Enviro Infra Engineers wins ₹972 cr orders in FY26

Maharashtra contracts lift near-term visibility

Enviro Infra Engineers Limited (EIEL) has secured two contracts in Maharashtra with a combined value of ₹972.19 crore. The orders were awarded by the Swachh Maharashtra Mission Directorate for developing water infrastructure. The wins add to a steady run of government-led project awards that the company has highlighted through FY26 so far. For investors tracking execution-led water infrastructure players, the scale of the Maharashtra award is meaningful because it strengthens revenue visibility without relying on a single legacy geography. Management commentary in the provided material links this momentum to a broader bidding pipeline and diversification into new segments.

Order inflow since April 1, 2025

EIEL said that since the start of the fiscal year on April 1, 2025, it has accumulated new orders worth ₹1,178.30 crore from various government bodies. These orders span water and wastewater assets such as WTPs, STPs and CETPs, as referenced in the supplied text. The run-rate of wins indicates continued tendering activity under urban and sanitation-linked programs. The company’s ability to repeatedly secure larger-ticket awards is also reflected in its stated bid submissions and expected conversion rates discussed during results commentary.

Order book expands to ₹2,051 crore across 21 projects

Following the recent wins, the company’s total order book is stated at ₹2,051 crore, comprising 21 active projects. The material also describes this pipeline as providing a clear revenue forecast for the next 12 to 18 months. In a separate operational snapshot, EIEL’s execution order book was described as over ₹1,800 crore as of September 30, 2025, and rising to over ₹2,000 crore post a Bhopal Municipal Corporation order. The Bhopal order value is cited as ₹248 crore for EPC of a 60 MLD STP and a 273-kilometre sewer network. Taken together, the disclosures point to a larger execution base as new projects start and older ones move through billing milestones.

O&M portfolio adds annuity-like revenue layer

Alongside EPC work, the company holds Operation and Maintenance (O&M) contracts valued at ₹806 crore, according to one update in the provided text. Elsewhere, the O&M portfolio is referenced at about ₹932 crore, around ₹946 crore, and approximately ₹950 crore in different commentary blocks. These figures indicate that O&M is being positioned as a recurring revenue stream that supports longer-duration visibility beyond EPC execution cycles. O&M revenue for Q2 FY26 is separately stated at ₹21 crore. Guidance included in the material also outlines a trajectory for O&M revenue to rise from ₹30 crore in FY25 to ₹70-₹75 crore by FY27, with EBITDA margins of 30%-35% for that stream.

FY26 guidance: ₹2,500 crore fresh order book

Management has maintained guidance for achieving a fresh order book of ₹2,500 crore in FY26. In one section, the company is described as having secured about ₹1,450 crore of fresh orders in H1 FY26 against this target. The same commentary notes bids submitted for more than ₹8,000 crore and suggests only a modest conversion rate would be needed to meet the FY26 target. Another part of the supplied text mentions a bidding pipeline reportedly exceeding ₹5,000 crore. In an interview excerpt, management also spoke about foreseeing an order book of around ₹2,500-₹3,000 crore by the end of FY26.

Q2 FY26 performance: PAT up 36% on ₹227 crore revenue

In Q2 FY26, revenue from operations is stated at ₹227 crore, a 6.7% year-on-year increase. EBITDA for the quarter is cited at ₹65 crore, with a margin of 28.56%. Profit after tax (PAT) for Q2 is stated at about ₹50 crore, up 36% year-on-year, with a PAT margin of 20.5%. For H1 FY26, revenue is cited at ₹468 crore, EBITDA at ₹129 crore (27.6% margin), and PAT at ₹92 crore (38.6% year-on-year), with a PAT margin of 18.7%. Another disclosure in the material lists total income of ₹225.20 crore and net profit after tax of ₹39.09 crore, based on figures stated in lakhs.

Working capital signals: debtor days improve, H1 OCF negative

The company reported debtor days improving to 49 days from 70 days in March 2025. Management commentary also says operating cash flow (OCF) was negative ₹100 crore in H1 due to a build-up of unbilled revenue. In a separate disclosure, unbilled revenue is stated at ₹265 crore and described as roughly 90-91 days. The same set of comments expects cash flow to turn positive in H2 as execution and billing pick up after monsoon-related seasonality. Management also noted that H2 historically constitutes about 60% of annual revenue.

Renewables: ₹200 crore FY26 revenue guidance and project timelines

EIEL expects approximately ₹200 crore in revenue from its renewables division in FY26, and has also cited a target of ₹500 crore by FY27. The company is developing two solar projects totaling 69 MW, with timelines provided for completion: 40 MW in Odisha by April 2026 and 29 MW in Maharashtra by June 2026. Renewables margin expectations are stated at 18%-20%, lower than the core water segment guidance. The same results commentary indicates long-term debt is expected to increase slightly due to execution of solar Independent Power Producer (IPP) projects.

Strategy shifts: geography and segment focus

Geographically, EIEL is reducing historical dependence on Madhya Pradesh, with the order book from the state stated at ₹170 crore. At the same time, its presence is growing in states such as Maharashtra, Haryana, and Chhattisgarh. On bidding strategy, management stated it is not bidding for new Jal Jeevan Mission (JJM) projects, while focusing on Zero Liquid Discharge (ZLD), tertiary treatment, and industrial sectors. A separate order referenced in the material includes a tertiary treatment plants project valued at ₹85.22 crore awarded by the Gurugram Metropolitan Development Authority.

Key numbers at a glance

Why the Maharashtra win matters for FY26 tracking

The ₹972.19 crore Maharashtra award is significant because it adds scale to the FY26 order inflow base and complements the company’s stated plan to diversify geographically. It also supports management’s maintained guidance of ₹2,500 crore fresh order inflows for FY26, alongside disclosures of large bid submissions. Near-term financial tracking will likely focus on whether execution converts the expanded order book into billings, especially after H1 working capital pressure from unbilled revenue. Investors will also watch the ramp-up in renewables, where project completion timelines extend into April to June 2026 and revenue guidance is explicit for FY26 and FY27.

Conclusion

Enviro Infra Engineers’ two Maharashtra contracts worth ₹972.19 crore extend a run of FY26 order wins that has taken its order book to ₹2,051 crore across 21 projects. Management has reiterated its ₹2,500 crore FY26 fresh inflow guidance and disclosed a large bid pipeline, while also pointing to ₹200 crore renewables revenue guidance and defined solar project timelines into mid-2026. The next set of updates is expected to clarify conversion of the expanded pipeline into billings and the trajectory of working capital as H2 execution accelerates.