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View Promises →Enviro Infra Engineers Limited — Q3 FY26
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.
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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.
एनवायरो इंफ्रा ने तीसरी तिमाही में 250 करोड़ रुपये का कारोबार किया, जो पिछले साल से सिर्फ 1% ज्यादा है। कंपनी ने 30-35% बढ़ोतरी का अनुमान लगाया था, लेकिन नए ऑर्डर सिर्फ 248 करोड़ रुपये के आए। हालांकि, कंपनी का मुनाफा बढ़ा है - परिचालन मुनाफा (EBITDA) 27.1% हो गया और शुद्ध मुनाफा (PAT) 42.1 करोड़ रुपये (+14.7%) रहा। यह अच्छे प्रोजेक्ट मिक्स और कुशल संचालन से हुआ। कंपनी ने पूरे साल 230-250 करोड़ रुपये मुनाफे का अनुमान बरकरार रखा है, जिसके लिए चौथी तिमाही में 600-650 करोड़ रुपये का कारोबार करना होगा (इसमें 200 करोड़ रुपये नवीकरणीय ऊर्जा से)। अभी 5,000 करोड़ रुपये के ऑर्डर की संभावना है, जिसमें से 2,000 करोड़ फरवरी में नीलामी के लिए हैं। खतरा: इतना बड़ा कारोबार करना मुश्किल हो सकता है क्योंकि पिछले ऑर्डर और नवीकरणीय ऊर्जा प्रोजेक्ट समय पर पूरे नहीं हुए हैं।
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Order inflow slowdown and bid conversion delays
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Read Transcript →Quarter Snapshot
Order Inflow (Water & Wastewater)
₹248 crore
-79% QoQ
Only one order (Bhopal STP) was won in Q3; full-year inflow target of ₹2,500 crore remains, with ₹1,500 crore achieved so far.
Order Book (Water & Wastewater)
₹1,933 crore
+12% YoY
Executable order book as of Dec 2025, complemented by ₹933 crore O&M order book and ₹256 crore renewable order book.
Bid Pipeline
₹5,000 crore
N/A
Bids under evaluation; includes ₹3,000 crore in Bihar and projects in Delhi; win rate expected at 20-25%.
Renewable Revenue Guidance (FY26)
₹200 crore
N/A
First year of renewable segment; Q3 revenue was only ~₹10 crore, implying a sharp Q4 ramp-up to ~₹190 crore.
What Changed vs Last Quarter
NEW
Full-year PAT guidance of ₹230-250 crore maintained
Management reiterated PAT target for FY26, implying Q4 PAT of ~₹95-115 crore, driven by revenue of ₹600-650 crore and 15% PAT margin.
NEW
Q4 revenue guidance of ₹600-650 crore
Includes ₹400-450 crore from water/wastewater and ₹200 crore from renewables; January run-rate was ~₹120 crore.
NEW
FY27 revenue growth target of 35-40%
Management aims to maintain 35-40% CAGR, contingent on order book accretion in next two months; renewable segment expected to contribute ₹400-500 crore.
UPDATED
EBITDA margin guidance of 22-24% maintained
Despite current margins above 27%, management reiterated long-term EBITDA margin range of 22-24%.
DROPPED
Revenue CAGR of 35-40% for next 5 years
Management expects 35-40% revenue growth from water and wastewater treatment alone, with additional upside from renewable energy.
DROPPED
Order inflow guidance of ₹2,500 crore for FY26
Management guided for total order inflow of ₹2,500 crore in FY26; ₹1,178 crore already secured in Q1, balance ~₹1,300 crore expected.
DROPPED
Debt-to-equity ratio to be kept at or below 1x
Management aims to limit debt-to-equity to around 1x, even with HAM projects, to maintain a conservative balance sheet.
NEW RISK
Order inflow slowdown and bid conversion delays
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.
NEW RISK
Aggressive Q4 revenue ramp-up may fall short
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.
NEW RISK
Working capital and receivable pressure
Unbilled revenue and receivables stood at ~₹225 crore; management targets OCF positive by year-end but Q4 revenue surge may strain cash conversion.
NEW RISK
Renewable segment execution and funding dependency
Renewable revenue guidance of ₹200 crore relies on project completion and debt funding; management clarified no further equity infusion from parent beyond ₹75 crore.
RISK GONE
Cyber fraud incident
A cyber fraud of ₹11.15 crore was detected in Q1; ₹4.95 crore charged as exceptional item. Recovery of ~₹8.5 crore is expected but not guaranteed.
RISK GONE
Government payment delays
Analyst raised concern about stressed government finances impacting receivables. Management acknowledged past delays in JJM scheme but said worst is over.
RISK GONE
Arbitration with Karnataka government
An investor flagged a recent litigation/arbitration with Karnataka. Management explained it as a routine contractual dispute, but outcome is uncertain.
RISK GONE
Execution risk from rapid order book growth
Order book more than doubled YoY to ₹2,551 crore; management expects 80-85% conversion of old orders this year, but execution delays could impact revenue.
Fast read
Guidance and risk preview
Management reiterated PAT target for FY26, implying Q4 PAT of ~₹95-115 crore, driven by revenue of ₹600-650 crore and 15% PAT margin.
Only ₹248 crore order won in Q3 vs.
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