NSE: EIEL · BSE: 544290
ENVIRO INFRA ENGINEERS L
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
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VA TECH WABAG LTD | 11,414 | 23.8 | 4.43 | 19.1 | 14.4 | 15.5 | 6.8 | 14.8 |
| ION EXCHANGE (INDIA) LTD | 5,039 | 41.5 | 3.76 | 19.0 | 10.7 | 10.9 | 15.0 | 5.4 |
| ENVIRO INFRA ENGINEERS L ◆ | 2,909 | 16.1 | 2.35 | 10.6 | 15.2 | 16.5 | — | 22.7 |
| JITF INFRALOGISTICS LTD | 668 | — | — | 7.9 | 2.2 | 1.6 | 24.8 | 19.5 |
| DENTA WATER N INFRA SOL L | 634 | 10.1 | 1.38 | 7.4 | 13.3 | 17.8 | — | 26.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.1 | 13.6 | 9 of 14 | 39% |
| P/B | 2.4 | 2.1 | 7 of 11 | 40% |
| ROCE | 16.6 | 15.4 | 6 of 16 | 67% |
| ROE | 15.2 | 13.5 | 4 of 11 | 70% |
| Debt / Equity | 0.3 | 0.3 | 9 of 11 | 20% |
| 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 | 2909 | 711 | 4 of 16 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Grant of 3,17,489 Stock Options under EIEL ESOP 2025 | capital market events | medium | — | — |
| 15 Oct 2026 · Suyog Unit Earns 228 Crore Rupee LOI for 100 MW Wind EPC Project in Maharashtra | business updates | high | — | — |
| 14 Oct 2026 · Subsidiary bags Rs 228 Cr wind power EPC order from ARIE Energy | business updates | high | — | — |
| 6 Oct 2026 · RTA confirms full demat holding, no rematerialisation requests in Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Enviro Infra Engineers: All 7 resolutions passed at 16th AGM | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Enviro Infra Engineers 16th AGM held; order book around Rs 6,814 crore | board shareholder meetings | low | — | — |
| 15 Sept 2026 · To Attend JM Financial Environmental and Energy Enclave on 23 Sep 2026 | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Enviro Infra Engineers to attend Anand Rathi G-200 Summit on Sept 22 | general | low | — | — |
| 9 Sept 2026 · Subsidiary wins Rs 224 Cr LOI from Tata Power for 180 MW wind EPC project | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
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.