Effwa Infra & Research share price today

Effwa Infra & Research Ltd's share price was ₹330.50 at the close on 4 November 2026. It has been rising for 25 weeks. That is 7.1% above its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Effwa Infra & Research Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹182 and ₹398, and at that close it sat 69% of the way up from that low.

Over the last 2.3 years the share price moved +102% while the NIFTY 500 moved −6%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

2. Revenue up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the March 2026 quarter revenue was ₹163 crore, +31.5% on a year earlier.

   Why: Revenue rose because the company had more signed project work to do, especially from big private customers.

   Next results: check whether the JSW project starts billing as planned.

   From the earnings call on 13 May 2026.

3. Profit up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the March 2026 quarter profit was ₹18 crore, +20% on a year earlier.

   Why: Profit rose because the company's earnings before interest, tax, depreciation and amortisation grew faster than sales, so more of each sale stayed as profit.

   Next results: check whether maintenance work starts and helps profit margins.

   From the earnings call on 13 May 2026.

For January to March 2026 (the quarter ended 31 March 2026), Effwa Infra & Research reported revenue of ₹163 crore, up 31.5% from ₹124 crore a year earlier, and a profit of ₹18.0 crore, up 20.0% from ₹15.0 crore.

Effwa Infra & Research results: January to March 2026 against a year earlier

The next results, for April to June 2026, were due by 14 August 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). This page shows them once our weekly data update has read them.

Effwa Infra & Research's management discussed these results on a call held on 13 May 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 31 March 2026). Revenue and profit in ₹ crore.

Effwa Infra & Research closed at ₹330.50 on 4 November 2026, up 37.3% from ₹240.80 a year earlier (7 November 2025). Its highest weekly close since July 2024 was ₹397.65 on 3 July 2026.

Effwa Infra & Research share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

128 weekly closes from 12 July 2024 to 4 November 2026.

4 Nov 2026: Effwa Infra & Research closed at ₹330.50, down 2.4% on the week and down 3.6% on the month. 13 May 2026: Effwa Infra & Research held its results call for January to March 2026. Management guided: Revenue yearly growth FY27-FY30 of 35-40%.

Earlier

• Results for January to March 2026: Revenue up 31.5% and profit up 20.0% on a year earlier.

The NSE corporate-actions record has no dividend for Effwa Infra & Research since its first NSE close in our records (12 July 2024), so this page cannot show amounts per share.

Yes. Effwa Infra & Research Ltd paid out 8% of its profit as dividends in FY26, and it paid a dividend in 1 of its last 6 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 13 May 2026, Effwa Infra & Research's management guided: Revenue yearly growth FY27-FY30 of 35-40%.

“We expect to grow at a 35-40% CAGR for the next 2 to 4 years”Management, on the call for January to March 2026

What management guided

• FY27 O&M revenue ₹10-12 crores absolute, representing 3-5% of total revenue forward-looking; absolute growth higher but percentage diluted on larger base.
• ZMD patent receipt expected April to June 2027 or by July 2027; patent filing expected within 1-2 months from call.
• ZMD commercial launch planned July 2027, hoped to occur earlier; one NDA customer operational solution underway.
• Can execute ₹450+ crores revenue with current banking limits (₹235 crore total: ₹62 fund-based, ₹173 non-fund-based) without external raise.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 13 May 2026.

What is changing at Effwa Infra & Research, from the latest results and calls: order book scale, 3x revenue cover with blue-chip shift, operating leverage on fixed-cost infrastructure and zero material discharge patent, first-mover optionality (fy28+).

• Order Book Scale, 3x Revenue Cover with Blue-Chip Shift. ₹750 crore confirmed order book (3x FY26 revenue) aiming for ₹1,000 crore within 2-3 months; private sector blue-chips (JSW ₹313 crore, Reliance, Adani, Tata) now majority of backlog. ⚠ estimate
• Operating Leverage on Fixed-Cost Infrastructure. Operating profit grew 40.3% on 36.8% revenue growth, operating leverage documented; Thane office (10,000 sq ft, ₹19.8 crore CWIP) expands capacity without proportional cost jump. ⚠ estimate
• O&M Recurring Revenue Layer. O&M contributed ₹8 crore (3% of FY26 revenue) at superior operating margin vs EPC; guided ₹10-12 Cr in FY27; builds as installed base of completed projects grows. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 17 May 2026.

