Enviro Infra Engineers Q1 FY27: Revenue Up 49.1% to ₹359 Cr, a ₹6,721 Cr Order Book, and 2,340 People on the Payroll

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1. At a Glance

Revenue from operations of ₹359.2 Cr, up 49.1% year on year. Operating profit of ₹75.7 Cr. Consolidated profit after tax of ₹45.2 Cr, of which ₹39.8 Cr is attributable to the owners of the parent and ₹5.4 Cr to non-controlling interests — a line item that barely existed at this company two years ago and now has to be introduced by name.

The quarter came with paperwork. Two new 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 the way one might adopt two cats in the same month and then wonder about the litter arrangements. Headcount stands at 2,340 employees and workers, against 1,265 at March 2025.

EBITDA margin came in at 21.07%, against 26.65% in Q1 FY26 and 18.70% in Q4 FY26. Management attributes the compression to raw-material inflation of roughly 1–2% of topline, a mix shift toward renewables, and employee costs that rose to around 7% of sales from 3–3.5% earlier. Basic EPS for the quarter is ₹2.27.

The order book is ₹6,721 Cr: ₹3,694 Cr in water and wastewater, ₹3,027 Cr in renewables and battery storage. FY26 full-year revenue was ₹1,146 Cr. A company that builds sewage treatment plants has, in the space of about fifteen months, acquired a wind EPC platform, a BESS special purpose vehicle in Bihar, and 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: designing, building, operating and maintaining water and wastewater treatment plants for government bodies. The company’s own milestone timeline reads like a slow, tidy staircase. 2009–10: first major EPC order, ₹16 crore, an 18 MLD common effluent treatment plant at Balotra, Rajasthan. 2011–14: a 52 MLD sewage treatment plant at Bathinda, Punjab, worth ₹31 crore, which the company notes enhanced its technical eligibility for larger projects — 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 Hybrid Annuity Model award, three sewage treatment plants of 63 MLD from UP Jal Nigam and the National Mission for Clean Ganga. 2022 was the year the company converted from private limited to public limited, which is the corporate equivalent of buying a suit. 2023: the Bareilly HAM project delivered seven months ahead of schedule. 2024: Bareilly completed more than two months early with a bonus received, a ₹343.87 Cr Namami Gange project secured, ₹700 Cr-plus turnover, and an IPO in November raising ₹650 Cr.

Then the pace changed. In FY26 the company incorporated EIE Renewables, crossed ₹1,000 Cr of turnover, and secured roughly ₹1,400 Cr of water orders. In March 2026 alone it announced five projects worth ₹1,481 Cr, including ₹1,070 Cr of BESS orders from NTPC across Tanda, Bongaigaon, Kudgi and Ramagundam. In April 2026 it announced orders exceeding ₹2,240 Cr, two Maharashtra sewage projects worth ₹972.19 Cr, and the acquisition of 51% of Suyog Urja for ₹111 Cr against a total consideration of ₹311 Cr. In May, a ₹113.51 Cr Gujarat contract and a ₹207.47 Cr hybrid renewable EPC win at Suyog Urja. In July, two Varanasi HAM awards totalling ₹256.92 Cr.

Five months. The company also won an ₹8.65 crore arbitral award against HSIIDC in May, which is a small number wearing a very large hat.

3. Business Model: WTF Do They Even Do?

At the base, Enviro takes dirty water and makes it less dirty, at municipal scale, on government contracts. Sewage treatment plants, sewerage networks, common effluent treatment plants for industrial clusters, and water supply schemes: treatment plants, pumping stations, and a great deal of pipe. Cumulative capacity built to date is 958 MLD across 57 water and wastewater plants, benefiting a population the company puts at 76 lakh. Clients are NMCG, Jal Nigam, municipalities, public works departments and industrial customers — an order book where nobody is trying to negotiate a discount but everybody is slow to pay.

The technology list is where the company gets enthusiastic. Sequencing Batch Reactors to meet National Green Tribunal effluent standards. High-Rate Anaerobic Digesters for organic load reduction. Tertiary treatment via dual media filters, activated carbon, rapid sand gravity filters, chlorination, UV disinfection, disc filters and ultra-filtration. It is the only industry where the phrase “Zero Liquid Discharge” is a selling point and not a plumbing emergency.

Three delivery models carry the revenue. EPC, where the company builds and gets paid for building — 84% of Q1 revenue at ₹303 Cr. HAM, where a special purpose vehicle is created, financial closure achieved, the asset built, and annuities plus O&M received quarterly over fifteen years — 9%, or ₹31.1 Cr. O&M, 3% at ₹10.9 Cr, described by management as roughly ₹100 Cr of annual topline with better margins but a quantum of 3–5% of execution revenue. Annuity interest adds 2%.

Then there is the newer half of the business. EIE Renewables and Suyog Urja bring solar