EIEL
Micro CapEnviro Infra Engineers Limited
Infra
Enviro Infra Engineers Limited (EIEL) designs, constructs, operates, and maintains Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs). The company has diversified into renewable energy (Solar, Wind, BESS) and focuses on waste-to-energy solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -27% YoY · margin compression · Rev +9% YoY · +71% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹427 Cr | +8.7% | +70.8% |
| EBITDA | ₹80 Cr | -19.2% | +17.6% |
| Operating margin | 19.0% | -600 bps | -800 bps |
| PAT | ₹54 Cr | -27.0% | +28.6% |
| PAT margin | 12.7% | -618 bps | -415 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
EIEL reports strong FY26 revenue growth of 7.46% YoY to 456 Mn, with PAT up 6.34% to 884 Mn. Q4 FY26 revenue grew 8.75% YoY to 273 Mn, but EBITDA and PAT margins declined significantly QoQ and YoY.
EIEL delivered robust annual growth in FY26, driven by its core water infrastructure and new renewable segment. Q4 saw strong revenue but notable margin contraction. The significant increase in the consolidated order book, especially with the Suyog Urja acquisition, provides strong revenue visibility and strategic diversification, though execution and margin stability in renewables need monitoring.
FY26 Revenue by Project Type (Consolidated)
Latest issuer-disclosed distribution across 5 reported categories.
Water & Wastewater Infrastructure
Strengthened core business by completing complex projects ahead of time, improving pre-qualifications.
Renewable Segment Diversification
Forayed into Solar, Wind, and BESS, acquiring IPP projects and a Wind EPC company (Suyog Urja).
Focus on Waste-to-Energy
Continued focus towards 'Waste to Energy' and foray into CBG generation from agricultural waste.
High Value & Capacity Projects
Continued focus on high value and high capacity complex wastewater treatment projects.
Suyog Urja Wind EPC Pipeline
Active execution pipeline of approximately 1,702 MW from acquired Suyog Urja Limited.
BESS Projects
Secured 930 MWH BESS projects from NTPC under EPC.
Solar IPP Projects
Acquired some Solar IPP Projects (79 MW).
Increasing Investments in Water Infrastructure
Well-positioned to capitalize on long-term growth opportunities in water infrastructure.
Renewable Energy & Storage Investments
Increasing investments in renewable energy and energy storage in India.
Government Initiatives (Namami Gange)
Completed 55 MLD STP at Varanasi under Namami Gange, strengthening urban sanitation.
Delay in Order Wins & Execution
Delay in evaluation of bids, delayed start of execution due to longer design approval phase.
Global Crisis Impact
Global crisis in March led to a spillover in Topline from projections.
Working Capital Management
Adjusted Net Cash Flow from Operating Activities declined to ₹37 Mn in FY26 from ₹278 Mn in FY25.
Margin Volatility
Q4 FY26 EBITDA margin declined significantly to 18.70% from 25.31% YoY and 27.10% QoQ.
Integration Risk (Acquisition)
Integration of Suyog Urja Limited, a Wind EPC company, with an active execution pipeline of 1,702 MW.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company exhibits seasonality with Q4 typically being the strongest quarter for revenue. Therefore, both YoY comparison is crucial for understanding annual growth and seasonal trends, while QoQ comparison helps assess sequential momentum and recent margin performance.
Revenue from Operations (FY26)
₹11,456 Mn, up 7.46% YoY.
EBITDA (FY26)
₹2,768 Mn, up 3.38% YoY, with margin of 24.16% (down 96 Bps YoY).
PAT (FY26)
₹1,884 Mn, up 6.34% YoY, with margin of 15.86% (down 46 Bps YoY).
Consolidated Order Book
₹68,136 Mn as on date, reflecting 242% YoY growth.
Transformational Year
FY26 was a transformational year, strengthening core business and integrating waste-to-energy focus.
Diversification & De-risking
De-risked the company by major diversifications and entering into B2B segment through Renewables.
Integrated Renewable Platform
Strategic synergies from Suyog Urja acquisition create an integrated platform: Solar EPC + Wind EPC + BESS/Storage.
Sustainable Value Creation
Well-positioned to capitalize on long-term growth opportunities and deliver sustainable value creation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹68,136 Mn consolidated order book. | Monitor timely execution of large order book, especially new renewable projects. |
| Renewables Segment Performance | 11% of FY26 revenue from Renewables. | Track revenue contribution, profitability, and integration of acquired renewable assets. |
| Operating Margins | Q4 FY26 EBITDA margin 18.70%. | Observe stabilization and improvement in operating margins, particularly after Q4 decline. |
| Working Capital & Cash Flow | Adjusted Net Cash Flow from Operating Activities ₹37 Mn. | Monitor improvement in operating cash flows and working capital management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +22.5% / mo
Technical chart
EIELdaily · 5Y-18.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 43.
- SMA20 falling (~10.6% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 54.6%.
- Growth contributes 23/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 79th percentile within Infra. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 70.2%. Key concern: Operating cash flow is negative at ₹-47 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 79th pctile, median 65 · Micro: 60th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70.2%.
- ▸Promoter pledge is zero.
- ▸ROCE is 31.7%.
- ▸6/6 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-47 Cr.
- ▸ROCE trend is -14.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 16.70
- P/B
- 2.56
- EV/EBITDA
- 11.89
- Market Cap
- 3168.00Cr
Profitability
- ROE
- 17.00%
- ROCE
- 20.40%
- ROA
- 12.55%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 56.00%
- EPS 5Y
- 85.00%
- Revenue 3Y
- 50.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.34
- Interest Coverage
- 7.69×
- Altman Z
- 8.66
- Book Value
- 70.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -63.00 Cr
- EPS TTM
- 10.42
Shareholding
- Promoter Hold
- 70.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.