Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Greenleaf Envirotech Ltd. (GREENLEAF)
SME CapIT stocks · SME cap · NSE
Greenleaf Envirotech Ltd, incorporated in 2010, is an integrated environmental engineering company. It provides end-to-end solutions for wastewater treatment, environmental monitoring & compliance, and fire safety services, designing, constructing, and maintaining advanced environmental systems across 12 Indian states.
₹111.95
-5.85 · -4.97%
Market cap ₹73.5 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 result01 Jun, 07:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
73BullishMACD + · sector +19.3pp vs Nifty 500 (3M)
Stock trend: 55
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
GREENLEAFD candles · FIT view+57.1%Latest close ₹111.95 on 2026-10-21
Bar
-1.0%
RSI
47
MACD hist
0.32
52W pos
45%
2026-10-21O ₹113.05H ₹121.45L ₹111.95C ₹111.95Vol 17,000 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
GREENLEAFNifty ITNifty 500
- GREENLEAF
- +11.8%
- Nifty 500
- -6.5%
- Nifty IT
- +12.0%
- Vs Nifty 500
- +18.3 pp
Chart stats
21 Oct 2026- From 52W high
- -39.8%
- 52W range position
- 45%
- ATR (14)
- 4.2%
- Volume vs 20D
- 2.18x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹103 - ₹129
₹185.9
₹52.5 - ₹185.9
₹4.7
Latest completed session
20-session average
56.2% 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 · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish73
Price trend and sector-relative-strength timing.
Valuation
Legacy model+71.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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 | ₹39.5 Cr | NDF | +87.1% |
| EBITDA | ₹6.1 Cr | NDF | +47.0% |
| Operating margin | 15.5% | NDF | -423 bps |
| PAT | ₹4.4 Cr | NDF | +51.0% |
| PAT margin | 11.0% | NDF | -263 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 10.20
- P/B
- 2.11
- EV/EBITDA
- 7.59
- Market Cap
- 73.50Cr
Profitability
- ROE
- 30.40%
- ROCE
- 36.50%
- ROA
- 11.97%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 56.17%
- EPS 5Y
- 57.52%
- Revenue 3Y
- 56.17%
- EPS 3Y
- 57.52%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 17.79×
- Altman Z
- 4.18
- Book Value
- 58.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -13.07 Cr
- EPS TTM
- 12.19
Shareholding
- Promoter Hold
- 56.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 60.6+56.2% vs prev
Net Profit
₹ CrLatest: 7.2+57.5% vs prev
Return on Equity
%Latest: 20.7-43.0% vs prev
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
NeutralTrend is undirectional — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 40% off 52W high · 113% 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
72
RS percentile
Stage 2 UptrendNew S2
1M return
+0.8%
3M return
+1.4%
6M return
+46.8%
1Y return
-17.0%
RS 1D
-1
RS 20D
-18
Sector rank
#7
Industry rank
#37
Stage evidence
- Price is 23.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
19 Oct 2026
S2 age
2 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
249 observations
21 Oct 2026Value 89.65-4.08%
RS vs Nifty 50090
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation26/30
Growth22/25
Quality19/20
Balance Sheet10/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 71.4%.
- Quality contributes 19/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; 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
10.2
PB
2.1
EV/EBITDA
7.6
ROE
30.4%
ROCE
36.5%
FCF Yield
—
Debt/Equity
0.2
MoS
+71.4%
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
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+71.4%
Previous: +69.9%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
67
69
68
68
67
67
71
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126.99
+11.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹391.3
+71.4% MoS
PEG
0.18
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
SLONE
SME
Slone Infosystems Ltd.
IT Services / Digital
match 131
76
7.7
20.8%
+78%
DEEP VALUE
MGSL
SME
Matrix Geo Solutions Ltd.
IT Services / Digital
match 131
75
7.8
23.0%
+76%
DEEP VALUE
SUNTECH
SME
Suntech Infra Solutions Ltd.
IT Services / Digital
match 131
66
5.0
18.8%
+83%
UNDERVALUED
ADDICTIVE
SME
Addictive Learning Technology Ltd.
IT Services / Digital
match 129
44
51.8
1.7%
-114%
WATCHLIST
SONUINFRA
SME
Sonu Infratech Ltd.
