Financial Performance Highlights

Q4 FY26 Results:

  • Revenue from operations: ₹4,273 million (8.8% YoY growth)
  • EBITDA: ₹799 million
  • EBITDA Margin: 18.7%
  • PAT: ₹543 million
  • PAT Margin: 12.4%

Full Year FY26 Results:

  • Revenue: ₹11,456 million (7.5% YoY growth)
  • EBITDA: ₹2,768 million (3.4% growth)
  • EBITDA Margin: 24.2%
  • PAT: ₹1,884 million
  • PAT Margin: 15.9%

Operational and Order Book Update

Total Order Book: ₹6,814 crores (24-month visibility)

  • Water & Wastewater Execution: ₹2,733 crores
  • Water & Wastewater O&M: ₹951 crores
  • Renewable Execution: ₹2,051 crores
  • Renewable O&M & IPP: ₹1,079 crores

Recent Order Wins:

  • ₹348 crores project from BUIDCO (Bihar Urban Infrastructure Development Corporation)
  • ₹824 crores sanitation projects in Pune and Nashik (Swachh Bharat Mission)
  • 4 BESS projects from NTPC (930 MWh capacity, ₹1,070 crores value)
  • 150 MWh BESS project acquisition in Bihar

Strategic Developments

  • Diversification into renewable energy through establishment of solar, wind, and BESS platforms
  • Acquisition of Suyog Urja Limited (wind EPC company)
  • Strengthened leadership structure with dedicated business heads for each division
  • Renewable energy team expanded to over 250 professionals

Management Guidance for FY27

  • Revenue Target: ₹2,000 crores
  • PAT Target: ₹270-280 crores (13.5-14% margin)
  • EBITDA Margin Guidance: 21-22% (reduced from 22-24% due to global cost pressures)
  • Order Inflow Target: ₹2,500 crores

Financial Position

  • Total Debt: ₹422 crores
  • Long-term Debt: ₹250 crores
  • Short-term Debt: ₹175 crores
  • Debt-to-Equity: 0.34
  • Maximum comfortable debt level: 1:1 ratio

Working Capital Analysis

  • Working Capital Cycle: 166 days
  • Inventory Days: 11
  • Receivable Days: 53
  • Unbilled Revenue (UBR) Days: 195
  • Creditor Days: 92
  • Target reduction to 90 days

Project Cost Analysis

Management provided per MLD cost ranges for different project types:

  • Sewage Treatment Plants: ₹1-1.5 crores per MLD
  • Common Effluent Treatment Plants: ₹2-15 crores per MLD (varies by industry)
  • Water Treatment Plants: ₹0.3-0.5 crores per MLD
  • Design component typically 2-5% of total project value

Risk Factors and Challenges

  • Extended bid evaluation processes affecting order conversion timelines
  • Global commodity price increases affecting input costs
  • Delayed fund releases from AMRUT projects affecting working capital
  • Price variation clauses in contracts provide partial protection against cost increases

Future Outlook

  • FY28 revenue growth expectation: 35-40% based on current order book visibility
  • Focus on complex wastewater treatment plants and geographical expansion
  • Potential entry into desalination projects through joint ventures
  • Consideration of transmission and distribution (T&D) sector opportunities in future