Infrastructure
Enviro Infra Engineers
Water and wastewater EPC expanding into renewable infrastructure.
Enviro Infra began by building sewage plants. Its order book is now turning into something much broader. India’s water-infrastructure push gave Enviro Infra a fast-growing base in sewage and wastewater treatment. The company is now also pursuing renewable and storage projects, creating a second growth engine. That can dramatically enlarge the opportunity, but it changes the risk profile. A young company with a rapidly expanding order book must prove that execution systems, working capital and margins can scale just as quickly as project wins.
The one thing to remember: A huge order book matters only when execution capability and cash flow scale with it.
How the business works
Enviro Infra designs and executes water, wastewater and sewerage projects, often including long-term O&M. It is adding solar, wind and battery-storage infrastructure. Revenue arrives as projects are executed, so growth depends on order quality, mobilisation, billing and collections.
FY2025-26 snapshot
Revenue
about ₹1,146 crore
Net profit (PAT)
about ₹188 crore
EBITDA
about ₹268 crore
Year-end order book
about ₹6,814 crore
Net worth
about ₹1,233 crore
Figures are for the financial year 2025-26 as reported by the company. Educational context only.
Where the money comes from
Water and wastewater EPC Sewerage networks Operations and maintenance Renewable-energy and storage projects
What could make it much bigger?
AMRUT and urban water programmes support demand. Renewables/BESS can become a second engine. A large order book offers multi-year visibility.
What can go wrong
Rapid diversification can stretch management.
Government receivables can absorb cash.
Competitive bidding can reduce margins.
5 things to watch
Order-book conversion
Water versus renewable mix
EBITDA margin
Receivables and cash flow
New-order quality
Ramsam Takeaway
Enviro Infra combines two giant themes - water and clean energy. The demand story is easy; execution is the real test. The company should be judged on whether revenue, cash flow and project capability grow together. A large order book is exciting, but cash conversion is what makes it valuable.
This profile is educational context only. Ramsam does not rate companies or suggest whether to buy, hold or sell anything.