Effwa Infra & Research Limited (EFFWA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Effwa Infra's revenue was ₹163 Cr (+31.5% year on year, +80.8% on the previous half-year), and net profit ₹18.5 Cr (+23.2% year on year); the operating margin was 16.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹163 | +31.5% | +80.8% |
| Operating profit | ₹26.7 | +16.0% | +73.0% |
| Net profit | ₹18.5 | +23.2% | +82.1% |
| EPS (₹) | 7.98 | +20.4% | +82.2% |
| Operating margin | 16.4% | — | — |
EFFWA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.64% of the EFFWA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.63%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 86.6% · 56.2% · 54.0% · 47.7% · 63.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Effwa Infra & Research Limited announced the voting results of its 13th Annual General Meeting held on September 30, 2026. All six resolutions were approved by shareholders with over 99.8% majority, including the adoption of FY26 financial statements and the approval of a final dividend of Re. 1 per equity share (face value Rs. 10). Additionally, shareholders approved the re-appointment of Whole-time Director Subhash R. Kamal and fixed remuneration packages for the Managing Director and Whole-time Director for a 2-year term.
- Declared a final dividend of Re. 1 per equity share of face value Rs. 10 for FY26
- All 6 resolutions passed with over 99.88% total votes polled in favour
- 17,040,766 total votes were polled across remote e-voting and AGM e-voting, representing 73.62% of outstanding shares
- Approved remuneration for Managing Director Dr. Varsha S. Kamal and Whole-time Director Subhash Kamal for a 2-year remaining term
Effwa Infra & Research Limited has issued the notice for its 13th Annual General Meeting scheduled for September 30, 2026. The Board has recommended a final dividend of Re 1 per equity share (face value Rs 10), marking its first dividend payout since listing. The company reported FY26 Return on Capital Employed (ROCE) of 35.60% and a Net Profit Ratio of 15.09%. Additionally, outstanding bank guarantees stood at Rs 75.61 crore (INR 7,560.90 Lakhs) as of March 31, 2026.
- 13th AGM scheduled for September 30, 2026, with cut-off date for e-voting on September 23, 2026
- Recommended final dividend of Re 1/- per equity share of face value Rs 10/-
- Return on Capital Employed (ROCE) stood at 35.60% vs 42.06% in FY25
- Outstanding Bank Guarantees as of March 31, 2026, amounted to Rs 75.61 crore (INR 7,560.90 Lakhs)
- Export sales for FY26 reported at Rs 32.48 crore (INR 3,247.79 Lakhs)
Effwa Infra & Research Limited has fixed September 22, 2026, as the record date to determine shareholder eligibility for its final dividend for FY 2025-26. The company's 13th Annual General Meeting is scheduled for September 30, 2026, via video conferencing. The register of members and share transfer books will remain closed from September 23 to September 30, 2026. The exact dividend amount per share was not disclosed in the immediate filing.
- Record date fixed as 22nd September, 2026 for FY26 final dividend
- 13th Annual General Meeting scheduled for 30th September, 2026 at 4.00 P.M.
- Book closure set from 23rd September, 2026 to 30th September, 2026 (both days inclusive)
- E-voting cut-off date announced as 23rd September, 2026
Effwa Infra & Research Limited has filed its quarterly investor grievance report for the period ending June 30, 2026, as required under SEBI (LODR) Regulations. The company reported zero complaints pending at the start of the quarter, zero complaints received during the period, and zero complaints outstanding at the end. This is a standard procedural disclosure indicating no formal disputes with shareholders during the quarter.
- 0 complaints pending at the beginning of the quarter on April 1, 2026
- 0 complaints received from investors during the three-month period
- 0 complaints remained unresolved as of June 30, 2026
- Report submitted in compliance with Regulation 13(3) of SEBI (LODR) Regulations, 2015
Effwa Infra & Research Limited has filed a non-applicability statement regarding the quarterly Corporate Governance report for the period ended June 30, 2026. The company cites Regulation 15(2)(b) of SEBI (LODR) Regulations, 2015, which exempts entities listed on SME Exchanges from these specific disclosures. Despite a net worth of Rs 123 Cr, the SME listing status allows for this reduced compliance burden. This is a routine procedural update and does not reflect any change in business operations.
- Exemption claimed under SEBI (LODR) Regulation 15(2)(b) for SME-listed entities.
- Filing pertains to the quarter ended June 30, 2026.
- Company maintains a significant order book exceeding Rs 450 Cr.
- Net worth of the company stands at Rs 123 Cr as per latest financial context.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 48.23% YoY to INR 90.21 Cr in H1 FY26, compared to INR 60.86 Cr in H1 FY25. Growth is primarily driven by execution of high-value industrial Zero Liquid Discharge (ZLD) and effluent recycling projects.
