Greenleaf Envirotech Ltd. (GREENLEAF)
SME CapIT stocks · SME cap · NSE
Greenleaf Envirotech Ltd, incorporated in 2010, is an integrated environmental engineering company. It provides end-to-end solutions for wastewater treatment, environmental monitoring & compliance, and fire safety services, designing, constructing, and maintaining advanced environmental systems across 12 Indian states.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹39.5 Cr | NDF | +87.1% |
| EBITDA | ₹6.1 Cr | +28.0% | +47.0% |
| Operating margin | 15.5% | -132 bps | -423 bps |
| PAT | ₹4.4 Cr | NDF | +51.0% |
| PAT margin | 11.0% | -101 bps | -263 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Greenleaf Envirotech reported robust FY26 results with revenue up 56% YoY to INR 60.61 Cr, EBITDA up 57% YoY to INR 10.52 Cr, and PAT up 57% YoY to INR 7.23 Cr, driven by strong project execution and demand. H2 FY26 also showed strong YoY growth across key metrics.
The company demonstrated strong financial performance in FY26, supported by project execution and demand. Strategic initiatives like the NSE Emerge listing and the Sayan CETP project position it for future growth and recurring revenue. Management's focus on selective projects and operational efficiency is positive, though negative operating cash flow warrants monitoring.
Revenue by Service (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Turnkey Wastewater Projects
End-to-end execution of wastewater treatment projects, from design to commissioning, driving significant revenue.
Proprietary Technology
Developed in-house GAC SBR wastewater treatment technology with a patent application underway.
Environmental Infrastructure Ownership
Developing a 10 MLD CETP in Sayan, Gujarat, through a wholly-owned subsidiary for recurring revenue.
Environmental Monitoring & Compliance
NABL-accredited laboratory services and environmental consultancy support regulatory needs.
32 MLD STP Project
Completed 32 MLD STP at Latur, Maharashtra, marking it as the largest EPC project milestone in 2024.
10 MLD CETP Development
Developing a 10 MLD Common Effluent Treatment Plant (CETP) in Sayan, Gujarat, via Greenleaf Eco Infra Private Ltd.
Government Environmental Initiatives
Programs like AMRUT 2.0, Namami Gange, and Swachh Bharat Mission 2.0 create a ₹4+ Lakh Crore environmental infrastructure opportunity.
Regulatory Compliance Focus
Increasing regulatory focus on strict pollution control and industrial compliance drives demand for environmental solutions.
Water Scarcity & Reuse
Rising water scarcity and absolute reuse requirements necessitate advanced wastewater treatment solutions.
Industrialization & Urbanization
Rapid industrialization and urban expansion generate demand for environmental infrastructure across India.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year (FY26 vs FY25) comparisons are essential for assessing overall business growth and profitability trends in this project-based sector. Half-yearly (H2 FY26 vs H2 FY25) comparisons provide insight into recent operational momentum and execution.
Revenue from Operations
FY26: INR 6061.3 lakhs (56% YoY growth)
EBITDA
FY26: INR 1052.01 lakhs (57% YoY growth)
PAT
FY26: INR 723.43 lakhs (57% YoY growth)
ROE
FY26: 20.73%
Strong FY26 Performance
FY26 saw healthy growth across all key financial parameters, driven by strong project execution and rising demand.
Strategic Milestones
Successful NSE Emerge listing in Oct 2025 enhanced corporate visibility and provides a platform for long-term growth.
Recurring Revenue Platform
The CETP project at Sayan is a critical environmental infrastructure asset and recurring revenue platform with strong member participation.
Robust Order Pipeline
Strengthened presence in EPC and environmental infrastructure, backed by a robust order pipeline and in-house capabilities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Pipeline Conversion | Robust order pipeline reported by management. | Consistent conversion of pipeline into executed projects and revenue growth. |
| Sayan CETP Commissioning | Under development with strong member participation. | Timely commissioning and ramp-up of recurring revenue streams from treatment charges. |
| Operating Cash Flow | Negative cash flow from operations in FY26. | Improvement in operating cash flow as projects are completed and collections stabilize. |
| Margin Sustainability | FY26 EBITDA margin at 17%. | Maintenance or improvement of profitability margins amidst project execution and input cost fluctuations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
61BullishSMA20 +7.0% / mo · MACD −
Technical chart
GREENLEAFdaily · 1Y · AUTO+7.6%Daily history is available from 2025-10-09; the requested 1Y window is partially covered.
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 52.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.6% over last month) — short-term momentum positive.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 38% off 52W high · 119% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 72 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 72 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 72.1%.
- Quality contributes 19/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +6 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 54th percentile within IT. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 56.4%. Key concern: Operating cash flow is negative at ₹-13 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 54th pctile, median 69 · SME: 77th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 36.2%.
- ▸OPM spread across recent quarters is 4.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-13 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 9.43
- P/B
- 1.96
- EV/EBITDA
- 7.14
- Market Cap
- 68.20Cr
Profitability
- ROE
- 30.40%
- ROCE
- 36.20%
- ROA
- 11.97%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 55.65%
- EPS 5Y
- 57.52%
- Revenue 3Y
- 55.65%
- EPS 3Y
- 57.52%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 20.48×
- Altman Z
- 4.05
- Book Value
- 58.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -13.07 Cr
- EPS TTM
- 12.19
Shareholding
- Promoter Hold
- 56.37%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 47%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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