Enviro Infra Engineers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Enviro Infra Engineers Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Enviro Infra Engineers reported Q4 FY26 revenue of INR4,273 million, up 8.8% year-on-year, with EBITDA margin at 18.7% and PAT margin at 12.4%, while full-year FY26 revenue grew 7.5% to INR11,456 million with a 24.2% EBITDA margin. Management said the company missed its earlier 35% revenue growth guidance due to elongated order finalization timelines, a re-bidding delay, and projects that remained stuck in design stages rather than moving into execution. The order book rose to over INR6,814 crores, and management outlined FY27 guidance of around INR2,000 crores in revenue and INR270-280 crore PAT, while lowering its EBITDA margin guidance to 21%-22% from 22%-24% citing a global cost increase.
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Numbers mentioned
Revenue from operations: INR4,273 million (Q4 FY26)
p. 6
“In Q4 FY26, our revenue from operations stood at INR4,273 million, representing a growth of 8.8% year-on-year.”
Manish Jain, page 6 of the filed PDF · View the filing
EBITDA: INR799 million (Q4 FY26)
p. 6
“EBITDA stood at INR799 million, while the EBITDA margin came in at 18.7%.”
Manish Jain, page 6 of the filed PDF · View the filing
PAT: INR543 million (Q4 FY26)
p. 6
“PAT for the quarter was INR543 million with PAT margin at 12.4%, bearing the impact of higher execution and operational costs during the year.”
Manish Jain, page 6 of the filed PDF · View the filing
Revenue: INR11,456 million (FY26)
p. 6
“For the full year, our revenue reached INR11,456 million, a growth of 7.5% year-on-year, backed by consistent momentum in the project conversion and our strategic foray into renewable segments.”
Manish Jain, page 6 of the filed PDF · View the filing
EBITDA: INR2,768 million, 24.2% margin (FY26)
p. 6
“EBITDA for the full year improved by 3.4% to INR2,768 million with a margin of 24.2%.”
Manish Jain, page 6 of the filed PDF · View the filing
PAT: INR1,884 million, 15.9% margin (FY26)
p. 6
“Consequently, PAT for FY26 was reported at INR1,884 million with a margin of 15.9%.”
Manish Jain, page 6 of the filed PDF · View the filing
Total order book: over INR6,814 crores
p. 5
“On the order book and execution front, our total order book has surged to over INR6,814 crores, providing robust revenue visibility over the next 24 months.”
Manish Jain, page 5 of the filed PDF · View the filing
Total debt: INR422 crores
p. 15
“The total debt in the books right now is to the tune of INR422 crores, out of which the long-term debt which is paired to the assets or term loans HAM project, it is INR250 crores and short-term loan is somewhere around INR175 crores”
Manish Jain, page 15 of the filed PDF · View the filing
Net working capital cycle: 166 days (FY26)
p. 19
“Currently, the unbilled UBR days are 195 days. Let me give you the split; inventory days are 11, receivable days are 53, UBR days are 195, creditor days are 92, so the net working capital cycle is 166.”
Manish Jain, page 19 of the filed PDF · View the filing
Order book execution conversion in FY26: ~95% (FY26)
p. 10
“One more point I would like to emphasize is, since at the start it was only INR1,200 crores order book which was available with us, right now the conversion we have done is INR1,145-odd crores.”
Manish Jain, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — around INR2,000 crores · FY27
stated firmly by Manish Jain
p. 10
“So we are just projecting a topline of INR2,000-odd crores, which will replicate into a conversion of somewhere around 42%.”
Manish Jain, page 10 of the filed PDF · View the filing
PAT margin — 13.5% to 14% · FY27
stated firmly by Manish Jain
p. 12
“So taking into account all these factors, we have come up with this version that a topline of around INR2,000 crores with PAT number somewhere around 13.5% to 14% what we can look forward for FY27.”
Manish Jain, page 12 of the filed PDF · View the filing
EBITDA margin — 21% to 22%
stated conditionally by Manish Jain
p. 14
“However, for the global crisis, I am reducing my EBITDA guidance to somewhere around 21% to 22%, which was earlier 22% to 24%.”
Manish Jain, page 14 of the filed PDF · View the filing
Order inflow — at least INR2,500 crores · FY27
stated as an aspiration by Manish Jain
p. 17
“For FY27, we would look forward to at least INR2,500 crores further order book.”
Manish Jain, page 17 of the filed PDF · View the filing
Working capital cycle — around 90 days · FY27
stated as an aspiration by Manish Jain
p. 18
“For me, as we understand, the working capital cycle should come down to somewhere around 90 days, which is a prudent working capital cycle.”
Manish Jain, page 18 of the filed PDF · View the filing
BESS EPC PAT margin — around 10%
stated conditionally by Manish Jain
p. 13
“In the BESS business, which is EPC, we will expect PAT margin somewhere in the range of 10%.”
