Date: 3rd June, 2025

To To
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers
Bandra Kurla Complex Dalal Street
Bandra (E), Mumbai – 400 051 Mumbai – 400001

Scrip Symbol: EIEL Scrip Code: 544290

Sub: Transcript of the Conference Call for Analysts and Investors held on 29th May,
2025

Ref: Disclosure under Part A of Regulation 30 of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015

Dear Sir/Madam,

In compliance to Regulation 30 of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, we have attached herewith transcript of the Earnings
Conference Call for Analysts and Investors conducted on Thursday, 29th May, 2025.

The same is also disseminated on the Company’s website at:

https://www.eiel.in/_files/ugd/2514a1_0c88bcdadbc24121ac02fe8b3ada9150.pdf

This is for the information and record.

Thanking you,

For Enviro Infra Engineers Limited

(Piyush Jain)
Company Secretary & Compliance Officer
A57000

Encl: a/a
 “Enviro Infra Engineers Limited
Q4 & FY25 Earnings Conference Call”
May 29, 2025

MANAGEMENT: MR. SANJAY JAIN – CHAIRMAN AND WHOLE-TIME

DIRECTOR – ENVIRO INFRA ENGINEERS LIMITED
MR. MANISH JAIN – MANAGING DIRECTOR – ENVIRO
INFRA ENGINEERS LIMITED
ADFACTORS PR – ENVIRO INFRA ENGINEERS LIMITED

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 Enviro Infra Engineers Limited
May 29, 2025

Moderator: Ladies and gentlemen, good day and welcome to Enviro Infra
Engineers Limited Q4 and FY25 Earnings Conference Call
hosted by Adfactors PR. This conference call may contain
forward-looking statements about the Company which are based
on the beliefs, opinions and expectations of the Company as on
date of this call. These statements are not the guarantees of
future performance and involves risks and uncertainties that are
difficult to predict.

As a reminder, all participant lines will be in the listen-only mode

and there will be an opportunity for you to ask questions after the
presentation concludes. Should you need assistance during the
conference call, please signal an operator by pressing the star
then zero on your touchtone phone. Please note that this
conference is being recorded.

I now hand the conference over to Mr. Sanjay Jain, Chairman and
Whole-Time Director, Enviro Infra Engineers Limited. Thank you
and over to you sir. Thank you.

Sanjay Jain: Thank you. Good morning everyone. I would like to extend a very
warm welcome to all of you for Enviro Infra Engineers Limited
Earnings Conference call for the fourth quarter and year-ended
31st March 2025. I would like to begin by expressing my gratitude
to all of you for taking the time to join us today. We have on call
with us Mr. Manish Jain, Managing Director and Adfactors PR,
our Investor Relation team. We have shared our result
presentation.

I hope you all must have gone through it. Since this is our third
earnings conference call, I would like to take you through our
recent development before we get into the business and financial
performance for this period. Enviro Infra Engineers Limited is one
of the India's leading infrastructure and environmental

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 Enviro Infra Engineers Limited
May 29, 2025

engineering companies specializing in water and wastewater

solutions.

With a strong focus on sustainable infrastructure, we bring

decades of expertise in designing, building and operating
complex environmental projects across the country. Our work
supports some of India's most ambitious national missions,
including the Jal Jeevan Mission, the Atal Mission for
Rejuvenation and Urban Transformation, AMRUT, and the
National Mission for Clean Ganga, NMCG.

These are not just infrastructure programs, they represent our

collective responsibility to build cleaner, healthier and more
sustainable communities for future generations. During the year,
we have continued to build momentum with bids submitted for
projects in excess of INR 5,000 crores. This robust pipeline is a
testament to the trust that stakeholders and government agencies
place in us.

As of 31st March 2025, our order book remains strong and

healthy, standing at around INR 1,185 crores, comprising 22
diverse projects across multiple states. Our operation and
maintenance order book adds another INR 806 crores, providing
clear visibility into our future revenues and growth pipelines.

Further, in financial year 2026, we have secured additional new

orders worth INR 200 crores, indicating a strong start to the year
and continued confidence from our clients. In recognition of our
commitment to excellence, Enviro Infra Engineers Limited has
also been awarded ISO certifications for Environmental
Management System, Occupational Health and Safety
Management and Quality Management System, further
underlining our focus on safety, sustainability and performance
excellence.

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 Enviro Infra Engineers Limited
May 29, 2025

At Enviro, we play an active role in driving India's water

sustainability and urban transformation. One of the defining
features of our approach is our commitment to timely and high-
quality project execution. Now, I would like to hand over the floor
to our Managing Director, Mr. Manish Jain, who will provide
deeper insight into the Company's financial and operational
performance. Over to you, Manish.

