Incorporated in 2014, Effwa Infra & Research Ltd is a prominent player in environmental engineering, offering a comprehensive suite of services including consultancy, procurement, construction, and integrated project management. The company specializes in Environmental Pollution Control across various industries, with a primary focus on environmental engineering services within India. Its core activities encompass effluent treatment and recycling, sewage treatment and reclamation, water treatment and distribution, restoration of water bodies, and hazardous waste incineration. Effwa Infra & Research serves a diverse clientele, including public sector undertakings, government organizations, semi-government entities, and private sector clients from sectors such as textile, leather, paper, food processing, dairy, chemicals, dyes and intermediates, steel, mining, power, pharmaceutical and bulk drugs, sugar, fertilizers, distilleries, pesticides, ceramics, and petrochemicals. The company is headquartered in Thane, India.
Effwa Infra & Research Ltd (EIRL) excels in providing turnkey solutions for Public Sector Undertakings (PSUs), covering a broad spectrum of environmental needs. This includes specialized systems for effluent and sewage treatment, recycling, solid waste management, incineration, bioremediation, and water body restoration. A key focus for EIRL is Zero Liquid Discharge (ZLD) systems, demonstrating their commitment to advanced environmental practices. The company holds ISO 9001:2015 certification, underscoring its adherence to quality standards. EIRL delivers end-to-end project solutions, managing the entire lifecycle from design and construction to commissioning and maintenance, handling projects ranging from 3 MLD to 135 MLD. Their expertise extends to both domestic and international markets. The services include engineering, consulting, procurement, construction, and integrated project management in water pollution control, encompassing wastewater and industrial effluent treatment, solid waste treatment and disposal, aeration systems, hazardous waste management, and water treatment plants. Furthermore, the company offers project organization, management, procurement, financing, and implementation as a consultant and expert, with a strong emphasis on ensuring environmentally friendly waste processing practices through the management of Effluent Treatment Plants (ETP), Sewage Treatment and Remediation (STP), Water Treatment and Distribution (WTP), and Hazardous Waste Management.
As of July 17, 2025, Effwa Infra & Research Ltd (EFFWA) commands a market capitalization of ₹524.05 Cr, classifying it as a Small Cap company according to Value Research. EFFWA Infra & Research Ltd operates within the Industrials sector, specifically in the Environmental Services sub-sector. The company has been publicly listed on the National Stock Exchange (NSE) under the ticker symbol "EFFWA" since its successful Initial Public Offering (IPO) in July 2024.
- P/E Ratio: 26.05
- P/B Ratio: 14.11
- Annual Revenue Growth: 26%
- Pre-tax Margin: 13%
- ROE (Return on Equity): 37%
- Debt to Equity Ratio: 3% (Indicates a healthy balance sheet)
Effwa Infra & Research Ltd reported revenues of ₹1,455 million in FY24, marking a significant increase of 26.1% compared to ₹1,154 million in FY23. Over the past four years, the company's revenue has shown robust growth, escalating from ₹547 million in FY21 to ₹1,455 million in FY24, achieving a Compound Annual Growth Rate (CAGR) of 38.6%. Net profit also surged remarkably, standing at ₹138 million in FY24, a substantial rise of 169.0% from ₹51 million in FY23. This growth trajectory saw net profits increase from ₹46 million in FY22 and ₹22 million in FY21. Over the last four years, Effwa Infra & Research Ltd's net profit has grown at an impressive CAGR of 83.4%.
The company demonstrated strong operational efficiency, with operating profit increasing by 134.7% year-on-year during FY24. While operating profit margins saw a dip to 14.2% in FY24 from 7.6% in FY23, net profit margins expanded significantly from 4.5% in FY23 to 9.5% in FY24, reflecting improved profitability.
The 52-week trading range for Effwa Infra & Research Ltd (EFFWA) has been between a high of ₹389.15 and a low of ₹147.55. The stock has experienced notable volatility since its listing, reflecting both the inherent growth potential of the environmental services sector and prevailing market dynamics.
The promoters of Effwa Infra & Research Ltd are Mrs. Varsha Subhash Kamal and Mr. Subhash Ramavtar Kamal, who collectively hold 73.03% of the company's total equity. Mrs. Varsha Subhash Kamal serves as the Chairperson of the company. The absence of any promoter pledging signifies strong confidence and commitment from the promoters in the company's future prospects.
In 2025, the company has implemented several strategic initiatives aimed at strengthening its operational and governance frameworks. These include conducting a postal ballot to seek approval for increasing the borrowing limit to ₹350 Cr and for approving asset mortgages as security, indicating planned business expansion. Furthermore, Effwa Infra has appointed new secretarial, internal, and statutory auditors for the fiscal years 2025-26 through 2029-30, reinforcing its commitment to robust governance structures.
While Effwa Infra & Research Ltd exhibits strong growth metrics, the company does face potential working capital management challenges, notably its high debtor days (232 days). This is a common characteristic in project-based businesses. However, the company's balance sheet remains strong, suggesting financial stability relative to its peers. The probability of Effwa Infra & Research Ltd facing bankruptcy or a financial crunch appears lower compared to its immediate competitors.
The company operates in a sector of escalating importance, driven by increasingly stringent environmental regulations and a growing emphasis on sustainability by industries and government bodies alike. With its comprehensive service offerings, spanning from design to maintenance, and a proven track record in managing large-scale projects, Effwa Infra & Research Ltd is strategically positioned to capitalize on the surging demand for environmental solutions within India's industrial landscape.
