# Pollution Control Equipment — company-by-company sector analysis > Pollution Control Equipment: Concord Enviro Systems Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-16. Not investment advice. ## Bottom line Pollution Control Equipment has underperformed NIFTY 500 by 60.1% over 52 weeks and 12.3% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. Concord Enviro Systems Ltd leads with revenue of ₹541 crore, based on 1 of 1 comparable companies through Jun 2026. ## Sector relative strength Pollution Control Equipment has underperformed NIFTY 500 by 60.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 12.3%. 0 of 1 covered company currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Concord Enviro Systems Ltd is the strongest against the sector itself at 0%. 13-week sector return versus NIFTY 500: -12% 52-week sector return versus NIFTY 500: -60% Stocks leading NIFTY: 0/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹548 Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Concord Enviro Systems Ltd (CEWATER): 21/100 — Adverse evidence; evidence 71% - Growth & earnings 1.9/35 | Capital efficiency 1.9/25 | Valuation 10.0/20 | Relative strength 7.5/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12 - Exact sum: 1.9 + 1.9 + 10 + 7.5 = 21.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Market action Concord Enviro Systems Ltd has the strongest one-year price move in Pollution Control Equipment at -51.1%. It also leads on Mansfield relative strength against NIFTY at -31.4%. 0 of 1 covered company are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14. ### Strongest one-year price performers 1. Concord Enviro Systems Ltd (CEWATER): -51% ### Strongest relative strength versus NIFTY 500 1. Concord Enviro Systems Ltd (CEWATER): -31% ## Revenue Scale & Growth Durability What the numbers say: Concord Enviro Systems Ltd is the scale leader at ₹541 crore, Concord Enviro Systems Ltd's growth is -8.9% from a ₹541 crore base, with 12 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Concord Enviro Systems Ltd is the scale benchmark; Concord Enviro Systems Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Concord Enviro Systems Ltd's growth falls below Concord Enviro Systems Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Concord Enviro Systems Ltd · ₹541 crore | Not enough peers | 3/8 recent comparable periods | 1/1 companies · 12 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Concord Enviro Systems Ltd (CEWATER): ₹541 Cr ### Revenue growth — fastest growers 1. Concord Enviro Systems Ltd (CEWATER): -8.9% ### 17-quarter Revenue history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹97 Cr | Dec 2023 ₹123 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹162 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹125 Cr | Mar 2026 ₹206 Cr | Jun 2026 ₹85 Cr ### 17-quarter Revenue growth history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 67% | Dec 2024 0.0% | Mar 2025 3.5% | Jun 2025 -1.0% | Sep 2025 -23% | Dec 2025 1.6% | Mar 2026 -0.5% | Jun 2026 -17% ## Operating Economics & Margin Trend What the numbers say: Concord Enviro Systems Ltd leads both opm at -19% and margin change at -17.8 percentage points. Investor read: Concord Enviro Systems Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Concord Enviro Systems Ltd · -19% | Not enough peers | 1/8 recent comparable periods | 1/1 companies · 12 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Concord Enviro Systems Ltd (CEWATER): -19% ### Margin change — fastest expanders 1. Concord Enviro Systems Ltd (CEWATER): −17.8 pp ### 17-quarter OPM history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23% | Dec 2023 19% | Mar 2024 20% | Jun 2024 3.1% | Sep 2024 17% | Dec 2024 2.8% | Mar 2025 28% | Jun 2025 -1.2% | Sep 2025 6.0% | Dec 2025 2.8% | Mar 2026 9.0% | Jun 2026 -19% ### 17-quarter Margin change history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −16.2 pp | Mar 2025 +8.0 pp | Jun 2025 −4.3 pp | Sep 2025 −11.0 pp | Dec 2025 0.0 pp | Mar 2026 −19.0 pp | Jun 2026 −17.8 pp ## Profit Scale & Acceleration What the numbers say: Concord Enviro Systems Ltd leads with ₹8 crore net cash of TTM profit, Concord Enviro Systems Ltd shows -80% growth from a ₹8 crore net cash profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Concord Enviro Systems Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Concord Enviro Systems Ltd · ₹8 crore net cash | Not enough peers | 2/6 recent comparable periods | 1/1 companies · 12 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Concord Enviro Systems Ltd (CEWATER): ₹-8 Cr ### Profit growth — fastest growers 1. Concord Enviro Systems Ltd (CEWATER): -80% ### 17-quarter Net profit history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹12 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-8 Cr | Mar 2026 ₹14 Cr | Jun 2026 ₹-18 Cr ### 17-quarter Profit growth history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 42% | Dec 2024 -147% | Mar 2025 68% | Jun 2025 — | Sep 2025 -76% | Dec 2025 — | Mar 2026 -70% | Jun 2026 -550% ## Return On Capital Employed What the numbers say: Concord Enviro Systems Ltd leads ROCE at 6.6%. Concord Enviro Systems Ltd has the strongest latest improvement at -11.