Enviro Infra Engineers Ltd(EIEL)

NSE: EIELBSE: 544290

₹ 161.45-5.53%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 2,834 crWebsite: www.eiel.inUpdated: 24 Oct 2026

About

Enviro Infra Engineers Ltd (EIEL) is an Indian environmental infrastructure company that designs, builds and operates water supply, sewage treatment and wastewater treatment plants, with a nascent renewable energy platform spanning solar, wind EPC and battery energy storage. The company generated ₹1,145.6 Cr in revenue in FY26 and had delivered 958 MLD of cumulative water and wastewater treatment capacity across 57 projects as of Q1 FY27. It operates across 17 Indian states and is expanding into overseas markets and desalination.^[1][2][3]

Business segments

EPC & O&M (water and wastewater treatment) contributed 99.1% of FY26 segment revenue (₹1,134.96 Cr), with an EBIT margin of 22.2%.^[4]
In Q1 FY27, water and wastewater accounted for 71% of consolidated revenue (₹255 Cr) and renewables 29% (₹104 Cr), reflecting the growing renewable contribution.^[2]

Services and technology mix

Core water and wastewater services include sewage treatment plants (STPs), common effluent treatment plants (CETPs), zero-liquid discharge (ZLD) systems using UF, RO and MVR technologies, and Jal Jeevan Mission water supply projects.^[5]
The renewable platform covers solar IPP assets, wind EPC (through subsidiary Suyog Urja) and battery energy storage systems (BESS) EPC, including a 930 MWh BESS project for NTPC worth ₹1,070 Cr.^[3]
Wastewater treatment plants (WWTP) contributed ~70% of water segment revenues in Q2 FY26, up from 48.8% in full FY25, reflecting a structural shift toward higher-complexity wastewater work.^[5]

Operations and capacity

Cumulative water and wastewater treatment capacity delivered stands at 958 MLD across 57 projects as of Q1 FY27.^[2][3]
Notable completed projects include a 100 MLD STP at Jodhpur (IFAS technology with biogas-to-electricity and solar), a 55 MLD STP at Varanasi (solar panels mounted over reactor, first-in-India), a 25 MLD CETP at Sarigam and a 30 MLD STP at Bhiwadi.^[3]
Solar IPP portfolio: 40 MW asset at Balangir, Odisha (24 MW generating revenue as of Q2 FY26, balance 16 MW targeted April 2026) and a 29 MW Maharashtra (MSEDCL) project.^[5]
Wind EPC subsidiary Suyog Urja brings a track record of 1,200 MW of completed wind projects; it delivered ₹80 Cr revenue in Q1 FY27 against a full-year target of ₹400 - 450 Cr.^[3][2]
Geographic footprint covers 17 Indian states; overseas project bids have been submitted and both overseas projects and desalination are targeted to enter scope by end of FY27.^[2]

Order book and pipeline

Total consolidated order book stood at ₹6,721 Cr as of Q1 FY27: ₹3,694 Cr in water/wastewater (₹2,696 Cr execution + ₹998 Cr O&M) and ₹3,027 Cr in renewables/BESS (₹1,948 Cr execution + ₹1,079 Cr IPP/O&M).^[2]
Q1 FY27 order inflows were ₹577 Cr, including two HAM projects in Varanasi under Namami Gange (60 MLD STP at Lohta ₹130 Cr and 45 MLD STP at DDU Nagar ₹126.8 Cr); HAM portfolio now totals five projects.^[2]
Active water/wastewater bid pipeline: ~₹3,000 Cr under evaluation and ~₹6,000 - 7,000 Cr of wastewater projects (AMRUT 2, Namami Gange, state/MDB-funded) for which bids are being submitted.^[2]
Water execution order book covers approximately two years of execution; renewable/BESS order book covers 12 - 18 months at current run rates.^[2]

Key operating metrics

EBITDA margin was 21.07% in Q1 FY27, down 558 bps YoY from 26.65% in Q1 FY26 and compared with 18.7% in Q4 FY26, driven by raw material cost inflation and higher renewable execution mix.^[2]
Net working capital cycle expanded to 166 days in Q4 FY26 (unbilled revenue days: 195 days) due to delayed AMRUT fund releases across Chhattisgarh, MP, Rajasthan, Haryana and Punjab projects.^[3]
Debt-to-equity ratio was 0.34x on a consolidated basis as of FY26; management has set a ceiling of 1:1 and committed to asset monetisation before breaching that level.^[2][3]
Return on equity was 15.2% in FY26, compared with 32.8% in FY25, reflecting the equity base increase from the Suyog Urja acquisition and lower profitability in the year.^[3][6]

Customers and distribution

Primary customers are urban local bodies and government agencies (Namami Gange, AMRUT, JJM programmes). NTPC is a key private/PSU counterparty for the 930 MWh BESS EPC contract.^[3][2]
Suyog Urja executes wind EPC projects for AAA/A-rated private developers, providing counterparty-quality diversification away from government payment cycles.^[3]
ZLD and CETP pipeline is driven by industrial compliance mandates; a new ZLD project was won at Ichalkaranji (MIDC, Maharashtra) and a MIDC CETP/ZLD project is in design approval.^[5][3]

Expansion and capex

NTPC 930 MWh BESS EPC project (₹1,070 Cr): material procurement commences Q3 FY27, expected to drive a significant revenue step-up from that quarter.^[2][3]
Suyog Urja (wind EPC) was acquired for a controlling 51% stake at ₹111 Cr, with the remaining 49% to be bought out in phases over two years; total consideration was ₹311 Cr.^[3]
HAM portfolio: five projects in total following Q1 FY27 additions; each HAM contract carries an 18-month construction period and 15-year O&M tail, building long-term annuity revenue.^[2]
Capex for project execution in FY27 is expected at only ₹20 - 30 Cr (equipment additions for new projects), reflecting the asset-light EPC model.^[3]

Recent developments

Q1 FY27 (Apr - Jun 2026): consolidated revenue reached ₹359.2 Cr, up 49% YoY, the highest quarterly revenue in company history, driven by execution across the expanded order book.^[2]
FY26 full-year consolidated revenue grew only 7.5% YoY to ₹11,456 Mn (₹1,145.6 Cr), missing the 35 - 40% growth target due to a thin opening order book, extended bid evaluation timelines and design approval delays.^[3][1]
EIE Renewables achieved ₹3,573 Mn net sales in FY26, up 107% YoY, with a 10.8% PAT margin, its first full year of material operations across solar, wind and BESS.^[3]
150 MWh BESS project in Bihar was acquired in FY26, adding to the renewable IPP portfolio alongside the Odisha and Maharashtra solar assets.^[3]

Market Cap

₹2,834 Cr

High / Low

₹257 / 135

Stock P/E

15.7

Price / Book

2.3

Book Value

₹70

EPS

₹10.4

No. of Shares

17.55 Cr

ROCE

20.3%

ROE

16.4%

OPM

24.8%

Debt / Equity

0.34

Sales

₹1,146 Cr

Net Profit

₹188 Cr

Promoter holding

70.2%

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