Effwa Infra & Research Ltd
EFFWAEffwa Infra & Research Ltd is strength at full price. The numbers are improving — and a P/E at the 88th percentile of its own range says the market knows.
The sharpest disagreement: profits are rising, but only 5% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (10 weeks in) while the P/E sits at the 88th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +20.0% year on year, and 5% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Effwa Infra & Research Ltd trades at ₹365, in a confirmed uptrend and 10 weeks into that stage. That is +39.2% against its own 200-day average. It sits at 85% of a 52-week range of ₹182 to ₹398. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.
Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹365 it trades +39.2% versus its 200-day average and sits at 85% of its 52-week range (₹182–₹398).
Against the market, two honest reads. Cumulative: over the last 2.0 years the stock moved +123% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 88th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Effwa Infra & Research Ltd trades at 30.9× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 25.4×, measured across 2.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 30.9× is at the pricey end of its own range (88th percentile), against a long-run median of 25.4× measured over 2.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +42.2% against a +55.5% price move — the price outran earnings, pushing the multiple UP its own range.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Effwa Infra & Research Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +36.8% | +30.1% | +35.7% | — |
| Profit | +45.0% | +79.7% | +70.7% | — |
| EPS | +42.2% | −61.7% | −33.7% | — |
| Share price | +55.5% | — | — | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
66.6/100 — rank 1 of 13 in Construction - Civil/Turnkey · 56% evidence confidence
Effwa Infra & Research Ltd scores 66.6 out of 100 against the 13 companies it is compared with in Construction - Civil/Turnkey, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 17 + 19.9 + 10 + 19.7 = 66.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Effwa Infra & Research Ltd reported ₹163 Cr of revenue in the Mar 26 quarter, +31.5% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 35.7% a year. The last full year, FY26, came in at ₹253 Cr. The last four reported quarters add to ₹438 Cr.
Effwa Infra & Research Ltd reported ₹163 Cr of revenue in the Mar 26 quarter, +31.5% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 35.7% a year. The last full year, FY26, came in at ₹253 Cr. The last four reported quarters add to ₹438 Cr.
FY26 revenue came in at ₹253 Cr (+36.8% on the year), capping 5 years at 35.7% compound. The latest quarter (Mar 26) printed ₹163 Cr, +31.5% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +43.6% growth against the decade's 35.7% — the current year is running faster than its own long-run rate.
→ Revenue grew — did margins hold as it scaled? Next: 16.0% this quarter (−2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Effwa Infra & Research Ltd's operating margin is 16.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +0.0 percentage points. The current quarter sits inside that band.
Effwa Infra & Research Ltd's operating margin is 16.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +0.0 percentage points. The current quarter sits inside that band.
The latest quarter's operating margin is 16.0%, −2.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 6.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.
Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins slipped — did that reach the bottom line? Next: profit +20.0% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Effwa Infra & Research Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +20.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹29.0 Cr. The 5-year compound rate is 70.7%. That is 11.0% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.
Effwa Infra & Research Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +20.0% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹29.0 Cr. The 5-year compound rate is 70.7%. That is 11.0% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.
Mar 26 profit was ₹18.0 Cr, +20.0% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹29.0 Cr (+45.0%), and the 5-year compound rate is 70.7%.
Why profit moved: revenue contributed +31.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +133.8% vs revenue +43.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 5% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 5% of Effwa Infra & Research Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹29.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹20.0 Cr of capital spending, ₹9.0 Cr was left as free cash.
FY26: operating cash of ₹29.0 Cr against reported profit of ₹29.0 Cr, leaving free cash of ₹9.0 Cr after ₹20.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 5% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 5%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 185-day cycle and ₹21.0 Cr of building.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Effwa Infra & Research Ltd's cash conversion cycle runs 185 days in FY26, down from 186 days in FY21. Capital spending ran ₹21.0 Cr over the last 3 years. At FY26 sales of ₹253 Cr each day of that cycle holds about ₹0.7 Cr, so roughly ₹128 Cr sits inside the business at any moment.
