Other Utilities (Water & Wastewater Solutions, Waste Management, Renewables-Adjacent Environmental Services) — Sector Synthesis From Q1 Fy27 Disclosures

This report consolidates Q1 FY27 investor materials and concall commentary across water EPC/O&M, industrial water & ZLD, municipal wastewater, solid waste management, and renewables-adjacent environmental infra. The sector shows strong demand-led topline momentum (many players +20–50% YoY in Q1), but profitability dispersion is extreme—from high-teens/20% EBITDA in select municipal EPC players to losses in industrial ZLD players impacted by supply chain disruption and scaling costs. A defining theme is the shift from project-only EPC to annuity/recurring models (O&M, concessions/HAM/BOOT/BOO, Water-as-a-Service, consumables & spares), alongside rising complexity: desalination, reuse, ZLD, resource recovery, bio-CNG/CBG, digital/IoT, and new industrial end-markets (semiconductors, data centers, green hydrogen, solar PV manufacturing).

A. Industry Overview & Market Landscape

A1) What This “Other Utilities” Sub-Sector Actually Includes (As Evidenced By Company Mixes)

Across the covered companies, the investable universe spans three overlapping arenas:

1. Municipal water & wastewater infrastructure

• Large EPC for WTP/STP/WWTP networks, plus multi-year O&M.
• Increasing use of HAM / annuity / concession structures (notably in river-cleaning and sewage infra).
• Key schemes referenced: AMRUT 2.0, Namami Gange, JJM (Jal Jeevan Mission),