EIE renewables supplied 29% of H1 FY27 revenue, up from 11%

Enviro Infra Engineers Limited (EIE) generated Rs 203.7 crore, or 29%, of revenue from renewables in H1 FY27, compared with an 11% renewable share in FY26. EIE also disclosed Rs 333.95 crore of renewable orders, representing about 49% of its combined Rs 677.82 crore water and renewable order book.

How much of EIE's revenue now comes from renewables?

EIE derived Rs 203.7 crore from renewables in H1 FY27, making the segment its second-largest revenue stream after water. Total revenue from operations was Rs 723 crore for the six months, with water contributing Rs 479.5 crore, or 66%, operations and maintenance (O&M) Rs 22 crore, or 3%, and annuity income Rs 17.7 crore, or 2%.

The revenue mix has changed from FY26, when EIE reported Rs 129.2 crore of renewable revenue, equal to 11% of Rs 1,145.6 crore in revenue from operations. Water accounted for 83% of FY26 revenue, compared with 66% in H1 FY27. Renewables were not separately reported in FY25 and FY24, when water represented 96% of revenue in both periods.

The delivery-model disclosure shows renewable engineering, procurement and construction (EPC) revenue of Rs 194.6 crore, or 27% of H1 FY27 revenue, and independent power producer (IPP) revenue of Rs 9.1 crore, or 1%. Conventional EPC remained the largest delivery model at Rs 391.9 crore, or 54%, while hybrid annuity model (HAM) work contributed Rs 87.6 crore, or 12%.

What is in EIE's renewable order book?

EIE's renewable order book was Rs 333.95 crore, compared with Rs 343.87 crore in water orders. The renewable figure is about 49% of the Rs 677.82 crore combined segment order book calculated from the two totals disclosed in the presentation; EIE did not state a company-wide renewable order-book percentage.

Battery energy storage system (BESS) EPC was the largest renewable category, with Rs 109.96 crore of outstanding orders and 1,080 megawatt-hours (MWh) of disclosed capacity. Wind EPC followed at Rs 105.35 crore and 2,084 megawatts (MW), while IPP BESS and solar orders totalled Rs 95.64 crore. Solar EPC accounted for Rs 11.11 crore and 91 MW, and renewable O&M accounted for Rs 11.89 crore.

The largest listed renewable project is a 930 MWh BESS EPC assignment across four locations for NTPC, valued at Rs 96.31 crore. Other projects include a 100 MW Ajani wind assignment worth Rs 22.8 crore, a 180 MW NTPC wind project for Tata Power Renewable Energy Limited worth Rs 22.42 crore, and a hybrid wind-and-solar land, right-of-way and balance-of-plant civil assignment worth Rs 20.75 crore.

How has EIE added renewable execution capacity?

EIE says it incorporated EIE Renewables in 2025 and acquired Suyog Urja, described as a wind-energy company, in 2026. The presentation identifies its wind portfolio as a 2,084 MW EPC platform, while solar and BESS are operated through an IPP-plus-EPC model incorporated in 2025.

EIE describes a strategic entry into thermal-linked BESS and says its NTPC partnership marks a move into grid-scale energy storage. The presentation does not disclose a renewable revenue target, order-execution schedule, project-level margin or expected completion date for the Rs 333.95 crore renewable backlog.

Water remains a substantial operating business, with Rs 343.87 crore of orders comprising Rs 210.56 crore of water supply and wastewater EPC, Rs 34.63 crore of wastewater HAM and Rs 98.67 crore of O&M. EIE also reports water projects executed up to 1,018 million litres per day (MLD), alongside the newer wind, solar and storage portfolio.

What did H1 FY27 earnings show as the mix changed?

EIE's revenue from operations rose 54.39% year on year to Rs 723 crore in H1 FY27 from Rs 468.3 crore in H1 FY26, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 16.56% to Rs 150.5 crore. EBITDA margin declined to 20.82% from 27.58%, a fall of 676 basis points (bps).

Profit after tax fell 7.91% to Rs 84.7 crore from Rs 92 crore, and profit-after-tax margin declined to 11.49% from 18.75%. Depreciation and amortisation increased to Rs 18.5 crore from Rs 8.2 crore, while finance cost increased to Rs 32.5 crore from Rs 14.4 crore. EIE does not attribute these margin movements specifically to renewable projects in the presentation.

At September 2026, EIE reported long-term borrowings of Rs 348.8 crore and short-term borrowings of Rs 355.1 crore, compared with Rs 247.3 crore and Rs 175 crore, respectively, at March 2026. Total assets rose to Rs 2,798.9 crore from Rs 2,042.2 crore over the same period, while goodwill increased to Rs 251 crore from Rs 2.7 crore.

Conclusion

EIE's H1 FY27 disclosure shows a material diversification of both revenue and outstanding work. Renewables supplied 29% of six-month revenue, up from 11% in FY26, and renewable orders of Rs 333.95 crore were close to water orders of Rs 343.87 crore. The renewable mix spans wind EPC, BESS EPC, solar EPC, IPP assets and O&M, while water remained the largest revenue source in H1 FY27.

The next reported periods should show the pace at which the 2,084 MW wind, 1,080 MWh BESS and 91 MW solar portfolio converts into revenue. EIE's disclosed seasonality data show that the January-to-March quarter represented 37.30% of FY26 revenue, and investors can watch for further disclosure on project schedules, renewable targets and segment margins that are not provided in this presentation.