Denta Water and Infra Solutions, a Sunil Singhania-backed infrastructure company and a niche player in India’s water revitalization segment, released its financial results for the fourth quarter and financial year ending 31 March 2025. The numbers indicate a temporary dip in consolidated revenue and profit, but the broader picture signals a company in the midst of a strategic transformation and poised for long-term growth.
Denta Water Q4 FY25 vs Q4 FY24
As per the latest quarterly results, Denta Water’s revenue for the quarter ended 31st March 2025 was INR 54.15 crore, down 47.96% from INR 104.06 crore in the same quarter last year. Profit for the period was INR 13.72 crore, down 49.74% from INR 27.30 crore in Q4 FY24. EBITDA was INR 19.58 crore, down from INR 38.06 crore in the previous quarter, which means EBITDA margin compression. The company’s EPS also reflected the short-term revenue decline, which was INR 6.70 compared to INR 14.22 a year ago.
Revenue Recognition Lag, Not Demand Weakness
Management attributed the revenue decline to delays in project certification and billing cycles, particularly in the last quarter which impacted revenue recognition. However, the projects themselves are on track and Denta Water expect significant revenue to be booked in H1 FY26.
This is reflected in the consolidated annual performance where Denta reported revenue of INR 203.29 crore in FY25, a slight decline from INR 238.60 crore in FY24, but maintained healthy margins with EBITDA of INR 72.43 crore and PAT of INR 52.89 crore. Despite top line pressure, EBITDA and PAT margins improved year on year at 35.63% and 26.02% respectively, due to tight cost control and operational efficiency.
Denta Water Post-IPO Performance
Denta Water launched its IPO on 22 January 2025 with a issue size of INR 220.5 crore. The IPO was totally Fresh Issue. The IPO was subscribed 221.68X and delivered 16.07% return on listing day. The Post-IPO performance was also steller and shares of Denta Water made an all-time high of INR 356.85 per share, reflecting a ~21% return over investment. Currently, it is trading around INR 280 per share (a correction of ~21%).
Robust Order Book
At the close of FY25, Denta held an outstanding order book worth INR 614.38 crore, providing significant revenue visibility. Of this, a whopping INR 587.26 crore is attributed to the Water Management segment, reaffirming the company’s core operational focus.
Smaller but growing allocations to Railways (INR 24.72 crore) and Roads (INR 2.40 crore) highlight the firm’s measured diversification strategy, which is supported by dedicated sectoral execution teams.
5-Year Performance
Denta’s trajectory from INR 32.1 crore in FY21 to INR 203.3 crore in FY25 signifies a 6x revenue expansion over five years, underscoring the execution capabilities and sectoral dominance of the company. Water management continues to drive nearly 97% of its revenue, a testament to its technical prowess and policy-aligned sectoral play.
The firm’s historical execution portfolio (FY21–FY25) includes:
- Water Management Work: INR 699.59 crore
- Miscellaneous Works: INR 42.98 crore
- Irrigation: INR 11.08 crore
- Roads: INR 9.73 crore
- Railways: INR 3.99 crore
Sunil Singhania’s Backing: Strategic Confidence
Backed by renowned investor Sunil Singhania, Denta Water is garnering attention not just for its numbers but also for its sectoral positioning in India’s expanding infrastructure space. Singhania’s investment signifies a vote of confidence in the company’s long-term value and growth thesis. Notably, ace investor Sunil Singhania holds 3,40,150 shares (1.3% stake) worth INR 9.5 crore in the company.
Strategic Outlook: Eyes on FY26 and Beyond
Managing Director Manish Shetty stated, “With a strong order book, strengthened balance sheet, and focused execution strategy, we are well-positioned to deliver accelerated and sustainable growth in the coming years.”
Denta plans to:
- Continue scaling execution capabilities
- Invest in digital and engineering innovation
- Selectively expand into high-potential sectors like railways and roads
- Maintain a debt-light model to ensure financial agility
Conclusion
Denta Water Q4 FY25 results reflect a transient slowdown in reported revenue, the underlying business health remains robust. Denta Water and Infra Solutions is not merely surviving the turbulence of project-based timing shifts—it is strategically building the foundation for long-term, sustainable growth.
With high order visibility, improved margins, and sectoral focus, Sunil Singhania’s bet on Denta appears to be one rooted in strong fundamentals and visionary execution. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.