Effwa Infra & Research Ltd.
•₹ 343.1-2.03%
2026-08-21
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 0.3
- 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | LT | 4030.10 | 33.42 | 554487.79 | 0.94 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| 2. | RVNL | 223.10 | 51.71 | 46516.80 | 0.32 | 1595.20 | 1087.26 | 43212.30 | 1005.52 | 10.81 | 4.41 |
| 3. | KPIL | 1377.05 | 20.69 | 23516.23 | 0.80 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| 4. | IRB | 18.97 | 24.01 | 22911.97 | 0.69 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 24.76 | 53.93 |
| 5. | CEMPRO | 1263.50 | 36.08 | 21705.36 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| 6. | ENGINERSIN | 236.95 | 16.98 | 13317.59 | 2.11 | 157.94 | 141.49 | 819.84 | -5.80 | 25.84 | 20.61 |
| 7. | TECHNOE | 997.70 | 26.92 | 11603.21 | 0.70 | 93.33 | -31.44 | 630.34 | 19.84 | 16.54 | 15.79 |
| 8. | IRCON | 122.60 | 22.02 | 11530.72 | 1.55 | 92.03 | -43.92 | 1955.83 | 9.49 | 12.69 | 9.81 |
| 9. | KEC | 423.05 | 20.34 | 11261.59 | 1.30 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| 10. | AFCONS | 277.95 | 70.65 | 10222.57 | 0.72 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| 11. | WAAREERTL | 880.80 | 18.09 | 9193.72 | 0.00 | 118.98 | 37.72 | 924.25 | 53.23 | 81.92 | 18.77 |
| 12. | EFFWA | 350.00 | 0.00 | 810.15 | 0.29 | — | — | — | — | 35.41 | — |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
No quarterly results found
We don't have this information yet. Please check back later.
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 21 | 31 |
| OPM % | 8 | 7 | 8 | 14 | 17 |
| Other Income | 0 | 0 | 0 | 0 | 2 |
| Interest | 1 | 1 | 2 | 2 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| 3 | 6 | 7 | 19 | 27 | |
| Tax % | 27 | 24 | 27 | 25 | 26 |
| Net Profit | 2 | 5 | 5 | 14 | 20 |
| EPS | 1 | 3 | 3 | 8 | 9 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 3 | 3 | 8 | 9 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 1 | 3 | 3 | 8 | 9 |
Mar 2021
- 55
- 50
- Operating Profit
- 4
- OPM %
- 8
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 3
- Tax %
- 27
- Net Profit
- 2
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2022
- 104
- 98
- Operating Profit
- 7
- OPM %
- 7
- Other Income
- 0
- Interest
- 1
- Depreciation
- 0
- 6
- Tax %
- 24
- Net Profit
- 5
- EPS
- 3
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2023
- 115
- 106
- Operating Profit
- 9
- OPM %
- 8
- Other Income
- 0
- Interest
- 2
- Depreciation
- 0
- 7
- Tax %
- 27
- Net Profit
- 5
- EPS
- 3
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
Mar 2024
- 145
- 125
- Operating Profit
- 21
- OPM %
- 14
- Other Income
- 0
- Interest
- 2
- Depreciation
- 0
- 19
- Tax %
- 25
- Net Profit
- 14
- EPS
- 8
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 8
Mar 2025
- 185
- 155
- Operating Profit
- 31
- OPM %
- 17
- Other Income
- 2
- Interest
- 4
- Depreciation
- 0
- 27
- Tax %
- 26
- Net Profit
- 20
- EPS
- 9
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
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
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - |
| Equity Capital | 2 | 2 | 2 | 18 | 23 |
| 12 | 16 | 21 | 19 | 72 | |
| 7 | 8 | 11 | 13 | 27 | |
| Trade Payables | 7 | 15 | 20 | 24 | 16 |
| 5 | 4 | 10 | 5 | 12 | |
| Total Liabilities | 33 | 46 | 65 | 80 | 150 |
