Enviro Infra Engineers (EIEL) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue was ₹1,06,605.61 lakh, up 46.3% YoY, and PAT was ₹17,714.79 lakh, up 66.4%.

• Q4 FY25 consolidated revenue was ₹39,291.63 lakh, up 30.8% YoY, and PAT was ₹7,408.92 lakh, up 30.0%.

• At March 31, 2025, the project order book was Rs 11,855 Mn and the O&M order book Rs 8,066 Mn.

• Growth plans cover larger water and wastewater projects, HAM, renewable energy and compressed biogas, with disciplined bidding and execution.

Financial highlights

• FY25 revenue from operations was ₹1,06,605.61 lakh versus ₹72,891.50 lakh in FY24; PAT was ₹17,714.79 lakh versus ₹10,645.64 lakh.

• FY25 EBITDA rose 60.8% to Rs 2,678 Mn; EBITDA margin was 25.1% and PAT margin 16.3%.

• Q4 FY25 EBITDA, excluding other income, was Rs 994 Mn, up 15.8% YoY; EBITDA margin was 25.3% and PAT margin 18.4%.

• Cash flow from operations before tax was INR 26 crore in FY25 versus negative INR 78 crore in FY24; consolidated net cash used in operations was ₹4,659.58 lakh, amid working-capital outflows.

• FY25 other income was Rs 194 Mn versus Rs 91 Mn in FY24; reported EBITDA excludes other income.

Outlook and guidance

• Management expects annual growth of 35%-40% and EBITDA margins of 22%-24%, with water and wastewater expected to drive growth.

• Bids worth ~INR 5,000 crore could yield INR 1,000 crore-INR 1,250 crore of orders at a 20%-25% success rate; the FY26 order-book target is INR 2,500 crore-INR 3,000 crore.

• Management cited over Rs 50,000 Mn of bids in the pipeline; new awards may become visible by June-July, with meaningful revenue from November and 6-7 months of execution visibility from existing orders.

• O&M revenue is expected to rise by INR 10 crore-INR 15 crore in FY26 and reach INR 70 crore-INR 75 crore in two years.

• Plans include pan-India expansion, more HAM bids and larger STP projects of 50–200 MLD and CETPs of 20–50 MLD.