CON CALL ENVIRO INFRA Q4 Revenue: ₹393 Cr (+31% YoY) •EBITDA: ₹100 Cr (25% margin) •PAT: ₹74 Cr (+30% YoY) •FY25 Revenue: ₹1,066 Cr (+46% YoY) Key Strengths: •High margins (22–25%) from in-house EPC & O&M. •O&M revenue to grow 2.5x in 2 years. •Targeting 75:25 EPC:HAMP mix. Renewables Foray: •New subsidiary setup, ₹50–75 Cr capex. •Focus on asset-light solar/hydro; revenue from FY26. Other Updates: •CBG pilot projects live. •JJM payment delays easing. •International expansion under evaluation. Guidance: •Revenue CAGR: 35–40% •Margins: Core 22–24%, Renewables 18–20%