Apex Ecotech Limited delivered its highest-ever financial and operational performance since inception in FY26, driven by strong execution momentum, robust order inflows, and increasing industry demand for sustainable water and wastewater treatment services. The company hosted its H2 FY26 and FY26 Earnings Conference Call on May 12, 2026, where Chairman and Managing Director Mr. Anuj Dosajh and Chief Financial Officer Mr. Rakesh Kaul discussed the audited standalone financial results for the half year and full year ended March 31, 2026.

Record Full-Year Financial Performance

FY26 marked a transformational year for Apex Ecotech, with every key financial metric registering significant year-on-year growth. The company's revenue from operations reached ₹148.65 crores, more than doubling from the prior year. Profitability metrics followed a similar trajectory, with EBITDA and PAT both recording near-doubling growth on a year-on-year basis.

Strong H2 FY26 Execution

The second half of FY26 was particularly robust, with the bulk of annual revenue concentrated in the final four to five months of the year. H2 FY26 revenue from operations stood at ₹116.08 crores, compared to approximately ₹32 crores in H1 FY26, reflecting the scale-up in project execution across key sectors.

Management noted that the differential between PAT growth and EPS growth was attributable to weighted average calculations, with no equity dilution undertaken during the period.

Balance Sheet Strengthening and Working Capital

Alongside strong operational performance, Apex Ecotech reinforced its balance sheet during FY26. Cash and bank balances increased to ₹35.06 crores as of March 31, 2026, while working capital stood at ₹61.72 crores, supporting the company's growing scale of operations and execution pipeline. Management indicated that a significant portion of the cash balance is directed towards fixed deposits serving as collateral for non-fund-based guarantees such as advance bank guarantees, retention bank guarantees, and performance bank guarantees — a requirement when executing projects for large industrial clients. The company also transitioned to a positive cash flow position during the year, with management emphasising continued prudence in financial management.

Order Book and Marquee Client Wins

As of March 31, 2026, Apex Ecotech's order book stood at over ₹125 crores, providing strong revenue visibility for FY27. Management confirmed that the order book is expected to be fully executed within the current financial year, given that project gestation periods typically range from 8 to 12 months. Key order wins during FY26 included projects from:

• Reliance Consumer Products
• Larsen & Toubro
• CRD Food Products
• Bhartiya Beverages
• Pragati Power Corporation

Management noted that working with large conglomerates such as Reliance and L&T introduced some pricing pressure and elevated raw material costs — particularly specialised metals, which rose 25% to 40% — during the latter half of the year. These cost increases were largely absorbed by the company without a significant impact on overall profitability.

Business Model and Competitive Positioning

Apex Ecotech operates exclusively in the industrial water and wastewater treatment segment, focusing on custom-built, turnkey projects including water treatment plants, wastewater treatment systems, membrane recycling solutions, evaporators, and zero liquid discharge (ZLD) systems. The company has completed more than 250 water treatment turnkey projects since its incorporation in 2009 and has developed proven execution capabilities in advanced technologies such as MBR, MVR, EDR, and ZLD solutions.

Management clarified that the company functions as a technology integrator rather than a joint venture partner with any global firm, procuring products and technologies from suppliers including Veolia, Grundfos, Ion Exchange, Thermax, and Pentair, depending on project requirements. The company has received recognition including the MBR Champions Award from Suez in 2019, a Global Ecological Transformation Award from Veolia, and an Innovation Award at Veolia's conference in Kuala Lumpur in 2025.

Management also indicated that the company's primary geographic focus remains India, citing the country's stable operating environment and growing industrial demand for water recycling and sustainability solutions. On growth outlook, management reiterated a target of at least 30% to 40% overall growth, while emphasising disciplined order selection to protect bottom-line margins.

Apex Ecotech Limited convened its 1st Extraordinary General Meeting (EGM) on May 12, 2026, through Video Conferencing (VC) and Other Audio Visual Means (OAVM), in compliance with applicable circulars issued by the Ministry of Corporate Affairs and SEBI. The meeting commenced at 12:02 P.M. (IST) and concluded at 12:11 P.M. (IST), with 11 members in attendance. Subsequently, pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company submitted the Scrutinizer's Report to the National Stock Exchange of India Limited on May 13, 2026. The report, issued by Mr. Akash Goel, Proprietor of M/s. Akash & Co., Company Secretaries, confirmed that all six special resolutions were duly passed through the e-voting process.

Meeting Proceedings and Attendance

The meeting was moderated by Varsha Kingwani, who welcomed members, board members, and invitees, and briefed them on participation procedures via VC/OAVM. Anuj Dosajh, Chairman & Managing Director, extended a welcome to shareholders and acknowledged their continued trust and support. It was noted that Ms. Vishakha, Company Secretary & Compliance Officer, was on medical leave, and the Moderator had been authorized by the management to conduct the proceedings on behalf of the Company.

The following Directors and Key Managerial Personnel were present at the meeting:

In addition, Mr. Akash Goel, Proprietor of M/s Akash & Co., Practicing Company Secretary, attended the EGM as the Scrutinizer for the remote e-voting process and e-voting during the meeting.

E-Voting Facility and Process

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company provided remote e-voting and e-voting facilities during the meeting to all eligible members. The remote e-voting facility commenced on Saturday, May 9, 2026 at 09:00 A.M. (IST) and concluded on Monday, May 11, 2026 at 05:00 P.M. (IST). Members who had not cast their votes through remote e-voting were permitted to do so during the meeting, with the e-voting facility remaining open for 15 minutes after the conclusion of the meeting. The e-voting platform was provided by Central Depository Services (India) Limited (CDSL). The record date (Cut Off date) for determining eligible voters was Wednesday, May 06, 2026, with a total of 672 shareholders on record. No queries were received from shareholders through the chat facility provided by the Company.

Special Resolutions Passed

Six special resolutions were transacted through the e-voting process during the EGM. The details of the resolutions and their outcomes are as follows:

Detailed Voting Results

The Scrutinizer's consolidated report provides a resolution-wise breakdown of the e-voting results. For Resolutions 1, 2, and 3, a total of 91,52,700 votes were polled, representing 69.42% of outstanding shares, with all votes cast in favour. Resolution 4, pertaining to the revision of remuneration for Managing Director Anuj Dosajh, recorded 91,52,600 valid votes in favour, with 27,59,070 invalid votes from the Promoter and Promoter Group category. Resolutions 5 and 6 saw 63,93,530 and 73,44,070 total votes polled respectively, with all valid votes cast in favour.

The category-wise summary for all resolutions is presented below:

Scrutinizer's Report and Compliance

The Scrutinizer's Report was issued by Mr. Akash Goel (Membership Number: F13219, C.P. No.: 22165, UDIN: F013219H000342031) of M/s. Akash & Co., Company Secretaries, Noida, on May 12, 2026. The report was submitted to the National Stock Exchange of India Limited on May 13, 2026, and is also available on the company's website at www.apexecotech.com and on the CDSL website. The e-voting data was unblocked and downloaded from CDSL's e-voting system in the presence of two witnesses, Ms. Niharika Dhingra and Ms. Riya Kumari, who are not in the employment of the Company. The proceedings and the submission were countersigned by Anuj Dosajh, Managing Director (DIN: 00119225), on May 13, 2026, from New Delhi.