Effwa Infra & Research Ltd — Q4 FY26
Effwa Infra & Research reported a strong FY26 with revenue of 253.29 cr (+36.8% YoY), EBITDA of 42.11 cr (+40.3% YoY), and PAT of 28.62 cr (+42.3% YoY).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
72%Questions answered2Evaded / deflected9Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why order book remained at 750 cr despite earlier guidance of 1000 cr?
Asked by Rainder Bir Singh, Alpha AMC
Acknowledged shortfall but attributed to pending written intimation without quantifying.
no specific number for pending ordersvague timeline
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Question
in the last month that I held like in January you have mentioned the order book was around 750 per cr but at the end of FY 26 the order book still remained at 750 but you mentioned like we will be closing this year by more than thousand CR of order book so isn't that we didn't get any orders or how working
Management (unidentified)
this present order value is whatever was executed the balance of that and few orders are already in our favor declared but still we have not got the written intimation... it will probably add to almost the anticipated figure of thousand.
Answered
High priority
What is the total value of orders in the pipeline?
Asked by Rainder Bir Singh, Alpha AMC
Provided a specific number for pipeline value.
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Question
how much of worth of order book have you bid for? How many worth of orders are in pipeline?
Management (unidentified)
That is around 2,600 or little more than that. 2,600.
Evasive
Medium priority
What margins will the new ZMD technology command?
Asked by Rainder Bir Singh, Alpha AMC
Only qualitative assurance of margin improvement, no specific figure.
no margin percentage givenqualitative only
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Question
what are the margins that we will be commanding on that project?
Management (unidentified)
Definitely will be improving our margin because this is the technology right and first time and which is going to save huge money for the industry.
Answered
Low priority
What is the capital work in progress of ~20 cr related to?
Asked by Rainder Bir Singh, Alpha AMC
Clearly explained the CWIP as payment for new office under construction.
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Question
in FY26 financials balance sheet uh there is a capital work in progress of around 20 CR close to 20 CR 19.8C dates here. So what is that related with?
Management (unidentified)
that is basically we have got the office which is under construction. So the 19 cr is the amount which we have already paid to the developer.
Answered
High priority
What is the revenue growth guidance for next 2-3 years?
Asked by Taher Hyderabad Wala, Gobis Fund
Provided a specific growth percentage for next year.
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Question
we have given a guidance of grow 50% plus in FI26 I kind of say that what will be what will be guide for next two to three years going forward 29 or if you can give us a number would be great
Management (unidentified)
35 to 40% we are expected to grow next year
Answered
Medium priority
What is the revenue breakdown by segment?
Asked by Taher Hyderabad Wala, Gobis Fund
Provided specific percentage breakdown.
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Question
revenue by definition between uh affluent treatment plant with LD uh treatment plants with recycling uh and waste management and ONM
Management (unidentified)
around 92.4% 4% is effluent treatment plant is 3% is and treatment plant is recycling 4.6%.
Answered
Medium priority
What is the order book split between government and private?
Asked by Taher Hyderabad Wala, Gobis Fund
Provided specific split between private and public sector.
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Question
out of the order book of uh 600. Uh what number we have said I missed that part. Uh if you can break it up into uh what is the order book from uh government or public sector and private uh private sectors?
Management (unidentified)
private sector is around out of 750 we have around 500 plus from private sector like JSW and uh uh and that balance part is from TSH.
Answered
Low priority
How many sites does the 750 cr order book cover?
Asked by Praesh Shira, Lucky
Provided a specific number of sites.
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Question
So this 750 cr order means how many sites?
Management (unidentified)
Uh around five sites.
Evasive
Medium priority
What is the capex premium for ZMD over ZLD?
Asked by Praesh Shira, Lucky
Only qualitative statement about premium, no quantification.
no specific premium percentage given
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Question
what will be the uh let's say a capex cost premium to ZL
Management (unidentified)
should be we should be making some premium for sure for all our efforts.
Answered
High priority
How is the company protected against raw material inflation?
Asked by Adita, Securities Investment Management
Clearly stated that contracts have escalation clauses.
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Question
in our business how are we placed against this raw material inflation? Do we pass on this inflation or
Management (unidentified)
in most of the contracts escalation class right all almost all the contracts that we have are with the escalation clause
Answered
Low priority
What is the retention money amount currently?
Asked by Adita, Securities Investment Management
Provided a specific range for retention money.
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Question
on the balance sheet what is the retention money amount currently?
Management (unidentified)
So it's 20 to 30 crores.
Answered
High priority
What is the committed execution schedule for FY27 from the 750 cr order book?
Asked by Karthi, Suyos Advisor
Provided a specific execution target for FY27.
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Question
on the 750 cr order backlog. What is the committed execution schedule for FY27 and what is the revenue recognition policy?
Management (unidentified)
We are anticipating around 350 plus to commission in next coming financial year in this.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| FY27 revenue growth guidance of 35-40% | 35% | 36.8% | Understated vs filing |
| FY27 execution target of 350+ cr from order book | ₹350 cr | ₹253.29 cr | Overstated vs filing |
| O&M revenue expected 10-12 cr in FY27 | ₹10 cr | ₹253.29 cr | Understated vs filing |
| Revenue capacity with current limits: 450+ cr | ₹450 cr | ₹253.29 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.