IT Services / Digital
match 129
72
3.8
18.5%
+88%
UNDERVALUED
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 2026-08-16T15:42:13.726Z
Management commentary snapshot
Greenleaf Envirotech reported robust FY26 results with revenue up 56% YoY to INR 60.61 Cr, EBITDA up 57% YoY to INR 10.52 Cr, and PAT up 57% YoY to INR 7.23 Cr, driven by strong project execution and demand. H2 FY26 also showed strong YoY growth across key metrics.
The company demonstrated strong financial performance in FY26, supported by project execution and demand. Strategic initiatives like the NSE Emerge listing and the Sayan CETP project position it for future growth and recurring revenue. Management's focus on selective projects and operational efficiency is positive, though negative operating cash flow warrants monitoring.
Current business mix
Revenue by Service (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Turnkey Project94.7%
Laboratory4.7%
Fire0.6%
Growth engines
Turnkey Wastewater Projects
End-to-end execution of wastewater treatment projects, from design to commissioning, driving significant revenue.
Proprietary Technology
Developed in-house GAC SBR wastewater treatment technology with a patent application underway.
Environmental Infrastructure Ownership
Developing a 10 MLD CETP in Sayan, Gujarat, through a wholly-owned subsidiary for recurring revenue.
Environmental Monitoring & Compliance
NABL-accredited laboratory services and environmental consultancy support regulatory needs.
Capacity and execution
32 MLD STP Project
Completed 32 MLD STP at Latur, Maharashtra, marking it as the largest EPC project milestone in 2024.
10 MLD CETP Development
Developing a 10 MLD Common Effluent Treatment Plant (CETP) in Sayan, Gujarat, via Greenleaf Eco Infra Private Ltd.
Tailwinds
Government Environmental Initiatives
Programs like AMRUT 2.0, Namami Gange, and Swachh Bharat Mission 2.0 create a ₹4+ Lakh Crore environmental infrastructure opportunity.
Regulatory Compliance Focus
Increasing regulatory focus on strict pollution control and industrial compliance drives demand for environmental solutions.
Water Scarcity & Reuse
Rising water scarcity and absolute reuse requirements necessitate advanced wastewater treatment solutions.
Industrialization & Urbanization
Rapid industrialization and urban expansion generate demand for environmental infrastructure across India.
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 BOTH
Full-year (FY26 vs FY25) comparisons are essential for assessing overall business growth and profitability trends in this project-based sector. Half-yearly (H2 FY26 vs H2 FY25) comparisons provide insight into recent operational momentum and execution.
Sector KPIs management disclosed
Revenue from Operations
FY26: INR 6061.3 lakhs (56% YoY growth)
EBITDA
FY26: INR 1052.01 lakhs (57% YoY growth)
PAT
FY26: INR 723.43 lakhs (57% YoY growth)
ROE
FY26: 20.73%
Management forward view
Strong FY26 Performance
FY26 saw healthy growth across all key financial parameters, driven by strong project execution and rising demand.
Strategic Milestones
Successful NSE Emerge listing in Oct 2025 enhanced corporate visibility and provides a platform for long-term growth.
Recurring Revenue Platform
The CETP project at Sayan is a critical environmental infrastructure asset and recurring revenue platform with strong member participation.
Robust Order Pipeline
Strengthened presence in EPC and environmental infrastructure, backed by a robust order pipeline and in-house capabilities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Pipeline Conversion | Robust order pipeline reported by management. | Consistent conversion of pipeline into executed projects and revenue growth. |
| Sayan CETP Commissioning | Under development with strong member participation. | Timely commissioning and ramp-up of recurring revenue streams from treatment charges. |
| Operating Cash Flow | Negative cash flow from operations in FY26. | Improvement in operating cash flow as projects are completed and collections stabilize. |
| Margin Sustainability | FY26 EBITDA margin at 17%. | Maintenance or improvement of profitability margins amidst project execution and input cost fluctuations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited 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 59th percentile of the scored universe and 54th percentile within IT. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · IT: 54th pctile, median 69 · SME: 77th pctile, median 64
Evidence depth
Financial-only
2 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 56.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 36.2%.
- ▸OPM spread across recent quarters is 4.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Greenleaf Envirotech 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
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Aug 2026 · Updates 5 Aug - 16th AGM scheduled for 27 August 2026; annual report FY 2025-26 web-link shared.
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.