Enviro Infra Engineers: Business Overview & Financial Analysis

Enviro Infra Engineers is an environmental infrastructure company focused on water and wastewater treatment and renewable energy infrastructure. Its core capabilities cover designing, engineering, construction, operation and maintenance of sewage treatment plants, common effluent treatment plants, water treatment plants and water supply schemes. The group has expanded its second growth platform into solar, wind and Battery Energy Storage Systems (BESS).

Enviro Infra Engineers Water and Wastewater Business (FY26)

Water and wastewater infrastructure remains the core operating business. Since incorporation in 2009, Enviro Infra Engineers has developed experience across municipal sewage, industrial effluent treatment, water supply and advanced water-treatment technologies.

• Completed projects: 57 water and wastewater projects as of FY26.
• Treatment capacity delivered: 958 MLD across completed projects.
• Geographic execution: Completed water projects across 14 states.
• WWTP capabilities: Sewage Treatment Plants, Common Effluent Treatment Plants and sewerage schemes.
• WSSP capabilities: Water Treatment Plants, pumping stations and water-distribution pipelines.
• Advanced technologies: The portfolio includes Zero Liquid Discharge, tertiary treatment, water reuse, sludge management and waste-to-energy solutions.

The business combines project execution with long-duration O&M contracts, giving Enviro Infra Engineers exposure to both construction revenue and recurring operating income after project commissioning.

Enviro Infra Engineers Renewable Energy Platform (FY26-Q1 FY27)

Renewable energy has developed into the company's second major business platform. The group now participates across solar, wind and BESS through EPC, IPP and O&M models.

• Q1 FY27 renewable revenue: Rs 104.2 crore, representing 29% of consolidated revenue.
• FY26 renewable revenue: Rs 129.2 crore, or 11% of FY26 consolidated revenue.
• Suyog Urja acquisition: Acquired during FY26 at a valuation of Rs 311 crore to add wind EPC capabilities.
• Wind experience: The acquired platform brought execution experience across around 1,200 MW of wind projects.
• BESS: The group secured 930 MWh of BESS projects from NTPC under the EPC model during FY26.
• Operating models: Renewable activities include EPC execution along with IPP and O&M opportunities in solar and energy storage.

The renewable platform has therefore moved from an early diversification initiative to a meaningful part of revenue and the outstanding order book.

Enviro Infra Engineers Order Book (Q1 FY27)

The consolidated order book stood at approximately Rs 6,721 crore during Q1 FY27. Water and wastewater accounted for 55% of the total, while renewables and BESS represented the remaining 45%.

• Total order book: Around Rs 6,721 crore.
• Water & wastewater: Rs 3,694 crore.
• Water execution orders: Rs 2,696 crore.
• Water O&M orders: Around Rs 998 crore.
• Renewables & BESS: Rs 3,027 crore.
• Renewable execution orders: Rs 1,948 crore.
• Renewable IPP and O&M: Rs 1,079 crore.

The order book is more diversified than in earlier years and combines shorter-duration EPC execution with longer-duration O&M, HAM and renewable IPP opportunities.

Enviro Infra Engineers Revenue Mix (Q1 FY27)

The changing revenue mix reflects the expansion beyond the traditional water infrastructure business. Renewables increased to nearly one-third of quarterly revenue in Q1 FY27.

• WWTP projects: Rs 180.1 crore, or 50% of Q1 FY27 revenue.
• Water Supply Scheme Projects: Rs 55.3 crore, or 15%.
• Renewables: Rs 104.2 crore, or 29%.
• O&M: Rs 10.9 crore, or 3%.
• Annuity income: Rs 8.7 crore, or 2%.
• EPC model: Accounted for 84% of quarterly revenue.
• HAM projects: Accounted for 9% of quarterly revenue.

Water remains the largest contributor, but renewable execution has materially broadened the revenue base compared with FY25, when renewable revenue was not yet a meaningful contributor.

Enviro Infra Engineers Q1 FY27 Financial Performance

Q1 FY27 revenue increased sharply as execution accelerated across both water and renewable projects. EBITDA and PAT also increased YoY, although margins were below Q1 FY26 because of project mix and higher input costs.

