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Enviro Infra Engineers Ltd

EIEL

NSE

₹182.45-2.29%19 Oct 2026

Reports

Engineering Turnkey Services

Enviro Infra Engineers Ltd

EIEL

NSE

₹182.45

-2.29%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Engineering Turnkey Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Enviro Infra Engineers is a water-treatment builder that has spent fifteen years turning sewage and industrial waste into reusable water for India’s cities and factories, and has now begun applying the same build-and-run playbook to solar, wind and battery storage. It started in 2009 by acquiring a Delhi partnership firm and grew project by project-from a single effluent plant in Rajasthan to a national order book of over ₹6,800 crores-by keeping design, civil construction and plant operations inside the company rather than farming them out. That in-house grip on execution is the recurring logic: bid accurately, build on time, and then stay on to operate the asset, whether it is a sewage plant in Uttar Pradesh or a battery storage project in Bihar.

Business segments

Two engines at different stages-a water-treatment cash cow built over a decade and a renewable-energy platform assembled rapidly through acquisitions-each earning from both construction and long-term operation.

1. Water and wastewater treatment: the founding infrastructure engine

The company designs, builds and runs treatment plants for government bodies, earning lump-sum construction fees upfront and recurring annuity or O&M income for up to fifteen years afterwards.

Paid to build, then paid to run - under EPC contracts (about 70% of FY26 revenue) it earns a fixed lump sum for designing and commissioning a plant; under the Hybrid Annuity Model (about 13%) it gets milestone payments during construction plus regular annuity payments over a concession period that typically includes 15 years of operation; and under standalone O&M contracts (about 4%) it collects recurring fees for running and maintaining plants, covering everything from consumables to compliance.
In-house execution from bid to commissioning - its own engineering team handles design and bidding, its own civil-construction crew builds on site, and a dedicated O&M team takes over once the plant is running, which reduces dependence on third parties and helps it deliver on time (one HAM project in Bareilly was completed more than two months early, earning a bonus).
Zero Liquid Discharge is the standard, not the exception - the majority of its plants are ZLD-compliant, meaning treated water is reused for horticulture, industrial processes or washing rather than discharged, and it deploys technologies like Sequencing Batch Reactors, high-rate anaerobic digesters and membrane bioreactors to meet stringent pollution-board standards.
Waste-to-energy bolted onto treatment plants - at several sites it installs solar panels for captive power and compressed-biogas units that turn sewage into fuel sold to oil-marketing companies, so the plant generates energy while treating water (seven of its 21 active projects as of FY25 included such sustainability components).

2. Renewable energy: the new platform built through acquisitions

The company entered solar, wind and battery storage in FY26 by buying specialist firms and project vehicles, and already holds a combined renewable order book of over ₹3,100 crores across EPC and IPP roles.

Bought, not just built - it acquired a dedicated renewables subsidiary (EIE Renewables) and then purchased a string of project SPVs and operating companies: a solar developer (Sunaxis), a solar project (Soltrix), a 40 MW solar project in Odisha (Vento Power), a 150 MWh battery-storage project in Bihar (PRA Bihar Bess), and a wind-EPC firm with over 500 MW of completed projects (Suyog Urja), giving it immediate teams, order books and client relationships.
Wind EPC runs on an asset-light, near-zero-debt model - the wind business, anchored by Suyog Urja, executes turnkey projects for AAA- or A-rated clients like Tata Power and Suzlon without tying up its own balance sheet in heavy equipment, and it brings an active execution pipeline of roughly 1,700 MW.
First mover in India’s battery-storage build-out - it has already won four BESS projects from NTPC totalling 930 megawatt-hours across four states, plus a 150 MWh project in Bihar under a build-own-operate-transfer model with viability-gap funding and a 12-year fixed monthly tariff per megawatt.
Solar plays both developer and contractor - it is building 79 MW of solar capacity under the IPP (independent power producer) model, where it owns the plant and sells the power, while also executing EPC contracts for third-party solar projects, so it earns from both asset ownership and construction services.
A 250-person team led by industry veterans - the renewables division has dedicated business heads for solar, wind and BESS, and the Suyog Urja acquisition brought a 160-strong technical team whose erstwhile promoter is contracted to stay for at least three years, locking in the expertise that built over 1,200 MW of projects.