FY26: debtors at 185 days (an asset-light business — no inventory to speak of) — for a full cycle of 185 days, tighter than FY21's 186.
In money terms: at FY26 sales of ₹253 Cr, each day of the cycle holds about ₹0.7 Cr — so the 185-day loop keeps roughly ₹128 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹21.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹20.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 29% and the ROIC − WACC spread is +14.5 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
Effwa Infra & Research Ltd earns a ROCE of 29% in FY26. That is up from a trough of 26% in FY23. Return on invested capital clears the cost of that capital by +14.5 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.5% net margin on 1.28× asset turns.
FY26 ROCE is 29%, recovered from a FY23 trough of 26% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 11.5% net margin × 1.28× asset turns × 1.61× balance-sheet leverage ≈ 23.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 26.5% − 12.0% = a +14.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.31.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Effwa Infra & Research Ltd carries total debt of ₹38.0 Cr against shareholder equity of ₹124 Cr as of Mar 26, a debt-to-equity of 0.31. On the annual view that ratio went from 0.38 in FY24 to 0.31 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹38.0 Cr against shareholder equity of ₹124 Cr — a debt-to-equity of 0.31. On the annual view, debt-to-equity went from 0.38 (FY24) to 0.31 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.2 points over 7 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 2.2 points of Effwa Infra & Research Ltd over 7 quarters, the biggest move on the register. That takes foreign institutions to 0.0% of the company. Domestic institutions moved +2.0 points over the same window, to 3.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −2.2 points over 7 quarters to 0.0%; Domestic institutions: +2.0 points over 7 quarters to 3.5%; Promoters: +0.0 points over 7 quarters to 73.0%.
Why the register moved: rotation — foreign institutions −2.2 points against domestic institutions +2.0 points over 7 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Effwa Infra & Research Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Effwa Infra & Research Ltd this page | 30.9× | ₹884 Cr | No read | |||
| Interise Trust | 271.0× | ₹11,440 Cr | No read | |||
| Afcons Infrastructure Ltd | 35.0× | ₹10,517 Cr | Deteriorating | |||
| Ceigall India Ltd | 18.8× | ₹5,872 Cr | Turning around | |||
| GHV Infra Projects Ltd | 78.7× | ₹2,262 Cr | — | — | — | — |
| GHV Infra Projects Ltd | 35.5× | ₹1,741 Cr | — | No read | ||
| B.L.Kashyap & Sons Ltd | 90.4× | ₹1,230 Cr | Mixed | |||
| SRM Contractors Ltd | 10.5× | ₹1,165 Cr | Improving | |||
| Gayatri Projects Ltd | 10.8× | ₹962 Cr | No read | |||
| Denta Water & Infra Solutions Ltd | 14.8× | ₹899 Cr | No read | |||
| Sathlokhar Synergys E&C Global Ltd | 9.6× | ₹791 Cr | — | — | — | — |
| A B Infrabuild Ltd | 34.1× | ₹659 Cr | Topping out | |||
| HRS Aluglaze Ltd | 105.0× | ₹540 Cr | — | — | — | — |
| Brahmaputra Infrastructure Ltd | 8.0× | ₹476 Cr | No read |
Frequently asked questions
What is Effwa Infra & Research Ltd's share price today?
Effwa Infra & Research Ltd trades at ₹365, +55.5% over the past year. The company is valued at ₹884 Cr. The stock sits at 85% of its 52-week range of ₹182–₹398, +39.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 10 weeks in. — as of 24 July 2026.
What were Effwa Infra & Research Ltd's latest quarterly results?
Effwa Infra & Research Ltd reported revenue of ₹163 Cr and net profit of ₹18.0 Cr for the Mar 26 quarter. Revenue rose 31.5% and profit rose 20.0% year on year. Earnings per share were ₹7.98. The operating margin was 16.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.
What is Effwa Infra & Research Ltd's revenue?
