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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹116 Cr | NDF | +251.5% |
| EBITDA | ₹19 Cr | +111.1% | +533.3% |
| Operating margin | 16.0% | -200 bps | +700 bps |
| PAT | ₹14 Cr | NDF | +366.7% |
| PAT margin | 12.1% | -222 bps | +298 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
IPO Proceeds Deployment
IPO proceeds have been fully deployed towards stated objectives, supporting capacity enhancement and operational expansion.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
70Bullishfull bull SMA stack · SMA20 +1.0% / mo · MACD + · near 52W high
Technical chart
APEXECOdaily · 1Y · AUTO+136.4%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 59.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~1.0% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 173% 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.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 36.3%.
- Quality contributes 17/20 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 69.3%. Key concern: ROCE trend is -11.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 76th pctile, median 69 · SME: 96th pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.60
- P/B
- 5.79
- EV/EBITDA
- 16.73
- Market Cap
- 367.00Cr
Profitability
- ROE
- 31.10%
- ROCE
- 41.20%
- 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
- 69.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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