Order book at ₹750 crore with two additional wins procedurally declared and aiming for ₹1,000 crore within 2-3 months; pipeline ₹2,600+ Cr.

• JSW project ₹313 crore is largest in current order backlog; five projects comprise backlog; 30%+ bid success rate. ✓ fact
• Private sector majority of order book (₹500+ Cr of ₹750 crore total): JSW, Reliance, Adani, Tata; PSU: IOCL, BPCL, HPCL, GAIL; 30%+ bid success rate competing vs Wabag and Thermax. ✓ fact

Our read after the latest results, written 17 May 2026.

May 2026 concall contained an arithmetic impossibility: management claimed Q1 2027 completion but then revealed patent not yet filed; registration takes 12-14 months, placing receipt no earlier than mid-2027.

The main risks

• ZMD Patent Timeline Credibility, Internal Contradiction: May 2026 concall contained an arithmetic impossibility: management claimed Q1 2027 completion but then revealed patent not yet filed; registration takes 12-14 months, placing receipt no earlier than mid-2027. ✓ fact
• Order Book Conversion, Milestone-Billing Execution Concentration: FY27 guidance ₹350 crore despite ₹750+ Cr order book, conservative milestone-billing recognition means 50% of backlog may not convert to revenue in FY27; JSW is single largest project (₹313 crore, 42% of OB). ✓ fact
• Small-Cap Liquidity + SME Board Constraints: MCap ₹588 crore, SME board (pre-main board migration planned post-July 2027); FII exposure 0.13%, institutional liquidity negligible. ✓ fact
• Geopolitical / Supply Chain Disruption Risk: Management cited global conflicts causing equipment dispatch delays in FY26; escalation clauses indexed to RBI-tracked commodity indices mitigate but do not eliminate pass-through lag. ✓ fact

Our read after the latest results, written 17 May 2026.

When Effwa Infra & Research reports April to June 2026, these are the 4 checks that show whether the story is still on course. First: Formal written order confirmations for two announced wins and order book validated refresh to ₹1,000 crore - currently procedurally declared successful, awaiting official intimation.

Effwa Infra & Research is not on any of our India lists this week.

Effwa Infra & Research Ltd earned ₹18.0 Cr of net profit in the Mar 2026 quarter, +20.0% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹29.0 Cr. Over 5 years profit has grown 70.7% a year on average. That is 11.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹13.0 Cr.

For the full year, FY26 profit was ₹29.0 Cr (+45.0% on the year before).

Why profit moved: revenue changed +31.5% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +133.8% and revenue +43.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q2. H1 acceleration, 47.5% revenue growth, PAT doubled

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Effwa Infra & Research Ltd reported ₹163 Cr of revenue in the Mar 2026 quarter, +31.5% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 5 years it has grown 35.7% a year on average. The last full year, FY26, came in at ₹253 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The single most important driver for FY27-FY28. FY26 order inflows were Rs 600+ Cr; the current backlog of Rs 750 Cr (with two additional wins pending formal confirmation) provides 2+ years of revenue visibility. The JSW project at Rs 313 Cr alone is 1.2x FY26 revenue. Management expects to refresh the book to Rs 1,000 Cr within 2-3 months. The pipeline is Rs 2,600+ Cr, with 30%+ bid success rate in a field dominated by Wabag and Thermax. The key FY27 question is whether the Rs 350 Cr conservative guidance understates actual execution given the milestone-billing cycle and JSW project's 25-30% expected FY27 completion.

FY26 revenue was ₹253 Cr, +36.8% on the year before.

Recent pace: the last four quarters grew +43.6% on average, against 35.7% a year over the longer run, so this year is growing faster than its own long-run rate.

FY26-Q2. H1 acceleration, 47.5% revenue growth, PAT doubled

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Effwa Infra & Research Ltd's operating margin was 16.0% in the Mar 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Over the last four quarters it has moved +0.0 percentage points. Across 6 years it has been between 6.0% and 17.0%.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

The latest quarter is within that range.

Why the margin moved: operating margin changed +0.8 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY26-Q2. H1 acceleration, 47.5% revenue growth, PAT doubled

Why-sources: our stock research file (17 May 2026) and the company’s own results for those quarters.

