Greenleaf EnvirotechShare price, financial results, shareholding and management

NSE Emerge · GREENLEAFWastewater treatment EPCListed 9 Oct 2025IPO ₹136Catch them young
greenleafenvirotech.in ↗Live price on NSE ↗ISIN INE0PLX01017 · Lot 1,000 shares · ₹99,800
₹99.80
+5.00% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹59 cr
Stock P/E
8.2peers 18.1
Book value
₹58.8
Price to book
1.70
EV / operating profit
6.1
Market cap to sales
0.98
Returns and growth
ROCE · FY26
36.2%
ROE · FY26
30.4%
ROE, 3-year average
39.0%
Operating margin · FY26
16.9%peers 16.5%
Sales growth, 3 years
30.9%
Profit growth, 3 years
92.1%
Safety
Debt to equity
0.19peers 0.28
Borrowings
₹6.7 cr
Interest cover
20.5×
Cash from business / op. profit
-128%
Debtor days
234
Pledged
0.00%
Ownership and share
Promoter holding
56.37%
Change in promoter holding
0.00 pts
Shareholders
594
52-week high / low
₹186 / ₹53
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Greenleaf Envirotech share price chart

₹99.80-24.91% since listing

Close on 6 Nov 2026 · +5.00% on the day · Vol 9,000

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
-8.3%
3 months
-11.7%
6 months
+15.1%
1 year
-25.2%
Since IPO
-26.6%
Traded a day, 20 days
₹0.12 cr
Taken for delivery
89%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+56%+58%
3 years, a year+31%+92%
Latest half, H2 FY26+39%+27%

About Greenleaf Envirotech: business, products and customers

Greenleaf Envirotech builds and runs sewage and factory wastewater treatment plants, mostly for big contractors and city projects, and also tests air, water and soil in its own laboratory in Surat. Its shares trade on NSE Emerge.

Greenleaf designs, builds and commissions sewage treatment plants for towns and effluent treatment plants for factories, then often runs and maintains them on contracts of one to three years. It began in 2010 as an environmental laboratory in Surat, which still tests water, air, soil and noise for factories and helps them get pollution approvals, and it also supplies and refills fire extinguishers.

Most of its money comes from building plants, won by tender or direct contract. It often works as a sub-contractor to large construction firms such as Larsen & Toubro, so the offer document counts most revenue as private even though the Chairman says about nine in ten projects end with a government client. It buys pumps, blowers and building materials, hires out civil work, and says it bids at a gross margin of 15% to 20%; part of the treatment technology comes from outside suppliers, through a partnership with Napier Reid.

Read more about the business

Because revenue is booked as work progresses and project clients pay slowly, profit and cash can drift apart. In FY26 much of the year's billing came in January to March, so money owed by customers rose sharply and operating cash flow was negative, though the company says part was collected in April and May 2026.

Its next step is to own and run a shared effluent plant for textile units at Sayan near Surat through a wholly owned subsidiary, Greenleaf Eco Infra, earning monthly fees, and it is seeking a patent for its own treatment process called GAC-SBR. The offer document compared it with three listed water treatment companies: Felix Industries, Apex Ecotech and Effwa Infra & Research.

From the Prospectus (September 2025), the June 2026 investor presentation and the June 2026 earnings call transcript.

Read the deeper study ↓

In its favour

  • Sales have grown fast: 31% a year over three years.
  • It earns a high return on the money it uses: ROCE 36% in FY26.
  • It has little debt for its size: debt to equity 0.19.