Manish Jain: Thank you, Sanjay sir. Good morning, everyone. I shall take you
through our quarterly and full-year financial performance. Starting
with Q4, our revenue from operations grew 31% year-on-year to
INR 393 crores, driven by the robust execution of a strong order
book. EBITDA for the quarter was nearly INR 100 crores, as
against INR 86 crores in Q4 FY24, registering a 16% growth on
year-on-year basis.

The EBITDA margin for Q4 FY25 was 25%. While the PAT grew
by 30% to INR 74 crores with the margin at 18%. Now, coming to
full-year numbers, the consolidated revenue from operations was
INR 1,066 crores, up from INR 729 crores in FY24, making a
robust growth of 46%. Our EBITDA grew by an impressive 61%
year-on-year to INR 268 crores, compared to INR 166 crores in
the previous year.

The EBITDA margin improved to 25%, underscoring our focus on

operational efficiency. The profit after tax rose sharply to INR 177
crores from INR 106 crores in FY24, an increase of 66%. The
PAT margin for the year stood at 16%, reflecting improved
profitability and financial discipline.

Now, coming to our balance sheet highlights, our debt-to-equity

ratio remains conservative at 0.24, highlighting our strong
balance sheet. Return on equity stood at 18% and return on
capital employed at nearly 23%. Both are healthy indicators in

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 Enviro Infra Engineers Limited
May 29, 2025

terms of value creation. In terms of cash flow, I am happy to share

that we have achieved a significant turnaround.

Cash flow from operations before tax improved from a negative

INR 78 crores in FY24 to a positive INR 26 crores in FY25,
demonstrating the strong cash generating ability of our business
and soundness of our financial strategy. Looking ahead, we aim
to sustain our growth trajectory with an expected annual growth
rate of 35% to 40%, while maintaining healthy EBITDA margins
in the range of 22% to 24%.

At the same time, sustainability is central to our strategy. We are

in the process of setting up a new subsidiary focused on clean
energy that is solar, hydro-power, green hydrogen and 24x7
renewable solutions, while also exploring opportunities in solar
assets and EPC projects. At the same time, we are also
expanding in our water infra through reuse, ultrafiltration, RO and
ZLD plants.

We are expanding our presence across India, strengthening our

national footprint. We also plan to bid for more HAM projects as
well as strengthen our presence in the WWTP and WSSP space.
Notably, we aim to increase the scale of our projects from 50 to
200 MLD for sewage treatment plants and from 20 to 50 MLD for
common effluent treatment plants. This step reaffirms Enviro's
commitment to building a greener and more resilient India. That
is all from our side. We can now open the floor for questions.

Moderator: Thank you very much, sir. We will now begin the question and
answer session. The first question is from the line of Dheeraj Ram
from Ashika Institutional Equities. Please go ahead.

Dheeraj Ram: Hi, sir. Thank you for taking my question and congratulations for
the good set of results. I have a couple of questions. So the first
question is on the order book. So the order book has seen a slight
degrowth from last quarter to this quarter, from close to INR 1,700

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May 29, 2025

crores to INR 1,185 crores and in the last quarter, you have told
that you have bid for INR 2,200 crores projects and you are
expected to bid for INR 2,000 crores more projects. So how do
you see the order inflow for FY26 and what is the status of L1?

Manish Jain: Thank you Dheeraj. Basically, in the last financial year at the start
of 1st of January 2025, our order book was at INR 1,687 crores.
So, the amount of execution, the revenues for the last quarter has
been to the tune of INR 393 crores. So, our order book presently
stands at around INR 1,185 crores.

So, in the last financial year, not much projects were available for
bidding. Bidding started in the month of January. So, three
projects from the execution side have come up. Our order book is
around INR 200 crores. Further, we have submitted our bids for
somewhere around INR 5,000 crores projects and we are
expecting the results to be out very soon. We are L1 in certain of
the projects, but we are not interested in announcing the L1.

Rather, we will be more interested as and when we get the LOIs

from the respective clients, definitely we will announce that result
and then that can get added to the order book. However, having
said so, since we have submitted our bids for around INR 5,000
crores projects, our success ratio in the past has been quite good.
It was in the range of around 40% to 60%.

Even if we go by a conservative number of somewhere around

20% to 25%, even at that level, we can expect that an order inflow
of INR 1,000 to INR 1,250 crores that should accrue to the
Company from the bids that we have already submitted.

Dheeraj Ram: Okay, sir. Got it. And just two more questions. What is the amount
of unbilled revenue that we have as on closing FY25?

Manish Jain: The total amount of unbilled revenue is to the tune of around INR
265 crores in our books.

