Enviro Infra Engineers FY26 PAT Rises 6.3% to ₹1,884 Mn

Delivered 57 water & wastewater treatment plants with total capacity of 958 MLD.
Achieved 50.20% revenue CAGR and 54.95% PAT CAGR from FY23 to FY26.
Key drivers: Completion of big complex projects ahead of time and integration of waste-to-energy projects.

Water Segment (WWTPs & WSSPs): FY26 revenue of ₹9,680 Mn (84.5% of total), comprising WWTPs (₹7,473 Mn, 65%), WSSP (₹2,006 Mn, 18%), O&M (₹411 Mn, 4%), and Annuity (₹274 Mn, 2%).
Renewables Segment: FY26 revenue of ₹1,292 Mn (11.3% of total), comprising Solar EPC, Wind EPC, and BESS projects.
Significant changes: Renewables segment launched in FY26, while water segment remained dominant.

Revenue: ₹11,456 Mn (FY26), up 7.46% YoY from ₹10,661 Mn (FY25).
EBITDA: ₹2,768 Mn (FY26), up 3.38% YoY, with EBITDA margin of 24.16% (96 bps decline from 25.12% in FY25).
PAT: ₹1,884 Mn (FY26), up 6.34% YoY, with PAT margin of 15.86% (46 bps decline from 16.32% in FY25).
EPS: ₹10.4 (FY26), down from ₹11.8 (FY25).
Q4 FY26 Performance: Revenue ₹4,273 Mn, EBITDA ₹799 Mn (18.70% margin), PAT ₹543 Mn (12.37% margin), EPS ₹3.0.
Drivers: Higher revenue growth offset by margin compression; delays in order wins and project execution affected topline.
Key Risks: Raw material price hikes, regulatory risks, global crisis impacts (mentioned for March 2026).

Domestic Revenue: 100% (all operations within India).
Regional Breakdown: Rajasthan (₹2,257 Mn, 19.7%), Uttar Pradesh (₹2,146 Mn, 18.7%), Madhya Pradesh (₹2,007 Mn, 17.5%), Jharkhand (₹940 Mn, 8.2%), Odisha (₹775 Mn, 6.8%), Maharashtra (₹792 Mn, 6.9%), Haryana (₹563 Mn, 4.9%), Gujarat (₹397 Mn, 3.5%), Karnataka (₹463 Mn, 4.0%), Chhattisgarh (₹468 Mn, 4.1%), Punjab (₹331 Mn, 2.9%), West Bengal (₹170 Mn, 1.5%), Delhi (₹147 Mn, 1.3%).

Shareholders' Funds: ₹12,374 Mn (Mar'26) vs ₹9,937 Mn (Mar'25).
Non-Current Liabilities: ₹2,710 Mn (Mar'26) vs ₹1,063 Mn (Mar'25).
Current Liabilities: ₹5,338 Mn (Mar'26) vs ₹3,983 Mn (Mar'25).
Non-Current Assets: ₹6,783 Mn (Mar'26) vs ₹2,748 Mn (Mar'25).
Current Assets: ₹13,639 Mn (Mar'26) vs ₹12,235 Mn (Mar'25).
Net Debt/Equity: Not explicitly specified, but long-term borrowings were ₹2,473 Mn and short-term borrowings ₹1,750 Mn against equity of ₹12,374 Mn.
Financial Health: Strong growth in equity base and assets; increased borrowing for expansion.

Capital Expenditure: Not explicitly specified for FY26.
Free Cash Flow: Not explicitly specified.
Operating Cash Flow: Adjusted Net Cash Flow from Operating Activities was ₹37 Mn (FY26) vs ₹278 Mn (FY25), after adding back Concessionaire Receivable of ₹667 Mn.
Net Debt Movement: Long-term borrowings increased to ₹2,473 Mn from ₹983 Mn YoY.
Investment Rationale: Focus on capacity expansion, technology upgrades, and diversification into renewables.

Investments in Innovation: Integration of solar power and CBG plants in water projects; foray into renewable energy (Solar, Wind, BESS).
Expected impact: Renewable segment contributed 11% to FY26 revenue in its first year.
Strategic Rationale: Diversification into B2B renewables segment to de-risk business; expanding into high-growth markets.

Macro/Industry Trends: Government schemes like AMRUT 2.0, Namami Gange, National River Conservation Plan driving growth; estimated sewage generation to reach 120,000 MLD by 2051; over 70% of urban wastewater remains untreated.
Impact on Company: Creating significant opportunities in water and wastewater treatment; company well-positioned to capitalize on long-term growth.

Strategic Outlook: "FY26 was a transformational year... strengthened core water business... integrated waste-to-energy... diversified into renewables."
FY Guidance: Not explicitly provided, but strong order book of ₹68,136 Mn provides revenue visibility.
Market Share Targets: Not specified.
Risks and Opportunities: Delays in order evaluation and project execution; increasing investments in water infrastructure and renewable energy in India.

Corporate Social Initiatives: Women empowerment, eradication of hunger, old age support, environment.
Sustainability: Projects contribute to environmental sustainability through solar power plants and CBG plants; transformation of waste into value through circular economy principles.