Enviro Infra Engineers Limited (EIEL) is a specialized engineering, procurement, and construction (EPC) company focused on the water and wastewater treatment sector. The firm designs, builds, operates, and maintains Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) across India. It serves a diverse clientele, including central and state government bodies like the National Mission for Clean Ganga (NMCG) and various Jal Nigams, as well as municipalities and industrial clients. The company operates through multiple delivery models, including traditional EPC contracts, Hybrid Annuity Model (HAM) projects that provide long-term revenue streams, and dedicated Operation and Maintenance (O&M) contracts.

Since its incorporation in 2009, EIEL has established a strong track record, having delivered over 55 projects with a combined treatment capacity of 930 MLD. The company's journey includes significant milestones such as securing its first major EPC work order in 2011, winning one of the industry's largest Common Effluent Treatment Plant (CETP) projects in 2016, and being awarded its first HAM project in 2021. The company went public with an IPO in 2024 and surpassed ₹1,000 crore in turnover in FY25.

A key differentiator for EIEL is its commitment to integrating advanced and sustainable technologies into its projects. The company has a strong focus on the circular economy, transforming waste into value by incorporating solar power plants and Compressed Biogas (CBG) facilities into its treatment plants. This "Waste to Energy" approach not only reduces the carbon footprint of its projects but also lowers operating costs through energy self-sufficiency. The firm is led by its founding promoters, Chairman Sanjay Jain and Managing Director Manish Jain, both chemical engineers with over two decades of deep domain experience in the water infrastructure industry.

Official Website: https://www.eiel.in/investor

• Quarterly Performance (Q3 FY26 vs Q3 FY25)

• Revenue from Operations: Grew by a modest 1.0% year-over-year (YoY) to ₹2,500 million from ₹2,474 million.

• EBITDA: Increased significantly by 25.6% YoY to ₹677 million from ₹539 million, indicating strong operational efficiency.

• Profit After Tax (PAT): Grew by 14.7% YoY to ₹421 million from ₹367 million.

• Nine-Month Performance (9M FY26 vs 9M FY25)

• Revenue from Operations: Increased by 7.9% YoY to ₹7,183 million.

• EBITDA: Showed robust growth of 22.4% YoY to ₹1,969 million.

• Profit After Tax (PAT): Grew by an impressive 30.1% YoY to ₹1,341 million.

• Annual Growth Trajectory (FY22-FY25)

• The company has demonstrated explosive growth in recent years, with a Revenue CAGR of 68.33% and a PAT CAGR of 72.44% between FY22 and FY25.

• In the most recent full fiscal year, FY25, revenue grew 46.3% to ₹10,661 million, and PAT grew 63.2% to ₹1,772 million compared to FY24.

• Balance Sheet Strength

• The company has significantly deleveraged its balance sheet. The Debt-to-Equity ratio improved drastically from 0.8 in FY24 to 0.2 in FY25.

• Net Worth has shown consistent growth, increasing from ₹1,265 million in FY23 to ₹9,945 million in FY25, strengthening the company's financial foundation.

• Return Ratios

• Return on Equity (RoE) stood at 17.8% in FY25, a decrease from 43.7% in FY23.

• Return on Capital Employed (RoCE) was 22.6% in FY25, down from 43.4% in FY23. The decline in these ratios is likely attributable to a significant expansion of the equity and capital base following the company's IPO.

• Revenue Diversification

• In Q3 FY26, WWTPs were the dominant revenue source, contributing 82.2% of the total. This is a shift from FY25, where WWTPs and WSSPs had a more balanced contribution (48.8% and 48.4%, respectively).

• A new revenue stream from Renewables has emerged, contributing 3.9% of revenue in Q3 FY26.

The company is demonstrating a strong trend of profitable growth, characterized by significant margin expansion and a strengthening balance sheet, even as top-line growth has moderated in the recent quarter.

• Integrated In-House Expertise

• EIEL possesses strong in-house design and execution teams. This vertical integration allows for more accurate bidding aligned with project specifications, ensures timely and cost-effective project delivery, and minimizes reliance on external design consultants.

• Advanced Technology Adoption

• The company deploys advanced technologies to meet stringent environmental norms. This includes Sequencing Batch Reactors (SBR), High-Rate Anaerobic Digesters (HRAD), and various tertiary treatment technologies like ultra-filtration and UV disinfection.

• This technological focus enables the company to achieve Zero Liquid Discharge (ZLD) compliance in most of its plants, allowing the treated water to be reused for industrial and horticultural purposes.

• "Waste to Energy" and Circular Economy Focus

• A key differentiator is the company's commitment to the circular economy. It actively integrates solar power plants and Compressed Biogas (CBG) plants into its projects.

• A prime example is the 50 MLD STP project in Jodhpur, where methane generated from waste sludge is converted into electricity to power the plant's operations, thereby reducing operational costs and promoting energy self-sufficiency.

• Experienced and Technically-Qualified Leadership

• The promoters and senior leadership have over two decades of individual experience specifically in the water and wastewater treatment sector. Their technical background as chemical engineers provides deep industry expertise, strategic vision, and executional excellence.

EIEL distinguishes itself through its strong in-house technical capabilities, the strategic integration of sustainable "Waste to Energy" technologies, and a highly experienced management team.

• Severe Water Scarcity

• India faces a critical water crisis, with 600 million people experiencing acute water shortages. The national water demand is projected to exceed supply by 50% by the year 2030, creating an urgent and structural need for water management and recycling solutions.