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May 29, 2025

Dheeraj Ram: Okay. And last question, sir. Sir, we have acquired two
companies. One is EIE Renewables and the other is Sunaxis for
10 lakhs and 1 lakh each. And these are related party
transactions. So, I know that we are trying to enter into solar,
hydro and green hydrogen, but what is the need of creating a
separate entity and then acquiring it? What is the thought process
behind this?

Manish Jain: Both these companies were formed just recently with both Sanjay
ji and myself being the directors in the company. We have stated
quite clearly that these companies will remain to be 100%
subsidiaries of Enviro Infra only. So, basically the purpose of
acquisition was the shareholding. We were having that 10 lakh
shares of EIE Renewables. So, basically that shares were
transferred to Enviro Infra.

So, we remain as directors in the company and it becomes 100%

subsidiary of Enviro Infra. Basically, we want to have a clear
demarcation in the business lines. The water and wastewater
business that will directly be in the parent company only and the
renewable business that we are trying to develop, that entire
business that will be taken up in EIE Renewables.

Sunaxis Renewable that has again been on the directorship was

with Sanjay ji and myself. So, it will be acting as a step down
subsidiary of EIE Renewables. So, if there is any solar asset or
renewable asset which is taken up in the EIE Renewables, so,
that particular company was required. So, that will act as a
subsidiary of EIE Renewables.

Dheeraj Ram: Got it sir. Thank you. Thank you for answering the questions.

Moderator: Thank you. The next question is from the line of Peter from LIC
Mutual Funds. Please go ahead.

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 Enviro Infra Engineers Limited
May 29, 2025

Peter: Hello sir. Thank you for the opportunity. I just wanted some color
on the follow up on the previous participant's question on the
subsidiary front. So, you are saying that you have kept a separate
subsidiary for renewable. So, what is the difference between this
subsidiary and the step down subsidiary?

Manish Jain: Let me explain it first of all from Enviro. Basically Enviro, when it
is a parent company, it is doing all the EPC business. So,
whenever we are taking any of the HAM projects, we are required
to form an SPV. So, that the financials of that particular SPV that
can be separated and that can be clearly visible. So, now I will
take it to the renewables.

Basically, we have formed EIE Renewables for taking the entire

renewable business which we intend to do. If we are having any
of the assets or if there is any PPA line for this, we require that
further step down subsidiary company of EIE Renewables for
which that Sunaxis Renewable has been created.

Peter: So, because of the first question, you had said that the renewable
energy will be in solar renewable power generation itself or is it
supporting the EPC projects that you are doing? Are they two
separate line of businesses or that is just to support your EPC
business?

Manish Jain: There is one EPC business wherein we were installing some of
the solar power plants. So, that earlier we were doing in our
parent EPC company only. So, in future if there is any such
requirement or that installation of any of the renewable plant will
be required, that definitely will be transferred to the renewable
side.

This renewable company has been formed specifically to take

direct projects in the renewable sector for which the company will
be bidding in taking the EPC or some of the assets for executions.

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Peter: Okay, just to be clear. So, because we have seen in the

presentation that some of the -- you have shown the images also
where you have done some EPC based wastewater treatment
plant that you do in that you have also provided solar installations
in few of your projects. So, this particular subsidiary will support
this kind of activities wherein you are saying that EPC may project
what you are doing for wastewater treatment.

If a client also says I want a solar installation along with this

project, the subsidiary will take care of the solar installation part?

Manish Jain: That's true. That's what I am saying. It is both ways. It is the
installation of renewables in our existing water projects or
wastewater projects wherein we are required to install or we are
planning to install, as well as the individual installations as well for
which we will directly bid for these type of projects, renewable
project I will say.

Peter: Okay. Thank you for the color. Sir that is helpful. Sir since we
follow the last call also we are little bit aware of how the EPC part
of yours works with water treatment because that has a separate
set of drivers and there are government schemes associated with
it and you support municipal.

So, when you say you are going to do separate solar installation
projects as well, can you please give us some color in terms of
what is the market size? Who are the – what kind of clients do
you target and, like what size of projects you do, what is the ticket
size and what will the order book and what can be the revenue
visibility on that front?

Manish Jain: Let me clarify that we are quite new to this sector. Right now,
giving the revenue visibility, as far as the size of the sector is
concerned, we understand there is huge potential and huge
opportunity which is available. Now, for us, how we can grow and
how we can bring more color to our Company in this particular

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May 29, 2025

renewable sector. Basically, we are moving forward. We are

going slow. We are studying.

We are taking those projects wherein we can draw some

strengths. Based on that, we will go ahead. We will not forecast
any earnings right now for this renewable, but definitely we will
look forward to very good margins which will be available when
we are bidding for any of such projects.

