Effwa Infra & Research Ltd.

•

effwa.co.inBSE: -NSE: EFFWA

Market Cap₹ 833 Cr.

Current Price

High / Low₹ 400 / 165

Stock P/E29.1

Book Value₹ 41

Price to Book4.06

Dividend Yield0.28 %

ROCE35.4 %

ROE30.4 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 35.6%
Company has a good return on equity (ROE) track record: 3 Years ROE 33.5%
Operating margins have improved to 16.1% from 6.8%
Company comfortably covers its interest (8.0x coverage)
Attractively priced for its growth - PEG of 0.5
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.80x)
Equity base is being diluted - shares outstanding up 895.3%
Total debt has risen sharply - up 111.2% year on year
Working capital days have increased from 95 to 192 days

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
12.	EFFWA	360.00	29.12	833.30	0.28	—	—	—	—	35.41	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	55	104	115	145	185
	50	98	106	125	155
Operating Profit	4	7	9	20	30
OPM %	7.81%	6.57%	7.64%	14.06%	16.13%
	0	0	0	0	2
Interest	1	1	2	2	4
Depreciation	0	0	0	0	0
Profit before Tax	3	6	7	19	27
Tax %	26.70%	24.01%	26.93%	25.17%	26.20%
Net Profit	2	5	5	14	20
EPS	1.25	2.58	2.88	7.80	8.69
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 21%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 64%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 36%

RETURN ON EQUITY

10 Years:: —
5 Years:: 29%
3 Years:: 34%
Last Year:: 30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	18	23
	12	16	21	19	72
	8	9	14	14	30
Trade Payables	7	15	20	24	16
	4	3	7	4	9
Total Liabilities	33	46	65	80	150
	0	0	0	1	1
	2	3	4	0	0
	0	3	3	2	2
	0	0	0	67	118
Cash & Bank	0	3	0	5	26
	31	37	57	5	4
Total Assets	33	46	65	80	150

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1	5	-3	4	-31
Cash from Investing	-2	-4	-2	-0	-0
Cash from Financing	-0	1	4	-4	39
	-2	1	-3	-0	8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	96.21	197.79	220.60	7.80	8.69
Book Value (₹)	602.28	792.39	1012.99	20.88	40.99
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.35	2.64	2.94	7.90	8.79
PROFITABILITY
Operating Margin %	8.03%	6.81%	7.91%	14.06%	16.13%
Net Margin %	4.10%	4.41%	4.46%	9.58%	10.86%
ROE %	15.97%	28.36%	24.44%	45.74%	30.45%
ROCE %	18.50%	27.15%	26.25%	45.17%	35.41%
	6.76%	11.57%	9.24%	19.25%	17.53%
EFFICIENCY
Debtor Days	186	103	131	149	182
Inventory Days	1	6	10	6	4
Payable Days	63	48	70	75	55
	124	61	71	80	130
FINANCIAL HEALTH
Debt to Equity (x)	0.63x	0.56x	0.69x	0.38x	0.31x
Interest Coverage (x)	3.63x	7.49x	4.57x	10.33x	8.01x
	1.72x	1.59x	1.52x	1.91x	2.88x
GROWTH
Revenue Growth %	0.00%	91.24%	10.28%	26.12%	27.53%
Operating Profit Growth %	0.00%	62.05%	28.22%	127.90%	51.08%
Net Profit Growth %	0.00%	105.57%	11.53%	171.02%	44.65%
	0.00%	0.00%	0.00%	-96.46%	11.42%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	19.14x
P/B (x)	0.00x	0.00x	0.00x	0.00x	4.06x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	1.28x	12.39x

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.99	72.99	73.03	73.03	73.03	73.03	73.03	73.03
	2.20	0.27	0.21	0.20	0.19	0.14	0.14	0.02
	1.21	3.58	3.50	3.94	3.96	4.04	4.22	3.51
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.61	23.16	23.26	22.83	22.82	22.79	22.62	23.45

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for EFFWA

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