| ASSETS | - | - | - | - | - |
| 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 |
| Total Debt | 9 | 10 | 16 | 14 | 30 |
| Net Working Capital | 13 | 16 | 20 | 38 | 97 |
| Contingent Liabilities | 7 | 6 | 17 | 23 | 58 |
| Book Value per Share | 602.28 | 792.39 | 1012.99 | 20.88 | 40.99 |
| Face Value | 100.00 | 100.00 | 100.00 | 10.00 | 10.00 |
| Total Debt | 9 | 10 | 16 | 14 | 30 |
| Net Working Capital | 13 | 16 | 20 | 38 | 97 |
| Contingent Liabilities | 7 | 6 | 17 | 23 | 58 |
| Book Value per Share | 602.28 | 792.39 | 1012.99 | 20.88 | 40.99 |
| Face Value | 100.00 | 100.00 | 100.00 | 10.00 | 10.00 |
Mar 2021
- Equity Capital
- 2
- 12
- 7
- Trade Payables
- 7
- 5
- Total Liabilities
- 33
- 0
- 2
- 0
- 0
- Cash & Bank
- 0
- 31
- Total Assets
- 33
- Total Debt
- 9
- Net Working Capital
- 13
- Contingent Liabilities
- 7
- Book Value per Share
- 602.28
- Face Value
- 100.00
- Total Debt
- 9
- Net Working Capital
- 13
- Contingent Liabilities
- 7
- Book Value per Share
- 602.28
- Face Value
- 100.00
Mar 2022
- Equity Capital
- 2
- 16
- 8
- Trade Payables
- 15
- 4
- Total Liabilities
- 46
- 0
- 3
- 3
- 0
- Cash & Bank
- 3
- 37
- Total Assets
- 46
- Total Debt
- 10
- Net Working Capital
- 16
- Contingent Liabilities
- 6
- Book Value per Share
- 792.39
- Face Value
- 100.00
- Total Debt
- 10
- Net Working Capital
- 16
- Contingent Liabilities
- 6
- Book Value per Share
- 792.39
- Face Value
- 100.00
Mar 2023
- Equity Capital
- 2
- 21
- 11
- Trade Payables
- 20
- 10
- Total Liabilities
- 65
- 0
- 4
- 3
- 0
- Cash & Bank
- 0
- 57
- Total Assets
- 65
- Total Debt
- 16
- Net Working Capital
- 20
- Contingent Liabilities
- 17
- Book Value per Share
- 1012.99
- Face Value
- 100.00
- Total Debt
- 16
- Net Working Capital
- 20
- Contingent Liabilities
- 17
- Book Value per Share
- 1012.99
- Face Value
- 100.00
Mar 2024
- Equity Capital
- 18
- 19
- 13
- Trade Payables
- 24
- 5
- Total Liabilities
- 80
- 1
- 0
- 2
- 67
- Cash & Bank
- 5
- 5
- Total Assets
- 80
- Total Debt
- 14
- Net Working Capital
- 38
- Contingent Liabilities
- 23
- Book Value per Share
- 20.88
- Face Value
- 10.00
- Total Debt
- 14
- Net Working Capital
- 38
- Contingent Liabilities
- 23
- Book Value per Share
- 20.88
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 23
- 72
- 27
- Trade Payables
- 16
- 12
- Total Liabilities
- 150
- 1
- 0
- 2
- 118
- Cash & Bank
- 26
- 4
- Total Assets
- 150
- Total Debt
- 30
- Net Working Capital
- 97
- Contingent Liabilities
- 58
- Book Value per Share
- 40.99
- Face Value
- 10.00
- Total Debt
- 30
- Net Working Capital
- 97
- Contingent Liabilities
- 58
- Book Value per Share
- 40.99
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1 | 4 | -5 | 4 | -31 | |
| Cash from Investing | -2 | -4 | -2 | -0 | -0 |
| Cash from Financing | -0 | 1 | 4 | -4 | 39 |
| -2 | 1 | -3 | -0 | 8 | |
| Free Cash Flow | 1 | 4 | -5 | 4 | -31 |
| OCF / Net Profit | 0.34 | 0.97 | -0.91 | 0.32 | -1.55 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 |
| OCF / Net Profit | 0.34 | 0.97 | -0.91 | 0.32 | -1.55 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 |
Mar 2021
- 1
- Cash from Investing
- -2
- Cash from Financing
- -0
- -2
- Free Cash Flow
- 1
- OCF / Net Profit
- 0.34
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.34
- Cumulative 5-Year FCF
- 0
Mar 2022
- 4