So, we will be quite careful while bidding. We don't want to go

very big on this right now. We will have our footprints first
available. Then we will look into the sector and how we will grow.
So, maybe for a year or two, we will have our foothold in the
sector. And then we can go for a revenue visibility, particularly in
the sector.

Peter: So, in that sense, you had done 22% margins last year, 25% this
year. So, you expect the margin profile to be higher, same or
lower for this particular business you are entering?

Manish Jain: First of all, I will separate out the two businesses. One is our water
and wastewater business. The visibility that growth in terms of
revenue that 35%, 40% growth what we are expecting, that will
continue to be there from the water and wastewater sector itself.
So, there is no slackness in that and that robust growth that will
continue in that particular sector.

And we foresee the margins will always be there, that EBITDA

margin of 22%, 24%. We expect we will continue to drive those
types of margins from our water and wastewater treatment sector.
I will again emphasize that in this renewable sector, because it is
one of the main very interesting sectors and it is a huge
opportunity which is available in India.

Right now, we are definitely studying into it and how we can build
up a good company and we can go for some good projects. We

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May 29, 2025

are visualizing some of the projects, we have definitely submitted

some bids, wherein we have in those stands, 22%, 24% of
EBITDA margins in the renewable sector, to my understanding,
might not be possible, but yes, to an extent of around 18-20% is
the margin what we are looking for. We will not go down beyond
that.

Peter: Okay. Got it. So, in the next two years, as you said, you are going
to study the market, right? So, can we say that we can expect you
to generate revenues from FY27 or FY28 onwards for this
particular new business you are entering?

Manish Jain: We do expect to generate revenues from this company in FY26

as well, but comparatively we expect it to be a bit smaller right
now.

Peter: Okay. So, what are the independent renewable projects? So,
when you are doing an EPC project for water, there is solar
involved that you are doing, but standalone solar projects also
from this year onwards also you will start executing here, just a
color on that?

Manish Jain: Yes, definitely. This is what we are intending to do along with
solar. The start very definitely with solar and we will definitely try
to enter into that hybrid sector or means 24x7, which is available
in this particular renewal because there is a lot of gap or the grid
imbalance which is there. So, that draws a lot of interest.

Peter: Okay. And in terms of, additionally, because you are going to
enter into this business and it may need some additional capex,
any color on the capex requirement overall and specifically
because of this how much you can expect to increase and also
will you incur additional debt in order to fund this growth? Any
color on that you can provide, sir?

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Manish Jain: Right now, from our GCP, from the IPO funds, we have proposed
an investment of INR 50 crores in EIE Renewables. Through our
discussions, we have kept that overall investment from Enviro
Infra to EIE Renewables at a maximum of INR 75 crores. So,
basically, it will depend upon the type of project that we will get
and if there is any PPA project which is of significant value and
which can add strength to the Company and can give good
returns.

Then definitely, like HAM projects, we will be adding that debt. But
we are quite careful if we go for a debt-to-equity ratio. So, we are
quite comfortable right now. We are sitting at a level of around
0.24. We understand we will never go heavy and we will never try
to cross that line of around 1, not more than that.

So, if we are having the HAM projects or any PPA projects and
that debt level is going high, then definitely we have that bouquet
available and we can look forward to selling those projects.

Peter: Okay. Apparently you have said that almost INR 1185 crores
order book…

Moderator: I am sorry to interrupt, Mr. Peter. I would request you to please

come back in the queue.

Peter: Yes, sir. Okay.

Moderator: Thank you. The next question is from the line of Nikhil Rungta
from LIC Mutual Fund. Please go ahead.

Nikhil Rungta: Hi, sir. Thank you for the opportunity and congratulations on a
great set of numbers. Sir, most of my questions were asked by
Peter already. Just two clarifications from my side. First is, right
now, the water projects that we are doing and along with that, we
are also doing solar EPC projects. So, those solar EPC projects
will go under the subsidiary, correct?

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Manish Jain: Right, sir.

Nikhil Rungta: Okay. And if we make this a subsidiary, then we can bid for
standalone solar EPC projects as well?

Manish Jain: That's true. This is our inclination and this is what we intend to do.

Nikhil Rungta: Perfect. Sir, last question. Sir, the release which has come when
we have set up this subsidiary in that objects you have written that
target company is incorporate for the purpose of undertaking the
business of power generation through renewable sources. So
there is a confusion that are we also entering into renewable on
power generation or it is primarily EPC what we are doing?

Manish Jain: It can be both ways. It can be either IPP projects or PPA projects
means or EPC. We always intend to go asset light. We will always
have a right mix of EPC and PPA projects. The same way we are
having that mix of HAM and EPC in our parent Company. So, on
the debt side, we will never like to go heavy on this.

So, we will be quite careful while choosing any of the assets which
we can build up in that particular sector. So, our debt-to-equity,
we will always maintain the debt-to-equity ratio to be in a very,
very comfortable range.

