EFFWA
Effwa Infra financials
- Market cap
- ₹868 Cr
- Sector
- Utilities
- Calls analysed
- 3
Effwa Infra Q4 FY26
What went well
- FY26 Revenue from operations of INR 253.3 crores, up 36.8% YoY.
- FY26 EBITDA of INR 42.1 crores, up 40.3% YoY, with a 16.6% margin.
- FY26 PAT of INR 28.6 crores, up 42.3%, with an 11.3% margin.
What to watch
- Order book remained at INR 750 crores at FY26 end, despite previous expectations of reaching INR 1000 crores, due to delays in receiving written intimation for declared orders.
- Some dispatches in H2 FY26 were delayed due to the war situation and labor supply issues, impacting execution velocity.
What Effwa Infra does
Effwa Infra & Research is an engineering, procurement and construction (EPC) company that designs, builds and commissions effluent treatment, recycling and Zero Liquid Discharge (ZLD) plants for industrial and municipal clients. It serves sectors such as steel, textiles, petrochemicals, pharmaceuticals, sugar/distilleries and municipal utilities across India, with export projects in Tanzania and Ivory Coast. Beyond plant construction, it also earns from Operation & Maintenance (O&M) contracts on commissioned facilities.
Segments
- Effluent Treatment Plant with Recycling
- Effluent Treatment Plant with Zero Liquid Discharge (ZLD)
- Sewage / Waste Water Treatment Plant
- Operation & Maintenance (O&M)
- Largest single-project capacity executed
- 135 MLD (ZLD project; scaled up from 3 MLD pre-2016)
- Largest ZLD project under execution
- 50 MLD (among the largest ZLD facilities in India)
- Quality/EHS certifications
- ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
- Industry sectors served
- 10 (textiles, tanneries, pulp & paper, municipal services, sugar & distilleries, power/steel/mining, petrochemicals/oil & gas, dairy & food processing, pharmaceuticals, chemicals & fertilizers)
- International project footprint
- Active projects in Tanzania & Ivory Coast; clientele in Bangladesh & Nigeria
- Flagship completed project capacities
- IOCL Haldia ETP 20.3 MLD; CETP (GIDC) 28 MLD; Tanzania potable water plant 22 MLD
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 2 delivered 5 missed 7 open- EBITDA Margin delivered, diluted said Q4 FY25 Promised: Additional 2-3% expansion from 16.22% (Target: 18.22% - 19.22%) Q4 FY26: Reported full year FY26 EBITDA margin of 16.6%, falling within the revised guidance of 16% to 17%.
- Operating Revenue Growth missed said Q4 FY25 Promised: >50% YoY growth for the next couple of years Q4 FY26: Achieved 36.8% YoY growth for FY26, missing the revised guidance of 'around, on an average, 40% plus'.
- New Technology Launch delayed said Q4 FY25 Promised: Launch Zero Material Discharge (ZMD) by FY27 Q4 FY26: Management pushed the expected commercial launch timeline to July 2027, which is in FY28 and beyond the original 'by FY27' target.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 45.5%, net profit up 38.5% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 33 | 112 | 61 | 124 | 90 +173% | 163 +46% |
| EBITDA | 3 | 17 | 7 | 23 | 15 +400% | 27 +59% |
| Net profit | 1 | 13 | 5 | 15 | 10 +900% | 18 +38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +71.0% 1Y
1Y: ₹219.3 on 10 Sept 2025 → ₹374.95. High ₹397.65 (3 Jul 2026), low ₹166.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +3.9%
- 13 May
- Q2 FY26
- +5.8%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹18 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹12 Cr | ₹16 Cr | ₹21 Cr | ₹19 Cr | ₹82 Cr | ₹100 Cr |
| Borrowings | ₹9 Cr | ₹10 Cr | ₹16 Cr | ₹14 Cr | ₹14 Cr | ₹38 Cr |
| Other liabilities | ₹10 Cr | ₹18 Cr | ₹25 Cr | ₹29 Cr | ₹21 Cr | ₹37 Cr |
| Total liabilities | ₹33 Cr | ₹46 Cr | ₹65 Cr | ₹80 Cr | ₹140 Cr | ₹198 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹20 Cr |
| Investments | ₹2 Cr | ₹3 Cr | ₹4 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹31 Cr | ₹44 Cr | ₹60 Cr | ₹79 Cr | ₹138 Cr | ₹178 Cr |
| Total assets | ₹33 Cr | ₹46 Cr | ₹65 Cr | ₹80 Cr | ₹140 Cr | ₹198 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.62 pp while DIIs trimmed −0.43 pp. The shareholder count shrank 13% to 2,202.
- Promoters
- 73.0%
- FIIs
- 0.0%
- DIIs
- 3.5%
- Public
- 23.4%
Since Jun 2025
- Public +0.62 pp
- DIIs −0.43 pp
- FIIs −0.18 pp
How it drifted, 8 quarters
Over this window FIIs fell from 2.2% to 0.0% — −2.2 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 73.0%, FIIs 2.2%, DIIs 1.5%, Public 23.3%.Dec '24: Promoters 73.0%, FIIs 0.3%, DIIs 3.6%, Public 23.2%.Mar '25: Promoters 73.0%, FIIs 0.2%, DIIs 3.5%, Public 23.3%.Jun '25: Promoters 73.0%, FIIs 0.2%, DIIs 3.9%, Public 22.8%.Sep '25: Promoters 73.0%, FIIs 0.2%, DIIs 4.0%, Public 22.8%.Dec '25: Promoters 73.0%, FIIs 0.1%, DIIs 4.0%, Public 22.8%.Mar '26: Promoters 73.0%, FIIs 0.1%, DIIs 4.2%, Public 22.6%.Jun '26: Promoters 73.0%, FIIs 0.0%, DIIs 3.5%, Public 23.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nandana Ajay Kasotia +0.71 pp 2.01% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Effwa Infra above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Varsha Subhash Kamal | 37.32% | unchanged |
| Subhash Ramavtar Kamal | 35.71% | unchanged |
| India Equity Fund 1 AIF | 3.07% | −0.20 pp |
| Nandana Ajay Kasotia | 2.01% | +0.71 pp |
| Bengal Finance And Investment Pvt Ltd | 1.06% | unchanged |
| Vijay Vasant Dange | 0.00% | unchanged |
| Kamal Subhash Huf | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Effwa Infra
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