Any current/future new fundraising through debt or equity?

Enviro Infra Engineers Limited plans to raise around INR75 crores investment internally for the renewable segment, with no further investment expected from Enviro going forward. Additional funding includes debt for executing projects, with term loans expected to accrue around INR150 crores from HAM projects (INR120 crores from Saharanpur and INR40-45 crores from Mathura). Total term loans could increase by approximately INR250 crores next financial year from ongoing projects. Separate working capital lines and funding will be arranged distinctly for the renewable segment and the main water and

Any current/future capex/capital investment/strategic investment?

Renewable segment capex: INR75 crores invested by Enviro Infra, with no further investment planned from Enviro. Total capex expected: Around INR100 crores anticipated for renewable projects based on current order book. HAM water-wastewater projects (Mathura and Saharanpur): Capex largely done, with minimal additional capex (~INR100 crores) expected. Term loans for HAM projects forecasted around INR150 crores (Saharanpur) + INR40-45 crores (Mathura). Total term loan increase expected: Approx. INR250 crores for next financial year from existing projects. Overall capex (including renewables) for

Future growth expectations in sales/revenue/volumes?

The company aims for a revenue growth of 30% to 35% CAGR. For FY 2026, top-line guidance is around INR 1,350 crores, including INR 450 crores from water/wastewater and INR 200 crores from renewables. FY 2027 growth expectation is maintained at 35% to 40%, contingent on new order book accrual in the coming months. Execution in Q4 is expected to be strong with revenues in the range of INR 600-650 crores to support annual growth. Order execution from the existing order book will cover about 75% of current projects next year. Renewables contribute increasingly, expected INR 400-500 crores executio

Future growth expectations in earnings/operating earnings/profits/EPS?

Manish Jain expects PAT growth of around 30% for the current financial year (FY26), with PAT guidance in the range of INR230-250 crores. Revenue growth guidance is maintained at 35%-40% CAGR, including renewable segment contributions. EBITDA margins are expected to remain strong, around 22%-24%, with some quarters showing even higher margins (26%-27%). For FY27, growth guidance of 35%-40% is maintained, contingent on order book accrual in the upcoming months. Return on Equity (ROE) guidance is around 18%-19% based on expected PAT of approximately INR230 crores. Management remains cau

Current/ Expected Orderbook/ Pending Orders?

Current order book ex O&M stands at approx. INR 1,900 crores (Page 23). About INR 450 crores expected to be executed soon, leaving around INR 1,450 crores as base for next year (Page 23). Historically, around 75% of order book expected to be executed in next financial year (Page 23). Bid pipeline worth INR 5,000 crores submitted, mainly wastewater treatment projects including STPs, sewerage infrastructure, EPC, HAM, and CETPs; no water projects included (Page 9). Recent bids include INR 3,000 crores in Bihar with delayed evaluation; Delhi projects are in re-bidding phase (Page 15). Order inflo

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Enviro Infra Engineers LtdQ4 FY27Other Utilities

Enviro Infra Engineers Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹206P/E: 16.1Market Cap: ₹3.4K CrSector: Other Utilities

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company aims for a revenue growth of 30% to 35% CAGR.
→For FY 2026, top-line guidance is around INR 1,350 crores, including INR 450 crores from water/wastewater and INR 200 crores from renewables.
→FY 2027 growth expectation is maintained at 35% to 40%, contingent on new order book accrual in the coming months.
→Execution in Q4 is expected to be strong with revenues in the range of INR 600-650 crores to support annual growth.
→Order execution from the existing order book will cover about 75% of current projects next year.
→Renewables contribute increasingly, expected INR 400-500 crores execution in FY 2027 and included in the consolidated growth.
→The company is cautiously optimistic but confident in meeting its guidance based on order inflows and execution capabilities.

Margin guidance

Category 3

→Manish Jain expects PAT growth of around 30% for the current financial year (FY26), with PAT guidance in the range of INR230-250 crores.
→Revenue growth guidance is maintained at 35%-40% CAGR, including renewable segment contributions.
→EBITDA margins are expected to remain strong, around 22%-24%, with some quarters showing even higher margins (26%-27%).
→For FY27, growth guidance of 35%-40% is maintained, contingent on order book accrual in the upcoming months.
→Return on Equity (ROE) guidance is around 18%-19% based on expected PAT of approximately INR230 crores.
→Management remains cautiously optimistic, aiming to grow sustainably and maintain healthy profitability despite revenue fluctuations.
→Emphasis is on maintaining profit margins rather than just top-line growth, focusing on high-margin projects.

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Fundraise plans

Yes

→Enviro Infra Engineers Limited plans to raise around INR75 crores investment internally for the renewable segment, with no further investment expected from Enviro going forward.
→Additional funding includes debt for executing projects, with term loans expected to accrue around INR150 crores from HAM projects (INR120 crores from Saharanpur and INR40-45 crores from Mathura).
→Total term loans could increase by approximately INR250 crores next financial year from ongoing projects.
→Separate working capital lines and funding will be arranged distinctly for the renewable segment and the main water and wastewater business.
→No mention of new equity fundraising; debt is the primary mode of additional funding.

Order book

Yes

→Current order book ex O&M stands at approx. INR 1,900 crores (Page 23).
→About INR 450 crores expected to be executed soon, leaving around INR 1,450 crores as base for next year (Page 23).
→Historically, around 75% of order book expected to be executed in next financial year (Page 23).
→Bid pipeline worth INR 5,000 crores submitted, mainly wastewater treatment projects including STPs, sewerage infrastructure, EPC, HAM, and CETPs; no water projects included (Page 9).
→Recent bids include INR 3,000 crores in Bihar with delayed evaluation; Delhi projects are in re-bidding phase (Page 15).
→Order inflow for Q3 included one order of INR 248 crores; no fresh orders received in Q4 till now (Page 12).
→Management expects good order book accrual in coming months to maintain revenue guidance and growth outlook for FY27 (Pages 23 and 15).

Capex plans

Yes

→Renewable segment capex: INR75 crores invested by Enviro Infra, with no further investment planned from Enviro.
→Total capex expected: Around INR100 crores anticipated for renewable projects based on current order book.
→HAM water-wastewater projects (Mathura and Saharanpur): Capex largely done, with minimal additional capex (~INR100 crores) expected.
→Term loans for HAM projects forecasted around INR150 crores (Saharanpur) + INR40-45 crores (Mathura).
→Total term loan increase expected: Approx. INR250 crores for next financial year from existing projects.
→Overall capex (including renewables) for FY27 expected around INR100-150 crores.
→Capital allocation strategy: Focus on operational cash flow positivity in water-wastewater; limited Enviro equity infusion in renewables to manage cash flow.

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