Group structure and partners

The parent company holds water-treatment project SPVs directly and channels all renewable-energy activity through its wholly owned subsidiary EIE Renewables, which in turn controls a chain of acquired project companies.

In water, it incorporates a separate special-purpose vehicle for each large HAM or annuity project-such as the Bareilly, Mathura, Saharanpur and two Varanasi STP companies-and also enters joint ventures with other infrastructure firms to meet the technical and financial thresholds for specific government bids.
In renewables, EIE Renewables sits as the holding company and owns Sunaxis (ground-mounted and floating solar), Soltrix (29 MW solar, Maharashtra), Vento Power (40 MW solar, Odisha), PRA Bihar Bess (150 MWh BESS, Bihar) and Suyog Urja (wind EPC, pan-India), with the remaining minority stakes in Soltrix, PRA Bihar Bess and Suyog Urja contracted for phased buyout over one to three years.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹3,203Cr

Close Price

₹182.45

Industry

Engineering Turnkey Services

Price To Earnings

17.70

Price To Sales

2.53

Revenue

₹1,264Cr

Rev Gr TTM

Revenue Growth TTM

15.49%

PAT Gr TTM

PAT Growth TTM

0.77%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	120	150	300	205	213	247	393	241	227	250	427	359
Growth YoY Revenue Growth YoY%					77.8	65.0	30.8	17.4	6.7	1.0	8.8	49.1
Expenses ExpensesCr	97	122	214	154	157	194	293	177	162	182	347	283
Operating Profit Operating ProfitCr	22	28	86	51	56	54	99	64	65	68	80	76
OPM OPM%	18.6	18.5	28.6	25.0	26.1	21.8	25.3	26.6	28.6	27.1	18.7	21.1
Other Income Other IncomeCr	1	2	3	2	9	5	11	3	10	8	11	6
Interest Expense Interest ExpenseCr	5	4	9	8	12	8	8	7	7	10	12	14
Depreciation DepreciationCr	1	2	2	2	2	3	3	3	5	8	9	9
PBT PBTCr	17	24	78	43	50	48	99	57	63	58	71	59
Tax TaxCr	5	7	21	13	13	12	25	15	14	16	17	13
PAT PATCr	12	17	57	30	36	37	74	42	50	42	54	45
Growth YoY PAT Growth YoY%					199.8	111.3	30.0	41.7	36.1	14.7	-26.7	6.4
NPM NPM%	10.1	11.6	19.0	14.6	17.1	14.8	18.9	17.6	21.8	16.9	12.7	12.6
EPS EPS₹	4.6	1.3	4.2	2.3	2.6	2.6	4.9	2.4	2.8	2.3	3.0	2.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	120	150	300	205	213	247	393	241	227	250	427	359
Growth YoY Revenue Growth YoY%					77.8	65.0	30.8	17.4	6.7	1.0	8.8	49.1
Expenses ExpensesCr	97	122	214	154	157	194	293	177	162	182	347	283
Operating Profit Operating ProfitCr	22	28	86	51	56	54	99	64	65	68	80	76
OPM OPM%	18.6	18.5	28.6	25.0	26.1	21.8	25.3	26.6	28.6	27.1	18.7	21.1
Other Income Other IncomeCr	1	2	3	2	9	5	11	3	10	8	11	6
Interest Expense Interest ExpenseCr	5	4	9	8	12	8	8	7	7	10	12	14
Depreciation DepreciationCr	1	2	2	2	2	3	3	3	5	8	9	9
PBT PBTCr	17	24	78	43	50	48	99	57	63	58	71	59
Tax TaxCr	5	7	21	13	13	12	25	15	14	16	17	13
PAT PATCr	12	17	57	30	36	37	74	42	50	42	54	45
Growth YoY PAT Growth YoY%					199.8	111.3	30.0	41.7	36.1	14.7	-26.7	6.4
NPM NPM%	10.1	11.6	19.0	14.6	17.1	14.8	18.9	17.6	21.8	16.9	12.7	12.6
EPS EPS₹	4.6	1.3	4.2	2.3	2.6	2.6	4.9	2.4	2.8	2.3	3.0	2.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	108	124	224	338	729	1,066	1,146	1,264
Growth Revenue Growth%		15.2	80.1	51.3	115.6	46.3	7.5	15.5
Expenses ExpensesCr	98	110	174	256	562	798	869	976
Operating Profit Operating ProfitCr	10	15	50	82	167	268	277	288
OPM OPM%	9.2	11.7	22.4	24.2	22.8	25.1	24.2	22.8
Other Income Other IncomeCr	2	2	2	4	9	19	34	36
Interest Expense Interest ExpenseCr	3	4	4	8	23	37	36	43
Depreciation DepreciationCr	1	1	2	2	6	9	25	30
PBT PBTCr	7	12	46	75	147	241	250	251
Tax TaxCr	2	3	12	19	41	63	61	60
PAT PATCr	5	9	35	55	106	177	188	191
Growth PAT Growth%		65.3	301.1	60.2	92.4	66.4	6.3	0.8
NPM NPM%	4.8	6.9	15.5	16.4	14.6	16.6	16.4	15.1
EPS EPS₹	2.0	3.4	2.7	4.3	8.0	11.8	10.4	10.3

