INDUSTRY STRUCTURE AND DEVELOPMENT
Our Company "Apex Ecotech Limited" was founded on 01st April 2009 and stands out as a leading force in the water and wastewater management sector, leveraging over 15 years of expertise to tackle complex water-challenges with advanced, value-driven solutions. Our core competencies include the provision and integration of advanced technologies and comprehensive services in water and wastewater treatment, recycling, evaporators, and Zero
Liquid Discharge (ZLD) systems.
Leadership and Expertise:
Apex Ecotech Limited is led by a team of seasoned professionals with deep technical and project execution expertise in the water and wastewater treatment industry. The company is spearheaded by a trio of promoters: Mr. Anuj Dosajh, Mr. Ajay Raina, Mr. Ramakrishnan Balasundaram Aiyer and Mr. Lalit Mohan Datta. Collectively, they bring specialized experience of over 30 years. Their deep understanding of market dynamics and technical expertise is a cornerstone of Apex Ecotech Limiteds success.
Apex Ecotechs leadership continues to drive its expansion through technological integration, client trust, and a strong on-ground project management team.
We specialize in total water management projects, delivering state-of-the-art solutions. Our comprehensive approach, backed by in-depth knowledge and experience, allows us to design and implement advanced equipment systems. We focus on incorporating the latest technologies to provide reliable, value-added, and user-friendly solutions in the industry and other establishments for a wide range of applications.
The Companys independent directors Mr. Neeraj Bhagat, Mr. Ashutosh Anilkumar Vadanagekar, Mr. Rajiv Mathur and Mrs. Satya Jagannathan provide additions to the Board with their expertise and maintain transparency.
PRODUCT RANGE
Apex Ecotech delivers a comprehensive suite of water and wastewater treatment solutions, tailored for industrial, commercial, and municipal settings:
1. Raw & Process Water Treatment
• Systems including raw water intake treatment, removal of solids, sedimentation, and filtration ensuring safe water quality for industrial use.
2. Effluent and Sewage Treatment Plants (ETP/STP)
• Custom-designed ETPs/STPs to meet regulatory standards, with features like sludge dewatering for efficient waste disposal.
3. Membrane-Based Recycling
Ultrafiltration (UF), nanofiltration (NF), and reverse osmosis (RO) systems, including disc-type RO, enabling pre-treatment and high-purity recycling of wastewater.
4. Zero Liquid Discharge (ZLD) Technologies
• Full ZLD systems using thermal evaporators, mechanical vapor recompression (MVR), and crystallizers to nearly eliminate liquid discharge and recover >98% water.
5. Operation, Maintenance & After-Sales Support
• Pos t-ins tallation ser vices and O& M engagements for plant sustainability, backed by
ISO 9001:2015-certified processes.
6. Component Supply & Spares
In-house provision of equipment, chemicals, and spares for system upkeep and long-term operational continuity.
MARKET PRESENCE
Geographic Coverage
Headquartered in Pune with a Delhi office, theyve commissioned over 250 turnkey projects across India, totaling ~145 MLD treatment capacity and ~5.5 MLD ZLD capacity.
Clientele
Blue-chip clients: Aditya Birla, Hero MotoCorp, HUL, PepsiCo, Honda, Reckitt Benckiser, and many more.
Key products and services
Sewage Treatment Plants, Effluent Treatment Plants,
Water Treatment Plants, Zero Liquid Discharge Systems,
Dewatering Systems.
Recognition & Technological Edge
• Awards: "Global Ecological Transformation" (Shanghai, 2024), "MBR Champions Award" by Suez.
• Strategic tech alliances: Partnerships with OEMs like Veolia, DuPont, Pentair, lending global-grade technology to their systems.
Strategic Position & Outlook
• End-to-end EPC capabilities: From design to commissioning and O&M minimizing reliance on third-party vendors.
• Sustainability-driven solutions: High recovery ZLD and membrane-based recycling align with stringent ESG regulations and water reuse initiatives.
• Growing project pipeline: Order book was near 100 Cr at IPO filing, with FY25 revenue up ~34% to 70.96 Cr, driven by international and domestic contracts.
