Three Indian water infrastructure companies reported uneven September-quarter earnings, showing global infrastructure investors that large project backlogs did not translate into rising quarterly profit at every firm.
Enviro Infra Engineers Limited’s revenue from operations climbed 60.01% year over year to ₹3.638 billion for the quarter ended Sept. 30, 2026. EBITDA (earnings before interest, taxes, depreciation and amortization), excluding other income, rose 15.27% to ₹749 million, while profit after tax declined 20.22% to ₹395 million. Its EBITDA margin narrowed to 20.58% from 28.56% a year earlier. The company attributed the lower profitability to changes in project mix and higher depreciation and finance costs.
Enviro Infra reported an order book of ₹67.782 billion as of Sept. 30, including ₹34.387 billion in water and wastewater projects and ₹33.395 billion in renewable energy. Water and wastewater accounted for about 71% of its consolidated revenue in H1 FY27, with renewable energy at about 29%. The company also reported two Varanasi projects under the Namami Gange Programme worth about ₹2.57 billion combined, excluding GST and including 15 years of operations and maintenance.
VA TECH WABAG Limited increased consolidated revenue from operations 19.9% to ₹10.002 billion and profit after tax 23.3% to ₹1.046 billion. Its H1 FY27 order book was about ₹202 billion, and net cash excluding HAM projects was ₹11.442 billion. Chairman and Managing Director Rajiv Mittal described the order book as a milestone for WABAG.
Concord Enviro Systems Limited’s revenue from operations rose 7.7% to ₹1.34455 billion. The company reported a net loss after tax of ₹41.04 million, including discontinued operations, compared with net profit of ₹44.91 million a year earlier. Its order book stood at ₹7.164 billion as of Sept. 30. Concord said it received initial Q2 orders for its H-Xtreme Heat Exchanger and compressed biogas offerings.
WABAG set a target for revenue compound annual growth (CAGR) of 15% to 20% over the next three to five years, alongside an EBITDA margin target of 13% to 15%. Concord Executive Director Prerak Goel said the company was targeting annual growth of 20% to 25% and cited execution and the global economic environment as challenges. These are company targets, not reported results. WABAG management identified water security, treated-water reuse and desalination as demand drivers. The company listed its next earnings call for Nov. 16, 2026.