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	108	124	224	338	729	1,066	1,146	1,264
Growth Revenue Growth%		15.2	80.1	51.3	115.6	46.3	7.5	15.5
Expenses ExpensesCr	98	110	174	256	562	798	869	976
Operating Profit Operating ProfitCr	10	15	50	82	167	268	277	288
OPM OPM%	9.2	11.7	22.4	24.2	22.8	25.1	24.2	22.8
Other Income Other IncomeCr	2	2	2	4	9	19	34	36
Interest Expense Interest ExpenseCr	3	4	4	8	23	37	36	43
Depreciation DepreciationCr	1	1	2	2	6	9	25	30
PBT PBTCr	7	12	46	75	147	241	250	251
Tax TaxCr	2	3	12	19	41	63	61	60
PAT PATCr	5	9	35	55	106	177	188	191
Growth PAT Growth%		65.3	301.1	60.2	92.4	66.4	6.3	0.8
NPM NPM%	4.8	6.9	15.5	16.4	14.6	16.6	16.4	15.1
EPS EPS₹	2.0	3.4	2.7	4.3	8.0	11.8	10.4	10.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	26	137	176	176
Reserves ReservesCr	26	35	69	101	155	819	1,030
Current Liabilities Current LiabilitiesCr	75	67	68	160	365	398	534
Non Current Liabilities Non Current LiabilitiesCr	7	8	8	60	106	106	271
Total Liabilities Total LiabilitiesCr	111	112	148	348	761	1,498	2,042
Current Assets Current AssetsCr	91	94	114	232	561	1,223	1,364
Non Current Assets Non Current AssetsCr	20	18	34	115	200	275	678
Total Assets Total AssetsCr	111	112	148	348	761	1,498	2,042

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	26	137	176	176
Reserves ReservesCr	26	35	69	101	155	819	1,030
Current Liabilities Current LiabilitiesCr	75	67	68	160	365	398	534
Non Current Liabilities Non Current LiabilitiesCr	7	8	8	60	106	106	271
Total Liabilities Total LiabilitiesCr	111	112	148	348	761	1,498	2,042
Current Assets Current AssetsCr	91	94	114	232	561	1,223	1,364
Non Current Assets Non Current AssetsCr	20	18	34	115	200	275	678
Total Assets Total AssetsCr	111	112	148	348	761	1,498	2,042

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	5	42	101	-102	-59	-63
Investing Cash Flow Investing Cash FlowCr	-1	-3	-26	-141	-106	-263	-122
Financing Cash Flow Financing Cash FlowCr	1	-1	-16	42	207	483	75
Net Cash Flow Net Cash FlowCr	-2	1	0	2	-2	162	-110
Free Cash Flow Free Cash FlowCr	-4	4	38	90	-135	-105	-245
CFO To PAT CFO To PAT%	-30.9	59.0	120.4	182.7	-96.0	-33.1	-33.5
CFO To EBITDA CFO To EBITDA%	-16.3	34.9	83.2	123.8	-61.4	-21.9	-22.8