To watch

  • Collection of the money owed by customers at March 2026, in the half year to September 2026 (Earnings call, June 2026, p.10).
  • Start of the Sayan shared effluent plant, due by March 2027 (Earnings call, June 2026, p.13).
  • Conversion of the 19.25 lakh warrants allotted in August 2026 (Announcement, 19 August 2026).
  • Results of the ₹200 cr of pending bids and any government order above ₹50 cr (Earnings call, June 2026, p.10 and p.12).
  • Customers take longer to pay than before: 234 days in FY26, against 77 in FY21.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Greenleaf Envirotech revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown fast. Last year profit grew roughly in step with sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
020406080Sales, FY21: 15.5 ₹ cr15.5Net profit, FY21: 0.3 ₹ cr0.3FY21Sales, FY22: 26.4 ₹ cr26.4Net profit, FY22: 0.5 ₹ cr0.5FY22Sales, FY23: 27.1 ₹ cr27.1Net profit, FY23: 1 ₹ cr1FY23Sales, FY24: 32.9 ₹ cr32.9Net profit, FY24: 2.3 ₹ cr2.3FY24Sales, FY25: 38.8 ₹ cr38.8Net profit, FY25: 4.6 ₹ cr4.6FY25Sales, FY26: 60.6 ₹ cr60.6Net profit, FY26: 7.2 ₹ cr7.2FY26
The latest halves, ₹ crore
SalesNet profit
010203040Sales, H1FY25: 10.4 ₹ cr10.4Net profit, H1FY25: 1.2 ₹ cr1.2H1FY25Sales, H2FY25: 28.5 ₹ cr28.5Net profit, H2FY25: 3.4 ₹ cr3.4H2FY25Sales, H1FY26: 21.1 ₹ cr21.1Net profit, H1FY26: 2.9 ₹ cr2.9H1FY26Sales, H2FY26: 39.5 ₹ cr39.5Net profit, H2FY26: 4.4 ₹ cr4.4H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

Greenleaf Envirotech half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY25H2FY25H1FY26H2FY26
Sales10.4128.4721.0839.54
Expenses8.5623.6816.9633.41
Operating profit1.854.794.116.13
OPM17.8%16.8%19.5%15.5%
Interest0.220.180.230.27
Depreciation0.060.090.080.17
Profit before tax1.574.583.855.92
Net profit1.173.422.884.35

Greenleaf Envirotech profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales15.4926.4127.0532.8838.8160.61
Expenses14.2624.9924.8929.1232.2050.37
Operating profit1.231.422.163.766.6110.24
OPM7.9%5.4%8.0%11.4%17.0%16.9%
Other income0.020.100.170.140.090.28
Interest0.710.690.750.620.410.50
Depreciation0.110.130.130.110.150.25
Profit before tax0.430.701.453.176.149.77
Tax rate27.9%27.1%29.7%28.4%25.2%26.0%
Net profit0.300.511.022.274.597.23
EPS ₹10176.804.919.9413.79
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Greenleaf Envirotech profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%5%10%15%20%FY21: 7.9%7.9%FY21FY22: 5.4%5.4%FY22FY23: 8.0%8.0%FY23FY24: 11.4%11.4%FY24FY25: 17.0%17.0%FY25FY26: 16.9%16.9%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin7.9%5.4%8.0%11.4%17.0%16.9%
Tax rate27.9%27.1%29.7%28.4%25.2%26.0%
ROCE·14.9%23.5%34.4%46.5%36.2%
ROE·32.2%43.4%42.0%44.6%30.4%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Greenleaf Envirotech debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
010203040Net worth, FY21: 1.3 ₹ cr1.3Borrowings, FY21: 7.6 ₹ cr7.6FY21Net worth, FY22: 1.8 ₹ cr1.8Borrowings, FY22: 7.9 ₹ cr7.9FY22Net worth, FY23: 2.9 ₹ cr2.9Borrowings, FY23: 6.1 ₹ cr6.1FY23Net worth, FY24: 8 ₹ cr8Borrowings, FY24: 5.1 ₹ cr5.1FY24Net worth, FY25: 12.6 ₹ cr12.6Borrowings, FY25: 2.5 ₹ cr2.5FY25Net worth, FY26: 34.9 ₹ cr34.9Borrowings, FY26: 6.7 ₹ cr6.7FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-20-10010Cash from the business, FY21: -0.5 ₹ cr-0.5Net profit, FY21: 0.3 ₹ cr0.3FY21Cash from the business, FY22: 2.4 ₹ cr2.4Net profit, FY22: 0.5 ₹ cr0.5FY22Cash from the business, FY23: 2.3 ₹ cr2.3Net profit, FY23: 1 ₹ cr1FY23Cash from the business, FY24: -3.1 ₹ cr-3.1Net profit, FY24: 2.3 ₹ cr2.3FY24Cash from the business, FY25: 5.6 ₹ cr5.6Net profit, FY25: 4.6 ₹ cr4.6FY25Cash from the business, FY26: -13.1 ₹ cr-13.1Net profit, FY26: 7.2 ₹ cr7.2FY26

Bars below the line are cash going out.

