---
title: "Effwa Infra & Research Ltd (EFFWA) — Share Price, Financials & Analysis"
symbol: "EFFWA"
company: "Effwa Infra & Research Ltd"
canonical: "https://tapetide.com/stocks/EFFWA"
isin: "INE0U9101019"
nse_symbol: "EFFWA"
sector: "Utilities"
industry: "Waste Management"
market_cap_cr: 854.13
generated_at: "2026-09-13T20:14:50.274Z"
---

# Effwa Infra & Research Ltd (EFFWA)

Canonical page: https://tapetide.com/stocks/EFFWA

## Company

- **NSE Symbol:** EFFWA
- **ISIN:** INE0U9101019
- **Sector:** Utilities
- **Industry:** Waste Management
- **Macro Sector:** Utilities
- **Stock Type:** EQUITY
- **Listed Since:** 2024-07-12
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** effwa.co.in

## About

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]

## Latest Price

- **Price:** ₹374.95
- **Change:** +3.3 (+0.89%)
- **Open:** ₹369
- **Day High:** ₹378.95
- **Day Low:** ₹369
- **Previous Close:** ₹371.65
- **Volume:** 20000
- **As Of:** 2026-09-11T10:01:43+00:00

## Key Fundamentals

Observed at 2026-09-11T04:36:16.828670Z.

- **Market Cap:** ₹854.13 Cr
- **Classification:** SME
- **P/E (reported):** 30.1
- **Book Value:** ₹53.35
- **Price to Book:** 6.97
- **Dividend Yield:** 0.27%
- **ROE:** 21.2%
- **ROCE:** 30.41%
- **Debt to Equity:** 0.31
- **Revenue (yearly):** ₹253.29 Cr
- **Net Income:** ₹28.61 Cr
- **EBITDA:** ₹42.1 Cr
- **52-Week High:** ₹399.95
- **52-Week Low:** ₹165
- **RSI (14):** 57.73

## Tapetide Score

- **Score:** 55 / 100
- **Score date:** 2026-09-04
- **Archetype:** Priced for Perfection
- **What it means:** The business scores well but the multiple leaves little room for error. The debate here is about the price, not the company; small disappointments tend to cost more at rich valuations.
- **Pillar profile:** Quality: Good · Valuation: Expensive · Momentum: Rising
- **Percentile:** 70.1 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 77.49 | 9% |
| growth | 76.42 | 9% |
| momentum | 98.85 | 12% |
| ownership | 24.67 | 24% |
| quality | 87.38 | 22% |
| valuation | 41.26 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 66.4% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 30.5%

### Weaknesses

- Stock is trading at 7.03 times its book value
- Company has high debtors of 185 days.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -710.16% | -568.95% | — |
| ebitda margin growth | 2.47% | 18.21% | 149.18% |
| net income growth | 42.34% | 77% | 66% |
| revenue growth | 36.84% | 30% | 36% |
| roce | -42.29% | -9.92% | 35.71% |
| roe | -43.22% | 26.77% | 32.75% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 33 | 112 | 61 | 124 | 90 | 163 |
| Expenses | 30 | 95 | 54 | 102 | 75 | 136 |
| Operating Profit | 3 | 17 | 7 | 23 | 15 | 27 |
| OPM % | 9 | 16 | 12 | 18 | 17 | 16 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 1 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 17 | 6 | 21 | 14 | 25 |
| Tax % | 25 | 25 | 25 | 26 | 25 | 25 |
| Net Profit | 1 | 13 | 5 | 15 | 10 | 18 |
| EPS in Rs | 58.04 | 7.04 | 2.06 | 6.63 | 4.38 | 7.98 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 96.3 | 189.6 | 220.55 | 7.8 | 8.69 | 12.36 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 8 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 29 |
| CFO/OP | 18 | 70 | -36 | 34 | -80 | 93 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 186 | 109 | 164 | 168 | 232 | 185 |
| Cash Conversion Cycle | 186 | 109 | 164 | 168 | 232 | 185 |
| Working Capital Days | 85 | 44 | 63 | 81 | 141 | 106 |
| ROCE % | — | 27 | 26 | 44 | 34 | 29 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 72.99% | 72.99% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% |
| FIIs | 2.2% | 0% | 0% | 0% | 0% | 0.13% | 0.13% | 0.01% |
| DIIs | 0.03% | 0.04% | 0.06% | 0.06% | 0.06% | 4.04% | 4.22% | 3.51% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 17.34% | 17.16% | 16.49% | 16.53% | 15.67% | 16.37% | 15.73% | 15.92% |
| Others | 7.45% | 9.81% | 10.42% | 10.39% | 11.24% | 6.42% | 6.89% | 7.53% |
| No. of Shareholders | 1626 | 2285 | 2596 | 2518 | 2420 | 2462 | 2367 | 2202 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 4 / 3

