Earnings Release - audited financials for 31.03.2026
EIEL · price
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Enviro Infra Engineers reported FY26 revenue of ₹11,456 million (up 7.5% YoY) and PAT of ₹1,884 million (up 6.3% YoY). While full-year EBITDA grew 3.4% to ₹2,768 million, Q4FY26 showed a sharp deterioration with EBITDA down 19.3% YoY and PAT down 26.7% YoY. EBITDA margin compressed significantly — from 25.3% in Q4FY25 to 18.7% in Q4FY26, and full-year EBITDA margin fell 96 basis points to 24.2%. Management attributed the miss to elongated bid evaluation processes, delayed project starts, and a longer design approval phase. The company expanded into renewables through acquisition of Suyog Urja Limited and secured a massive consolidated order book of ₹68,136 million (up 242% YoY), providing strong revenue visibility. PAT margin for the full year expanded 101 basis points to 15.86% despite margin pressure.
The Q4 margin compression is a concern for short-term investors, though the massive order book and renewable diversification offer long-term upside. The EBITDA-to-PAT margin divergence warrants close monitoring.