Builds water and wastewater treatment plants under EPC contracts for Indian municipal bodies and state water/sewerage boards, with operations and maintenance (O&M) services running alongside the construction work. In FY26, the EPC & O&M (water and waste water treatment) segment generated 99.1% of segment revenue at INR 1,134.96 cr, while a new Renewable Energy segment contributed 0.9% at INR 10.64 cr. Project sizes range from 25 MLD to 100 MLD, with two HAM (Hybrid Annuity) EPC wins from UP Jal Nigam covering a 45 MLD STP and a 60 MLD STP for a combined INR 256.92 cr, each carrying 15 years of O&M. The renewable energy push includes the acquisition of Suyog Urja Limited, a wind EPC firm with about 1,702 MW of pipeline and 1,200 MW of execution experience, plus 930 MWh of BESS projects from NTPC. Materials and sub-contracted construction work account for 47% of revenue, employee costs 5.7%, other opex 23.1%, depreciation 2.2% and capex 15.9%. Pending receivables stood at about INR 225 cr in Q3 FY26, reflecting working capital tied up with government clients. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC & O&M (water and waste water treatment) (99%), Renewable Energy (1%). Asset-heavy EPC and O&M contractor in water/wastewater, expanding into renewable energy
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,066 | 1,146 |
| EBITDA (ex other income) | 268 | 268 |
| margin % | 25.1 | 23.4 |
| Owners' profit | 176 | 183 |
| EPS, as reported (₹) | 11.76 | 10.42 |
| ROE % · ROCE % | 17.8 · 25.2 | 15.2 · 18.9 |
| Debt / equity (x) | 0.24 | 0.34 |
| Cash from operations | (47) | (63) |
| Capex | (47) | (182) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 213 | 247 | 393 | 241 | 227 | 250 | 427 | 359 |
| Profit before tax | 50 | 48 | 99 | 57 | 63 | 58 | 71 | 59 |
| Net profit | 36 | 37 | 74 | 42 | 49 | 42 | 54 | 45 |
| EPS (₹) | 2.60 | 2.59 | 4.89 | 2.39 | 2.78 | 2.30 | 2.96 | 2.27 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC & O&M (water and waste water treatment) | 889 | 98.2 |
| Renewable Energy | 16 | 1.8 |
| Total, before eliminations | 905 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VA TECH WABAG LTD | 14,263 | 29.7 | 5.54 | 24.2 | 14.4 | 15.5 | 6.8 | 14.8 |
| ION EXCHANGE (INDIA) LTD |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Subsidiary wins Rs 224 Cr LOI from Tata Power for 180 MW wind EPC project | business updates | high | — | — |
| 8 Sept 2026 · Enviro Infra subsidiary wins Rs 190 Cr wind power EPC contract | business updates | high | — | — |
| 4 Sept 2026 · Management to meet investors on Sep 9 and 10 in Mumbai | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Enviro Infra Engineers to hold investor meetings on Sept 9-10, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Newspaper notice for 16th AGM and IPO proceeds reallocation | compliance | minimal | — | — |
| 24 Aug 2026 · Enviro Infra AGM Notice to Shareholders Without Registered Emails | compliance | low | — | — |
| 24 Aug 2026 · 16th AGM on Sep 16: INR 600 Cr loan to subsidiary, IPO funds reallocation proposed | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Reallocation of IPO proceeds to Varanasi STP projects | capital market events | high | — | — |
| 19 Aug 2026 · Incorporation of Step-Down Subsidiary Wind Earth Pvt Ltd | strategic transactions | low | — | — |
| 18 Aug 2026 · AGM pre-intimation notice published - 16th AGM on Sept 16, 2026 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 6,543 |
| 53.9 |
| 4.88 |
| 24.4 |
| 10.7 |
| 10.9 |
| 15.0 |
| 5.4 |
| ENVIRO INFRA ENGINEERS L ◆ | 3,647 | 20.1 | 2.95 | 12.9 | 15.2 | 16.5 | — | 22.7 |
| DENTA WATER N INFRA SOL L | 764 | 12.2 | 1.66 | 9.0 | 13.3 | 17.8 | — | 26.3 |
| JITF INFRALOGISTICS LTD | 753 | — | — | 8.1 | 2.2 | 1.6 | 24.8 | 19.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.1 | 16.1 | 10 of 14 | 31% |
| P/B | 3.0 | 2.5 | 7 of 11 | 40% |
| ROCE | 16.6 | 15.4 | 6 of 16 | 67% |
| ROE | 15.2 | 13.4 | 4 of 12 | 73% |
| Debt / Equity | 0.3 | 0.2 | 10 of 12 | 18% |
| EBITDA margin | 22.7 | 17.6 | 3 of 12 | 82% |
| Revenue growth | 49.1 | 20.8 | 5 of 13 | 67% |
| Profit growth | 6.4 | (16.7) | 5 of 10 | 56% |
| Market cap | 3647 | 807 | 4 of 16 | 80% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
