ROE
31.1%
ROCE
41.4%
FCF Yield
—
Debt/Equity
0.0
MoS
+42.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
63
Previous: 60 (+3)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+42.0%
Previous: +39.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
60
60
60
60
60
60
Factor attribution
Valuation
10+3
was 7
Modelled fair value
Graham Number
₹118.08
-103.5% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹414.41
+42.0% MoS
PEG
0.29
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FELIX
SME
Felix Industries Ltd.
IT Services / Digital
match 132
59
16.0
15.1%
+50%
FAIR VALUE
VGINFOTECH
SME
Virtual Galaxy Infotech Ltd.
IT Services / Digital
match 131
72
20.9
48.0%
+72%
UNDERVALUED
KORE
SME
Jay Jalaram Technologies Ltd.
IT Services / Digital
match 130
35
33.3
13.7%
-9%
WATCHLIST
SYSTANGO
SME
Systango Technologies Ltd.
IT Services / Digital
match 130
83
10.4
25.5%
+70%
DEEP VALUE
MARC
SME
Marc Technocrats Ltd.
IT Services / Digital
match 129
52
25.4
21.6%
+21%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-21T02:24:16.070Z
Management commentary snapshot
APEXECO reported robust H2 FY26 performance with Revenue up 135.68% YoY to 116.08 Cr, EBITDA up 108.99% YoY to 18.76 Cr, and PAT up 106.12% YoY to 14.45 Cr. For FY26, Revenue grew 109.50% YoY to 148.65 Cr, EBITDA 96.82% YoY to 21.76 Cr, and PAT 98.85% YoY to 17.02 Cr.
The company delivered its highest-ever financial performance in FY26, driven by strong execution and strategic project acquisitions. A robust order book provides significant revenue visibility, and management is focused on leveraging sustainability trends in water treatment.
Growth engines
Robust Order Book
Order book stood at over ₹125 Crore as on March 31, 2026, providing strong revenue visibility.
Increasing Demand for Sustainable Solutions
Sustained demand for advanced water and wastewater treatment solutions across industrial sectors.
Technological Capabilities
Proven expertise in advanced technologies such as EDR, MBR, and MVR, combined with strong industry recognition.
Expanding Market Footprint
Established presence across major regions in India and emerging international markets such as Bangladesh and Vietnam.
Capacity and execution
IPO Proceeds Deployment
IPO proceeds have been fully deployed towards stated objectives, supporting capacity enhancement and operational expansion.
Tailwinds
Sustainability Focus
Increasing emphasis on sustainability, Zero Liquid Discharge (ZLD), water conservation, and wastewater recycling.
Environmental Compliance
Growing need for environmental compliance drives demand for treatment solutions across industries.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly highlights YoY growth percentages for both H2 FY26 and full FY26 across all key financial metrics, indicating that annual comparison is the primary measure of performance.
Sector KPIs management disclosed
Order Book
₹125+ Crore as on March 31, 2026, providing strong revenue visibility for upcoming financial periods.
Total Volume of Water & Wastewater Treatment
145+ Million Liters/Day total volume of water & wastewater treatment capacity.
Total Volume of Zero Liquid Discharge Plants
5.5+ Million Liters/Day total volume of Zero Liquid Discharge Plants.
Completed Turnkey Projects
250+ completed Water & Wastewater Treatment Turnkey Projects.
Management forward view
Strengthening Technological Capabilities
The Company remains focused on strengthening its technological capabilities.
Enhancing Execution Efficiencies
The Company remains focused on enhancing execution efficiencies.
Delivering Sustainable Solutions
Committed to delivering sustainable solutions that contribute towards a more water-secure future.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | ₹125+ Crore (as of March 31, 2026) | Continued growth in order book value and new marquee project wins. |
| Revenue from Operations Growth | ₹148.65 Crore (FY26, +109.50% YoY) | Sustained double-digit revenue growth rates. |
| Net Cash from Operating Activities | ₹676.68 Lakhs (FY26) | Consistent positive cash flow generation from operations. |
| EBITDA Margin | 14.64% (FY26) | Stability or improvement in EBITDA margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 76th percentile within IT. Main check: results consistency is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · IT: 76th pctile, median 69 · SME: 96th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 69.3%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸ROCE trend is -11.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Apex Ecotech Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Investor presentationMay 2025
May 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.