Synopsis: A water infrastructure player has secured two Hybrid Annuity Model contracts worth over ₹250 crore for sewage treatment plants in Uttar Pradesh, expanding its project portfolio under a key government sanitation program.
A prominent player in the water and wastewater treatment EPC space has landed two significant orders under the Hybrid Annuity Model (HAM). The contracts, awarded by a state Jal Nigam body, will involve setting up sewage treatment infrastructure as part of a flagship river-cleaning initiative, along with a long-term operations and maintenance mandate.
With a market capitalization of Rs. 4,215 crore, the shares of Enviro Infra Engineers Limited were trading at Rs. 244 per share, up by 4 percent after the order was received, with a P/E of approximately 22x.
Details of the Order
Enviro Infra Engineers Limited announced on July 6, 2026, that it has secured two Hybrid Annuity Model (HAM) projects from Uttar Pradesh Jal Nigam (Rural) under the Namami Gange Programme. With this win, the company’s HAM portfolio now stands at five projects.
- A 45 MLD Sewage Treatment Plant at Pt. Deen Dayal Upadhyay Nagar (DDU Nagar), along with 15 years of O&M, is valued at ₹126.78 crore.
- A 60 MLD Sewage Treatment Plant at Lohta, Varanasi, along with 15 years of O&M, valued at ₹130.14 crore.
Both plants are designed to be energy self-sufficient, integrating biogas-based power generation, converting sludge from the treatment process into biogas to run gas generators alongside rooftop and ground-mounted solar installations. The company noted that in-principle term loan approvals have already been secured for both projects, which should support timely financial closure and mobilization.
Management Commentary
Chairman Sanjay Jain said the company was proud to be entrusted with these projects by Uttar Pradesh Jal Nigam (Rural) under the Namami Gange Programme, adding that the focus remains on delivering high-quality, sustainable, and timely execution while upholding strong engineering standards.
Business Overview & Financial Snapshot
Enviro Infra Engineers Limited is an established EPC player in the water and wastewater treatment space, with a fast-expanding footprint in renewable energy. The company delivers end-to-end EPC and O&M services across municipal and industrial clients pan-India, backed by an in-house design and engineering team. It is scaling up presence across solar, wind, and battery energy storage, positioning itself at the intersection of water infrastructure and clean energy.
For FY26, Enviro Infra Engineers reported consolidated revenue from operations of ₹1,145.6 crore, up 7.46% YoY, while total revenue (including other income) rose 9.44% to ₹1,188 crore. EBITDA came in at ₹276.8 crore, translating to a margin of 24.16%, down 96 bps YoY. PAT stood at ₹188.4 crore, up 6.34% YoY, with a PAT margin of 15.86%. Basic EPS for the year was ₹10.4.
For Q4 FY26, revenue from operations grew 8.75% YoY to ₹427.3 crore, though EBITDA margin contracted sharply to 18.70% from 25.31% a year earlier, pulling PAT down 26.73% YoY to ₹54.3 crore.
As of date, the company’s consolidated outstanding order book stands at ₹6,813.6 crore, reflecting 242% YoY growth, split across the Water segment (₹3,683.6 crore) and the Renewable segment (₹2,051 crore in EPC/order value plus ₹1,079 crore in O&M/IPP).
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