Enviro Infra Engineers (EIEL) Q2 25/26 earnings summary

Executive summary

• H1 FY26 revenue grew 12.0% to ₹4,683 million, EBITDA rose 20.8% to ₹1,292 million and PAT increased 38.6% to ₹920 million.

• Q2 consolidated revenue was ₹22,734.79 lakh and PAT was ₹4,949.56 lakh; H1 PAT was ₹9,197.61 lakh.

• Project order book stood at ₹18,005 million and total project plus O&M order book at ₹28,121 million; O&M portfolio was ₹9,328 million.

Financial highlights

• Q2 revenue from operations was ₹2,273 million, up 6.7% YoY; EBITDA increased 16.8% to ₹649 million and PAT rose 36.0% to ₹495 million.

• Q2 EBITDA margin was 28.56%, up 245 bps YoY; PAT margin was 20.51%, up 408 bps.

• H1 total revenue increased 14.4% to ₹4,906 million; PBT rose 29.6% to ₹1,203 million.

• Consolidated profit before exceptional items and tax was ₹6,663.94 lakh in Q2 and ₹12,882.87 lakh in H1; exceptional charges were ₹355.95 lakh and ₹850.95 lakh, respectively.

• Consolidated EPS was ₹2.78 for Q2 and ₹5.16 for H1; quarterly and half-year EPS were not annualised.

Outlook and guidance

• FY26 water and wastewater revenue growth guidance remains 35%-40%; Q3 and Q4 typically contribute nearly 60% of annual revenue.

• EBITDA margin guidance remains 22%-24%; FY26 fresh order inflow guidance is ₹2,500 crore, with ₹1,450 crore secured and bids exceeding ₹8,000 crore under evaluation.

• Renewable revenue guidance is ₹200 crore for FY26 and a ₹500 crore target by FY27; management expects 40%-50% growth in the initial years.

• Management expects post-tax operating cash flow to turn positive in FY26 and unbilled revenue to decline significantly during Q3 and by March.

• Plans include larger STP and CETP projects, broader pan-India presence, more HAM bids and waste-to-energy initiatives.