Over the last 3 years, 5% of Effwa Infra & Research Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹29.0 Cr of operating cash against ₹29.0 Cr of profit. After ₹20.0 Cr of spending on assets, ₹9.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 5% of profit came in as cash: the cash cycle got 52 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Effwa Infra & Research Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 134 days in FY26, down from 186 days in FY21. It spent ₹21.0 Cr on assets over the last 3 years. Customers take 185 days to pay, and stock sits for 1 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹253 Cr, each day of that cycle ties up about ₹0.7 Cr, so roughly ₹93.0 Cr is tied up in the business at any time.

FY26: customers took 185 days to pay and stock sat for 1 days, about 0.0 months of sales sitting as stock, for a full cycle of 134 days, shorter than FY21's 186.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 1 days. Customers pay about 185 days after that. Suppliers are paid at 52 days. Together that makes the 134-day cycle.

Spending on assets: ₹21.0 Cr over the last 3 years. Work still in progress is ₹20.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Effwa Infra & Research Ltd's P/E is 26.8×, in the middle of its own history: higher than 49% of past readings. Its usual P/E (the middle reading) is 26.9×, over 2.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +42.2% while the price moved +37.3%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Effwa Infra & Research Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 4 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Effwa Infra & Research Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: EARLY EXPANSION.

NOT YET CHECKED

From the numbers. Earnings-driven: EPS has accelerated sharply (2.06 to 6.63 to 4.38…

From the price. Price stage 2, week 25, above its 200-day line, relative strength falling.

Where they disagree. FII exposure negligible (0.13%), institutional signal mixed.

What is not proven yet. May 2026 concall contained an arithmetic impossibility: management claimed Q1 2027 completion but then revealed patent not yet filed; registration takes 12-14 months, placing receipt no earlier than mid-2027.

The test written in advance. ZMD Patent Timeline Credibility, Internal Contradiction. Measured by: ZMD Patent Timeline Credibility, Internal Contradiction Patent filing confirmation in Q1 FY27 concall; any management correction of the Q1 2027 timeline claim by the next result.

The test written in advance. Order Book Conversion, Milestone-Billing Execution Concentration. Measured by: Order Book Conversion, Milestone-Billing Execution Concentration by the next result.

The test written in advance. Talent Constraint on Specialized Engineering Scale. Measured by: Talent Constraint on Specialized Engineering Scale Employee headcount growth disclosures; project delivery quality as revenue doubles by the next result.

What the company does. FY26 closed with revenue +36.8%, EBITDA +40.3%, PAT +42.3%, OPM 16.6%, operating leverage visible with EBITDA growth outpacing top-line by 3.5pp. Order book at Rs 750 Cr (3x FY26 revenue) aiming for Rs 1,000 Cr within 2-3 months; blue-chip client pivot to JSW, Reliance, Adani, Tata reduces concentration and supports pricing. ZMD patent (July 2027 goal) is the unpriced optionality, contingent on resolving the within-call timeline contradiction.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragequiet
• 2 · Value-added mixquiet
• 3 · Management changebuilding
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesbuilding
• 11 · More business from existing customersbuilding
• 12 · New product launchbuilding
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 6 · Order-book wins: building. Rs 750 Cr confirmed order book (3x FY26 revenue) aiming for Rs 1,000 Cr within 2-3 months; private sector blue-chips (JSW Rs 313 Cr, Reliance, Adani, Tata) now majority of backlog. What proves it keeps working: Order Book Scale, 3x Revenue Cover with Blue-Chip Shift. It stops working if Patent filing confirmation in Q1 FY27 concall; any management correction of the Q1 2027 timeline claim.

Lever 3 · Management change: building. EBITDA grew 40.3% on 36.8% revenue growth, operating leverage documented; Thane office (10,000 sq ft, Rs 19.8 Cr CWIP) expands capacity without proportional cost jump. What proves it keeps working: Operating Leverage on Fixed-Cost Infrastructure. It stops working if Patent filing confirmation in Q1 FY27 concall; any management correction of the Q1 2027 timeline claim.

Lever 12 · New product launch: building. ZMD converts ZLD sludge into reusable by-products; 15-year IP moat planned July 2027; one NDA customer already implementing, internal timeline contradiction in May 2026 call is a red flag. What proves it keeps working: Zero Material Discharge Patent, First-Mover Optionality (FY28+). It stops working if Patent filing confirmation in Q1 FY27 concall; any management correction of the Q1 2027 timeline claim.

