Greenleaf pivots to owning assets after 56% revenue jump
The Sachin CETP project is 70% done and will start paying ₹80 lakh a month from March 2027. Revenue hit ₹60.6 crore in FY26.
What's new
- Management targets ₹80 crore of execution from its ₹95 crore order book in FY27.
- Sachin CETP is 70% complete, set for ₹80 lakh/month recurring revenue from March 2027.
- GS-FBR technology got a positive patent report, creating a licensing path.
Why this matters
This concall was the first public blueprint for a company moving from building projects to owning them. The Sachin CETP is the test case: ₹10 crore in deposits are already in hand, and the cash flows start next year. For a micro-cap, that is a real, near-term earnings anchor.
What we're watching
- March 2027 start-up and the first months of recurring CETP revenue.
- Conversion of the ₹600+ crore bid pipeline into firm order wins.
- Whether the GS-FBR patent status progresses toward licensing deals.
The full read
Greenleaf Envirotech used its first public concall to reframe its future. Revenue jumped 56% to ₹60.6 crore in FY26, with PAT up 57.5% to ₹7.2 crore. That gave management a platform. The core message was the shift from building projects to owning them. The Sachin CETP is 70% complete. From March 2027 it will generate ₹80 lakh per month in recurring revenue. Phase 1 has already collected ₹10 crore from 80 textile units. A Phase 2 expansion is expected to nearly double that annuity. The company is guiding for ₹80 crore of execution from its ₹95 crore order book this year. A positive patent report for its GS-FBR technology opens a potential licensing track. The combined bid pipeline sits at over ₹600 crore. Management stuck to 15-20% EBITDA margin guidance but kept CETP-specific margins confidential. The numbers are concrete. The proof will come in the cash flows.
Questions answered
- What is the strategic pivot Greenleaf described?
- The company is moving from a pure EPC model to one where it owns infrastructure and earns recurring revenue. The Sachin CETP project is the first example, designed to generate ₹80 lakh per month once operational.
- How does the FY27 execution target compare to its current backlog?
- Management is guiding for ₹80 crore of execution from a ₹95 crore order book, implying it plans to work through about 84% of its backlog this fiscal year.
- What is the scale of its bid pipeline?
- The company disclosed a combined pipeline of over ₹600 crore. This includes ₹200 crore in bids already submitted and ₹400 crore in planned submissions.
- Why won't the company disclose margins for the Sachin CETP?
- Management maintained its 15-20% EBITDA margin guidance for the overall business but declined to give project-specific margins, calling them sensitive.
An independent reading of the company's own disclosure — the primary filing above is the final word.