In a strong show of investor confidence, Apex Ecotech rallied 5% in Friday’s trade, hitting the upper circuit at INR 90.30 per share after the company disclosed a INR 5.3 crore contract awarded by Luminous Power Technologies. The order, related to the design and execution of a Zero Liquid Discharge (ZLD) system, marks a significant milestone in Apex Ecotech’s journey as a niche leader in India’s rapidly evolving water and wastewater treatment ecosystem.
Market Reaction
The stock opened at INR 86 and swiftly surged to INR 90.30, locking in its 5% daily limit on the NSE. With a market capitalization of INR 119 crore, the company’s shares are still trading at a steep 46.6% discount from their 52-week high of INR 169, suggesting potential upside if execution and order inflows remain steady.
Despite a marginal 3.91% weekly decline preceding this announcement — possibly due to market-wide risk-off sentiment or short-term profit booking — the new contract win appears to have reversed the sentiment, re-igniting investor interest in this under-the-radar small-cap environmental solutions player.
Order Snapshot
- Client: Luminous Power Technologies
- Order Value: INR 5.3 crore
- Scope: Turnkey ZLD system – includes supply, installation, testing, and commissioning
- Timeline: 6 months
- Jurisdiction: Domestic
- Terms: Standard industry contract conditions
Understanding Zero Liquid Discharge (ZLD)
The term Zero Liquid Discharge refers to an advanced wastewater treatment methodology where no liquid waste leaves the industrial boundary. All wastewater is treated, recycled, and reused, and solid waste is extracted through evaporation or crystallization. ZLD has become essential in high water-usage sectors such as power, chemicals, textiles, and pharmaceuticals — not only for environmental compliance, but also to ensure sustainable operations in water-stressed regions.
Given India’s tightening pollution control norms and increasing industrial focus on ESG (Environmental, Social & Governance) metrics, demand for ZLD systems has surged. Apex’s positioning in this niche makes it a key beneficiary of this thematic shift.
Recent Order Flow
The Luminous order comes close on the heels of another high-profile contract win earlier this year. On 31 January 2025, Apex announced a INR 3.55 crore contract from Hero MotoCorp for the upgradation of two sewage treatment plants (STPs) using Membrane Bioreactor (MBR) technology.
- Hero MotoCorp Project Scope: STP upgradation with MBR
- Execution Deadline: 31 July 2025
- Payment Terms: 30% advance, 60% on delivery, 10% on commissioning
The back-to-back order inflows indicate strong business traction, especially from marquee clients, which further builds confidence in Apex’s execution capabilities and sectoral credibility.
Financial Performance
Apex Ecotech’s FY24 results underscore its operational strength:
| Metric | FY23 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 34.6 | 53.08 | +53.4% |
| Net Profit | 3.52 | 6.63 | +88.4% |
| Net Profit Margin | 10.2% | 12.5% | Improved |
The impressive 88% surge in net profit, accompanied by rising margins, highlights cost control, project efficiency, and economies of scale — rare in a capital-intensive engineering domain.
Apex Ecotech Post-IPO Performance & Overview
Apex Ecotech launched it IPO on 27 November 2024, with an issue size of INR 25.54 crore on NSE Emerge. The IPO was oversubscribed to 457X and listed with a multibagger returns of 99.45%. Notably, Apex Ecotech made an all-time high of INR 169 per share, reflecting a 131% return from alltoment price of INR 73 per share. Currently, it is trading around INR 90.30 per share, a correction of 46% from its all time high.
Apex Ecotech specialised in wastewater treatment, recycling, and reuse across diverse applications. The company’s services include establishing raw water treatment systems for industrial processes, effluent, and sewage treatment plants to comply with pollution norms.
Core Capabilities:
- Water & effluent treatment plants (ETP, STP)
- Membrane-based recycling systems: UF, NF, RO, Disc-Type RO
- Advanced MBR, EDR, and MVR technologies
- Thermal/Vapor Compression-based evaporators and crystallizers for ZLD
- After-sales service and plant O&M
Project Scale:
- 150+ industrial clients
- 250+ turnkey projects executed
- 145 MLD (million liters/day) water treatment capacity commissioned
- 5.5 MLD Zero Liquid Discharge systems installed
Apex Ecotech has collaborated with leading global OEMs like Veolia, Dupont, Pentair, Grundfos, and Forbes amplify Apex’s technological edge.
Outlook
With industrial clients under pressure to meet water conservation norms, reduce pollution load, and improve sustainability scores, companies like Apex Ecotech are poised to benefit from the secular shift toward green infrastructure.
The company’s proven expertise, improving financials, and growing order book place it in a strong position to scale operations in both industrial and municipal water treatment domains.
Moreover, given its undervalued status relative to earnings momentum and the broader ESG narrative gaining traction, Apex Ecotech emerges as a compelling small-cap play for long-term investors seeking exposure to sustainable infrastructure.
Bottom Line
The latest order win of INR 5.3 crore from Luminous Power Technologies is more than just a revenue event — it’s a strategic reaffirmation of Apex Ecotech’s positioning in the advanced wastewater treatment value chain. Backed by robust execution, client trust, and tailwinds in industrial ESG spending, Apex Ecotech is making quiet but powerful ripples in India’s sustainability landscape.
As the company continues to bag repeat orders and scale high-tech, high-impact solutions, the market may soon have to reprice its potential. For now, investors seem to be waking up to this green opportunity — and the 5% upper circuit might just be the beginning.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice or a stock recommendation. Please consult your investment advisor before making any trading decisions.