# Effwa Infra & Research share price today (Effwa Infra & Research Ltd, NSE: EFFWA)

> Effwa Infra & Research share price today: ₹323.80 at the NSE close on 3 November 2026, up 55.7% in a year. Effwa Infra & Research (NSE: EFFWA) is worth ₹751 crore, trades at a P/E of 26.3 and has closed between ₹182.45 and ₹397.65 over the past 52 weeks. > Effwa Infra & Research Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. EFFWA · Construction - Civil/Turnkey · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/effwa-infra-research-ltd

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## Key numbers

- Price: ₹323.80 (+55.7% in a year)
- P/E: 26.3× (lower than 56% of the last 2.3 years)
- Revenue (Mar 2026): ₹163 Cr (+31.5% on a year ago)
- Profit (Mar 2026): ₹18.0 Cr (+20.0% on a year ago)
- Operating margin: 16.0% (−2.0 points on a year ago)
- ROCE: 29%, FY26
- ROIC: 22.1%, against a 12.0% cost of capital: +10.1 points
- Profit that came in as cash: 5%, last 3 years

The main question: profits are rising, but only 5% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Effwa Infra & Research share price today? Effwa Infra & Research Ltd's share price was ₹323.80 at the close on 3 November 2026. It has been rising for 25 weeks. That is 4.9% 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. In the last 52 weeks it traded between ₹182 and ₹398, and at that close it sat 66% of the way up from that low. Over the last 2.3 years the share price moved +98% 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. ## What changed at Effwa Infra & Research this quarter? 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. ## What are Effwa Infra & Research's latest quarterly results? 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

| Measure | January to March 2026 | January to March 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹163 crore | ₹124 crore | +31.5% |
| Profit | ₹18.0 crore | ₹15.0 crore | +20.0% |
| Earnings per share | ₹7.98 | ₹6.63 | +20.4% |
| Operating margin | 16.0% | 18.0% | −2.0 points |

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.)

## What is the Effwa Infra & Research share price history? Effwa Infra & Research closed at ₹323.80 on 3 November 2026, up 55.7% from ₹207.95 a year earlier (31 October 2025). Its highest weekly close since July 2024 was ₹397.65 on 3 July 2026. ### Effwa Infra & Research share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹323.85 | 0.0% |
| 1 month ago · 1 Oct 2026 | ₹342.90 | −5.6% |
| 6 months ago · 30 Apr 2026 | ₹244.55 | +32.4% |
| 1 year ago · 31 Oct 2025 | ₹207.95 | +55.7% |
| Earliest weekly close in our records · 12 Jul 2024 | ₹163.55 | +98.0% |
| Highest weekly close since July 2024, also the 52-week high · 3 Jul 2026 | ₹397.65 | −18.6% |
| Lowest weekly close since July 2024 · 13 Mar 2025 | ₹159.35 | +103.2% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹182.45 | +77.5% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (128 weekly closes from 12 July 2024 to 3 November 2026.)

## What is the latest news on Effwa Infra & Research? 3 Nov 2026: Effwa Infra & Research closed at ₹323.80, up 0.0% on the week and down 5.6% 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. ## What dividend does Effwa Infra & Research pay? 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 4 November 2026.)

## What did Effwa Infra & Research management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/58069-13-May-2026.pdf). (From the call for January to March 2026, 13 May 2026.)

## What is the future of Effwa Infra & Research? What is changing in the business? 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.)

## What is Effwa Infra & Research's order book? 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.)

## What could change the Effwa Infra & Research story? What are the risks? 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.)

## What to watch in Effwa Infra & Research's next results? 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. - What to check (from the call)
- Formal written order confirmations for two announced wins and order book validated refresh to ₹1,000 crore - currently procedurally declared successful, awaiting official intimation. - April to June 2026 revenue run-rate validation of ₹350 crore full-year guidance; JSW project expected to execute 25-30% of ₹313 crore order providing material baseline test. - ZMD patent filing progress (management stated within 1-2 months from call) and reiteration of July 2027 goal or revised timeline to confirm innovation roadmap integrity. - O&M revenue initiation from project handovers aiming for ₹10-12 crores FY27 - test whether customer bundling and bank guarantee payment acceleration mechanisms gain traction. ## Which stock lists is Effwa Infra & Research on? Effwa Infra & Research is not on any of our India lists this week. ## Is Effwa Infra & Research profitable? 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. 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. ## How much revenue does Effwa Infra & Research make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Effwa Infra & Research keep? 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%. 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. ## Is Effwa Infra & Research's profit turning into cash? 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. 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. ## Where does Effwa Infra & Research's cash go? 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. 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. ## What is Effwa Infra & Research's P/E ratio, and how does it compare with its own history? Effwa Infra & Research Ltd's P/E is 26.3×, in the middle of its own history: higher than 44% 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. 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 +55.7%. The price did better than earnings, which pushed the multiple up 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. ## Is the Effwa Infra & Research business getting better or worse? 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. 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. ## What is the Effwa Infra & Research story, and has it been checked? 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. Our read, 17 May 2026. 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. From the research. Where they disagree. FII exposure negligible (0.13%), institutional signal mixed. What is proven. 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. 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. ## What is Effwa Infra & Research management's track record? 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. 0% Promoter shares pledged