- Cash from Investing
- -4
- Cash from Financing
- 1
- 1
- Free Cash Flow
- 4
- OCF / Net Profit
- 0.97
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.97
- Cumulative 5-Year FCF
- 0
Mar 2023
- -5
- Cash from Investing
- -2
- Cash from Financing
- 4
- -3
- Free Cash Flow
- -5
- OCF / Net Profit
- -0.91
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.91
- Cumulative 5-Year FCF
- 0
Mar 2024
- 4
- Cash from Investing
- -0
- Cash from Financing
- -4
- -0
- Free Cash Flow
- 4
- OCF / Net Profit
- 0.32
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.32
- Cumulative 5-Year FCF
- 0
Mar 2025
- -31
- Cash from Investing
- -0
- Cash from Financing
- 39
- 8
- Free Cash Flow
- -31
- OCF / Net Profit
- -1.55
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -1.55
- Cumulative 5-Year FCF
- 0
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
Mar 2021
- EPS (₹)
- 96.21
- Book Value (₹)
- 602.28
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.35
- Operating Margin %
- 8.03%
- Net Margin %
- 4.10%
- ROE %
- 15.97%
- ROCE %
- 18.50%
- 6.76%
- Debtor Days
- 186
- Inventory Days
- 1
- Payable Days
- 63
- 124
- Debt to Equity (x)
- 0.63x
- Interest Coverage (x)
- 3.63x
- 1.72x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 197.79
- Book Value (₹)
- 792.39
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.64
- Operating Margin %
- 6.81%
- Net Margin %
- 4.41%
- ROE %
- 28.36%
- ROCE %
- 27.15%
- 11.57%
- Debtor Days
- 103
- Inventory Days
- 6
- Payable Days
- 48
- 61
- Debt to Equity (x)
- 0.56x
- Interest Coverage (x)
- 7.49x
- 1.59x
- Revenue Growth %
- 91.24%
- Operating Profit Growth %
- 62.05%
- Net Profit Growth %
- 105.57%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 220.60
- Book Value (₹)
- 1012.99
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.94
- Operating Margin %
- 7.91%
- Net Margin %
- 4.46%
- ROE %
- 24.44%
- ROCE %
- 26.25%
- 9.24%
- Debtor Days
- 131
- Inventory Days
- 10
- Payable Days
- 70
- 71
- Debt to Equity (x)
- 0.69x
- Interest Coverage (x)
- 4.57x
- 1.52x
- Revenue Growth %
- 10.28%
- Operating Profit Growth %
- 28.22%
- Net Profit Growth %
- 11.53%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 7.80
- Book Value (₹)
- 20.88
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 7.90
- Operating Margin %
- 14.06%
- Net Margin %
- 9.58%
- ROE %
- 45.74%
- ROCE %
- 45.17%
- 19.25%
- Debtor Days
- 149
- Inventory Days
- 6
- Payable Days
- 75
- 80
- Debt to Equity (x)
- 0.38x
- Interest Coverage (x)
- 10.33x
- 1.91x
- Revenue Growth %
- 26.12%
- Operating Profit Growth %
- 127.90%
- Net Profit Growth %
- 171.02%
- -96.46%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 1.28x
Mar 2025
- EPS (₹)
- 8.69
- Book Value (₹)
- 40.99
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 8.79
- Operating Margin %
- 16.13%
- Net Margin %
- 10.86%
- ROE %
- 30.45%
- ROCE %
- 35.41%
- 17.53%
- Debtor Days
- 182
- Inventory Days
- 4
- Payable Days
- 55
- 130
- Debt to Equity (x)
- 0.31x
- Interest Coverage (x)
- 8.01x
- 2.88x
- Revenue Growth %
- 27.53%
- Operating Profit Growth %
- 51.08%
- Net Profit Growth %
- 44.65%
- 11.42%
- P/E (x)
- 19.14x
- P/B (x)
- 4.06x
- Dividend Yield %
- 0.00%
- 12.39x
Documents
Announcements
Nothing filed yet.
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
May 2026
Nov 2025
May 2025