| Municipal Water & Waste Water | EPC and O&M contracts for drinking water and wastewater treatment for municipal clients including sewerage networks and treatment plants. | Strong government relations, extensive project experience, proprietary technologies, and established local presence in key regions. | Municipal corporations, urban local bodies, government water agencies; B2G and B2B focus. | Long-term O&M contracts and hybrid annuity model projects with stable cash flow and margins. | 1801 | 55 | Project-based revenues through Engineering, Procurement, Construction and recurring revenues from long-term Operation & Maintenance contracts. | Fixed price EPC contracts, hybrid annuity models, recurring O&M fees. | Government spending on water infrastructure, urbanization, environmental compliance, renewable energy integration. | Namami Gange STPs, Chennai Desalination Plant, Dinapur WWTP |
| Industrial Water Treatment | Design and construction of effluent treatment, recycling, reuse, sludge handling and zero liquid discharge plants for industries. | Proprietary treatment technologies, engineering expertise and strong presence in emerging industrial markets. | Energy, petrochemical, steel, fertilizer, semiconductor, food & beverages industries; B2B oriented. | Specialized treatment technologies such as ZLD and critical O&M contracts. | 771 | 23 | Primarily project revenues from EPC contracts, with growing O&M services for large industrial clients. | Fixed price EPC contracts, cost-plus arrangements for certain projects, and service contracts. | Industrial expansion, stricter environmental regulations, adoption of advanced water recycling and ZLD technologies. | Petronas IETP, Reliance SWRO Plants, Industrial Zero Liquid Discharge (ZLD) |
| Operations & Maintenance (O&M) Services | Long-term operation and maintenance of water and wastewater treatment plants across geographies. | Long-term client relationships, operational excellence, advanced digital monitoring and AI implementation. | Municipalities, industrial clients and public-private partnership projects. | O&M contracts with performance incentives and energy efficiency improvements. | 771 | 22 | Recurring service fees based on contracts, contributing stable cash flows. | Recurring fee-based, performance linked contracts typically lasting 10-20 years. | Expansion of managed assets, emphasis on plant efficiency and sustainability, and renewable energy adoption. | Global O&M portfolio including Chennai Desalination Plant, Bahrain AMAS STP |