Sources:

- [chittorgarh.com](https://www.chittorgarh.com/ipo/effwa-infra-and-research-ipo/1768/)
- [nsearchives.nseindia.com](https://nsearchives.nseindia.com/corporate/EFFWA_04122025194613_Order_Press_release.pdf)

(Checked 7 June 2026.)

## How much does Effwa Infra & Research earn on its capital? 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). 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. ## Does Effwa Infra & Research have too much debt? 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. ## What is the Effwa Infra & Research shareholding pattern? 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. 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. ## How far is Effwa Infra & Research from balance-sheet trouble? 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. ## How does Effwa Infra & Research rank in its industry? 54.6 out of 100, rank 14 of 15 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 54.6 out of 100 against the 15 companies it is compared with in Construction - Civil/Turnkey, ranking 14. 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 + 15.4 + 9.8 + 11.9 = 54.6. 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. ## Which companies is Effwa Infra & Research compared with? Effwa Infra & Research ranks 14 of 15 Construction - Civil/Turnkey companies on the 4-Factor Sector Score, with 54.6 out of 100. 1. [SRM Contractors Ltd](https://www.sectoralpha.in/stocks/srm-contractors-ltd) SRM · basing · Evidence leans up · 79% evidence 64.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Revenue 75.5% · Profit 87.3% · Operating margin change 5 points · 88% evidence Capital efficiency 20.8/25 · ROCE 37.1% · Operating margin 19% · 100% evidence Valuation 11.3/20 · P/E 7.9× · PEG n/a · 15% evidence Relative strength 4.4/20 · Lead over its industry -17.3% · Lead over NIFTY 500 -10.3% · 1 year -28.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.9 + 20.8 + 11.3 + 4.4 = 64.4 · What this means: Earnings are strong; relative strength in its sector is -17.3% and the one-year return is -28.9%. 2. [Sathlokhar Synergys E&C Global Ltd](https://www.sectoralpha.in/stocks/sathlokhar-synergys-e-c-global-ltd) SSEGL · breaking out · Evidence leans up · 60% evidence 62.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/35 · Revenue 100% · Profit 100% · Operating margin change 2 points · 95% evidence Capital efficiency 18.6/25 · ROCE 36.3% · Operating margin 15% · 76% evidence Valuation 10.9/20 · P/E 8.4× · PEG n/a · 15% evidence Relative strength 9.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -3% · 1 year -35.9% · 25% evidence · 10 of 12 weeks ahead Exact sum: 23.9 + 18.6 + 10.9 + 9.5 = 62.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Univastu India Ltd](https://www.sectoralpha.in/stocks/univastu-india-ltd) UNIVASTU · Too little evidence to rank firmly · 58% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.4/43.75 · Revenue 100% · Profit 82.3% · Operating margin change -11 points · 83% evidence Capital efficiency 22.2/31.25 · ROCE 30% · Operating margin 14% · 76% evidence Valuation 11.1/25 · P/E 16.4× · PEG n/a · 50% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 29.4 + 22.2 + 11.1 = 62.7 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Ceigall India Ltd](https://www.sectoralpha.in/stocks/ceigall-india-ltd) CEIGALL · breaking out · Evidence leans up · 71% evidence 62.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.5/35 · Revenue 20.3% · Profit 23.5% · Operating margin change 2 points · 83% evidence Capital efficiency 14.1/25 · ROCE 17% · Operating margin 15% · 76% evidence Valuation 10.0/20 · P/E 21.1× · PEG n/a · 15% evidence Relative strength 18.7/20 · Lead over its industry 20.3% · Lead over NIFTY 500 29% · 1 year 55.1% · 100% evidence · 6 of 12 weeks ahead Exact sum: 19.5 + 14.1 + 10 + 18.7 = 62.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Interise Trust](https://www.sectoralpha.in/stocks/interise-trust) INTERISE · Too little evidence to rank firmly · 51% evidence 51.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.9/43.75 · Revenue 6% · Profit 64.1% · Operating margin change 4 points · 83% evidence Capital efficiency 12.4/31.25 · ROCE 9.7% · Operating margin 94% · 76% evidence Valuation 13.0/25 · P/E 13.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 25.9 + 12.4 + 13 = 51.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [GHV Infra Projects Ltd](https://www.sectoralpha.in/stocks/ghv-infra-projects-ltd) quiet · Evidence leans down · 87% evidence 48.