Lever 11 · More business from existing customers: building. O&M contributed Rs 8 Cr (3% of FY26 revenue) at superior EBITDA margins vs EPC; guided Rs 10-12 Cr in FY27; builds as installed base of completed projects grows. What proves it keeps working: O&M Recurring Revenue Layer. It stops working if Patent filing confirmation in Q1 FY27 concall; any management correction of the Q1 2027 timeline claim.

Sources: our stock research file (17 May 2026) · quarterly results through Mar 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

ROE 45.46% / ROCE 40.99% pre-IPO; profit +42.3% FY26. Mixed because the ZMD in-call contradiction and FY27 ₹350 crore guide on ₹750+ cr OB (50% may not convert) qualify the delivery record. Single-concall Bronze coverage limits confidence.

Regulatory and governance record

No SEBI/CBI/ED action or material penalty surfaced; clean SME LODR filings; JSW ₹313.40 crore Dolvi order explicitly disclosed as non-RPT / no promoter interest.

Checked 7 June 2026.

Effwa Infra & Research Ltd earned a ROCE of 29% in FY26. That is up from a low of 26% in FY23. Its return on capital used (ROIC) is 10.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.5% net margin and 1.28× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 11.5% net margin × 1.28× asset turnover × 1.61× leverage (assets divided by equity) ≈ 23.7% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 22.1% − 12.0% = +10.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

The 22.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 28.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Effwa Infra & Research Ltd has total debt of ₹38.0 Cr against shareholder equity of ₹124 Cr as of Mar 2026, so its debt is 0.31× its equity. Year by year, that ratio went from 0.38 in FY24 to 0.31 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Foreign institutions cut their stake in Effwa Infra & Research Ltd by 2.2 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 0.0% of the company. Domestic institutions moved +1.8 points over the same period, to 3.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. FY26 demonstrated operating leverage: EBITDA growth outpaced revenue growth by 3.5pp, implying incremental revenue contributes disproportionately to EBITDA as the fixed-cost base is diluted. Asset-light model (no heavy capex) means the leverage should persist as revenue scales toward Rs 350 Cr (FY27) and Rs 500+ Cr (FY29-FY30 per management guide). The Thane office expansion is a one-time step-up in fixed costs that supports scaling to 500+ Cr revenue with minimal ongoing capex intensity.

Over the last two years: Foreign institutions: −2.2 points over 8 quarters, to 0.0%; Domestic institutions: +1.8 points over 8 quarters, to 3.2%; Promoters: +0.0 points over 8 quarters, to 73.0%.

Why the owners changed: foreign institutions moved −2.2 points and domestic institutions +1.8 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Effwa Infra & Research Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

54.1 out of 100, rank 15 of 16 in Construction - Civil/Turnkey, with 47% of the evidence available. It is provisional, so it is ranked below companies with full evidence.

Effwa Infra & Research Ltd scores 54.1 out of 100 against the 16 companies it is compared with in Construction - Civil/Turnkey, ranking 15. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 17.5 + 15 + 9.7 + 11.9 = 54.1. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Effwa Infra & Research ranks 15 of 16 Construction - Civil/Turnkey companies on the 4-Factor Sector Score, with 54.1 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Construction - Civil/Turnkey, all 16 compared on one page.

Effwa Infra & Research is the 10th largest of 16 Construction - Civil/Turnkey companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: SRM Contractors, Sathlokhar Synergys E&C Global and Gayatri Projects. Just below it: A B Infrabuild, Denta Water & Infra Solutions and IL&FS Engineering & Construction Co.

Construction - Civil/Turnkey companies close in size

7. SRM Contractors Ltd ₹932 crore
8. Sathlokhar Synergys E&C Global Ltd ₹929 crore
9. Gayatri Projects Ltd ₹880 crore
10. Effwa Infra & Research Ltd ₹784 crore
11. A B Infrabuild Ltd ₹777 crore
12. Denta Water & Infra Solutions Ltd ₹592 crore
13. IL&FS Engineering & Construction Co Ltd ₹519 crore

All 16 Construction - Civil/Turnkey companies, largest first

Companies close in size in other industries

1750. Prozone Realty Ltd ₹787 crore · Miscellaneous
1751. Antony Waste Handling Cell Ltd ₹785 crore · Recycling
1752. Effwa Infra & Research Ltd ₹784 crore
1753. TAC Infosec Ltd ₹784 crore · IT - Software
1754. Taneja Aerospace & Aviation Ltd ₹784 crore · Aviation

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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