STRENGTHS AND COMPETITIVE ADVANTAGES
Apex Ecotech has established a strong foothold in the market by leveraging its core competencies and unique sellin g propositions (USPs):
• Customization Expertise: Apex Ecotech excels in tailoring its solutions to meet the unique of each client and project. This ability to provide customized solutions is crucial in a market where standardized approaches often fail to address specific industry requirements.
• Experienced Leadership and Management Team: The company benefits from the guidance of a seasoned management team with extensive industry knowledge and a successful track record in the water and wastewater treatment sector.
• Sustainable Business Model: Apex Ecotech is committed to promoting sustainability through its solutions, prioritizing resource recovery, and emphasizing efficient water usage. This focus on environmentally responsible practices resonates with clients who are increasingly conscious of their ecological footprint.
• Strong Client Relationships and a Portfolio of Marquee Clients: Apex Ecotech has forged enduring relationships with prominent clients in various sectors, demonstrating its capability to deliver high-quality solutions and build trust within the industry.
GROWTH STRATEGIES AND FUTURE PLANS
Apex Ecotech aims to capitalize on the growing water and wastewater treatment market through the following strategic initiatives:
• Maintaining a Strong Focus on the Industrial Sector:
The company will continue to concentrate on providing specialized solutions for industrial clients, leveraging its expertise and deep understanding of the unique requirements of various industries.
• Expanding into New Markets and Industry Segments: Apex Ecotech plans to broaden its geographical reach and explore opportunities in new industry segments. This strategic expansion will diversify the companys revenue streams and mitigate risks associated with dependence on
• Driving Innovation and Adopting Advanced Technologies: Apex Ecotech is committed to investing in research and development to create innovative solutions that meet evolving industry needs and incorporate cutting-edge technologies. This focus on innovation will ensure the company remains competitive and offers high-value solutions to its clients.
• Strengthening Strategic Partnerships: Apex Ecotech aims to collaborate with leading technology providers, industry consultants, equipment suppliers, and EPC contractors. These strategic partnerships will provide the company with access to specialized knowledge, resources, and expertise, supporting its innovation efforts and market expansion plans.
RISK FACTORS AND CONCERNS
Potential investors should carefully consider the following challenges and risks associated with Apex Ecotech and its business model:
• Dependence on Key Industries: A significant portion needs of Apex Ecotechs revenue is generated from a limited number of industries, making it vulnerable to fluctuations in those specific sectors.
• Intense Competition: The water and wastewater treatment industry is highly competitive, with both domestic and international players vying for market share. Apex Ecotech must continually adapt and innovate to maintain its competitive edge.
• Market Volatility: Following the IPO, the companys share price may experience volatility influenced by market sentiment, industry trends, and broader economic conditions.
• Ongoing Litigation: Apex Ecotech is currently involved in material litigations, the outcomes of which could lead to financial liabilities, reputational damage, operational disruptions.
• Share Allotment at a Lower Price: Apex Ecotech has allotted Equity Shares during the preceding year at a price potentially lower than the IPO price, which could raise concerns for investors.
OUTLOOK
At Apex Ecotech Limited, we are dedicated to advancing environmentally conscious and carbon-neutral technologies and solutions for global water resource management. Our commitment includes evolving and adopting intelligent, energy-efficient systems while expanding and our efforts ethically. We strive to be responsible and aspirational in our approach, ensuring high-impact results and sustainable practices.
INTERNAL CONTROL
The Company has an independent Internal Audit function with a well-established risk management framework. There is an adequate internal control procedure commensurate with the size of the company and nature of the business for inventory, fixed assets and for the sale of goods or services sectors or regions.
The Company has implemented proper and adequate systems of internal control to ensure that all assets are safeguarded and protected against loss from any unauthorized use or disposition and all transactions are authorized, recorded and reported correctly. The system ensures appropriate information flow to facilitate effective monitoring. The
Company has engaged a reputable external firm to support the Internal Audit function for carrying out the Internal Audit reviews.
Further, the Company has constituted Audit committee to overlook the internal control systems and their adequacy. Audit committee regularly reviews and gives recommendations on proper and adequate internal control systems.
OPERATIONAL PERFORMANCE
Apex Ecotech Limited demonstrated strong operational momentum during the financial year, driven by execution of turnkey water and wastewater treatment projects across a diverse range of industries. The company maintained healthy profit margins and showed notable improvement in efficiency, particularly in the latter half the of year, supported by increased project deliveries and better resource utilization.