• Massive Wastewater Treatment Deficit

• There is a significant gap between wastewater generation and treatment capacity. Urban centers generate approximately 62,000 Million Liters per Day (MLD) of sewage, but the installed treatment capacity is only around 23,000 MLD.

• Over 70% of urban wastewater in India remains untreated, leading to the pollution of water bodies and creating a substantial market opportunity for treatment infrastructure.

• Supportive Government Policies and Investment

• The government is driving significant investment in the sector through large-scale initiatives. Key schemes include:

• Jal Jeevan Mission (JJM): Budgeted at ₹67,670 crores for FY27.

• Namami Gange Programme (NMCG): Budgeted at ₹3,100 crores for FY27.

• AMRUT (Atal Mission for Rejuvenation and Urban Transformation): Budgeted at ₹8,000 crores for FY27.

• These programs provide a strong, long-term pipeline of projects for companies like EIEL.

• Projected Market Growth

• The water and wastewater market is projected to see steady growth. The municipal segment is expected to grow at a 6% CAGR and the industrial segment at a 7% CAGR between FY23 and FY33.

The industry is supported by powerful tailwinds, including a structural water deficit, a large and underpenetrated treatment market, and substantial, long-term government investment.

• Robust Order Book

• As of December 31, 2025, the company has a healthy order book of ₹30,926 million, providing strong revenue visibility for the coming years.

• The order book is well-diversified, with WWTP-EPC projects forming the largest component at ₹15,348 million, followed by O&M contracts at ₹9,331 million.

• Proven Execution and Delivery

• The company has a strong track record of timely and even early project completion. It successfully completed the Bareilly HAM Project over two months ahead of schedule, receiving a bonus. The Sewerage Scheme at Jodhpur was also completed ahead of time.

• This reputation for reliable execution is a key factor in winning new projects.

• Expanding Geographic Footprint

• The company currently operates in 12 states across India. Key revenue-contributing states include Madhya Pradesh, Rajasthan, and Uttar Pradesh.

• It is actively exploring new geographies, such as Maharashtra, to further strengthen its national presence and de-risk its revenue base.

• Strong Historical Financial Performance

• The company's growth has been exceptional, evidenced by a 68.33% Revenue CAGR and a 72.44% PAT CAGR from FY22 to FY25. This demonstrates a proven ability to scale operations effectively.

The company's growth is underpinned by a substantial order book providing future revenue visibility, a proven track record of efficient project execution, and a strategy of geographic expansion.

• Scaling Up to Larger Projects

• The company plans to increase the size of projects it undertakes, targeting STPs in the 50 to 200 MLD range and CETPs in the 20 to 50 MLD range.

• Executing larger projects will help the company pre-qualify for more complex, higher-value bids and potentially earn better margins.

• Increasing Focus on HAM Projects

• A key strategic goal is to bid for and execute more Hybrid Annuity Model (HAM) projects.

• HAM projects provide a stable and predictable long-term revenue stream from annuity payments and O&M fees, enhancing the quality and visibility of future earnings.

• Expanding "Waste to Energy" Initiatives

• EIEL is committed to making "Waste to Energy" a core part of its project offerings by systematically installing solar power and Compressed Biogas (CBG) plants.

• This strategy aims to maximize energy efficiency, reduce the carbon footprint, and lower long-term operational costs for its plants.

• Capitalizing on Government Policy

• The company will continue to align its business development efforts with major government policy initiatives such as AMRUT 2.0, the Namami Gange Programme, and the National River Conservation Plan to capitalize on the sustained flow of investment in the sector.

The company’s future strategy is centered on moving up the value chain by bidding for larger projects, increasing its portfolio of stable-income HAM contracts, and embedding its sustainable "Waste to Energy" solutions as a standard offering.

• Significant Quarterly Margin Expansion (Q3 FY26)

• EBITDA Margin: Expanded by 530 basis points (bps) YoY to 27.1% from 21.8% in Q3 FY25.

• PAT Margin: Improved by 180 bps YoY to 16.3% from 14.5% in Q3 FY25.

• Strong Nine-Month Margin Improvement (9M FY26)

• EBITDA Margin: Increased by 320 bps YoY to 27.4% from 24.2% in 9M FY25.

• PAT Margin: Grew by 280 bps YoY to 17.9% from 15.1% in 9M FY25.

• Consistent Annual Improvement

• The trend of improving profitability is also visible on an annual basis. The EBITDA margin improved by 190 bps from 23.2% in FY24 to 25.1% in FY25.

• The management attributes this consistent margin improvement to a focus on operational efficiency and strong financial discipline.

The company has demonstrated a clear and consistent ability to improve its profitability, with both EBITDA and PAT margins expanding significantly across quarterly, nine-month, and annual periods.

• Project Pipeline Execution

• The company recently completed a 50 MLD STP project that successfully integrated a solar plant and a Bio-Gas facility, reinforcing its commitment to the circular economy model.

• Several large-scale projects are in an advanced stage of completion, including the 55 MLD STP at Varanasi, the 80 MLD STP at Jaipur, and the 25 MLD CETP at Sarigam.

• New Order Win in Renewables

• In January 2026, the company received an order worth ₹52 crores from a PSU for the installation of a 10 MW grid-connected solar power plant. This marks a successful entry into the renewable energy segment, diversifying its business profile.

• Strong Credit Rating

• The company's financial health and creditworthiness have been reaffirmed by CRISIL with a long-term rating of 'A/Stable' and a short-term rating of 'A2+'. This strong rating enhances its ability to secure financing at competitive rates.

The company is effectively executing its project pipeline while simultaneously securing new orders that diversify its business into the high-growth renewable energy sector.