A leading infrastructure company specialising in the design, construction, operation, and maintenance of Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for Government authorities across India, making it a player worth watching closely.
We’re talking about Enviro Infra Engineers Limited, a company engaged in the business of designing, constructing, O&M of Water and Wastewater Treatment Plants (WWTPs). WWTPs include Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), along with Sewerage Networks, Water Treatment Plants (WTPs) and Water Supply Scheme Projects (WSSPs).
In case of BOT (built, operate and transfer projects) & HAM (Hybrid Annuity Model), the company bids as a sponsor either alone or in joint operation with other ventures or in subsidiaries and once the project is awarded, then it is executed by incorporating an entity (Special Purpose Vehicle). In this article, we’ll take a closer look at the company’s financial performance, key ratios, growth strategies, order book, segment-wise revenue & other details.
With a market cap of Rs. 4,442.6 crores, shares of Enviro Infra Engineers Limited hit an intraday high at Rs. 254.4 on Thursday, up by around 1.4 percent on BSE, as against its previous closing price of Rs. 250.8. The stock has delivered positive returns of nearly 22 percent over a one-year period, but has fallen by over 9 percent returns in the last month.
Order Book
As of Q1 FY26, the company holds a robust order book of Rs. 2,997 crores, with new orders received till July 2025 standing at Rs. 7,885 crores. In terms of project mix, Water and Wastewater Treatment Plants (WWTP) under EPC mode contributed Rs. 1,567 crore (76 percent), followed by WWTP under HAM mode at Rs. 347 crore (17 percent), and Water Supply Scheme Projects (WSSP) at Rs. 137 crore (7 percent). The order book also includes O&M contracts worth a total of ~Rs. 946 crores.
During the quarter, Enviro Infra made its entry into Zero Liquid Discharge (ZLD) technology with a landmark Rs. 395.5 crores CETP project awarded by MIDC, leveraging RO, UF & MVR technologies in Maharashtra. The company also expanded into renewable energy by securing two solar power projects with a combined capacity of 69 MW (AC) – 40 MW in Odisha and 29 MW in Maharashtra.
Further strengthening its pan-India presence, the company secured high-value projects across Maharashtra, Chhattisgarh, Karnataka, Haryana, Punjab, and Odisha, underscoring its proven execution capabilities across diverse geographies and advanced technologies.
Financial & Segment Performance
In Q1 FY26, Enviro Infra reported a consolidated revenue from operations of Rs. 241 crores, a decline of around 39 percent QoQ but a growth of about 18 percent YoY. Likewise, its net profit for the quarter stood at Rs. 42 crores, representing a fall of nearly 43 percent QoQ but a rise of 40 percent YoY. This YoY growth was driven by the efficient execution of a strong order book and strategic project wins across diverse geographies and technologies. FY22 and FY25, revenue grew at a 3-year CAGR of around 68 percent, while the net profit surged at a CAGR of nearly 72 percent over the same period.
During the same period, the company’s debt-to-equity ratio stood at 0.24, while the net profit margin was at 17 percent, and the operating margin was reported at 26.65 percent.
Total segment revenue for the quarter stood at Rs. 241 crore. The WWTPS segment was the largest contributor, generating Rs. 168 crore, accounting for 69.7 percent of the total revenue. The WSSPS business followed with Rs. 57.4 crore (23.8 percent) in revenue, while the O&M segment at Rs. 9 crores (3.8 percent), and the Annuity segment contributed Rs. 6.4 crores (2.6 percent).
Growth Strategies
The company’s growth strategy focuses on expanding its geographical presence across India to strengthen its national footprint. It plans to increase participation in Hybrid Annuity Model (HAM) projects, with the aim of qualifying for and bidding on larger contracts.
In the WWTP and WSSP segments, the company intends to leverage government initiatives such as AMRUT 2.0, the Namami Gange Programme, the National River Conservation Plan (NRCP), and the National Plan for Conservation of Aquatic Ecosystems (NPCA).
It is also working to increase the scale of projects from 50 to 200 Minimal Liquid Discharge (MLD) for Sewage Treatment Plants (STPs) and from 20 to 50 MLD for Common Effluent Treatment Plants (CETPs), enabling pre-qualification for higher-capacity, potentially higher-margin contracts, both independently and in collaboration with other industry players.
In addition, the company is integrating renewable energy solutions such as solar power and CBG plants into its projects, contributing to energy efficiency, reducing carbon emissions, and enabling access to applicable sustainability incentives.
Written by Shivani Singh
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