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CONCORD ENVIRO SYSTEMS L (CEWATER) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of CONCORD ENVIRO SYSTEMS L stock ₹139, price ₹227, that is 38.8% below the price, quality 23 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities IN · ISIN INE037Z01029

CE CONCORD ENVIRO SYSTEMS L logo Thin data Nov 6, 2026

CONCORD ENVIRO SYSTEMS L

CEWATER · NSE
Very expensive, weak quality

Our calculation puts a fair price 39% below what the stock costs today.

Low debt
Expensive Growth (revenue 5y +9.9 %/yr in INR)
Loss over the last twelve months · -0.4% net margin (TTM) · fiscal year 2026 3.5%
Revenue last quarter 17% below a year ago.
Fair value ₹139.00 · Strongly overvalued
Quality 23/100
Negative free cash flow
Trails peers (3/11)
Narrow moat 20/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹827.10 ₹224.45 Fair Value ₹139.00 Dec 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

22‑month range ₹224.45 – ₹827.10 · fair‑value band ₹97.30 – ₹180.71 · the ₹227.20 price screens above the ₹139.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Concord Enviro Systems Limited engages in providing water and wastewater treatment, and reuse solutions.

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It offers effluent treatment plants, anaerobic digestors, membrane bio-reactors, and sewage treatment plants; and membrane-based systems, such as ultra-filtration, nano-filtration, reverse osmosis, desalination systems, waste heat evaporators, and rehabilitation and modification services.

The company also provides plant operations and maintenance; consumables and spare parts, including membranes, plants chemicals, and consumables; and compressed biogas plants installation services, as well as zero liquid discharge systems and plants.

It serves customers in pharmaceuticals, chemicals, distillery, food and beverage, automobiles, leachate, steel, textiles, oil and gas, tanneries, cement, paper, paint, electronics, mining and minerals, real estate, and sea water desalination solutions industries in Asia, Africa, Latin America, and Europe.

The company was founded in 1992 and is based in Mumbai, India.

Stock analysis

CONCORD ENVIRO SYSTEMS L (CEWATER) currently trades at ₹227.20, while our model-based Fair Value estimate is ₹139.00, 39% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ₹169.50 per share, and 2 of the 14 models we run sit above the ₹227.20 price.

Bear case: the Earnings-Based group reads lowest at ₹81.33, and 12 of the 14 models stay below the price. Data coverage for this calculation is low.

Scenario range: ₹97.30 (bear) to ₹180.71 (bull), the price of ₹227.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 23/100 (below-average quality), in the Utilities sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

CONCORD ENVIRO SYSTEMS L reported revenue of ₹5.6B in FY2026 versus ₹3.3B in FY2022, a compound +14.3%/yr. Reported net income was ₹198M in FY2026, compounding +4.6%/yr from FY2022.

Key figures

Market cap ₹4.7B (≈ $50.1M) Micro · P/S ratio 0.87 · EPS (TTM) ₹−2.24 · Net margin −0.4% · Return on equity 4.1% · Return on assets (EBIT) 9.3% (5-year average) · Operating margin −23.5% · Revenue (TTM) ₹5.4B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).

What moves the price

The share trades about 52% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −42% fair-value upside, at −39%, CEWATER screens cheaper than that median.