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Concord Enviro Systems Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Concord Enviro Systems Ltd · 6.6% | Not enough peers | 0/4 recent comparable periods | 1/1 companies · 8 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Concord Enviro Systems Ltd (CEWATER): 6.6% ### ROCE change — fastest improvers 1. Concord Enviro Systems Ltd (CEWATER): −11.5 pp ### 17-quarter ROCE history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 22% | Sep 2024 11% | Dec 2024 16% | Mar 2025 14% | Jun 2025 19% | Sep 2025 9.1% | Dec 2025 15% | Mar 2026 2.2% | Jun 2026 — ### 17-quarter ROCE change history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 −2.3 pp | Sep 2025 −2.2 pp | Dec 2025 −0.1 pp | Mar 2026 −11.5 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG ### P/E — lowest P/E 1. Concord Enviro Systems Ltd (CEWATER): 29.0 ### 17-quarter PEG history ### 17-quarter P/E history - CEWATER: Mar 2020 — | Mar 2021 — | Mar 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 32.8 | Mar 2025 21.8 | Jun 2025 19.7 | Sep 2025 15.1 | Dec 2025 17.8 | Mar 2026 9.8 | Jun 2026 32.2 ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Concord Enviro Systems Ltd (CEWATER) — market value ₹548 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. 1 of 1 company draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. - UNVERIFIED | CEWATER | Concord Enviro Systems Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 17 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Pollution Control Equipment sector outperforming NIFTY 500? Pollution Control Equipment has underperformed NIFTY 500 by 60.1% over 52 weeks and 12.3% over 13 weeks. 0 of 1 covered companies beat NIFTY on Mansfield relative strength, while 0 of 1 beat the sector itself. ### Which Pollution Control Equipment company is largest by revenue? Concord Enviro Systems Ltd leads with revenue of ₹541 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Pollution Control Equipment company is growing fastest? Concord Enviro Systems Ltd has the fastest current revenue growth at -8.9%, across 1 of 1 comparable companies. ### Which Pollution Control Equipment company has the strongest 4-Factor Sector Score? Concord Enviro Systems Ltd ranks first at 21.3/100 with 71% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Pollution Control Equipment comparison include? The page compares up to 17 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Pollution Control Equipment index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Pollution Control Equipment, this page builds its own equal-weight basket of 1 listed Pollution Control Equipment companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Pollution Control Equipment stocks in India? Ranked by this page's four-factor score, Concord Enviro Systems Ltd places first among 1 listed Pollution Control Equipment companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Pollution Control Equipment stocks are listed in India? This comparison covers 1 listed Pollution Control Equipment companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Pollution Control Equipment company is the biggest? Concord Enviro Systems Ltd is the largest, with trailing-twelve-month revenue of ₹541 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Pollution Control Equipment company has the best profit margins? Concord Enviro Systems Ltd has the highest operating margin at -19%, from 1 of 1 comparable companies. Concord Enviro Systems Ltd shows the biggest recent improvement, at -17.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Pollution Control Equipment company makes the most profit? Concord Enviro Systems Ltd earns the most, at ₹8 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Concord Enviro Systems Ltd has the fastest profit growth at -80%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Pollution Control Equipment company earns the highest return on capital? Concord Enviro Systems Ltd leads on return on capital employed at 6.6%, across 1 of 1 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Is the Pollution Control Equipment sector beating the market? Pollution Control Equipment has underperformed NIFTY 500 by 60.1% over the last 52 weeks and 12.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 1 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Pollution Control Equipment stock has the strongest price momentum? Concord Enviro Systems Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Pollution Control Equipment company scores highest for research priority? Concord Enviro Systems Ltd scores 21.3 out of 100 with 71% evidence confidence, from 1.9 points on growth and earnings, 1.9 on capital efficiency, 10 on valuation and 7.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Pollution Control Equipment companies does this comparison cover, and over what period? It compares 1 listed companies over up to 17 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Pollution Control Equipment sector? The 1 Pollution Control Equipment companies on this page carry ₹548 crore of combined market value. Concord Enviro Systems Ltd is the largest at ₹548 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-16. ### How is the Pollution Control Equipment sector performing? 0 of the 1 covered Pollution Control Equipment companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 60.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-16. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.