Enviro Infra Engineers (EIEL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue from operations rose 1.0% YoY to Rs 2,500 Mn; EBITDA increased 25.6% to Rs 677 Mn and PAT grew 14.7% to Rs 421 Mn.

• Total order book stood at Rs 30,926 Mn at Dec. 31, 2025, including water and wastewater orders of Rs 28,365 Mn and renewable energy orders of Rs 2,561 Mn.

• Management cited steady execution and margin gains from operating efficiency and financial discipline amid a sluggish market and delayed order awards.

Financial highlights

• Q3 total revenue was Rs 2,585 Mn, up 2.2% YoY; revenue from operations was Rs 2,500 Mn, up 1.0%. EBITDA excluding other income was Rs 677 Mn.

• Q3 PAT rose 14.7% to Rs 421 Mn; PBT increased 20.5% to Rs 582 Mn, and basic EPS was Rs 2.30.

• 9M FY26 revenue from operations rose 7.9% to Rs 7,183 Mn; EBITDA excluding other income increased 22.4% to Rs 1,969 Mn.

• 9M PAT grew 30.1% to Rs 1,341 Mn; PBT was Rs 1,786 Mn and basic EPS was Rs 7.46.

Outlook and guidance

• FY26 consolidated revenue is expected at ~INR 1,350 crore; Q4 revenue guidance is INR 600–650 crore, including INR 400–450 crore from water and wastewater and ~INR 200 crore from renewables.

• FY26 PAT guidance remains INR 230–250 crore; EBITDA margin guidance is 22%–24%, Q4 consolidated PAT margin is expected at ~15%, and working capital guidance is 90–100 days.

• FY26 water and wastewater order-inflow target is INR 2,500 crore; INR 1,500 crore was secured to date, with another INR 1,000 crore expected from the current pipeline.

• FY27 growth ambition is 35%–40%, contingent on order wins over the next two months; renewable revenue is expected at INR 400–500 crore in FY27.

• Strategy includes expanding geographically, pursuing more HAM and larger projects, and targeting STPs of 50–200 MLD and CETPs of 20–50 MLD.