Fair Value models

Bear ₹97.30 Fair Value ₹139.00 Bull ₹180.71
Price ₹227.20 · Downside -38.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV ₹74.56 ₹79.37 ₹83.13 74
ROIC Compounder ₹74.56 ₹79.37 ₹83.13 72
Residual Income ₹146.73 ₹152.32 ₹167.44 71
All 14 models by family
Earnings-Based
Graham-Dodd ₹64.91 ₹238.39 ₹321.87 64
Lynch FV ₹56.93 ₹81.33 ₹105.73 61
PEG = 1.0 ₹56.93 ₹81.33 ₹105.73 57
EPV ₹74.56 ₹79.37 ₹83.13 74
Multiples
P/E Multiple ₹150.35 ₹200.47 ₹250.59 63
P/S Multiple ₹121.71 ₹162.29 ₹202.86 58
P/B Multiple ₹873.42 ₹1,165 ₹1,456 55
EV/EBIT ₹70.20 ₹111.39 ₹152.57 64
EV/EBITDA ₹119.19 ₹176.71 ₹234.22 66
EV/Revenue ₹34.83 ₹72.62 ₹110.42 51
Asset-Based
NCAV (Graham) ₹101.67 ₹154.05 ₹192.56 54
Economic Profit
Residual Income ₹146.73 ₹152.32 ₹167.44 71
ROIC Compounder ₹74.56 ₹79.37 ₹83.13 72
Growth Earnings
Growth-Adj P/E ₹106.69 ₹152.41 ₹198.14 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 23/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27
How much profit the company makes from its sales and capital
Quality Growth 2
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 53
Debt, balance sheet and risk of trouble
Investment 35
Does it invest with discipline instead of growing at any price?
Low Volatility 18
How calm the share price moves, does not count
Price momentum 13
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 42
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
Start year 2021 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−11.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.8%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 4%

CEWATER screens overvalued: fair value 39% below the price. Compare with American Water Works Company →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Water · 66 stocks

Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −38.8% · Below median
Profitability
Return on equity (12 months) 4.1% · Below median
Return on assets 2.1% · Below median
Net margin (12 months) −0.4% · Bottom 25%
Operating margin (12 months) −23.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −16.6% · Bottom 25%
Balance sheet
Debt / equity 0.01× · Lowest 25%

Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper

P/B 0.82× · Cheapest 25%
P/S (12 months) 0.87× · Cheapest 25%
EV/EBITDA 17.8× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 1
FUTURE (revenue growth)0 · sector 33
PAST (return on equity)17 · sector 30
HEALTH (low debt)100 · sector 67
DIVIDEND (yield)0 · sector 51

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Grandblue Environment Co 600323 ¥30.79 ¥57.09 +85% vs CEWATER
Chengdu Xingrong Environment Co 000598 ¥7.29 ¥9.09 +25% vs CEWATER
Beijing Capital Eco-Environment Protection Group 600008 ¥2.79 ¥3.43 +23% vs CEWATER
Zhongshan Public Utilities Group 000685 ¥10.65 ¥11.03 +4% vs CEWATER
Chongqing Water Group 601158 ¥4.11 ¥2.39 −42% vs CEWATER
Essential Utilities, Inc WTRG $45.17 $23.33 −48% vs CEWATER
California Water Service Group CWT $50.05 $25.18 −50% vs CEWATER
H2O America HTO $62.05 $27.06 −56% vs CEWATER
American States Water Company AWR $89.90 $38.77 −57% vs CEWATER
American Water Works Company AWK $150.36 $64.66 −57% vs CEWATER

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CONCORD ENVIRO SYSTEMS L: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "CONCORD ENVIRO SYSTEMS L Fair Value". https://www.fairvalue-calculator.com/stock/CEWATER

