Enviro Infra Engineers IPO opens on Nov 22: A look at listed competitors in wastewater management sector

The initial public offering (IPO) of Enviro Infra Engineers Limited is set to open for subscription on November 22. The wastewater management and treatment company aims to raise ₹650.43 crore via its public offer.

Enviro Infra Engineers IPO offer size consists of a fresh issuance of 3.87 crore shares, amounting to ₹572.46 crore, along with an offer-for-sale (OFS) of 53 lakh shares, worth ₹77.97 crore. The IPO price band has been fixed at ₹140 to ₹148 per share.

Shares of Enviro Infra Engineers will be listed on the NSE and BSE. The tentative listing date for Enviro Infra Engineers Limited shares is November 29.

The company mentioned in its Red Herring Prospectus (RHP) that it undertakes water and waste-water treatment plants (WWTPs) and water supply projects (WSSPs) for government agencies. Its listed competitors in India, according to the RHP, include VA Tech Wabag Limited, EMS Ltd, Ion Exchange India Ltd and Vishnu Prakash R Punglia Ltd.

Ahead of the launch of the mainboard issue, here’s a look at how the listed peers of Enviro Infra Engineers Limited have fared in the stock markets:

VA Tech Wabag Limited

The company’s consolidated revenue from operations for the September quarter of FY25 stood at ₹700.3 crore increasing over 5% from ₹665 crore in the year-ago period. The company’s profit-after-tax for Q2FY25 increased by more than 17% to ₹70.6 crore from ₹60.19 crore in Q2FY24.

The company’s order book exceeded ₹14,600 crore, including framework contracts, at the end of H1FY25.

The stock closed at ₹1,692.8 apiece on the NSE on November 19.

At the current price, the stock is trading 29% above the upper limit of its IPO price of ₹1310 per share. VA Tech Wabag shares made their D-street debut on October 13, 2010.

Shares of VA Tech Wabag have gained over 192% in the last one year. The stock has given year-to-date returns of more than 169%. However, the stock has declined 4% in the past one month.

Ion Exchange India Ltd

Ion Exchange India’s consolidated revenue from operations for the September quarter of FY25 increased by over 20% to ₹644.47 crore compared to ₹532.97 crore in the year-ago period. The company’s profit-after-tax for Q2FY25 increased by more than 19% to ₹50.63 crore from ₹42.35 crore in the corresponding quarter of the preceding fiscal.

The company’s total order book stood at ₹3,580.45 crore at the end of the September quarter of FY25.

Ion Exchange India made the stock market debut in January 1995. The stock has given an all-time return of 239% so far.

Shares of Ion Exchange India have gained nearly 12% in the past one year and more than up to 13.75% year-to-date. However, the stock has slipped 3% in the past month.

Ion Exchange India’s shares closed flat at ₹635.3 apiece on the NSE on November 19.

EMS Ltd

EMS Ltd’s consolidated revenue from operations for the September quarter of FY25 stood at ₹233.47 crore growing by 10.9% from ₹210.52 crore in the September quarter of FY24. The profit-after-tax of the company for Q2FY25 also increased by 9.46% to ₹49.65 crore from ₹45.36 crore in Q2FY24.

Shares of EMS Ltd were listed on September 21, 2023. Shares of EMS Limited have touched ₹744.1 levels on the NSE. The stock has rallied over 250% from its IPO price of ₹211 per share. Shares of EMS Ltd have gained more than 73% in the last one year while rising nearly 76% YTD. In the past month, the stock has declined up to 13%.

Vishnu Prakash R Punglia Ltd.

Vishnu Prakash R Punglia’s consolidated revenue from operations for Q2FY25 increased by nearly 13% to ₹334.9 crore compared to ₹296.4 crore in Q2FY24. The profit-after-tax of the company for the September quarter of FY25 increased by over 11% to ₹23.7 crore from ₹21.2 crore in the year-ago period.

The order book of the company stood at ₹5,086.5 crore as on September 30, 2024.

Shares of Vishnu Prakash R Punglia were listed at ₹165 apiece on the NSE on September 5, 2023. The stock closed at ₹270.2 apiece, down by 1.62%, on the NSE on November 19. At the previous closing price the stock has gained nearly 64% since listing.

Vishnu Prakash R Punglia shares have gained more than 25% in the last one year, while giving year-to-date returns of over 25%. In the last one month the stock has declined over 4%.