Nikhil Rungta: Perfect. So, basically, this is made with our solar EPC project
group plus to make it independent. And if we anytime go into
generation, we will be very careful. And probably, that will start
after a couple of years, as you said?

Manish Jain: True, sir. We never want to go heavy or we want to study the
sector so that if there are great opportunities available, then we
can go big on this. But for that, we definitely need to understand
and need to understand the intricacies of the sector.

Nikhil Rungta: Okay. Got it, sir. This is quite helpful and thanks for the
clarification.

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Manish Jain: Thanks a lot.

Moderator: The next question is from the line of Rahul Agarwal from Aventus
Capital. Please go ahead.

Rahul Agarwal: So, thank you for the opportunity, sir. And congratulations on a
good set of numbers. So, sir, I wanted to actually start with a
question on the CBG gas products that you have mentioned. And
that seems to be something that is a bit unique to Enviro. I don't
see a lot of players working in that space. So, could you just tell
me a bit about that and how it could translate into revenues?

Manish Jain: You are talking about the renewable sector itself?

Rahul Agarwal: No, sir. Just typically the CBG gas product that was mentioned, I
think recently I wanted some visibility on that, if that's possible?

Manish Jain: This sustainability and waste-to-energy, this has remained our
key focus. Presently, in three of our existing wastewater treatment
projects, which are predominantly sewage treatment plants, we
are putting up this gas generation and CBG plants. So, one of my
plants is going at Jaipur. It is an 80 MLD plant, 80 MLD STP. Then
there are two plants at Jodhpur, for which we are doing the
upgradation and modification.

These two are 50 MLD plants and one of the upcoming plants will
be 135 MLD at Saharanpur. So, basically, when we are doing this,
we are putting these CBG plants in our projects. We tend to see
the performance of these plants and then based on the revenue
generation model and the success ratio, definitely, we will try and
we intend to enter into CBG, maybe for the agricultural waste or
for MSW projects as well.

So, we are again on the lookout. Basically, first of all, we are

installing the plants in our existing projects. We will see to the

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performances and then definitely we'll look forward to these

opportunities, which are immensely available in India.

Rahul Agarwal: Okay sir. Sure. So, sir, the other thing I wanted to ask was, in
recent times our success ratio has been around 35% to 40% or
so, I think, which seems to be much higher than the peers we
have in the industry. So, can you comment on why that would be
the case? Is there anything specific that we do much better that
allows us to get such good ratios?

Manish Jain: Rahul, that gets transpired from the design and execution
capabilities, which are in-house. So, we have control on the
costings. So, that control on the costings as well as giving the
economical and viable solutions. So, we always remain a bit
competitive in comparison to our competitors and that translates
into better success ratio in comparison to our peers.

Rahul Agarwal: Okay, sure. And the guidance that you gave for a conservative
number of 25% of success ratio, should we consider that to be
the case or can we be a bit more optimistic?

Manish Jain: Well, there are certain guidelines when we say 20% to 25% is the
success ratio, which we can definitely foresee. But there can
always be a chance for better ones, but at least if we go by that
number as well and projects are further coming up. So, every
quarter, if we can have that number of somewhere around maybe
750-1000 odd crores of order book available to us and if we can
build up that order book of around INR 2,500 crores to 3,000
crores in this current financial year.

So, maybe that depends. If our success ratio is higher

comparatively, we will slow down our bidding in future. If our
success ratio is in the range of 25% to that 20% 25% might be
our bidding may be a bit higher at that point of time.

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Rahul Agarwal: Okay, sir. Sure. Thank you so much, sir. That's all from my end.
Thank you.

Moderator: The next question is from the line of Reet Ranawat from Aventus
Capital. Please go ahead.

Reet Ranawat: So, most of my questions are answered. So, I just wanted to ask,
what is the average, like project execution cycle of the current
orders and the future orders also?

Manish Jain: The time period in general is in the range of 18 months to 24

months, apart from some water supply schemes, which we are
having wherein the order, this timeline is around 28 months. So,
in general, a timeline of around 24 months can be taken to be an
average timeline for the execution of the projects.

Reet Ranawat: Okay. Got it. And, so do you plan to scale up your O&M portfolio
like you have on this O&M portfolio on your site? So, is there a
way that you will increase your scale-up of your O&M portfolio or
you will continue to do EPC?

Manish Jain: Can you please repeat your question? I could not hear you
clearly.

Reet Ranawat: So, will you continue to do EPC or you are more looking forward
to do more O&M projects, like we can get future visibility?