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	5	42	101	-102	-59	-63
Investing Cash Flow Investing Cash FlowCr	-1	-3	-26	-141	-106	-263	-122
Financing Cash Flow Financing Cash FlowCr	1	-1	-16	42	207	483	75
Net Cash Flow Net Cash FlowCr	-2	1	0	2	-2	162	-110
Free Cash Flow Free Cash FlowCr	-4	4	38	90	-135	-105	-245
CFO To PAT CFO To PAT%	-30.9	59.0	120.4	182.7	-96.0	-33.1	-33.5
CFO To EBITDA CFO To EBITDA%	-16.3	34.9	83.2	123.8	-61.4	-21.9	-22.8

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						3,893	2,469	3,203
Price To Earnings Price To Earnings						22.1	13.5	17.7
Price To Sales Price To Sales						3.6	2.2	2.5
Price To Book Price To Book						3.9	2.0	2.7
EV To EBITDA EV To EBITDA						13.3	9.2	11.7
Profitability Ratios Profitability Ratios
GPM GPM%	19.0	20.9	30.2	32.8	29.2	31.9	33.3	33.3
OPM OPM%	9.2	11.7	22.4	24.2	22.8	25.1	24.2	22.8
NPM NPM%	4.8	6.9	15.5	16.4	14.6	16.6	16.4	15.1
ROCE ROCE%	18.8	22.8	56.2	43.4	32.2	22.6	17.6	17.6
ROE ROE%	18.1	23.2	48.2	43.7	36.4	17.8	15.6	15.6
ROA ROA%	4.7	7.7	23.3	15.9	14.0	11.8	9.2	9.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						3,893	2,469	3,203
Price To Earnings Price To Earnings						22.1	13.5	17.7
Price To Sales Price To Sales						3.6	2.2	2.5
Price To Book Price To Book						3.9	2.0	2.7
EV To EBITDA EV To EBITDA						13.3	9.2	11.7
Profitability Ratios Profitability Ratios
GPM GPM%	19.0	20.9	30.2	32.8	29.2	31.9	33.3	33.3
OPM OPM%	9.2	11.7	22.4	24.2	22.8	25.1	24.2	22.8
NPM NPM%	4.8	6.9	15.5	16.4	14.6	16.6	16.4	15.1
ROCE ROCE%	18.8	22.8	56.2	43.4	32.2	22.6	17.6	17.6
ROE ROE%	18.1	23.2	48.2	43.7	36.4	17.8	15.6	15.6
ROA ROA%	4.7	7.7	23.3	15.9	14.0	11.8	9.2	9.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PACEDIGITK	EIEL	LUMINO	BAJEL	MBECL	KPEL	GOELCONS
Market CapitalizationMkt CapCr	3,410	3,203	3,058	1,943	1,373	1,279	578
Close PriceClose₹	157.99	182.45	100.41	167.90	411.90	188.62	400.00
IndustryIndustry	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services
Price To EarningsPE	10.31	17.70	19.13	88.37	0.37	6.95	11.35
Price To SalesPS	1.21	2.53	1.50	0.71	18.64	0.71	0.88
RevenueRevenueCr	2,830	1,264	2,041	2,751	74	1,797	657
Revenue Growth TTMRev Gr TTM%	14.8%	15.5%		2.1%	-21.4%	74.3%	11.4%
PAT Growth TTMPAT Gr TTM%	10.9%	0.8%		70.9%	311.7%	48.6%	20.7%

	PACEDIGITK	EIEL	LUMINO	BAJEL	MBECL	KPEL	GOELCONS
Market CapitalizationMkt CapCr	3,410	3,203	3,058	1,943	1,373	1,279	578
Close PriceClose₹	157.99	182.45	100.41	167.90	411.90	188.62	400.00
IndustryIndustry	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services	Engineering Turnkey Services
Price To EarningsPE	10.31	17.70	19.13	88.37	0.37	6.95	11.35
Price To SalesPS	1.21	2.53	1.50	0.71	18.64	0.71	0.88
RevenueRevenueCr	2,830	1,264	2,041	2,751	74	1,797	657
Revenue Growth TTMRev Gr TTM%	14.8%	15.5%		2.1%	-21.4%	74.3%	11.4%
PAT Growth TTMPAT Gr TTM%	10.9%	0.8%		70.9%	311.7%	48.6%	20.7%