The business benefited from growing demand for sustainable water solutions and stricter environmental regulations, which aligned well with its core offerings such as zero discharge systems, membrane technologies, and effluent treatment plants.
A key milestone during the year was the successful launch of its IPO, which was well-received and significantly oversubscribed. The IPO not only enhanced the companys visibility and market credibility but also provided fresh capital that strengthened its financial position. This infusion supported operational expansion, enabled the execution of larger orders, and helped optimize working capital requirements.
The second half of the year saw accelerated execution and better margin realization, reflecting operational scalability and improved resource utilization. However, the company continues to face challenges related to receivables and working capital intensity areas that are likely to from the financial discipline and investor oversight brought by public listing.
In summary, Apex Ecotechs performance in FY 2024 25 was marked by solid operational growth, technological leadership, and a transformative IPO that positions it well for future expansion.
DEVELOPMENT IN HUMAN RESOURCE
At Apex Ecotech Limited, we firmly believe that our employees are pivotal to our success and growth. Our human resources strategy is designed to attract, retain, and nurture the best talent, ensuring that each individual contributes effectively to our business objectives.
Currently, our company employs around 116 individuals, forming a robust and versatile team. Our workforce includes:
• Experienced Professionals: These individuals bring valuable industry knowledge and expertise, contributing to strategic decision-making and high-level operational oversight.
• Skilled Workers: Employees with specific technical skills and specialized knowledge play a crucial role in maintaining operational efficiency and product quality.
• Semi-Skilled and Unskilled Workers: These team members are integral to day-to-day operations, supporting various tasks that are essential for the smooth functioning of our manufacturing processes.
SIGNIFICANT CHANGES
(i) Debtors Turnover: ratio for the FY 2024-25 is 4.61 as compared to FY 2023-24 which was 6.77. The change is due to less proportionate increase in credit sales compared to trade receivable i.e. increase in average trade receivable
(ii) Inventory Turnover: ratio for the F.Y. 2024-25 is 23.59 as compared to F.Y. 2023-24 which was 14.04. Average inventory has been on similar lines despite multifold increase in cost of goods sold
(iii) Interest Coverage Ratio: ratio for the F.Y. 2024-25 is 142.86 as compared to F.Y. 2023-24 which was 155.86. (iv) Current Ratio: ratio for the F.Y. 2024-25 is 4.50 as compared to F.Y. 2023-24 which was 2.36. IPO Proceeds have been utilized for working capital resulting in increase in current ratio.
(v) Debt Equity Ratio: ratio for the F.Y. 2024-25 is 0.00 as compared to F.Y. 2023-24 which was 0.03. Repayment of debt vis-a-vis issuance of equity by way of IPO has resulted in substantial decrease in debt equity ratio
(vi) Operation Profit Margin (%): operating margin for the
F.Y. 2024-25 stands at 15.58%.
(vii) Net Profit Margin(%): Net profit for the F.Y. 2024-25 stands 12.07%
FUTURE PROSPECTS:
Apex Ecotech Limited is well-positioned for sustained growth, driven by increasing environmental regulations, rising demand for water recycling, and industry-wide adoption of sustainable practices. Its expertise in zero liquid discharge systems, advanced membrane technologies, and turnkey project execution gives it a strong competitive edge. With improved visibility and capital strength following its IPO, the company is poised to expand both domestically and in select international markets. Continued investments in technology and operational efficiency, along with a robust order book, are expected to support its long-term growth trajectory.
CAUTIONARY STATEMENTS
All statements made in Management and Discussion Analysis have been made in good faith. Many unforeseen factors may come into play and affect the actual results, which may be different from what the management envisages in terms of performance and outlook. Factors such as economic conditions affecting demand/supply and priced conditions in domestic & international markets in which the Company operates, and changes in Government regulations, tax laws, other statues and other incidentalfactors,mayaffectthefinal results and performance of the Company.
| For Akash & Co. |
| Company Secretaries |
| Sd/- |
| Akash Goel |
| Company Secretary in Practice |
| M. No. 13219 |
| C. P No. 22165 |
| PR No. 3283/2023 |
| UDIN: F013219G000943335 |
| Date: 06.08.2025 |
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