Manish Jain: HAM project drives better margins in comparison to EPC projects,
but we cannot be, go very heavy on HAM. So, we will always be
having a right mix between EPC and HAM. So, we understand
that a mix of around 75 to 25 for EPC to HAM, I think that will be
the right mix and right ratio going forward as well. So, we will try
to maintain that level.

Reet Ranawat: Okay. Thank you so much.

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Moderator: Thank you. The next question is from the line of Balasubramanian
from Arihant Capital. Please go ahead.

Balasubramanian: Sir, my question is regarding 48% of revenues comes from

Madhya Pradesh side and what are the steps we have taken for
mitigate regional risk?

Manish Jain: Pardon couldn't get you, sir. Can you repeat, please?

Balasubramanian: Around 50% of revenue comes from MP side only. So, what are
the steps are we taking mitigating regional risk?

Manish Jain: If you will see our investor presentation, our total WSSP book now
remains at around INR 170 crores. So, those MP projects, there
were 5 MP projects. The total order book size was INR 1,250
crores. So, now the balance portion is around INR 170 odd crores.
So, the component of wastewater treatment projects and that too
EPC and HAM, that will be much higher in current financial year.

So, this entire WTP order book, that is spread across the states.
So, that concentration which we were having in MP, so I think that
will slightly go down this year and we will have some better
revenues from other states as well.

Balasubramanian: Okay, sir. So, most of the like Infra and EPC players talked about
delays in payments for water related projects. Are we facing the
same and is there any potential delays in fund allocation for like
AMRUT 2.0? Is there any impact on our growth side?

Manish Jain: We didn't face any problem in any of the AMRUT or Namami
Gange projects which we were executing during the last financial
year. However, there was a delay in release of payments from
JJM projects. For the entire last financial year, the payment cycle
that got elongated in JJM, there was a delay or I will say almost
nil payments which were released from the centre.

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It is just because of the timelines of the project which it was

intended to complete in FY24. The timelines could be increased
by the central government only during this budget and this
timeline has been increased till 2028. So, the last year was
definitely crucial for all the players who were in the JJM segment.

We also faced some challenges, but after December the cash

flows have significantly improved even from the JJM and if you
see our cash flow cycle, we have definitely improved a lot. So, if
you see our cash flow pre-tax, these have gone positive from a
negative number. So, that says that the cash flow and operational
efficiency in the system, so that way we could manage the cash
flows.

Balasubramanian: Got it. Sir, on the margin front, basically our competitors are below
15% kind of margins. I think we are above 20%. I just want to
understand how we are maintaining those margins, whether it's
because of input cost, competitive pricing or project mix shift or
how we are selecting these kinds of projects?

Manish Jain: Basically, if you see, it depends upon company-to-company how

they take up the projects. So, the way the project is taken up, so
that way the margins get derived. Some of the companies are
having even better EBITDA margins than us, then some are
having lower EBITDA margins or maintaining somewhere around
15%.

So, that is transpired from the way the project is taken up. If there
is a subcontracting or there is no control on the execution front,
then definitely the project may go for a delay or there can be cost
overruns. We are basically trying to have our 100% control on the
execution front and that is driving the growth as well as the margin
in the company.

Balasubramanian: Okay, sir. Thanks.

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Moderator: Thank you. The next question is from the line of Aniket Jain from
Yes Securities. Please go ahead.

Aniket Jain: Good morning, sir. Hope you can hear me. Actually, I wanted to
ask one question on trade receivable days. So, I see that those
have increased from 57 days in FY24 to almost 74 days currently.
So, is there any reason for that and what should be the
normalized receivable days and do you expect to reduce these
receivable days in the near future? That is question one?

Manish Jain: Yes.

Aniket Jain: And question two would be if you are planning to probably go into
international markets, say Middle East or Southeast Asia,
because those markets also have some significant opportunities.
So, that is question two?

Manish Jain: Basically, the trade receivable days, you are 100% right. These
have increased to somewhere around 70 days. The challenge this
time was basically the receivables from the JJM projects itself.
During the entire financial year, there was a slowdown in the
receivables from JJM projects. Situation has got improved a lot.
The number of days seems to be 70.

However, if you just work out the payments which we received on

3rd or 4th of April. So, it was somewhere around INR 70 crores
which we received from the JJM project itself. So, if we just take
it into the account, then the receivable days goes back to around
45 days. And 45 days is what exactly means the right timeline for
receivables.

The total receivable cycle if I divide the inventory days should be.
This is what actually and optimally should be. It is inventory days
should be 15. Unbilled revenue days should be somewhere
around 90. Then the receivable days should be 45. So, if we add

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these all, it should be 150 days and trade payable days should be
around 60.

So, if we say the networking capital cycle comes out to be 90

days. In our case, this networking capital cycle comes out to be
105 days. Now, that slight means the fund which we received on
4th and 5th of April. Definitely, that cannot be taken as the fund
that debtor cycle for FY26 because it was just the fund which was
to be released.