Greenleaf Envirotech balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital0.300.301.504.624.625.93
Reserves1.031.541.363.338.0128.94
Net worth1.331.842.867.9512.6334.87
Borrowings7.557.916.125.132.496.71
Other liabilities1.642.653.672.5411.0418.80
Total liabilities10.5212.4012.6515.6226.1660.38
Fixed assets0.390.460.360.390.482.10
Capital work in progress000003.44
Investments000000
Other assets10.1311.9412.2915.2325.6854.84
Receivables·····38.82
Inventory·····2.95
Cash·····3.60
Trade payables·····10.82

Greenleaf Envirotech cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations-0.542.412.30-3.065.59-13.07
Cash from investing-0.10-0.120.110-0.16-5.16
Cash from financing0.78-0.32-2.551.21-3.0418.95
Net cash flow0.141.97-0.14-1.852.390.72
Capital spending·····1.87

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days77576374112234
Inventory days1533431···
Days payable595271···
Cash conversion cycle170392274112234
Working capital days7012214462156

Greenleaf Envirotech peers and competitors

Listed SME companies in the same industry

By sales, Greenleaf Envirotech is number 14 of the 15 listed SME companies in other utilities.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Urban Enviro Waste Management1067.218214.917.4%0.72
Z-Tech (India)73320.31563628.0%0.34
Apex Ecotech33619.81491714.6%0.02
Sattva Engineering Construction1027.814313.115.4%0.34
Hi-Green Carbon344100.41393.416.7%0.70
Organic Recycling Systems2148.61052529.0%0.37
Felix Industries33018.210218.127.6%0.22
GEM Enviro Management9018.010155.0%0.09
Filtra Consultants and Engineers7118.997.73.74.8%0.05
Greenleaf Envirotech598.260.67.216.9%0.19
EP Biocomposites1510.613.61.516.4%0.20
Median of the 10 others16018.11221416.5%0.28

Greenleaf Envirotech shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
56.37%
0.00 pts since Oct 25
Indian institutions (DIIs)
0.07%
+0.02 pts since Oct 25
HNIs (over ₹2 lakh each)
17.99%
+3.20 pts since Oct 25
Small holders (up to ₹2 lakh)
19.84%
-6.54 pts since Oct 25
Companies and others
5.73%
+3.32 pts since Oct 25
Number of shareholders
594
660 in Oct 25

Greenleaf Envirotech shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Oct 25Dec 25Mar 26Jun 26
Promoters56.37%56.37%56.37%56.37%
Indian institutions (DIIs)0.05%2.31%1.03%0.07%
HNIs (over ₹2 lakh each)14.79%16.12%15.71%17.99%
Small holders (up to ₹2 lakh)26.38%12.77%15.20%19.84%
Companies and others2.41%12.43%11.69%5.73%
Number of shareholders660317392594

The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.

Greenleaf Envirotech study: the business from its own documents

Read from 4 of the company's own documents

Greenleaf Envirotech so far

From the company's own record

  1. 9 Oct 2025Listed on NSE Emerge at ₹136
  2. 11 Aug 2026Order worth ₹30.05 cr
  3. 30 June 2026Promoters at 56.37%
  4. 2 Dec 2025Highest close since listing, ₹155.11

