Effwa Infra & Research Ltd. · NSE:EFFWA
Effwa Infra & Research — H1 FY26 Earnings Presentation
47 slides from Effwa Infra & Research's earnings presentation, Nov 12, 2025
Slide 1: Cover letter to NSE: Investor Presentation
™ Effwa Infra & Research Ltd. (Formerly Known as Effwa Infra & Research Pvt. Ltd.) We Engineer Environmental Science 12th November 2025 To, Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai– 400051 Scrip Code: EFFWA Subject: INVES
Slide 2: We Engineer Environmental Science
Infra & Research Limited Investor Presentation – November 2025 We Engineer Environmental Science Investor Presentation – H1 FY26 1
Slide 3: Safe Harbour Statement
Safe Harbour Statement This presentation and the accompanying slides have been prepared by EFFWA Infra & Research Ltd. (EFFWA the “Company”), and have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securiti
Slide 4: Operational Highlights, Company, Industry and Financial Overview
1 Operational Highlights 2 Company Overview 3 Industry Overview 4 Strategic Overview
Slide 5: H1FY26 Operational Highlights
H1FY26 Operational Highlights Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin (Rs. In Lacs) (Rs. In Lacs & %) (Rs. In Lacs & %) 48.23% YOY 111.30% YOY 112.93% YOY 9,020.87 1,542.47 1,014.38 6,085.80 17.10% 730.00 476.39 11.24% 12.00% 7.83% H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 In
Slide 6: H1 FY26 Revenue Bifurcation
H1 FY25 Revenue Bifurcation Institutions wise Revenue Contribution Domestic v/s Export Mix Service wise Revenue Contribution 1.13% 1.48% 6.78% 1.13% 31.07% 41.87% H1FY26 H1FY26 57.00% H1 FY25 H1FY26 90.60% 100% 68.93% Government Department - 1.13% Effluent Treatment Plant with recycling Public Secto
Slide 7: Profit and Loss Statement
Profit and Loss Statement Particulars (Rs. In Lacs) H1 FY26 H1 FY25 YoY Revenue from Operations 9,020.87 6,085.80 48.23% COGS 6,232.40 4,428.41 Employee Expenses 712.75 503.78 Other Expenses 533.26 423.61 EBITDA 1,542.47 730.00 111.30% EBITDA Margin (%) 17.10% 12.00% 510 bps Other Income 0.00 0.00 D
Slide 8: Balance Sheet Statement
Balance Sheet Statement ASSETS(Rs. In Lacs) Sep-25 Mar-25 EQUITY & LIABILITIES(Rs. In Lacs) Sep-25 Mar-25 Non ‐ Current Assets (a) Equity share capital 2,314.72 2,314.72 Property, plant and equipment (b) Other equity 8,187.85 7,173.47 (i)Tangible Assets 215.04 58.42 Total Equity 10,502.57 9,488.19 (
Slide 9: Cash Flow Statement
Cash Flow Statement Particulars (Rs. In Lacs) Sep-25 Mar-25 Cash Flow from Operating Activities Profit before Tax 1,355.58 2,725.21 Adjustment for Non-Operating Items 46.45 134.39 Operating Profit before Working Capital Changes 1,402.02 2,859.60 Changes in Working Capital 1,289.40 -5,269.70 Cash Gen
Slide 10: Key Business Highlights for H1 FY26
Key Business Highlights for H1 FY26 Order Book Efficiency Improvement • Present Orders in hand Rs. 450+ Crore • Already Implemented new updated engineering software to boost • Projects under Pipeline of Rs. 2600+ Crore operational efficiency. • Continued technical and soft skill training to employee
Slide 11: CMD's Commentary – H1 FY26 Performance
CMD's Commentary – H1 FY26 Performance Commenting on the performance, Dr. Varsha Kamal, Promoter, Chairperson & Managing Director, said: “We are pleased to report a strong performance for the first half of FY26, marked by robust growth in revenue and profitability. Revenue from operations stood at ₹
Slide 12: Management Outlook
Management Outlook Ongoing major projects, including SAIL (RSP) of ₹228 crore and recently announced order win of Czech Hutni (RSP and IISCO) of ₹150 crore, shall further accelerate revenue growth and profitability. With the successful execution track record, Effwa now qualifies for single-project