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 358.6 | Buy |
| EMA (10) | 361.06 | Buy |
| SMA (20) | 346.4 | Buy |
| EMA (20) | 355.85 | Buy |
| SMA (50) | 361.21 | Buy |
| EMA (50) | 350.27 | Buy |
| SMA (100) | 328.1 | Buy |
| EMA (100) | 327.57 | Buy |
| SMA (200) | 272.4 | Buy |
| EMA (200) | 293.01 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 59.1 | Neutral |
| MACD (12,26,9) | 3.84 | Buy |
| Stochastic (14,3,3) | 91.88 | Sell |
| ADX (14) | 21.11 | Neutral |
| Williams %R (14) | -5.75 | Sell |
| ATR (14) | 16.64 | High Volatility |
| ROC (12) | 13.28 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 55.1 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Sep - Notice of 13th AGM on September 30, 2026; proposes Re.1 final dividend and director remuneration approvals. | [Shareholders meeting 8 Sep - Notice of 13th AGM on September 30, 2026; proposes Re.1 final dividend and director remuneration approvals.](https://nsearchives.nseindia.com/corporate/EFFWA_08092026212251_Covering_Letter_with_Annual_Report_final.pdf) |
| 8 Sep - 13th AGM on 30 Sep 2026; book closure 23–30 Sep; record date 22 Sep for final dividend. | [Record Date 8 Sep - 13th AGM on 30 Sep 2026; book closure 23–30 Sep; record date 22 Sep for final dividend.](https://nsearchives.nseindia.com/corporate/EFFWA_08092026201221_Initimation_for_Record_Date.pdf) |
| 8 May 2026 - Earnings conference call on 13 May 2026 for H2 and FY26 audited results. | [Analysts/Institutional Investor Meet/Con. Call Updates 8 May 2026 - Earnings conference call on 13 May 2026 for H2 and FY26 audited results.](https://nsearchives.nseindia.com/corporate/EFFWA_08052026172615_Intimation_to_NSE_earnings_call_Mar-26_signed.pdf) |
| 8 June 2026 - Effwa Infra will virtually meet analysts and investors on 18 June 2026. | [Analysts/Institutional Investor Meet/Con. Call Updates 8 June 2026 - Effwa Infra will virtually meet analysts and investors on 18 June 2026.](https://nsearchives.nseindia.com/corporate/EFFWA_08062026145306_Effwa_Infra_and_Research_Limited_Analyst_Meet_18th_Jun_26_signed.pdf) |
| 5 June 2026 - Effwa Infra & Research Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and … | [Disclosure under SEBI Takeover Regulations 5 June 2026 - Effwa Infra & Research Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and …](https://nsearchives.nseindia.com/corporate/team_sandeshc_22052026130945_24.pdf) |
| 4 June 2026 - Effwa Infra will hold a virtual analyst and investor meet on 9 June 2026. | [Analysts/Institutional Investor Meet/Con. Call Updates 4 June 2026 - Effwa Infra will hold a virtual analyst and investor meet on 9 June 2026.](https://nsearchives.nseindia.com/corporate/EFFWA_04062026162441_Effwa_Infra_and_Research_Limited__Analyst_Meet.pdf) |
| 3 June 2026 - Effwa Infra won ₹57.94 crore NMDC Steel ZLD project, to execute in 11 months. | [Bagging/Receiving of orders/contracts 3 June 2026 - Effwa Infra won ₹57.94 crore NMDC Steel ZLD project, to execute in 11 months.](https://nsearchives.nseindia.com/corporate/EFFWA_03062026175226_Order_Win_Press_Release_NMDC.pdf) |
| 3 Jul - Effwa Infra won ₹44.30 crore ZLD project from JSW JFE Electrical Steel, with 12-15 month execution and 3-year O&M. | [Bagging/Receiving of orders/contracts 3 Jul - Effwa Infra won ₹44.30 crore ZLD project from JSW JFE Electrical Steel, with 12-15 month execution and 3-year O&M.](https://nsearchives.nseindia.com/corporate/EFFWA_03072026120320_Order_Win_Press_Release_JSW.pdf) |
| 28 Jul - Quarter ended June 30, 2026 investor grievances report shows NIL complaints. | [Integrated Filing- Governance 28 Jul - Quarter ended June 30, 2026 investor grievances report shows NIL complaints.](https://nsearchives.nseindia.com/corporate/EFFWA_28072026181018_Disclosure_under_regulation_13_3__signed.pdf) |
| 28 Jul - Corporate governance report not applicable for quarter ended June 30, 2026 under SME exemption. | [Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter 28 Jul - Corporate governance report not applicable for quarter ended June 30, 2026 under SME exemption.](https://nsearchives.nseindia.com/corporate/EFFWA_28072026180436_Disclosure_under_regulation_27_singed.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31950_EFFWA_2025_2026_A_2410910_08092026202310.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_28678_EFFWA_2024_2025_A_2838371_05092025202258.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Oct 2024 | [Concall - Oct 2024](https://nsearchives.nseindia.com/corporate/EFFWA_25102024014153_EffwaInfraInvestorPresentation.pdf) |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/EFFWA_19112025194046_Earningsconcallmerged.pdf) |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/EFFWA_14052025193303_Effwa_InfraEarningsTranscript09May2025FinalSIGNED.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:14:50.274Z.