Greenleaf Envirotech is an environmental infrastructure builder that started 15 years ago helping factories meet pollution rules and has since grown into a company that can design a treatment plant, build it, run it, and now even own it - all under one roof. The recurring pattern is a single value chain that begins in the laboratory and ends with a plant operating for decades, letting the company stay with a customer long before and long after the concrete is poured. # Business segments A single environmental infrastructure engine with four stages that feed each other - from lab testing and consulting, through design and construction, to long-term plant operations and, most recently, plant ownership - each stage pulling the next one along. ## 1. Environmental Engineering & EPC: where the company builds the infrastructure **Nearly all of the company's revenue comes from designing and building water and wastewater treatment plants, mostly for government bodies, with margins protected by a disciplined bidding floor.** - **Builder of treatment plants** - the company acts as an EPC (Engineering, Procurement and Construction) contractor, which means it takes a plant from design and engineering all the way through procurement, manufacturing, assembly, testing, painting, packing, dispatch, transport and on-site supervision. It also executes the civil construction for ZLD-based CETPs - plants that recover every drop of water and leave zero liquid discharge. - **Government is the dominant customer** - roughly 90% to 95% of projects come from government entities, with the remaining 5% to 10% from private companies such as a roughly INR 1.5 crore project for Adani at Mundra. Even when the company contracts with other EPC players like Larsen & Toubro, the ultimate customer is typically a government body. - **A floor under every bid** - the company targets a minimum 15% gross margin on every project it bids for, and on average, it is currently bidding for projects at around a 20% gross margin, so it does not chase work that would erode profitability. - **Landmark projects prove scale** - the company has delivered a 32 MLD (million litres per day) sewage treatment plant for Latur Municipal Corporation in Maharashtra worth approximately INR 35 crore. A recent INR 25.5 crore contract for a 25 MLD plant at Sasaram, Bihar, to be executed as an Associate Contractor with Eiffil Water Infra Ltd., shows the pipeline is still filling. ## 2. Laboratory, Consulting & ESG Services: the front door to every project **The company's lab and advisory work brings customers in early, often years before a treatment plant is needed, and keeps them coming back.** - **Engagement before construction** - the laboratory business lets the company work with a customer at the compliance and testing stage, well before any project is conceived, so it is already a trusted name when the time comes to build something. Consulting and compliance services then help those same customers navigate environmental regulations. - **Repeat relationships** - more than half of the laboratory and consulting clients are repeat customers, which means the early-stage services create a sticky, recurring connection rather than a one-off transaction. - **A new ESG practice** - in June 2026 the company launched a dedicated ESG (Environmental, Social and Governance) consulting vertical, offering services from strategy and framework development to sustainability reporting, stakeholder engagement and readiness assessments, all focused on the domestic Indian market. It is also building a broader sustainability platform that covers carbon footprint assessment, BRSR (Business Responsibility and Sustainability Reporting) support, life cycle assessment and eco-readiness. ## 3. Operations & Maintenance: the long tail after the build **Once a plant is commissioned, the company stays on to run it - in some cases for 15 years and counting - turning a project into a recurring service relationship.** - **Involvement long after handover** - the O&M (Operations & Maintenance) business means the company remains on site running treatment plants well beyond the construction phase, with customers continuously renewing work orders. - **Decade-plus relationships** - the company has been serving Larsen & Toubro's Hazira operations for nearly 15 years, and has worked with Tata Motors and Maruti Suzuki for 5 to 7 years, which demonstrates that O&M contracts are not short-term. These enduring relationships also extend to Reliance Industries. ## 4. Owned Environmental Infrastructure: the recurring-revenue bet **The company is taking its first step from building plants for others to owning and operating its own, collecting upfront membership fees and monthly charges from industries that need compliant wastewater treatment.** - **A CETP you own, not just build** - through its entity GreenLeaf Eco Infra Private Limited, the company is developing a Common Effluent Treatment Plant (CETP) at Sayan, Surat, where it will own the infrastructure and collect recurring revenue from member industries. The model targets industrial clusters where government regulation is shutting down non-compliant units, creating captive demand for treatment capacity. - **Upfront cash, then monthly income** - member industries pay a membership deposit upfront, and then a monthly recurring charge after the plant is commissioned. Those monthly charges are committed for the first two years, after which the company can adjust pricing for inflation and cost increases. - **A 25-to-30-year asset** - the owned CETP projects are designed to serve for 25 to 30 years, so each one is a multi-decade revenue stream, not a short-term project. The company's stated objective is to learn how infrastructure ownership, recurring service revenues and long-term customer participation can complement its existing EPC business. # Technology & Resource Recovery **The company is building its own treatment technology and moving into circular-economy services, aiming to replace a costly third-party input and open new revenue streams.** - **In-house SBR technology** - the company is developing its own Sequential Batch Reactor (SBR) technology and has filed a patent application with a positive search report already received. Currently it sources SBR technology from international providers, and that licensing cost eats up roughly 20% of its revenue, so bringing it in-house would directly improve margins. - **Resource recovery expansion** - the company is expanding into circular-economy businesses including spent acid recycling and activated carbon regeneration, which move it beyond treatment and into recovering value from waste streams. # Group structure and partners **The company operates through a parent entity and subsidiary structure, and has recently restructured its capital base and market-making arrangements to support its listed presence.** - **Subsidiary for owned infrastructure** - Greenleaf Envirotech India Private Limited (GEIPL), incorporated in July 2025, is the subsidiary responsible for establishing, operating and maintaining CETPs, along with allied activities like pipeline infrastructure, sludge handling and resource recovery. The Sayan CETP initiative is being pursued through GreenLeaf Eco Infra Private Limited. - **Capital raise through warrants** - on 30 June 2026 the Board approved a preferential issue of up to 19.25 lakh warrants at Rs. 80 each, aggregating up to Rs. 15.4 crore, with 25% payable at allotment and the balance on conversion within 18 months; the issue includes promoter participation and would result in post-issue promoter shareholding of 51.78% on a fully diluted basis. - **Market maker change** - Shreni Shares Limited was appointed as the new Market Maker for the company's equity shares on the NSE EMERGE Platform effective 2 July 2026, replacing Rikhav Securities Limited.