Geographic Revenue Split
Primarily domestic (India) with expanding international presence in Africa (Tanzania and Ivory Coast). Foreign exchange actual inflows for FY25 were INR 20.10 Cr.
Profitability Margins
PAT margins improved to 11.24% in H1 FY26, up 341 basis points from 7.83% in H1 FY25. FY24 PAT margin was 9.58% compared to 4.47% in FY23, reflecting a sharp upward trend due to execution of higher-margin projects.
EBITDA Margin
EBITDA margin stood at 17.1% in H1 FY26, marking a 510 basis point improvement YoY from 12.0% in H1 FY25. Core profitability is driven by value engineering and disciplined project planning.
Capital Expenditure
The company maintains an asset-light model with minimal machinery ownership. Recent equity infusion through IPO proceeds has strengthened the capital structure to support expanding operations and new office premises.
Credit Rating & Borrowing
CRISIL Ratings assigned a 'Stable' outlook. Interest coverage ratio was 8.77 times in H1 FY25 and 10.25 times in FY24. Adjusted Debt/Networth improved from 0.69 times in FY23 to 0.25 times in H1 FY25.
Operational Drivers
Raw Materials
Steel, pipes, pumps, membranes, and chemicals required for EPC of water treatment plants. Specific cost percentages for each material are not disclosed in available documents.
Capacity Expansion
The company has qualified for single-project eligibility of over INR 400 Cr, up from previous limits, allowing it to target larger industrial bids. It operates on an asset-light model rather than fixed manufacturing capacity.
Manufacturing Efficiency
Execution efficiency improved through value engineering, leading to a 111.30% YoY increase in EBITDA to INR 15.42 Cr in H1 FY26.
Strategic Growth
Expected Growth Rate
40%
Growth Strategy
Growth will be achieved through a 40% plus revenue CAGR guidance for the next two years, expansion into African markets (Tanzania, Ivory Coast), and targeting larger industrial ZLD bids. The company is also moving from Zero Liquid Discharge (ZLD) to Zero Material Discharge (ZMD) technology.
Products & Services
Turnkey solutions for effluent treatment and recycling, sewage treatment, Zero Liquid Discharge (ZLD) systems, solid waste management, and long-term Operations & Maintenance (O&M) services.
Brand Portfolio
Effwa
New Products/Services
Patent filing in progress for Zero Material Discharge (ZMD) technology, which is expected to advance industry practices beyond current ZLD standards.
Market Expansion
Expansion into Africa with secured export orders in Tanzania and Ivory Coast. Targeting single projects exceeding INR 400 Cr in value.
Strategic Alliances
Repeat client relationships with major entities including SAIL, AFCONS, Tata Steel, IOCL, Vedanta, and Hutni.
External Factors
Industry Trends
Rising demand for ZLD and effluent recycling driven by stricter pollution norms and ADB/World Bank funding for green infrastructure.
Competitive Landscape
Operates in a tender-based competitive environment against other environmental engineering firms for PSU and large industrial contracts.
Competitive Moat
Moat is built on the technical expertise of promoters (Ex-IITians), a strong safety record ('No Day Loss'), and the transition to advanced ZMD technology. Sustainable through high entry barriers for large-scale (INR 400 Cr+) environmental EPC projects.
Macro Economic Sensitivity
Highly sensitive to government and PSU capex in environmental infrastructure, which is projected to grow significantly by 2030.
Consumer Behavior
Industrial clients are shifting toward integrated water management and ZLD to meet ESG goals and regulatory requirements.
Geopolitical Risks
Expansion into Africa introduces regional regulatory and political risks, though projects are often supported by ADB and World Bank funding.
Regulatory & Governance
Industry Regulations
Operations are governed by environmental pollution norms and industrial discharge standards which mandate the use of ETP and ZLD systems.
Environmental Compliance
Core business is providing environmental compliance solutions; company is ISO 9001:2015 certified.
Risk Analysis
Key Uncertainties
Shortage of skilled manpower for O&M contracts and potential delays in tender-based project awards could impact revenue by up to 10-15% if execution cycles lengthen.
Geographic Concentration Risk
Significant revenue concentration in India, though international orders in Tanzania and Ivory Coast are diversifying the base.
Third Party Dependencies
High dependency on PSU and large corporate capital expenditure cycles for new order wins.
Technology Obsolescence Risk
Mitigated by active R&D and patent filing for ZMD technology to stay ahead of standard ZLD offerings.
Credit & Counterparty Risk
Exposure to large PSUs and established corporates (SAIL, Tata Steel) generally ensures high receivable quality, though working capital cycles remain long.
