Enviro Infra renewable orders are near half of order book

Enviro Infra Engineers Limited reported Rs 3,340 crore of renewable-energy orders in its Rs 6,778 crore order book as of its November 6, 2026 earnings call, placing renewables at about 49% of the pipeline. Renewable energy also contributed approximately 29% of consolidated revenue in H1 FY27, following the acquisition of a controlling stake in Suyog Urja Limited.

How has Enviro Infra’s order book shifted toward renewable energy?

Enviro Infra’s order book is now split almost evenly between renewable energy and its established water and wastewater business. Management reported Rs 3,439 crore of water and wastewater infrastructure orders and Rs 3,340 crore of renewable orders within the Rs 6,778 crore total, meaning the renewable component is about 49% on the reported total.

Water and wastewater remains the larger segment by Rs 99 crore, but renewable energy has become material to future execution. Enviro Infra said it has completed 58 water and wastewater projects with cumulative treatment capacity of 1,018 million litres per day, or MLD, across sewage treatment, sewage networks, common effluent treatment and advanced wastewater treatment.

The water portfolio comprises Rs 2,106 crore of engineering, procurement and construction, or EPC, orders, Rs 346 crore in the hybrid annuity model, or HAM, portfolio, and Rs 987 crore of long-term operations and maintenance, or O&M, work. The O&M contracts extend activity beyond construction, while the HAM portfolio rose to five projects after two Namami Gange awards in H1 FY27.

What did Suyog Urja add to Enviro Infra’s renewable platform?

Suyog Urja added wind EPC capability, an experienced execution team and an established project portfolio after Enviro Infra acquired a controlling stake earlier in 2026. Management described the acquisition as part of its expansion from water infrastructure into solar, wind and battery energy storage systems, or BESS.

In September 2026, Suyog Urja received a letter of intent from Tata Power Renewable Energy Limited for Rs 190 crore of EPC turnkey work on the 180-megawatt, or MW, NTPC wind project at Parli, Maharashtra, excluding goods and services tax, or GST. The scope includes wind turbine foundations, balance-of-plant infrastructure and associated transmission work, and the disclosed completion date is March 2027.

Suyog Urja received another Rs 228 crore letter of intent in October 2026 from ARIE Energy LLP for EPC work on the 100 MW Ajani Wind Power Project at Latur, Maharashtra, excluding GST. The two letters of intent total about Rs 418 crore and are intended to support execution through FY27 and early FY28, although they are not disclosed as completed revenue.

How much is renewable energy contributing to Enviro Infra’s revenue?

Renewable energy contributed approximately 29% of Enviro Infra’s consolidated revenue in H1 FY27, when total revenue from operations reached Rs 723 crore. That revenue was 54.4% higher than Rs 458.3 crore in H1 FY26, showing that the new business is contributing to current turnover as well as the forward order book.

Consolidated revenue in Q2 FY27 was Rs 363.8 crore, up 60% from Rs 227.3 crore in Q2 FY26 and above Rs 359.2 crore in Q1 FY27. Consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, excluding other income, rose 15.3% year on year to Rs 74.9 crore in Q2, but the margin declined to 20.58% from 28.56% a year earlier and 21.07% in Q1 FY27.

H1 FY27 EBITDA increased 16.6% to Rs 150.5 crore, while profit after tax declined to Rs 84.7 crore from Rs 92 crore. Management attributed the margin moderation to interest-cost accounting on deferred payments for the Suyog Urja acquisition and reversal of EPC profit on EPC-to-independent power producer, or IPP, projects.

Which renewable projects make up Enviro Infra’s pipeline?

BESS is Enviro Infra’s largest disclosed renewable execution category at about Rs 1,100 crore, followed by wind at Rs 1,054 crore and solar at Rs 111 crore. This composition means the renewable order book extends beyond the wind EPC capability acquired through Suyog Urja.

Management also cited Rs 956 crore of income generation from IPP projects over 15 to 25 years, plus Rs 109 crore in maintenance contracts in the optional renewable order book. IPP income differs from EPC order execution because management said profitability from these projects will be reflected after completion and the start of IPP revenue generation.

Management said the scale of BESS and wind EPC work should increase substantially from Q3 FY27 onward, which it expects to improve profitability in renewables and across Enviro Infra. This is a management expectation rather than a reported result, and the call did not disclose commissioning dates for individual IPP projects.

What balance-sheet matters accompany Enviro Infra’s expansion?

Enviro Infra’s receivables and borrowings both increased by September 2026 as it expanded across water, wind and BESS projects. Consolidated trade receivables stood at about Rs 321.8 crore, compared with Rs 155.3 crore in March 2026, while total borrowings increased to about Rs 703.9 crore from Rs 422.3 crore at the end of the previous financial year.

Management said it is working on milestone certification, billing, collections and working-capital optimisation as projects carry different execution periods and funding requirements. Its stated second-half FY27 priorities include accelerating water-project execution, progressing the HAM portfolio, expanding O&M activity and executing renewable procurement commitments on time.

Within water, Enviro Infra added two Namami Gange HAM projects worth about Rs 257 crore, excluding GST, during H1 FY27. They include a 45 MLD sewage treatment plant at Pandit Deen Dayal Upadhyay Nagar worth Rs 126.78 crore and a 60 MLD plant at Lohta worth Rs 130.14 crore, each with 15 years of O&M.

Conclusion

Enviro Infra’s Rs 3,340 crore renewable order book and 29% H1 FY27 revenue contribution show that renewables have become a material second business beside its Rs 3,439 crore water and wastewater pipeline. The Suyog Urja acquisition has brought wind EPC exposure, while BESS represents the largest disclosed renewable execution category at Rs 1,100 crore.

The next disclosed milestone is the Parli wind project’s scheduled March 2027 completion, alongside management’s expectation of substantially higher BESS and wind EPC scale from Q3 FY27. Execution of the Rs 418 crore in Suyog Urja wind letters of intent, and movement in September 2026 receivables of Rs 321.8 crore and borrowings of Rs 703.9 crore, remain relevant to the conversion of the pipeline into revenue and cash flow.