Greenleaf Envirotech key facts from the filings

Each figure with the document it comes from

FY26 revenue
₹60.6 cr
Up from ₹38.9 cr in FY25, with profit after tax of ₹7.2 cr against ₹4.6 cr.Investor presentation, June 2026, p.26
Order book
₹95 cr
Work in hand in June 2026; the company expects to complete about ₹80 cr of it this financial year.Earnings call, June 2026, p.8 and p.11
Owed by customers
₹38.8 cr
Trade receivables at March 2026, up from ₹11.9 cr a year earlier; ₹15 cr was collected in April and May 2026.Investor presentation, June 2026, p.27; Earnings call, June 2026, p.10
Operating cash flow
−₹13.1 cr
Cash used by operations in FY26, as money tied up in projects grew faster than profit.Investor presentation, June 2026, p.28
Project share
94.7%
Share of FY26 revenue from building treatment plants; the laboratory and fire safety make up the rest.Investor presentation, June 2026, p.25
Show 5 more facts
Top ten customers
77.6%
Share of FY25 revenue; the largest single customer gave 12.4%.Prospectus, p.161
Sayan effluent plant
₹35 cr
Cost of the 10 MLD shared plant for textile units, due by March 2027, which the company says will earn about ₹0.8 cr a month.Earnings call, June 2026, p.13
Bids out
₹200 cr
Tenders submitted and awaiting result in June 2026; the company puts its usual win rate at about 20%.Earnings call, June 2026, p.12
Largest plant
32 MLD
Sewage treatment plant built for Latur Municipal Corporation, worth about ₹35 cr.Earnings call, June 2026, p.4; Prospectus, p.143
Warrants issued
19.25 lakh
Convertible warrants allotted on a preferential basis on 19 August 2026, against 59.3 lakh shares in issue.Announcement, 19 August 2026; our arithmetic

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The company says about ₹80 cr of its ₹95 cr order book will be executed this financial year, that it plans to bid for about ₹400 cr more of work during the year, and that it is targeting government projects above ₹50 cr and private projects above ₹5 cr. It recently won a ₹25.5 cr order for a 25 MLD sewage plant at Sasaram in Bihar. The Sayan effluent plant is about 70% through civil work, has 60 member units booked for 2,500 of its 4,000 machine places, and is due by March 2027; the company plans four to five such owned plants over three to four years. In August 2026 it allotted 19.25 lakh convertible warrants, and in September 2026 it announced an investment in its subsidiary through a rights issue (only the subject lines of these two announcements were available here).

₹80 crOrder book due this yearOut of ₹95 cr, June 2026
March 2027Sayan plant start10 MLD, ₹35 cr
₹0.8 crMonthly fees expectedSayan plant, first phase

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Greenleaf earns a contractor's margin building wastewater plants, mostly as a sub-contractor on government-funded town projects, with a small testing and consulting side.

Its weak spots are slow customer payments, a handful of large clients, and prices set by tender.

WatchCan it set its own prices?No: most work is won by tender, where the lowest compliant price usually wins; the company can only refuse work below its margin floor.
The evidence. The offer document says price remains the most significant factor in awarding contracts; the Chairman says it does not take projects below a 15% gross margin.Prospectus, p.168; Earnings call, June 2026, p.9
AverageHow strong is it against rivals?Its record of plants up to 32 MLD and long ties with large contractors help it qualify, but it is small and faces many domestic and global competitors.
The evidence. Served Larsen & Toubro's Hazira operations for about 15 years; the offer document lists competition from global and domestic wastewater companies.Earnings call, June 2026, p.5; Prospectus, p.168
WatchWho are its customers?A few large contractors and public bodies give most of the revenue, so losing one would hurt.
The evidence. Top ten customers gave 77.6% of FY25 revenue and the top five 50.4%.Prospectus, p.161
WatchDoes it need a lot of money?Yes: projects tie up cash until clients pay, and owning treatment plants needs fresh capital.
The evidence. Receivables rose to ₹38.8 cr and operating cash flow was −₹13.1 cr in FY26; the Sayan plant costs ₹35 cr.Investor presentation, June 2026, p.27 to 28; Earnings call, June 2026, p.13
AverageCan it keep finding new work?Government spending on sewage and river clean-up gives a steady flow of tenders, but each win is uncertain and most government jobs are one-off.
The evidence. ₹200 cr of bids pending at a usual win rate of about 20%; the Chairman says government clients are one-time and about half of all customers are repeat.Earnings call, June 2026, p.8 and p.12
WatchDo good and bad years swing a lot?Revenue comes in large project steps and bunches at year end, so a delayed tender or payment can move results sharply.
The evidence. About ₹25 cr of FY26 revenue was booked in January to March, ₹14 cr of it in March.Earnings call, June 2026, p.9 to 10

Who runs Greenleaf Envirotech?

