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1. At a Glance
Enviro Infra Engineers builds and runs water and sewage treatment plants for government bodies. Revenue from operations in the three months to June 2026 was ₹359.2 crore, up 49.1% on a year earlier. Operating profit was ₹75.7 crore. Consolidated profit after tax was ₹45.2 crore. Of that, ₹39.8 crore belongs to the parent company’s own shareholders. The remaining ₹5.4 crore goes to non-controlling interests, the outside shareholders in subsidiaries the group does not own outright. That line barely existed at this company two years ago and now has to be introduced by name.
The quarter came with paperwork. Two wholly-owned subsidiaries were incorporated on a single day in June, both named after Varanasi neighbourhoods. Two step-down subsidiaries, PRA Bihar BESS and Suyog Urja, joined the group in April, twenty-two days apart. Headcount stands at 2,340 employees and workers, against 1,265 at March 2025.
EBITDA margin measures profit before interest, tax and depreciation against sales. It came in at 21.07%, against 26.65% in the same quarter a year earlier. The figure for the three months to March 2026 was 18.70%. Management attributes the compression to raw-material inflation worth roughly 1-2% of sales and a shift in mix towards renewables. Management also says employee costs rose to around 7% of sales, from 3-3.5% earlier. Basic earnings per share, the quarter’s profit split across each share, is ₹2.27.
The order book stands at ₹6,721 crore. Water and wastewater accounts for ₹3,694 crore, renewables and battery storage for ₹3,027 crore. Revenue for the year to March 2026 was ₹1,146 crore. A company that builds sewage treatment plants has, in about fifteen months, added a wind construction platform and a battery venture in Bihar. It has also taken an NTPC contract for 930 MWh of grid-scale batteries.
2. Introduction
Enviro Infra Engineers was incorporated in 2009 and spent its first decade doing one thing with considerable single-mindedness. It designed, built, operated and maintained water and wastewater treatment plants for government bodies. The company’s own milestone timeline reads like a slow, tidy staircase.
The first major order came in 2009-10: ₹16 crore for a common effluent treatment plant at Balotra, Rajasthan. It handles 18 MLD, or million litres of effluent a day. Between 2011 and 2014 came a 52 MLD sewage treatment plant at Bathinda, Punjab, worth ₹31 crore. The company notes that this job enhanced its technical eligibility for larger projects. That is the single most important sentence in Indian infrastructure, dressed as a footnote.
2016-17 brought Panipat and two AMRUT plants in Gujarat. 2021 brought the first award under the Hybrid Annuity Model, three sewage treatment plants totalling 63 MLD. They came from UP Jal Nigam and the National Mission for Clean Ganga. Under that model the builder is paid in instalments over years rather than on completion. In 2022 the company converted from private limited to public limited, which is the corporate equivalent of buying a suit. In 2023 the Bareilly annuity project was delivered seven months ahead of schedule. The 2024 entry records Bareilly completed more than two months early, with a bonus received.
The same year brought a Namami Gange project worth ₹343.87 crore and turnover above ₹700 crore. A listing in November 2024 raised ₹650 crore.
Then the pace changed. In the year to March 2026 the company set up EIE Renewables and crossed ₹1,000 crore of turnover. It secured roughly ₹1,400 crore of water orders in that year. In March 2026 alone it announced five projects worth ₹1,481 crore. Battery storage orders from NTPC made up ₹1,070 crore of that, at Tanda, Bongaigaon, Kudgi and Ramagundam. April 2026 brought announced orders above ₹2,240 crore, including two Maharashtra sewage projects worth ₹972.19 crore. The same month it agreed to take 51% of Suyog Urja for ₹111 crore, against a total consideration of ₹311 crore. May brought a Gujarat contract worth ₹113.51 crore and a hybrid renewable order at Suyog Urja worth ₹207.47 crore. In May the company also won an arbitral award of ₹8.65 crore against HSIIDC, a small number wearing a very large hat. In July two Varanasi annuity projects were awarded, together worth ₹256.92 crore.
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3. Business Model: WTF Do They Even Do?
At the base, the company takes dirty water and makes it less dirty, at municipal scale, on government contracts. The work is sewage treatment plants, sewerage networks, effluent plants for industrial clusters and water supply schemes. In practice that means treatment plants, pumping stations and a great deal of pipe. Cumulative capacity built to date is 958 MLD across 57 water and wastewater plants. The company puts the population served at 76 lakh. Clients are the National Mission for Clean Ganga, Jal Nigam, municipalities and public works departments. Industrial customers make up the rest. It is an order book where nobody negotiates a discount and everybody is slow to pay.
The technology list is where the company gets enthusiastic. Sequencing Batch Reactors are used to meet National Green Tribunal effluent standards. High-Rate Anaerobic Digesters cut the organic load. Final polishing runs through dual media filters, activated carbon, rapid sand gravity filters and chlorination. Ultraviolet disinfection, disc filters and ultra-filtration complete the list. This is the only industry where Zero Liquid Discharge is a selling point rather than a plumbing emergency.
Three delivery models carry the revenue. In engineering, procurement and construction work, the company designs, buys the
