Enviro Infra Engineers Ltd

AGM notice and e-voting details

• AGM scheduled for 16 September 2026 at 3:00 PM IST via VC/OAVM.
• Shareholders without registered emails will receive AR notice with web link and QR code.
• Integrated Annual Report for FY 2025-26 accessible online.
• Cut-off date to determine e-voting entitlement: September 9, 2026.
• Remote e-voting opens Sept 12, 2026 at 9:00 AM IST.
• Remote e-voting ends Sept 15, 2026 at 5:00 PM IST.
• Notice and Integrated Annual Report are available on BSE and NSE websites.
• Shareholders without registered emails should update their DP records.
• Query contact: Bigshare Services for non-registered email shareholders.

Overview

• Standalone BRSR for FY2025-26; focuses on water collection, treatment, supply and sewerage.
• EIEL engages in EPC and O&M at water projects; some sites are managed, not owned.
• Reporting boundary is standalone unless specified; integrated with the Integrated Annual Report.

Key ESG Risks & Opportunities

• Rising water infrastructure demand offers revenue growth via government tenders.
• Environmental penalties risk; mitigate with ZLD, monitoring and audits.
• Climate change increases wastewater reuse demand; opportunity in treated water recovery.
• Dependence on government funding may affect project flow; diversify portfolio.
• Energy use in treatment plants drives costs; improve via efficiency and renewables.
• Construction/execution risks may delay projects; mitigate with robust planning.
• Public health impact enhances social value and government partnerships.
• Resource recovery and water reuse could generate additional revenue streams.

Governance & Policy Highlights

• Board of Directors oversees BRSR; highest ESG oversight.
• Risk Management Committee and CSR Committee supervise sustainability matters.
• Policies include anti-corruption/anti-bribery and whistleblower mechanisms.
• Policies extend to value chain; board-approved and aligned to core standards.
• Certifications include ISO 9001, ISO 14001, ISO 45001, ISO 50001; CE for key schemes.
• No monetary penalties reported for 2025-26; no external assurance obtained.

Social Responsibility & Workforce

• Permanent employees: 1,844 (male 1,792; female 52).
• Female representation about 2.82% of total workforce.
• PF coverage 99%, Gratuity 100%, ESI 48% coverage.
• Well-being spend: 0.59% of total revenue.
• Board/KMP training 100% coverage; employees trained across 30 programs.
• LTIFR and fatalities: Nil for both employees and workers.
• Return-to-work/retention after parental leave: 100% for both genders.
• Grievance mechanisms include Vigil Mechanism/Whistle-blower; ICC for harassment; all concerns addressable.
• CSR focus areas: health care, education, hunger relief, old-age support; beneficiaries ~3,600+; 1,490+; 9,200+; 135.

Environmental Performance

• Total energy consumption: ~10.43 million MJ; non-renewable share ~95.69 million MJ; renewable ~8.57 million MJ.
• Energy intensity: 0.0103 MJ per INR of turnover.
• Water: 900 kilolitres withdrawn; 900 kilolitres consumed; water intensity ~8.9e-8 per turnover.
• GHG emissions (Scope 1/2): not evaluated; no emission intensity reported.
• Waste: total 25,045 MT; CETP hazardous waste 2,354 MT; STP waste 22,691 MT.
• Disposal: 387 MT incinerated, 1,967 MT landfilled; 22,691 MT other disposal; 10 MT reused.
• Certifications: ISO 14001 integrated management system; project-specific waste management plans; ZLD not implemented at own facilities.

Stakeholder Engagement & Complaints

• Key stakeholder groups: government authorities, urban local bodies, clients, shareholders, employees, contractors, suppliers, communities, regulators.
• Engagement channels include meetings, emails, website, reports; frequency varies (annual/quarterly/real-time).
• Complaints: communities nil; investors nil; shareholders filed 1 complaint in 2025-26; resolved to satisfaction.
• Grievance mechanisms: Vigil Mechanism/Whistle-blower; investor portal (SCORES/ODR) available.
• Community CSR initiatives address vulnerable groups through education, healthcare and welfare.