Promoters, directors and officers; tap a name for the background

KGKalpesh Gordhanbhai GotiPromoter, Chairman and Managing Director · holds 33.26%

Holds a Bachelor of Engineering (Environmental) from L.D. Engineering College and an MBA from Nirma University. Worked at General Motors India from 2008 to 2010 and has been with the company since 2010, with about 15 years in environmental impact assessment and wastewater treatment; also oversees sales and marketing. The offer document describes Kalpesh Gordhanbhai Goti as the spouse of Gopiben Kalpesh Goti.

Prospectus, p.168, p.190 and p.201
GKGopiben Kalpesh GotiPromoter and Whole Time Director · holds 23.11%

Holds a Master of Commerce from Veer Narmad South Gujarat University and has been with the company since 2012, running administration and marketing.

Prospectus, p.190 and p.201
NBNilesh Babubhai GopaniChief Executive Officer

Holds a Bachelor of Engineering (Biotechnology) and a Master of Engineering (Environmental) from Gujarat Technological University and an executive diploma from Nirma University. Joined in 2012 as project coordinator and became Chief Executive Officer in September 2023, leading project execution and operations.

Prospectus, p.198
HKHarish Kumar BhutraChief Financial Officer

Holds Bachelor and Master of Commerce degrees from Maharshi Dayanand Saraswati University, Ajmer, with earlier accounts roles at textile and trading firms; joined in 2022 and became Chief Financial Officer in September 2023.

Prospectus, p.198 to 199
SPSanket Pravinchandra ShahIndependent Director

An environmental engineer from L.D. Engineering College who worked at General Motors India and MG Motor India in manufacturing and environment roles, now an ESG compliance practitioner; on the board since September 2023.

Prospectus, p.190
DPDahyalal PrajapatiIndependent Director

Holds Bachelor of Commerce and MBA degrees from Hemchandracharya North Gujarat University, with 16 years in financial services and consulting at firms including Motilal Oswal Securities; on the board since September 2023.

Prospectus, p.190

Greenleaf Envirotech latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹39.5 cr (+39%), net profit ₹4.4 cr (+27%) on H2 FY25.
  • Shareholding, 30 June 2026: promoters unchanged at 56.37%.
  • 11 Aug 2026: order worth ₹30.05 cr announced.

Greenleaf Envirotech announcements

51 on record, latest first; each opens the filing on the exchange

Greenleaf Envirotech annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Earnings calls
Investor presentations
Annual reports

Greenleaf Envirotech share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on Greenleaf Envirotech's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (59,29,250 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • !Earnings per share changes basis between FY22 (₹17.00) and FY23 (₹6.80) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Greenleaf Envirotech

What does Greenleaf Envirotech do?

Greenleaf Envirotech builds and runs sewage and factory wastewater treatment plants, mostly for big contractors and city projects, and also tests air, water and soil in its own laboratory in Surat. Its shares trade on NSE Emerge.

What is the share price of Greenleaf Envirotech?

₹99.8 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Greenleaf Envirotech?

₹59 cr at the close on 6 Nov 2026, on 59,29,250 shares.

What is the P/E of Greenleaf Envirotech?

8.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Greenleaf Envirotech's revenue and profit?

Revenue ₹61 cr and profit after tax ₹7 cr in FY26.

Who are the promoters of Greenleaf Envirotech?

Kalpesh Gordhanbhai Goti, Gopiben Kalpesh Goti; promoters held 56.37% at 30 June 2026.

What was the IPO price of Greenleaf Envirotech?

₹136 a share; it listed on 9 Oct 2025.

What is Greenleaf Envirotech's website?

www.greenleafenvirotech.in

More SME companies like Greenleaf Envirotech

Other listed SME companies in other utilities, the closest in size first, each read from its own documents.

Every listed SME company in Other Utilities → · SME companies listed in 2025 →

Built from 1 offer document, 1 earnings call transcript, 1 investor presentation, 1 annual report, 51 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.