Enviro Infra Q1 FY27 Results (NSE: EIEL)
Signal: Growth reaccelerated
The read
The key inflection is a sharp revenue acceleration to ₹35,918.35 lakh, +44.1% YoY, without corresponding earnings conversion: EBITDA margin compressed to about 18.3% from roughly 22.4% YoY, and owner PAT fell 4.9% to ₹3,982.66 lakh. The consolidated uplift is therefore acquisition/subsidiary-led rather than a clean standalone recovery, with Q1 standalone revenue down 3.6% and PAT down 12.7%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹359.18 Cr | +44.1% | +49.1% |
| EBIT | ₹56.92 Cr | +13.4% | |
| Net profit | ₹45.21 Cr | +6.4% | |
| EPS | ₹2.27 | -5.0% | |
| EBIT margin | 18.3% |
P&L walk
Revenue increased to ₹35,918.35 lakh, +44.1% YoY and +49.1% sequentially, but EBITDA margin was about 18.3%, down from roughly 22.4% YoY; PAT rose 6.4% to ₹4,521.25 lakh, while profit attributable to owners fell 4.9% to ₹3,982.66 lakh because of higher minority interest.
Segments
EPC construction drove the Group with ₹34,854.05 lakh of revenue and ₹6,096.52 lakh of segment result, while renewable energy contributed ₹1,064.30 lakh of revenue but only ₹38.76 lakh of result; the material standalone-versus-consolidated gap confirms subsidiaries and acquired operations supplied the consolidated growth.
Key positives
- Consolidated revenue reached ₹35,918.35 lakh, +44.1% YoY and +49.1% sequentially, materially above ₹24,919.27 lakh in the year-ago quarter.
- Material cost fell to 50.5% of consolidated revenue from 62.2% YoY, implying gross-margin expansion of about 1,160bps; the filing does not disclose the cause.
- EPC construction generated ₹34,854.05 lakh of revenue and ₹6,096.52 lakh of segment result, making it the clear earnings engine.
- The Group held ₹5,401.00 lakh in bank fixed deposits, providing liquidity for the expanding project and subsidiary platform.
Key concerns
- Consolidated EBITDA margin fell to about 18.3% from roughly 22.4% YoY despite 44.1% revenue growth, showing weak operating conversion.
- Standalone revenue declined 3.6% YoY to ₹24,583.13 lakh and standalone PAT declined 12.7% to ₹3,558.40 lakh, so the consolidated growth is not yet visible in the parent operating base.
- Profit attributable to owners fell 4.9% YoY to ₹3,982.66 lakh while total PAT rose 6.4%, reflecting higher minority-interest leakage from subsidiaries.
- Finance cost increased to ₹439.45 lakh consolidated and ₹513.73 lakh standalone, up from ₹324.65 lakh and ₹457.51 lakh respectively in the prior-year quarter.
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