Frequently asked questions

Is CONCORD ENVIRO SYSTEMS L (CEWATER) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ₹139.00 versus a price of ₹227.20, about 39% lower (overvalued).
What is the fair value of CEWATER?
Our model-based fair value for CONCORD ENVIRO SYSTEMS L is ₹139.00 (as of Nov 6, 2026), built from audited fundamentals. The current price: ₹227.20.
What is the quality score of CEWATER?
CONCORD ENVIRO SYSTEMS L has a Quality Score of 23/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CONCORD ENVIRO SYSTEMS L (CEWATER)?
Our model-based price target is the fair value of ₹139.00 (as of Nov 6, 2026) from 14 valuation models. Cautious scenario ₹97.30, optimistic scenario ₹180.71. It is a calculation from audited fundamentals, not an analyst target.
What is the CONCORD ENVIRO SYSTEMS L stock forecast for 2026?
Our models put fair value at ₹139.00, about 39% lower versus a price of ₹227.20 (overvalued). Cautious scenario ₹97.30, optimistic scenario ₹180.71. The calculation is refreshed regularly with new filings.
What is the revenue of CONCORD ENVIRO SYSTEMS L (CEWATER)?
CONCORD ENVIRO SYSTEMS L reported trailing-twelve-month revenue of about ₹5.4B (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of CONCORD ENVIRO SYSTEMS L (CEWATER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CONCORD ENVIRO SYSTEMS L it is ₹139.00 per share (as of Nov 6, 2026), against a price of ₹227.20. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is CONCORD ENVIRO SYSTEMS L stock overvalued or undervalued in 2026?
As of Nov 6, 2026, CEWATER trades above its calculated fair value: price ₹227.20, fair value ₹139.00, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CEWATER?
No. The price is what the market pays today (₹227.20); the fair value is what the company's own numbers justify (₹139.00). For CONCORD ENVIRO SYSTEMS L the two are ₹88.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is CONCORD ENVIRO SYSTEMS L worth?
The market values CONCORD ENVIRO SYSTEMS L at about ₹4.7B (market capitalisation, as of Nov 6, 2026). Per share that is ₹227.20; our models calculate a fair value of ₹139.00 per share.
What do the bullish and bearish scenarios say about CEWATER?
Our models span a range for CONCORD ENVIRO SYSTEMS L: cautious scenario ₹97.30, base ₹139.00, optimistic ₹180.71 per share (as of Nov 6, 2026, price ₹227.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CONCORD ENVIRO SYSTEMS L (CEWATER)?
Balance-sheet figures for CONCORD ENVIRO SYSTEMS L (as of Nov 6, 2026): return on equity 4.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is CEWATER from its 52-week high?
CONCORD ENVIRO SYSTEMS L trades at ₹227.20, about 52% below its 52-week high of ₹475.25 and 1% above the low of ₹224.45 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹139.00 is for.
Which stocks are comparable to CONCORD ENVIRO SYSTEMS L?
From the same area (Utilities) we also value American Water Works Company, Essential Utilities, Inc, Grandblue Environment Co, American States Water Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CONCORD ENVIRO SYSTEMS L stock attractive at the current price?
The data as of Nov 6, 2026: price ₹227.20, calculated fair value ₹139.00 (−39%), Quality Score 23/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CEWATER calculated?
We run CONCORD ENVIRO SYSTEMS L through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ₹139.00 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. CONCORD ENVIRO SYSTEMS L itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The closing price on Nov 9, 2026 was ₹227.20. Our model-based fair value is ₹139.00, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CONCORD ENVIRO SYSTEMS L right now?
The price sits above even our optimistic bull case (₹180.71). The favourable scenario is already priced in. Weak quality (23/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (₹97.30 to ₹180.71) leaves room in how you read the outcome.

Key figures of CONCORD ENVIRO SYSTEMS L

How large is the market capitalisation of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The market capitalisation of CONCORD ENVIRO SYSTEMS L is ₹4.7B (≈ $50.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The price-to-sales ratio of CONCORD ENVIRO SYSTEMS L is 0.87 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CONCORD ENVIRO SYSTEMS L (CEWATER)?
Earnings per share at CONCORD ENVIRO SYSTEMS L are ₹−2.24. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The net margin of CONCORD ENVIRO SYSTEMS L is −0.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The return on equity (ROE) of CONCORD ENVIRO SYSTEMS L is 4.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CONCORD ENVIRO SYSTEMS L (CEWATER)?
On an EBIT basis the return on assets of CONCORD ENVIRO SYSTEMS L is 9.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CONCORD ENVIRO SYSTEMS L (CEWATER)?
The operating margin of CONCORD ENVIRO SYSTEMS L is −23.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CONCORD ENVIRO SYSTEMS L (CEWATER)?
Revenue at CONCORD ENVIRO SYSTEMS L is growing −16.6% versus a year earlier (3y avg +17.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CONCORD ENVIRO SYSTEMS L (CEWATER)?
Earnings per share at CONCORD ENVIRO SYSTEMS L are growing −69.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does CONCORD ENVIRO SYSTEMS L (CEWATER) generate?
The free cash flow of CONCORD ENVIRO SYSTEMS L is −₹593M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does CONCORD ENVIRO SYSTEMS L (CEWATER) carry?
The net debt of CONCORD ENVIRO SYSTEMS L is ₹1.1B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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