Enviro Infra Engineers Limited (EIEL) is a specialized company focused on the design, construction, operation, and maintenance of water and wastewater treatment projects (WWTPs) and water supply scheme projects (WSSPs). The company primarily caters to government bodies and concentrates on government-funded projects for urban areas. Originally incorporated as 'Enviro Infra Engineers Private Limited' in Delhi on June 19, 2009, it later took over the business of the partnership firm 'M/s Enviro Engineers' on April 1, 2010, and was subsequently renamed 'Enviro Infra Engineers Limited'.
Operating within the utilities sector, EIEL provides water supply and management services. The company is a constituent of several key indices, including BSE SmallCap, BSE IPO, BSE Allcap, BSE Utilities, Nifty Microcap 250, and Nifty Total Market. Enviro Infra Engineers Limited made its public debut through an Initial Public Offering (IPO), with its shares listing on November 29, 2024.
As of July 2025, Enviro Infra Engineers Ltd boasts a market capitalization of ₹4,231 crores. The promoter holding has seen a slight increase, reaching 70.09% as of March 2025, up from 70.02% in November 2024.
The company has demonstrated strong financial growth over the past five years, with revenue growing at an impressive yearly rate of 58.25%, significantly outperforming the industry average of 8.59%.
Recent Financial Highlights:
- Q4 FY25 Revenue: ₹392.92 crores
- Q4 FY25 Net Profit: ₹73.24 crores (a 27.22% increase year-over-year)
- Q3 FY25 Revenue: ₹252.79 crores with a net profit of ₹36.70 crores
- Q4 FY25 Consolidated Profit: ₹74.09 crores on total income of ₹403.67 crores
- FY24 Annual Profit: ₹106.46 crores on total income of ₹728.92 crores
Enviro Infra Engineers Limited maintains a robust order book, currently valued at approximately ₹1,185 crores. While this represents a decrease from the previous approximate figure of ₹1,700 crores, the company secures significant business, with roughly 50% of its revenue originating from projects in Madhya Pradesh.
Recent Project Wins:
- May 2025: Secured new project awards totaling ₹126.81 crores, which include a 50 MLD Sewage Treatment Plant and a 42 MLD Water Treatment Plant.
- The company has also been awarded new EPC (engineering, procurement, and construction) project contracts worth ₹306.30 crores within the domestic market.
In a strategic move to diversify its business and tap into sustainable growth avenues, Enviro Infra Engineers Limited has expanded into the renewable energy sector. This is being executed through its wholly-owned subsidiary, EIE Renewables, which acquired Soltrix Energy Solution.
EIE Renewables has been awarded a 29 MW (AC) solar power project by the Government of Maharashtra. This project encompasses comprehensive execution, including design, financing, engineering, procurement, construction, operation, and maintenance. The project benefits from State Financial Assistance (SFA) of ₹3.20 crores per MW, translating to an aggregate SFA of ₹92.80 crores. Revenue will be generated through a tariff-based model of ₹0.88 per unit over a 25-year period.
The company anticipates an investment of approximately ₹65-75 crores in this new renewable energy venture. This expansion into renewable energy and associated infrastructure is expected to significantly boost the company's performance, create new growth trajectories, and position EIEL as a key participant in the green energy market while contributing to global sustainability objectives.
Enviro Infra Engineers Ltd presents an interesting investment proposition, supported by strategic growth initiatives and a strong financial foundation.
Valuation Metrics:
- P/B Ratio: 4.29 times (as of July 1, 2025), representing a 51% discount to its peers' median range of 8.67 times.
- P/E Ratio: 24.17 times, indicating a 60% discount to its peers' median range of 60.58 times.
The company is strategically positioned for future growth, driven by its substantial order book and its ongoing focus on sustainable infrastructure development. While challenges such as a longer working capital cycle and potential payment delays from key government projects exist, the management expresses optimism regarding future revenue visibility, projecting significant increases in Operations and Maintenance (O&M) revenues.
The cautious yet determined exploration of the renewable energy sector, facilitated by dedicated subsidiaries, underscores the company's commitment to maintaining financial health. EIEL aims to sustain a conservative debt-to-equity ratio. The company anticipates revenue growth of 35-40%, supported by a robust order pipeline and the successful execution of ongoing projects.
Key Management:
- Chairperson: Sanjay Jain
- Company Secretary and Compliance Officer: Piyush Jain
