Effwa Infra & Research Ltd. (EFFWA)
SME CapIT stocks · SME cap · NSE
Effwa Infra & Research Ltd. (EFFWA) is an engineering powerhouse providing environmental solutions, specializing in EPC and integrated project management for water, industrial effluent treatment, and zero liquid discharge (ZLD) systems. Established in 2011, it holds ISO certifications and executes large-scale projects globally.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +46% YoY · PAT +38% YoY · +81% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹163 Cr | +45.5% | +81.1% |
| EBITDA | ₹27 Cr | +17.4% | +80.0% |
| Operating margin | 16.0% | -200 bps | -100 bps |
| PAT | ₹18 Cr | +38.5% | +80.0% |
| PAT margin | 11.0% | -106 bps | -7 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
EFFWA reports robust FY26 performance with revenue up 36.6% YoY to ₹25,284.7 lakhs, driven by project execution and ZLD systems. EBITDA grew 38.8% YoY to ₹4,165.8 lakhs, and PAT increased 42.3% YoY to ₹2,861.8 lakhs, reflecting improved operational efficiencies.
The company delivered strong FY26 results with significant revenue and profit growth, driven by project execution and ZLD. A healthy order book and strategic focus on O&M, ZMD patent, and new segments like high-purity water for data centers support continued growth. Operational efficiency improvements are also noted.
FY26 Service-wise Revenue Contribution
Latest issuer-disclosed distribution across 3 reported categories.
Zero Liquid Discharge (ZLD) Systems
Increasing contribution from high-value Zero Liquid Discharge (ZLD) systems.
International Expansion
Expanding presence in Africa & East Asian countries through collaboration with leading infrastructure companies.
O&M Segment
Strengthening O&M segment with a focused approach toward building stable and recurring revenue streams.
High-Purity Water for Data Centers
Planning to foray into the high-purity water treatment segment for data centre applications.
New Office Premises
Acquired new office premises measuring approximately 10,000 sq. ft. to strengthen operational capabilities.
Large-Scale ZLD Project
50 MLD Zero Liquid Discharge (ZLD) project - among the largest ZLD facilities in Bharat - progressing ahead of schedule.
Global Focus on Water Reuse
Rising global focus on water reuse, zero liquid discharge (ZLD) and sustainable industrial operations is accelerating long-term market growth.
Regulatory Push for ZLD
CPCB mandates ZLD for polluting clusters: Textile hubs in Tamil Nadu, Gujarat; Steel and power plants in Odisha, Chhattisgarh.
Government Initiatives
National Action Plan for Climate Change Water Mission and mandatory 'ZLD' norms in critical sectors (CPCB, MoEFCC guidelines).
Global Funding Tailwinds
ADB & World Bank funding new green infrastructure, creating export potential.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The CMD commentary explicitly highlights year-on-year growth for FY26 revenue, EBITDA, and PAT. The full year figures are the primary focus for annual performance assessment.
Order Book
Present Orders in hand 750+ Crore; Projects under Pipeline of 2,600+ Crore.
Revenue from Operations (FY26)
₹25,284.7 lakhs, representing a robust year-on-year growth of 36.6%.
EBITDA (FY26)
₹4,165.8 lakhs, growing by 38.8% YoY.
PAT (FY26)
₹2,861.8 lakhs, increased by 42.3% YoY.
Project Completion
The SAIL (RSP) project is expected to be completed during the current financial year.
ERP Implementation
Focused on implementing ERP systems and operational excellence initiatives to strengthen monitoring capabilities.
ZMD Patent Advancement
Advancing patent application for Zero Material Discharge (ZMD), anticipated completion during the current financial year.
Asset-Light Operating Model
Focused on pursuing a capital-efficient, asset-light operating model that enables scalable growth, faster execution, and improved return ratios.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Present Orders in hand 750+ Crore; Projects under Pipeline of 2,600+ Crore. | Conversion of pipeline projects into firm orders and sustained growth in the order book. |
| O&M Revenue Contribution | Expected to improve proportionately with increasing scale and size of projects. | Growth in O&M revenue as a percentage of total revenue, indicating stable recurring streams. |
| ZMD Patent Status | Anticipates completion of the patent-related process during the current financial year. | Successful grant of the Zero Material Discharge (ZMD) patent and its commercial implications. |
| Data Center Segment Foray | Planning to foray into the high-purity water treatment segment for data centre applications. | First project wins or significant enquiry traction in the data center segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 -7.7% / mo · MACD +
Technical chart
EFFWAdaily · 1Y · AUTO+80.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.4% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 118% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 13.9%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 76th percentile within IT. Main check: results consistency is weak at 55/100.
High Trust Lite: Promoter holding is 73%. Key concern: ROCE trend is -6.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 76th pctile, median 69 · SME: 96th pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸ROCE is 29.3%.
Trust risks
- ▸ROCE trend is -6.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 29.10
- P/B
- 6.74
- EV/EBITDA
- 20.74
- Market Cap
- 833.00Cr
Profitability
- ROE
- 26.20%
- ROCE
- 29.30%
- ROA
- 14.65%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 66.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 77.00%
Balance Sheet
- Debt/Equity
- 0.31
- Interest Coverage
- 10.50×
- Altman Z
- 8.91
- Book Value
- 53.40
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 3/5
- OCF
- 29.00 Cr
- EPS TTM
- 12.36
Shareholding
- Promoter Hold
- 73.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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