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 92.6% · Profit 66.7% · Operating margin change 0 points · 95% evidence Capital efficiency 16.4/25 · ROCE 46% · Operating margin 12% · 95% evidence Valuation 11.1/20 · P/E 34.2× · PEG n/a · 50% evidence Relative strength 5.2/20 · Lead over its industry -14.9% · Lead over NIFTY 500 -7.6% · 1 year -27.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 16.2 + 16.4 + 11.1 + 5.2 = 48.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Gayatri Projects Ltd](https://www.sectoralpha.in/stocks/gayatri-projects-ltd) GAYAPROJ · losing its lead · Too little evidence to rank firmly · 56% evidence 48.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 100% · Profit 100% · Operating margin change 6 points · 62% evidence Capital efficiency 6.3/25 · ROCE 4.8% · Operating margin 18% · 76% evidence Valuation 11.8/20 · P/E 7× · PEG n/a · 50% evidence Relative strength 11.5/20 · Lead over its industry n/a · Lead over NIFTY 500 15.1% · 1 year 72.2% · 25% evidence · 7 of 12 weeks ahead Exact sum: 19.3 + 6.3 + 11.8 + 11.5 = 48.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Denta Water & Infra Solutions Ltd](https://www.sectoralpha.in/stocks/denta-water-infra-solutions-ltd) DENTA · quiet · Evidence leans down · 64% evidence 42.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.4/35 · Revenue 10% · Profit -10.2% · Operating margin change -11 points · 88% evidence Capital efficiency 15.3/25 · ROCE 18.4% · Operating margin 22% · 100% evidence Valuation 10.6/20 · P/E 11.1× · PEG n/a · 15% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -20.2% · 1 year -44.9% · 25% evidence · 4 of 12 weeks ahead Exact sum: 8.4 + 15.3 + 10.6 + 7.8 = 42.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [B.L.Kashyap & Sons Ltd](https://www.sectoralpha.in/stocks/blkashyap-sons-ltd) BLKASHYAP · turning · Evidence leans down · 64% evidence 42.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.2/35 · Revenue 21.9% · Profit -80% · Operating margin change 0 points · 88% evidence Capital efficiency 9.2/25 · ROCE 12.6% · Operating margin 8% · 100% evidence Valuation 9.6/20 · P/E 31.9× · PEG n/a · 15% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 3.9% · 1 year -11.6% · 25% evidence · 3 of 12 weeks ahead Exact sum: 12.2 + 9.2 + 9.6 + 11 = 42 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [IL&FS Engineering & Construction Co Ltd](https://www.sectoralpha.in/stocks/il-fs-engineering-construction-co-ltd) IL&FSENGG · Too little evidence to rank firmly · 56% evidence 38.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.7/35 · Revenue -33.5% · Profit 100% · Operating margin change 40.3 points · 65% evidence Capital efficiency 1.8/25 · ROCE 0.8% · Operating margin -24.9% · 100% evidence Valuation 8.9/20 · P/E 37.6× · PEG n/a · 15% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 32.5% · 1 year n/a · 25% evidence Exact sum: 15.7 + 1.8 + 8.9 + 12.5 = 38.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [Afcons Infrastructure Ltd](https://www.sectoralpha.in/stocks/afcons-infrastructure-ltd) AFCONS · quiet · Most evidence points down · 74% evidence 32.3 out of 100 Growth Capital Valuation Relative
12. [A B Infrabuild Ltd](https://www.sectoralpha.in/stocks/a-b-infrabuild-ltd) ABINFRA · breaking out · Most evidence points down · 96% evidence 29.7 out of 100 Growth Capital Valuation Relative
13. [Brahmaputra Infrastructure Ltd](https://www.sectoralpha.in/stocks/brahmaputra-infrastructure-ltd) Too little evidence to rank firmly · 47% evidence 63.1 out of 100 Growth Capital Valuation Relative
14. Effwa Infra & Research Ltd this page EFFWA · quiet · Too little evidence to rank firmly · 47% evidence 54.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Revenue n/a · Profit n/a · Operating margin change -2 points · 15% evidence Capital efficiency 15.4/25 · ROCE 29.3% · Operating margin 16% · 75% evidence Valuation 9.8/20 · P/E 27.4× · PEG n/a · 15% evidence Relative strength 11.9/20 · Lead over its industry 18.5% · Lead over NIFTY 500 26.3% · 1 year 62.8% · 100% evidence · 6 of 12 weeks ahead Exact sum: 17.5 + 15.4 + 9.8 + 11.9 = 54.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 15. [HRS Aluglaze Ltd](https://www.sectoralpha.in/stocks/hrs-aluglaze-ltd) Too little evidence to rank firmly · 26% evidence 52.2 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/construction-civil-turnkey), all 15 compared on one page. ## Which companies are close to Effwa Infra & Research in size? Effwa Infra & Research is the 9th largest of 15 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

