Effwa Infra & Research Q4 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹784 Cr
- P/E
- 27.40
- ROE
- 26.21%
- PEG
- 0.35
- Price to sales
- 3.10
- Debt to equity
- 0.31
- 52W high / low
- ₹398 / ₹167
- Sales growth (5Y)
- 35.94%
- EBITDA margin
- 16.62%
- Net profit margin
- 11.30%
- Promoter holding
- 73.03%
- Sales (last year)
- ₹253 Cr
Incorporated in 2014, Effwa Infra & Research Ltd is in the business of engineering, consultancy, procurement, construction, and integrated project management services in Environmental Pollution Control across industries[1]
Guidance scorecard · Q4 FY26 call
What Effwa Infra & Research Ltd's management guided
and where it ranks in Other Utilities
RevenueQ4 FY26 call
40%+- Effwa Infra & Research Limited targets a growth rate of 35% to 40% in sales/revenue over the next three to four years.
- The current capacity and asset-light business model are expected to support this growth without requiring significant capital expenditure.
- Order book stands at around INR 750 crores, with an expected increase to over INR 1,000 crores in the coming months, indicating strong revenue visibility.
- Company bids for large, high-value projects (INR 300-600 crores), which if secured, may require additional funding.
- Recurring revenue from operation & maintenance (O&M) is anticipated to grow modestly alongside project completions.
2 more points from Effwa Infra & Research Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Effwa Infra & Research Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
None planned- No significant capex is planned for the next two to three years as the current capabilities are sufficient to support a growth of 35-40% during this period.
- The company follows an asset-light approach, with minimal tangible assets on the balance sheet except for the recently purchased office space.
- The new office (10,000+ sq ft in Thane) is a capital work in progress valued around INR 19 crores, with possession expected by December 2027; this reflects a strategic investment in infrastructure to support workforce expansion.
- If the company secures very large projects (INR 500-600 crores), additional funding may be considered to support execution.
2 more points from Effwa Infra & Research Ltd's call on capex
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FundraisingQ4 FY26 call
None plannedSee what Effwa Infra & Research Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Flat- As of end FY26, order book stands at around INR 750 crores.
- Additional orders worth approximately INR 250 crores are expected to be confirmed in the next 1-2 months.
- This will bring the total anticipated order book to over INR 1,000 crores.
- The company has bid for orders totaling over INR 2,600 crores, which are at various pipeline stages.
2 more points from Effwa Infra & Research Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Other Utilities
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Other Utilities companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹1,488 Cr | 10.8 | |
| 2 | 40%+ | Flat | ₹807 Cr | 56.3 | |
| 3 | 40%+ | Flat | ₹690 Cr | 18.7 | |
| 4 | 40%+ | Flat | ₹334 Cr | 19.6 | |
| 5 | 40%+ | Flat | ₹94 Cr | 7.3 | |
| 6 | 20–40% | Flat | ₹3,521 Cr | 12.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Other Utilities rankingFinancials of Effwa Infra & Research Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Effwa Infra & Research Ltd
Shareholding breakup across reporting periods.
| Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 72.99% | 72.99% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% |
| FIIs + | 2.20% | 0.27% | 0.21% | 0.19% | 0.19% | 0.13% | 0.13% | 0.01% | 0.01% |
| DIIs + | 1.48% | 3.58% | 3.50% | 3.94% | 3.96% | 4.04% | 4.22% | 3.51% | 3.23% |
| Public + | 23.34% | 23.16% | 23.26% | 22.83% | 22.82% | 22.79% | 22.62% | 23.45% | 23.73% |
| No. of Shareholders | 1,626 | 2,285 | 2,596 | 2,518 | 2,420 | 2,462 | 2,367 | 2,202 | 2,115 |
Financials of Effwa Infra & Research Ltd
Quarterly Results
Quarter-by-quarter operating performance
Financials of Effwa Infra & Research Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 55 | 104 | 115 | 145 | 185 | 253 |
| Expenses + | 50 | 98 | 106 | 125 | 155 | 211 |
| Operating Profit | 4 | 7 | 9 | 20 | 30 | 42 |
| OPM % | 8% | 6% | 8% | 14% | 16% | 17% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 2 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 3 | 6 | 7 | 19 | 27 | 38 |
| Tax % | 27% | 26% | 27% | 25% | 26% | 25% |
| Net Profit + | 2 | 4 | 5 | 14 | 20 | 29 |
| EPS in Rs | 1.27 | 2.51 | 2.91 | 7.80 | 8.69 | 12.36 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 8% |
Financials of Effwa Infra & Research Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 18 | 23 | 23 |
| Reserves | 12 | 16 | 21 | 19 | 72 | 100 |
| Borrowings + | 9 | 10 | 16 | 14 | 30 | 38 |
| Other Liabilities + | 10 | 18 | 25 | 29 | 25 | 37 |
| Total Liabilities | 33 | 46 | 65 | 80 | 150 | 198 |
| Fixed Assets + | 0 | 0 | 0 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 20 |
| Investments | 2 | 3 | 4 | 0 | 0 | 0 |
| Other Assets + | 31 | 44 | 60 | 79 | 149 | 178 |
| Total Assets | 33 | 46 | 65 | 80 | 150 | 198 |
Financials of Effwa Infra & Research Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 1 | 4 | -5 | 5 | -31 | 29 |
| Cash from Investing Activity + | -2 | -1 | -2 | -1 | -0 | -20 |
| Cash from Financing Activity + | -0 | 1 | 4 | -4 | 39 | 5 |
| Net Cash Flow | -2 | 3 | -3 | 0 | 8 | 14 |
| Free Cash Flow | 0 | 3 | -5 | 5 | -31 | 9 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 18% | 70% | -36% | 34% | -80% | 93% |
Financials of Effwa Infra & Research Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 186 | 109 | 164 | 168 | 232 | 185 |
| Inventory Days | 5 | 1 | ||||
| Days Payable | 45 | 52 | ||||
| Cash Conversion Cycle | 186 | 109 | 164 | 168 | 192 | 134 |
| Working Capital Days | 85 | 44 | 63 | 81 | 141 | 106 |
| ROCE % | 27% | 26% | 44% | 34% | 29% |
Guidance history
How Effwa Infra & Research Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 40%+ | Flat | None planned | None planned | Flat |
| Q2 FY26 call → | 40%+ | Up 0–2% | Planned | — | Rising |
| Q4 FY25 call → | 40%+ | Up 2%+ | — | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
79 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +61.2% | 88% |
| Last 6 months | +38.4% | 86% |
| Last 3 months | −8.8% | 48% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Effwa Infra & Research Ltd: 0.4 × 88 + 0.4 × 86 + 0.2 × 48 = 79.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Effwa Infra & Research Ltd's management said in earlier quarters
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