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Revenue
₹250 Cr
verified against source
Revenue YoY
1%
reported change
EBITDA
₹67.7 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Enviro Infra reported Q3 FY26 revenue of ₹250 crore (+1% YoY), significantly below the guided 30-35% growth, as order inflows slowed to just ₹248 crore in the quarter. However, EBITDA margin expanded 530 bps YoY to 27.1% and PAT grew 14.7% to ₹42.1 crore, driven by a favorable project mix and operational efficiencies. Management maintained its full-year PAT guidance of ₹230-250 crore, implying a sharp Q4 ramp-up to ~₹600-650 crore revenue (including ₹200 crore from renewables). The bid pipeline stands at ₹5,000 crore, with ₹2,000 crore expected for bidding in February. Key risk: execution of the aggressive Q4 revenue target depends on timely conversion of pending bids and renewable project deliveries, which have historically been lumpy.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated PAT target for FY26, implying Q4 PAT of ~₹95-115 crore, driven by revenue of ₹600-650 crore and 15% PAT margin.
- Includes ₹400-450 crore from water/wastewater and ₹200 crore from renewables; January run-rate was ~₹120 crore.
- Management aims to maintain 35-40% CAGR, contingent on order book accretion in next two months; renewable segment expected to contribute ₹400-500 crore.
- Despite current margins above 27%, management reiterated long-term EBITDA margin range of 22-24%.
Risks flagged
- Only ₹248 crore order won in Q3 vs. ₹1,200 crore in H1; several large bids (Bihar, Delhi) are delayed or rebid, impacting revenue visibility.
- Achieving ₹600-650 crore in Q4 requires a 2.4x sequential jump; January run-rate of ₹120 crore suggests execution risk, especially in renewables where only ₹10 crore was recognized in 9M.
- Unbilled revenue and receivables stood at ~₹225 crore; management targets OCF positive by year-end but Q4 revenue surge may strain cash conversion.
- Renewable revenue guidance of ₹200 crore relies on project completion and debt funding; management clarified no further equity infusion from parent beyond ₹75 crore.
Key quotes
- We have not reduced our profit margins at all or rather I can say because of our guidance for a good profitability the competition is slightly higher. So we could not win the bids at that point of time and because of this our revenue guidance may go a bit lower for the current financial year.
- I'm not in a position or I never want to declare the L1 status rather I am more comfortable putting it in the our bidding pipeline itself till it gets transpired into LOA.
- If I say let us divide it into two parts. One is a renewable component which is 200 cr and which is moving smoothly one way and the second part is 450 cr. So last year we have done 400 cr. So against 400 I am giving a guidance of 450 K. So that looks quite achievable in itself as well.
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