• Revenue from operations: Rs 359.2 crore, up 49.1% YoY from Rs 240.9 crore.
• EBITDA: Rs 75.7 crore, up 17.9% YoY.
• EBITDA margin: 21.07% versus 26.65% in Q1 FY26 and 18.70% in Q4 FY26.
• Profit before tax: Rs 58.5 crore compared with Rs 57.2 crore in Q1 FY26.
• PAT: Rs 45.2 crore, up 6.5% YoY.
• PAT margin: 12.38% versus 17.05% in Q1 FY26 and 12.37% in Q4 FY26.
• Basic EPS: Rs 2.27 for Q1 FY27.
• Finance cost: Rs 14.5 crore compared with Rs 7 crore in Q1 FY26.

Management attributed the EBITDA-margin movement mainly to the current project mix and input costs, while the PAT margin remained broadly stable on a sequential basis.

Enviro Infra Engineers New Orders and HAM Portfolio (Q1 FY27)

New wins during Q1 FY27 added water, HAM and renewable projects to the execution pipeline. The Varanasi projects also expanded the company's portfolio of long-duration HAM contracts.

• Sardar Sarovar Narmada Nigam: Secured an EPC and O&M water infrastructure contract worth around Rs 113 crore in Gujarat.
• Hybrid renewable project: Suyog Urja secured a Rs 207.5 crore contract for land aggregation and balance-of-plant work.
• Varanasi HAM projects: Two Namami Gange projects with combined value of Rs 256.9 crore.
• Lohta STP: 60 MLD project valued at around Rs 130 crore.
• DDU Nagar STP: 45 MLD project valued at around Rs 126.8 crore.
• Project tenure: Both Varanasi projects have an 18-month construction period followed by 15 years of O&M.
• HAM portfolio: Increased to five projects following the new awards.

The HAM portfolio adds long-duration operating revenue alongside construction income and increases the proportion of projects with post-construction O&M commitments.

Enviro Infra Engineers FY26 Financial Base

FY26 was a transition year in which the group continued growing its water business while making its first significant investments in renewable infrastructure. Revenue growth moderated from earlier years, but the order book expanded sharply.

• FY26 revenue from operations: Rs 1,145.6 crore, up 7.5% YoY.
• FY26 EBITDA: Rs 276.8 crore, up 3.4%.
• FY26 EBITDA margin: 24.16%.
• FY26 PAT: Rs 188.4 crore, up 6.4%.
• FY26 PAT margin: 15.86%.
• FY26 net worth: Around Rs 1,232.7 crore.
• FY26 debt: Around Rs 422.3 crore.
• Debt-to-equity: Around 0.34x.

The FY26 balance sheet reflects higher investment in the expanded project and renewable portfolio, while the larger order book provides the execution base for FY27 and subsequent periods.

Enviro Infra Engineers Management Commentary and Outlook (Q1 FY27)

Management's near-term priorities are converting the larger order book into revenue, scaling the renewable platform and maintaining discipline in project bidding, margins and capital allocation.

• FY27 revenue guidance: Around Rs 2,000 crore.
• FY27 PAT guidance: Around Rs 260-270 crore.
• Blended EBITDA margin: Management indicated around 19-20% for FY27.
• Water & wastewater EBITDA margin: Around 21-22% was indicated for the core business.
• Renewable EBITDA margin: Around 15-18% was indicated based on the current project mix.
• Execution focus: Water EPC orders are expected to be executed over roughly 18-24 months, while renewable execution orders generally have shorter timelines.
• Business priorities: Disciplined execution, quality order selection, working-capital management and prudent capital allocation remain key areas of focus.

The main metrics to track are order-book conversion, water versus renewable revenue mix, EBITDA margins, HAM commissioning, BESS execution and the capital required to scale IPP and renewable projects.

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Sources & References

This company fact sheet has been prepared from Enviro Infra Engineers' latest annual and quarterly disclosures and the financial information available on Finology Ticker. The document names are provided below without external links.

• Enviro Infra Engineers Integrated Annual Report FY 2025-26
• Enviro Infra Engineers Q1 FY27 Investor Presentation
• Enviro Infra Engineers Q1 FY27 Earnings Conference Call Transcript
• Finology Ticker – Enviro Infra Engineers Company Page

Disclaimer
The information presented above on Enviro Infra Engineers has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Enviro Infra Engineers page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.