Effwa Infra & Research Ltd reported revenue of ₹163 Cr in the Mar 26 quarter, +31.5% year on year. For the full FY26 fiscal year, revenue was ₹253 Cr (+36.8%). Over the last 5 years revenue compounded at 35.7% a year. — as of 24 July 2026.
What is Effwa Infra & Research Ltd's profit?
Effwa Infra & Research Ltd earned ₹18.0 Cr of net profit in the Mar 26 quarter, +20.0% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹29.0 Cr. The operating margin ran 16.0% in the latest quarter. — as of 24 July 2026.
What is Effwa Infra & Research Ltd's market cap?
Effwa Infra & Research Ltd's market capitalisation is ₹884 Cr at a share price of ₹365. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Effwa Infra & Research Ltd's P/E ratio?
Effwa Infra & Research Ltd trades at a P/E of 30.9×, at the 88th percentile of its own 2-year range, against a long-run median of 25.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Effwa Infra & Research Ltd pay a dividend?
Yes — Effwa Infra & Research Ltd's dividend payout was 8% of profit in FY26, and it recorded a payout in 1 of its last 6 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Effwa Infra & Research Ltd overvalued?
On its own history, Effwa Infra & Research Ltd looks expensive against its own history: its P/E of 30.9× sits at the 88th percentile of its 2-year range (long-run median 25.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.
Is Effwa Infra & Research Ltd growing?
Yes — Effwa Infra & Research Ltd is growing: latest-quarter revenue +31.5% year on year, profit +20.0%, and the margin −2.0 pp at 16.0%. The 5-year compound rates are 35.7% (revenue) and 70.7% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Effwa Infra & Research Ltd performing?
Effwa Infra & Research Ltd is in a confirmed uptrend, 10 weeks in. Its latest quarter's revenue rose 31.5% and profit rose 20.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 21 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is Effwa Infra & Research Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 10 of stage 2), trading +39.2% versus its 200-day average and at 85% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Effwa Infra & Research Ltd beating the market?
On recent form, yes — Effwa Infra & Research Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.0 years the stock moved +123% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 24 July 2026.
Will Effwa Infra & Research Ltd's share price go up?
This page publishes no price forecast for Effwa Infra & Research Ltd. What it measures instead: the share price is ₹365, the price is in a confirmed uptrend 10 weeks in. Its P/E of 30.9× sits at the 88th percentile of its own 2-year range. — as of 24 July 2026.
Who owns Effwa Infra & Research Ltd?
Promoters hold 73.0% of Effwa Infra & Research Ltd, foreign institutions 0.0%, domestic institutions 3.5% and the public 23.4% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.2 points over 7 quarters. — as of 24 July 2026.
Does Effwa Infra & Research Ltd have too much debt?
It is moderate — Effwa Infra & Research Ltd's debt-to-equity is 0.31, and operating profit covers the interest bill 11×. FY26 borrowings were ₹38.0 Cr against equity of ₹123 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Effwa Infra & Research Ltd's capex?
Effwa Infra & Research Ltd spent ₹21.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹20.0 Cr, with ₹20.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Effwa Infra & Research Ltd's cash flow?
Effwa Infra & Research Ltd generated ₹29.0 Cr of operating cash flow in FY26 and ₹9.0 Cr of free cash flow after ₹20.0 Cr of capital spending. Reported profit that year was ₹29.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Effwa Infra & Research Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 5% of Effwa Infra & Research Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹29.0 Cr against reported profit of ₹29.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Effwa Infra & Research Ltd in its business cycle?
Effwa Infra & Research Ltd's FY26 operating margin was 17.0%, against a 6-year band of 6.0%–17.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Effwa Infra & Research Ltd story?
The sharpest disagreement: profits are rising, but only 5% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Effwa Infra & Research Ltd a stock worth studying right now?
This is not investment advice. The machine read: Effwa Infra & Research Ltd is strength at full price. The numbers are improving — and a P/E at the 88th percentile of its own range says the market knows. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.