Other Notable Metrics

• Related-party transactions: purchases 2.14%; sales 13.65%; loans/advances 64.82%; investments 40.96%.
• Direct procurement from MSMEs: 76.32%; 99.99% of inputs sourced in India.
• Accounts payable days: 91 in 2025-26; 84 in 2024-25.
• Sustainable sourcing: 100% inputs from government-approved vendor list; supplier sustainability compliance.
• Cybersecurity/data privacy policy in place; no data breaches reported.
• Affiliations: one trade association (e.g., Indian Chamber of Commerce).
• CSR beneficiaries include 3,600+ health care, 1,490+ education, 9,200+ hunger relief, 135 old-age.

Financial performance

• Revenue from operations ₹11,456m; YoY +7.5%
• EBITDA ₹2,768m; margin 24.2%

Profitability & orders

• PAT (Standalone) ₹1,884m
• Consolidated order book ₹68,136m; YoY +242%

Capital structure & liquidity

• Standalone debt/equity 0.30x; Consolidated 0.15x
• Undrawn committed limits ₹26,362.22 lakh

Renewables portfolio

• Solar capacity 91 MW
• BESS capacity 1,080 MWh

Growth & acquisitions

• Suyog Urja acquisition ₹3,110m; ~1,200 MW wind
• Subsidiaries acquired FY26: Bareilly 74%, Mathura 74%, Saharanpur 48%

AGM details

• AGM scheduled for 16 September 2026 at 3:00 PM IST via VC/OAVM.

Resolutions

• Adopt Audited Financial Statements (standalone and consolidated) for FY ended 31 March 2026.
• Re-appoint Manish Jain as Managing Director; retires by rotation; remuneration remains under prior terms.
• Special: approve loans/guarantees/security to Suyog Urja Limited up to INR 600 crore per year.
• Ordinary: approve RPT between the Company and Suyog Urja Limited.
• Ordinary: approve RPT between EIE Renewables Private Limited and Suyog Urja Limited.
• Ordinary: approve RPT between Enviro Infra Engineers Limited and M/s EIEL AIEPL JV.
• Special: change in IPO proceeds utilization and timelines.

Voting results

• Voting results not disclosed in this filing.

Dividend

• Dividend not proposed.

Director changes

• Manish Jain to be re-appointed as MD; remuneration unchanged.

Material related party transactions

• Suyog Urja Limited: aggregate cap INR 700 crore; arm's length.
• EIE Renewables Private Limited and Suyog Urja Limited: aggregate cap INR 700 crore.
• ERPL and Suyog Urja Limited: aggregate cap INR 700 crore.

IPO proceeds variation

• Special resolution to change IPO proceeds utilization and revised timeline.

IPO proceeds variation

• Board approved variation in IPO proceeds utilization, subject to shareholders' approval.
• Working capital ₹18,100 lakh; timeline up to 31 Mar 2027.
• Infusion for EIEL Mathura ₹3,000 lakh; O&M for 15 years.
• PPP repayment ₹12,000 lakh; no change.
• Funding inorganic growth through acquisitions removed; original ₹18,627.25 lakh.
• General corporate purpose revised to ₹14,308.00 lakh.
• Issue expenses revised to ₹5,381.39 lakh.
• Infusion for two Varanasi STPs ₹4,445.57 lakh till 31 Mar 2027.
• Total allocations ₹57,234.96 lakh; unutilised ₹5,701 lakh.
• Notes: exit offer not applicable due to >75% IPO proceeds utilized.

Target background

• Target: Wind Earth Private Limited, incorporated in India on 19 August 2026.
• Industry: Energy / Renewable Power.
• Line of business includes wind, hydropower, biogas, and biomass projects.
• Country of presence: India.
• Holding company: Suyog Urja Limited; WEPL is a step-down subsidiary.

Capital and ownership

• Form of consideration: cash.
• Authorized capital: ₹5,00,000 comprising 50,000 equity shares.
• Shareholding/control: 51% stake held by Enviro Infra group.

Strategic rationale

• Purpose: to generate, transmit, distribute electricity using renewables.
• Strategic rationale: extend renewable energy footprint beyond core business.
• Targeted wind power development and services for potential investors.