So, it got released two to three days later after this 31st March.
So, if we just look into it or we account for this particular one, then
that days that will go down to somewhere around 25 further. So,
around 80 days. So, we are fairly comfortable in that case. And
regarding this question on the international, same ways we are
having some inquiries now from the international market as well.

So, it would be that student exercise that we study that market

carefully and then we enter. We will take our own time with the
study, but one thing that is for sure is we will definitely be inclined
to enter into the international market even when the opportunity
is available.

Aniket Jain: So, sir, just a follow-up on this. If you plan to go into international
markets, would you be doing end-to-end work there that is the EP
as well as C portion or would you try to get some local contractors
to do the construction portion and you just take up the EP portion?

Manish Jain: Basically, this is what we have to study and we have to infer
whether it will be prudent for us to go there and do the civil
construction work from our side itself or should we hire the local
contractor and give that civil construction work to the local
contractor and then we look on for the equipment supplies and
then performance guarantees. So, this is what we have to study
only after our comfort zone and we will enter into that market.

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Aniket Jain: Sure, sir. Thank you for the opportunity.

Moderator: The next question is from the line of Sarabjyot Chawla from
Niveza India. Please go ahead.

Sarabjyot Chawla: So, my question to you is on the lines of again the trade
receivables and the cash flow mainly. Last conference call, I
believe you had mentioned that there would be complete release
of funds from JJM side, but I just want to know the status and
update on that and also if this cash flow issue will be consistent.

Like will this be an issue for every quarter because there will be a
backlog from the previous quarter or is there a resolve to the
issue? And also the aging of the trade receivables, that's also just
a point of concern. I just want to understand this from you once?

Manish Jain: If you see, our cash flow have turned positive and our cash flows
pre-tax are now INR 25 crores positive in comparison to around
INR 75 crores which were negative in the last financial year pre-
tax. So, that means our cash flows have improved significantly
despite the problems that all the players have faced by not
release of the timely payments in JJM projects.

This problem, this is one of the one problem which anybody has
faced in the last 10 years and to our understanding the worst is
over and the funds are there on the verge of being released in
JJM. Apart from JJM, I have not faced any of the challenges in
either AMRUT 2 projects or Namami Ganga projects.

The flow of funds there have been quite smooth, which definitely
have helped us in our execution of the JJM projects as well. So,
we could maintain a mix of our cash flows from various projects
which were coming to us. So, this problem was once in a lifetime
kind of thing and though the central government were having the
budgetary allocations, that timeline issue that created a problem.

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Other way round from AMRUT to Namami Ganga, the funds were
being released. So, we don't foresee that such cash flow
problems that will exist in future. We are quite hopeful that funds
will be available in the project. Regarding aging, if I will say my
entire this receivable, well it's INR 205 crores. If you see my entire
quarter, so my entire quarter is INR 393 crores. So, if you see the
aging wise also, so that does not look to be more than that 45
days itself if you just compare the last quarter only. So, that way
things are quite comfortable.

We are closely monitoring all the cash flows and we are having a
stringent watch on it and we are definitely following up. So,
everything is quite comfortable. Our cash flows have improved
significantly. This is what I can say in one of the troubled years
itself, our cash flows have improved significantly.

Sarabjyot Chawla: Sir, can we expect a positive cash flow after tax next year?

Manish Jain: We definitely look forward to positive cash flows after tax also. We
definitely look for it. One more thing which I would like to highlight,
basically that transpires from the order book, present order book.
The present order book says the WSSP lines are only to the tune
of INR 175 crores. So, rest all are our WWTP projects, EPC or
HAM. So, that way the cash flows are quite comfortable in all
those projects.

It has remained to be comfortable in the last financial year as well.

So, we can expect a positive cash flow.

Sarabjyot Chawla: Thank you, sir. Just one last question on the unbilled revenue
side. Sir, would the INR 256 crores, I believe is the amount, would
that be included in the top line for this financial year, the unbilled
revenue is included in INR 1066?

Manish Jain: Unbilled revenue is the sales valuation in INR 1,066 crores. So,
in the current financial year, it will not be the part of the revenue.

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It has already been the part of revenue of FY25. The figure is INR
265 crores, not 256. It is 265. And if we see it in number of days,
it comes out to 91 days. So, in 90 days, this unbilled revenue cycle
seems to be okay.

Sarabjyot Chawla: Okay. So, just to confirm, it is included in the INR 1,066 figure for
FY25?

Manish Jain: Yes.

Sarabjyot Chawla: Thank you, sir. Good luck.

Moderator: The next question is on the line of Aditya from Synergy. Please
go ahead.

