CEWATER's Rs 4.35 cr other income outweighed operating profit
The standalone quarter was affected by supply-chain disruptions, while management pointed to an INR 8,280 million order book and a CBG project targeted for Q3 FY27 completion.
Filed 28 Jul 2026, 19:39 IST · after market close · CEWATER (CEWATER)
Key takeaways
- Other income of Rs 4.35 cr was more than twice operating profit of Rs 1.93 cr, making reported profit quality a key issue.
- Management attributed a 6% revenue decline to supply-chain disruptions that reduced operational momentum.
- The order book stood at INR 8,280 million TCV and INR 5,360 million ACV as of 31 March 2026.
Operating profit was smaller than other income
CEWATER reported standalone revenue of Rs 17.64 cr and operating profit of Rs 1.93 cr for Q4FY26. Other income of Rs 4.35 cr was more than twice operating profit, lifting profit before tax to Rs 6.00 cr. The Rs 1.74 cr tax charge resulted in net profit of Rs 4.25 cr and EPS of Rs 2.06.
Supply disruption hit Q4 momentum
Management said supply-chain disruptions reduced operational momentum and led to a 6% revenue decline. The company won its second order from a large solar-industry client, while its order book stood at INR 8,280 million TCV and INR 5,360 million ACV at 31 March 2026. There are no disclosed year-on-year, sequential or multi-quarter comparisons in this update.
Projects could broaden capacity and applications
Management said the CBG project is expected to be completed by Q3 FY27. It also said capacity is expected to increase after commissioning in June, enabling service to more units of the mining client. The company is commissioning its first Raw Effluent Membrane system for mining wastewater.
Results were filed after market close
The standalone results were filed at 19:39 IST on 28 July 2026, after market close. No post-results stock reaction is available in the reported update, so the market response cannot yet be assessed against the stock's history.
Q4FY26 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹18 cr |
| Other income | ₹4 cr |
| Expenses | ₹16 cr |
| Operating profit | ₹2 cr |
| Operating margin (%) | 10.97% |
| Interest | ₹0 cr |
| Depreciation | ₹0 cr |
| Profit before tax | ₹6 cr |
| Tax | ₹2 cr |
| Net profit | ₹4 cr |
| EPS (₹) | ₹2.06 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company won its second order from a large solar industry client.
Guidance & outlook
- The company expects the CBG project to be completed by Q3 FY27.
- After commissioning in June, the company expects to increase capacity and serve more of the mining client's units.
Expansion
- The company is commissioning its first Raw Effluent Membrane system for mining wastewater.
New orders
- The company's order book had TCV of INR 8,280 million and ACV of INR 5,360 million as of 31 March 2026.
Problems & risks
- Supply chain disruptions reduced operational momentum and contributed to a 6% revenue decline.
What to watch
- Progress against the order book of INR 8,280 million TCV and INR 5,360 million ACV.
- Whether the CBG project reaches the management-stated Q3 FY27 completion target.
- Whether operating profit improves from Rs 1.93 cr without a similar reliance on other income of Rs 4.35 cr.