Manish Jain, page 13 of the filed PDF · View the filing
Revenue growth — 35% to 40% · FY28
stated as an aspiration by Manish Jain
p. 22
“We have always projected a top line growth in the range of 35% to 40%.”
Manish Jain, page 22 of the filed PDF · View the filing
Capex — INR20 crores, INR30-odd crores · FY27
stated firmly by Manish Jain
p. 22
“So we don't see any major capex going on. Apart from the capex which we have done in the last financial year, but I think it can be to the tune of INR20 crores, INR30-odd crores, not more than that.”
Manish Jain, page 22 of the filed PDF · View the filing
Renewables PAT margin — 10% to 12%
stated as an aspiration by Manish Jain
p. 30
“Likewise, I confirmed in the BESS segment, at present the margin range seems to be somewhere around 10%, and we look forward to achieving PAT margins in the range of 10% to 12%, a blended one from the renewables.”
Manish Jain, page 30 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said order finalization was delayed, some projects stayed stuck in design stage rather than moving into execution, and the margin change reflected mix effects from low-margin IPP renewable projects plus higher employee costs and ECL provisions rather than true margin compression.
Answered by Manish Jain
Asked by Manish Choraghe: Why did the company miss its 35% revenue growth guidance and why were Q4 margins weaker?
p. 10
“So the delay, a partial delay in the evaluation process, this is one of the factors.”
Manish Jain, page 10 of the filed PDF · View the filing
Management confirmed finance cost had come down and current debt level is 0.34x, with a self-imposed ceiling of 1:1 debt to equity.
Answered by Manish Jain
Asked by Darshil Jhaveri: What is the company's comfortable debt level and cost of debt going forward?
p. 16
“So at this juncture, at this point of time, we can just confirm that 1:1 is the maximum possible level beyond which we would not like to go as a consolidated books as well.”
Manish Jain, page 16 of the filed PDF · View the filing
Management said adjusted OCF pre-tax was already near balanced and expects the position to ease as AMRUT fund releases come through and unbilled revenue reduces.
Answered by Manish Jain
Asked by Anboli: When will operating cash flow turn positive?
p. 24
“Our OCF pre-tax in the current financial year is almost balanced around INR4 lakh positive. And post-tax, it is INR63 crores negative.”
Manish Jain, page 24 of the filed PDF · View the filing
Management said the shortfall was roughly split evenly between the two segments, citing about INR100 crores of missed revenue from each.
Answered by Manish Jain
Asked by Aditya: Was the execution slowdown more concentrated in renewables or wastewater?
p. 28
“So around INR100 crores from each segment is what has gone down in terms of revenue.”
Manish Jain, page 28 of the filed PDF · View the filing
Management said renewable orders from NTPC and Suyog's private-sector wind EPC clients help de-risk receivables, while acknowledging delays in central government fund releases for wastewater projects.
Answered by Manish Jain
Asked by Sarab Chawla: Is the company exploring private clients to reduce dependence on delayed government payments?
p. 28
“We have got a major orders from NTPC, so the – we will not face at least any challenges with respect to the receivables there.”
Manish Jain, page 28 of the filed PDF · View the filing
Risks flagged
Delayed order finalization and bid evaluation timelines across the sector
p. 4
“The year also witnessed a meaningful improvement in our order book position, while order finalization timelines across the sector remained longer than anticipated due to extended bid evaluation processes.”
Sanjay Jain, page 4 of the filed PDF · View the filing
Project re-bidding after being L1, causing delay
p. 9
“Furthermore, there was some project in the month of November-December where we were L1, we were expecting the project, however, it had gone into a re-bidding.”
Manish Jain, page 9 of the filed PDF · View the filing
Projects stuck in design/approval stage delaying revenue recognition
p. 10
“There are 2 specific projects, let me tell you: one is an MIDC, CETP, ZLD project, and then there were 2 Bangalore projects where the designing process had gone slow or the approval process did take time.”
Manish Jain, page 10 of the filed PDF · View the filing
Geopolitical global crisis increasing commodity and raw material costs
p. 12
“There is one geopolitical global crisis which has happened, due to which some costs have also gone for a rise.”
Manish Jain, page 12 of the filed PDF · View the filing
Rising lithium-ion battery cell import costs for BESS projects
p. 13
“Because of this issue, since we will be importing the lithium-ion battery cells, so the prices have increased.”
Manish Jain, page 13 of the filed PDF · View the filing
Delayed fund releases from AMRUT scheme stretching working capital
p. 17
“The problem remained that this time around, the funds didn't get released from the AMRUT projects.”
Manish Jain, page 17 of the filed PDF · View the filing
Fixed-price contract exposure not fully offset by price variation clauses
p. 19
“However, it does not take into account the entire price increase in the market. So to that extent, we are required to lower our guidance.”
Manish Jain, page 19 of the filed PDF · View the filing
Delays in central government fund releases for centrally sponsored projects
p. 28
“However, during the last two financial years, yes, there has been a challenge with respect to the release of funds on time from the center.”
Manish Jain, page 28 of the filed PDF · View the filing
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