Aditya: Yes, sir. I just wanted to have some future guidance on the
revenue and the margins. Will we see any improvement for the
next year?

Manish Jain: If you see to the order book, that order book primarily constitutes
WWTP projects. These are EPC and HAM projects. So, if you see
this profitability guidance, definitely these projects have higher
margins in comparison to water supply schemes. So, we definitely
expect that the margins can improve, but as a guidance, we will
never go for or give any guidance for EBITDA margins going
above 22% to 24%.

We will have that operational efficiency in the system and we will

definitely look forward to having the better margins while we are
executing.

Aditya: Okay. All right. That's it, sir. That was my only question. Thank
you.

Moderator: Thank you. The next question is on the line of Ankur Kumar from
Alpha Capital. Please go ahead.

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Ankur Kumar: Hello, sir. Thank you for taking my question. Sir, I wanted to
understand regarding our 30% to 35% to 40% growth guidance
for this year. So, we will need more orders and you said that
INR5,000 crores bid book is there. So, when can we expect some
wins from there and if we get it, how early if we get it, we will start
executing it, sir?

Manish Jain: First of all, the moment we bid any of the projects, there is a
timeline of around 4 months to 6 months within which the bids are
evaluated and the orders are released. So, if we have started
bidding for these projects in the month of January, then definitely
we can have a good amount of visibility to my understanding by
June and or maybe in the month of July.

The moment we get any of the projects, first 3 months to 4

months, these are mainly used in the designing of that particular
project. So, that says that the entire monsoon season will be
available for the designs. So, this year Diwali is also in the month
of October. So, 5 clear months will be available for construction.

So, we can understand that the new order book which will be
coming into the company. So, November onwards, it will add on
substantially to the revenues of the company and till that time, the
order book which the company already has in hand. So, we have
a good amount of order book available to execute at least for the
next 6 to 7 months. So, that way we can foresee that 35% to 40%
revenue visibility. That is quite possible.

Ankur Kumar: Got it. And sir, on JJM side, there were reductions. Can you
comment how are the things now and how are we expected things
in FY26?

Manish Jain: Right now under JJM the projects which we were having and
which we were executing, we are in the final stages of the
execution of those projects. Since we were not having our comfort
zone going further for the JJM projects, so we backed out and we

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didn't bid any of our bids which have been submitted out of this
INR 5,000 odd crores. So, none of the project is from JJM.

Right now, we are more interested in completing our projects and

then taking out all the funds which are blocked or which are
withheld in the JJM. The guidance will be clear. The funds are
being made available by central government as well as the state
governments. The funds are definitely going to flow maybe in the
next 15 days, 20 days time. There is a normal timeline. After the
completion of any financial year, the funds generally get available
either by May end or in the month of June.

So, that is a normal position. So, we do expect that the funds

should be there. I cannot guarantee because the funds have to
come from the government only, but we foresee that the funds
are going to be made available in the month of June and there will
be quite comfort zone in the cash flow side further.

Ankur Kumar: Got it, sir. So, last question would be on the O&M side. The order
book is INR 806 crores and roughly we are doing around INR 30
crores of execution per year. So, what kind of improvement or
how should we look at this O&M part of the business and is it like
how much margin we make in this O&M business?

Manish Jain: O&M revenues and the profitability from O&M. Profitability is
definitely higher and it is significantly higher. However, we foresee
the O&M revenues to be always in the range of 3% to 5%. In the
last financial year because all the projects were in the execution
stages. So, there were not much of the projects which had
entered into O&M. In the past projects were continuing in the
O&M phase.

So, if the O&M revenues have almost got stagnated for FY 24 and
25, we expect that in the current financial year there should be an
increase in that O&M revenue to the tune of maybe another INR
10 crores to INR 15 crores. So, year-on-year basis as the projects

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get completed the O&M revenues will go on increasing. If I talk 2

years down the line, we foresee that O&M revenue can shoot up
to an extent of somewhere around INR 70 crores to INR 75
crores.

Ankur Kumar: Sure, sir. Thank you and all the best.

Moderator: Thank you. Ladies and gentlemen, this was the last question for
today's conference call. I now hand the conference over to Mr.
Sanjay Jain for closing comments.

Sanjay Jain: Thank you. I thank the entire team of Enviro Infra Engineers
Limited for their untiring efforts, hard work and dedication which
drives the company forward to various market conditions. Also, I
appreciate all of you for participating in our conference call.
Please do get in touch with our investor relationship team for any
further questions. Thank you. Thank you, everyone.

Moderator: Thank you. On behalf of Enviro Infra Engineers Limited, that

concludes this conference. Thank you for joining us and you may
now disconnect your lines. Thank you.

Manish Jain: Thank you all.

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