Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 10 Sep - AGM on September 30, 2026; annual report sent on September 8, 2026, e-voting enabled.
Source: Nse
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.
₹362.05
+6.05 · +1.70%
Market cap ₹821 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:45 am ISTDetails
Quote21 Oct, 09:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result13 May, 04:17 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
87Strong Bullfull bull SMA stack · SMA20 +1.5% / mo · MACD + · sector +17.6pp vs Nifty 500 (3M)
Stock trend: 78
Sector RS: 100
Sector 3M: +13.2% vs Nifty 500 -4.3%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EFFWAD candles · FIT view+54.8%TODAY · PROVISIONALLatest price ₹362.05 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+0.8%
RSI
55
MACD hist
0.98
52W pos
84%
2026-10-21O ₹359.00H ₹365.00L ₹359.00C ₹362.05Vol 4,800 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EFFWANifty ITNifty 500
- EFFWA
- -2.9%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -11.0%
- 52W range position
- 81%
- ATR (14)
- 3.9%
- Volume vs 20D
- 0.21x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹330 - ₹375
₹400
₹165 - ₹400
₹14.1
Latest completed session
20-session average
34.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +45.5% · PAT +38.5% YoY
Technical
Strong Bull87
Price trend and sector-relative-strength timing.
Valuation
Legacy model+8.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 62/100Rev +46% YoY · PAT +38% YoY · +81% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹163 Cr | +45.5% | +81.1% |
| EBITDA | ₹27 Cr | NDF | +80.0% |
| Operating margin | 16.0% | NDF | -100 bps |
| PAT | ₹18 Cr | +38.5% | +80.0% |
| PAT margin | 11.0% | NDF | -7 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.70
- P/B
- 6.63
- EV/EBITDA
- 20.45
- Market Cap
- 821.00Cr
Profitability
- ROE
- 26.20%
- ROCE
- 29.30%
- ROA
- 14.65%
- Dividend Y
- 0.28%
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
- 1.10%
- FCF Positive Y
- 3/5
- OCF
- 29.00 Cr
- EPS TTM
- 12.36
Shareholding
- Promoter Hold
- 73.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 163+81.1% vs prev
Net Profit
₹ CrLatest: 18.0+80.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 55.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 9% off 52W high · 119% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 2 UptrendEstablished S2
1M return
-1.7%
3M return
-2.9%
6M return
+54.8%
1Y return
+71.1%
RS 1D
0
RS 20D
0
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 13.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.9%.
50-DMA
price above
200-DMA
price above
S2 entered
18 May 2026
S2 age
109 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 167.78+1.54%
RS vs Nifty 500168
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation2/30
Growth25/25
Quality14/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 25/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Valuation is weaker at 2/30; 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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
28.7
PB
6.6
EV/EBITDA
20.4
ROE
26.2%
ROCE
29.3%
FCF Yield
1.1%
Debt/Equity
0.3
MoS
+8.8%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 62 (-2)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+8.8%
Previous: +10.3%
Score history
12 stored score snapshots. Latest stored move: +2 points.
21 Oct 2026
v4.3-runtime-valuation
60
60
62
62
60
60
60
60
60
60
60
62
Factor attribution
Valuation
2-2
was 4
Modelled fair value
Graham Number
₹121.86
-197.1% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹396.76
+8.8% MoS
PEG
0.41
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TAC
SME
TAC Infosec Ltd.
IT Services / Digital
match 132
57
28.5
34.3%
-6%
FAIR VALUE
VINSYS
SME
Vinsys IT Services India Ltd.
IT Services / Digital
match 130
46
28.5
20.3%
+8%
FAIR VALUE
SAHANA
SME
Sahana System Ltd.
IT Services / Digital
match 130
65
13.9
31.7%
+53%
UNDERVALUED
NAMOEWASTE
SME
Namo eWaste Management Ltd.
IT Services / Digital
match 130
41
54.1
14.9%
-68%
WATCHLIST
ZTECH
SME
Z-Tech (India) Ltd.
IT Services / Digital
match 129
44
34.7
20.9%
+3%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-02T07:46:51.837Z
Management commentary snapshot
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.
Current business mix
FY26 Service-wise Revenue Contribution
Latest issuer-disclosed distribution across 3 reported categories.
Effluent Treatment Plant with recycling92.4%
Effluent Treatment Plant with Zero Liquid Discharge4.6%
Operation & Maintenance3.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · IT: 76th pctile, median 69 · SME: 96th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Effwa Infra & Research Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
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Annual reportMar 2026
Mar 2026 · Annual Report 2026
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Investor presentationNov 2025
Nov 2025 · PPT
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Concall transcriptNov 2025
Nov 2025 · Transcript
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Concall transcriptMay 2025
May 2025 · Transcript
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Investor presentationMay 2025
May 2025 · PPT
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Annual reportMar 2025
Mar 2025 · Annual Report 2025
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Investor presentationOct 2024
Oct 2024 · PPT
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.