Regulatory and timeline

• Regulatory approvals: not applicable.
• Date of incorporation: 19 August 2026.

Financial Performance

• Q1 FY27 revenue: INR359.2 crores, up 49% YoY.
• EBITDA: INR75.7 crores; EBITDA margin 21.07% (26.65% in Q1 FY26; 18.7% in Q4 FY26).
• PAT: INR45.2 crores; PAT margin 12.38% (12.37% in Q4 FY26).
• Water & wastewater contributed ~INR255 crores (71% of revenue); renewables ~INR104 crores (29%).
• Wind segment contributed INR80 crores in Q1; renewables revenue 104 crores; water 255 crores.
• New orders: EPC+OM for Sardar Sarovar Narmada Nigam Limited INR113 crores; Suyog Urja renewable contract INR207.5 crores; Namami Gange HAMs INR256.9 crores.

Order Book and Pipeline

• Total order book: INR6,721 crores; water & wastewater INR3,694 crores; renewables INR3,027 crores.
• Water execution orders: INR2,696 crores; water O&M orders: INR998 crores.
• Renewable execution orders: INR1,948 crores; IPP & O&M orders: INR1,079 crores.
• HAM portfolio now five projects; Lohta 60 MLD and DDU Nagar 45 MLD; 18-month construction, 15-year O&M.

Segment Trends

• WWTP core and execution spread across states; renewable platform gaining scale across solar, wind, BESS.
• Renewable segment revenue contributed ~INR104 crores (approx. 29% of consolidated revenue).
• Water & wastewater revenue ~INR255 crores (71% of consolidated revenue).

Balance Sheet and Cash Flows

• Unbilled receivables remain bloated; cash flow expected to improve; government receivables slow but stabilizing.
• JJM-related receivables/balance sheet around INR150-160 crores; OCF expected to turn positive later, not guaranteed.
• Suyog Urja acquisition: total INR311 crores; first tranche paid INR111 crores; second tranche ~INR100 crores due after FY27; third tranche after FY28.
• Suyog Urja revenue target: INR400-450 crores for FY27; EBITDA margin 15-16%; PAT 12%+.

Projects and Capex

• HAM projects: two Namami Gange HAMs added in quarter; total HAM portfolio five projects.
• Acquisitions: Suyog Urja expands renewable capability across solar, wind and BESS; value INR311 crores.

Guidance and Outlook

• Revenue guidance for FY27: INR2,000 crores.
• EBITDA margin guidance for FY27: 21%–22% (blended); previous guidance 22%–24%.
• Blended FY27 margin target: ~19%–20%.

Q&A Highlights

• Margin decline driven by raw-material cost: 1%–2% of topline; employee cost rose to ~7% of revenue; price variation clause limited pass-through.
• Execution timelines: water OMs 18–24 months; renewables 12–18 months.
• Bid pipeline: water/wastewater bids ~INR3,000 crores in evaluation; overall pipeline ~INR6,000–INR7,000 crores; strike rate ~20%; FY27 inflows ~INR2,500 crores.
• Receivables and cash flow: prudent working capital cycle; funds from government to flow; CFO positive in near term; no past-due liabilities.
• FY27 topline target remains INR2,000 crores; ROE potential improves with renewables integration; target to maintain healthy margins.

Issue overview

• IPO of equity shares; public offering for primary funds and OFS.
• Total issue size and net proceeds reported; no revision or undersubscription indicated.
• Main use of proceeds includes working capital, subsidiary infusion, debt repayment, inorganic growth and general corporate purposes.

Utilisation of proceeds

• Working capital object largely deployed; small unutilised balance remaining.
• Infusion into the subsidiary for a wastewater project fully utilized.
• Repayment/prepayment of borrowings fully utilized.
• Funding inorganic growth and general corporate purposes partially utilized; notable unutilised funds remain.
• Unutilised proceeds parked in fixed deposits and a monitoring account.

Governance and compliance

• Approvals status and material deviations: no material deviations reported.
• Delays observed in implementing some objects due to operational reasons.
• No lien created on unutilised proceeds; funds held in fixed deposits and monitoring account.
• GCP not applicable.

GCP

• GCP not applicable; no specific GCP utilization reported.