1. [SRM Contractors Ltd](https://www.sectoralpha.in/stocks/srm-contractors-ltd) ₹932 crore
2. [Sathlokhar Synergys E&C Global Ltd](https://www.sectoralpha.in/stocks/sathlokhar-synergys-e-c-global-ltd) ₹929 crore
3. [Gayatri Projects Ltd](https://www.sectoralpha.in/stocks/gayatri-projects-ltd) ₹880 crore
4. Effwa Infra & Research Ltd ₹784 crore
5. [A B Infrabuild Ltd](https://www.sectoralpha.in/stocks/a-b-infrabuild-ltd) ₹777 crore
6. [Denta Water & Infra Solutions Ltd](https://www.sectoralpha.in/stocks/denta-water-infra-solutions-ltd) ₹592 crore
7. [IL&FS Engineering & Construction Co Ltd](https://www.sectoralpha.in/stocks/il-fs-engineering-construction-co-ltd) ₹499 crore

[All 15 Construction - Civil/Turnkey companies, largest first](https://www.sectoralpha.in/sectors/construction-civil-turnkey#all-companies)

### Companies close in size in other industries

1. [Prozone Realty Ltd](https://www.sectoralpha.in/stocks/prozone-realty-ltd) ₹787 crore · Miscellaneous
2. [Antony Waste Handling Cell Ltd](https://www.sectoralpha.in/stocks/antony-waste-handling-cell-ltd) ₹785 crore · Recycling
3. Effwa Infra & Research Ltd ₹784 crore
4. [TAC Infosec Ltd](https://www.sectoralpha.in/stocks/tac-infosec-ltd) ₹784 crore · IT - Software
5. [Taneja Aerospace & Aviation Ltd](https://www.sectoralpha.in/stocks/taneja-aerospace-aviation-ltd) ₹784 crore · Aviation

## What else do people ask about Effwa Infra & Research? ### What is Effwa Infra & Research's share price today? Effwa Infra & Research Ltd's share price is ₹323.80, +55.7% over the past year. The whole company is worth ₹751 Cr on the market. In the last 52 weeks it traded between ₹182 to ₹398; today it is 66% of the way up from the low, 4.9% above its 200-day average (as of 3 November 2026). ### What were Effwa Infra & Research's latest quarterly results? Effwa Infra & Research Ltd reported revenue of ₹163 Cr and net profit of ₹18.0 Cr for the Mar 2026 quarter. Revenue rose 31.5% and profit rose 20.0% compared with a year earlier. Earnings per share were ₹7.98 (as of 3 November 2026). ### What is Effwa Infra & Research's market cap? Effwa Infra & Research Ltd's market capitalisation is ₹751 Cr at a share price of ₹323.80. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Effwa Infra & Research performing? Effwa Infra & Research Ltd's share price has been rising for 25 weeks. In its latest quarter, revenue rose 31.5% and profit rose 20.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 3 November 2026). ### Will Effwa Infra & Research's share price go up? This page does not forecast Effwa Infra & Research Ltd's share price. What it shows instead: the share price is ₹323.80, and it has been rising for 25 weeks. Its P/E of 26.3× is higher than 44% of its own last 2 years (as of 3 November 2026). ### Does Effwa Infra & Research have too much debt? Effwa Infra & Research Ltd has a moderate amount of debt: its debt is 0.31× its equity, and its operating profit is 11 times its interest bill. FY26 borrowings were ₹38.0 Cr against equity of ₹123 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Effwa Infra & Research in its business cycle? Effwa Infra & Research Ltd's FY26 operating margin was 17.0%, against a 6-year range of 6.0% to 17.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 16.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Effwa Infra & Research story? The main question: profits are rising, but only 5% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Effwa Infra & Research a stock worth studying right now? What the numbers show: Effwa Infra & Research Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Effwa Infra & Research share price forecast for 2026? What management itself guided: Revenue yearly growth FY27-FY30 of 35-40%. 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+). What would change the story: 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. ### Where does this page get Effwa Infra & Research's management information? From Effwa Infra & Research's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.