Slide 13: Company Overview section
1 Operational Highlights 2 Company Overview 3 Industry Overview 4 Strategic Overview
Slide 14: About Us
About Us • Effwa synonym to an engineering powerhouse that offers cutting edge environmental solutions to various Industries across the Globe was established by Dr. Varsha Kamal and Mr. Subhash Kamal (Ex. IITians) in 2011. • Effwa Infra & Research Limited is expanding fast in its business of enginee
Slide 15: Our Services
Our Services Effluent Treatment & Recycling Zero Liquid Discharge Plant Sewage Treatment & Reclamation Water Treatment & Distribution Investor Presentation – H1 FY26 14
Slide 16: Water Solutions and Treatment Applications Across Sectors
Water Solutions and Treatment Applications Across Sectors • Textile • Tanneries • Pulp and Paper • Municipal Services • Sugar & Distilleries • Power, Steel and Mining • Petrochemicals, oil & Gas • Dairy and Food Processing • Bulk drugs & Pharmaceuticals • Pesticides, Chemicals and fertilizers Invest
Slide 17: Major Clientele
Major Clientele Bangladesh Nigeria Investor Presentation – H1 FY26 16
Slide 18: Recognition with Leading Consultants
Recognition with Leading Consultants Investor Presentation – H1 FY26 17
Slide 19: The Founders and Directors
The Founders and Directors Dr. Varsha Kamal Mr. Subhash Kamal (Promoter, Chairperson & Managing Director) (Promoter, Whole Time Director) ⁻ Dr. Varsha Subhash Kamal is the Promoter, Chairperson and ⁻ Mr. Subhash Ramavtar Kamal is the Promoter, Whole Time Managing Director of our Company. Director of
Slide 20: Organisational Structure
Organisational Structure Organizational Structure Whole Time Director - KMP Chairman & Managing Director - Non-Executive Independent Non-Executive Non KMP Director Independent Director Senior Managerial Chief Financial Officer - Personnel CS & Compliance Officer - KMP Independent Director Independen
Slide 21: Business Process Flow
Business Process Flow Site Establishment Construction & Erection Joint Progress Review Procurement & Safety & Environment Logistics Training 5 4 6 Process Optimisation Pre-trial Training & 3 7 Commissioning Design & Engineering 2 8 Performance Demonstration Contract Review Handover of Facilities / T
Slide 22: Unique Selling Proposition
Unique Selling Proposition Zero Liquidated Damages High Customer Retention Rate “On Time, Every Time” Strong relationships built on performance, transparency and ethical practice leading to repeat Track record of completing projects without business. Once a Customer, Always a dynamic incurring any p
Slide 23: Snapshot of Our Projects
Snapshot of Our Projects Effluent Treatment Plant Capacity : 4500 m3/hr Investor Presentation – H1 FY26 22
Slide 24: Snapshot of Our Projects
Snapshot of Our Projects Effluent Treatment Plant Capacity : 1200 m3/hr & 300 m3/hr Investor Presentation – H1 FY26 23
Slide 25: Snapshot of Our Projects
Snapshot of Our Projects Common Effluent Treatment / Recycling Plant (28 MLD) Investor Presentation – H1 FY26 24
Slide 26: Snapshot of Our Projects
Snapshot of Our Projects Potable Water Treatment Plant (22 MLD) at Tanzania Investor Presentation – H1 FY26 25
Slide 27: Snapshot of Our Projects
Snapshot of Our Projects Effluent Treatment Plant Bioreactor with diffused aeration Sewage Treatment Plant Investor Presentation – H1 FY26 26
Slide 28: Snapshot of Our Projects
Snapshot of Our Projects Effluent Recycling Plant Capacity : 2.4 MLD Cooling Tower with Water Recirculation Plant, RINL Capacity : 7500 m3 / hr Investor Presentation – H1 FY26 27
Slide 29: Snapshot of Our Projects
Snapshot of Our Projects Zero Liquid Discharge System, TATA Steel Ltd. Capacity : 2.4 MLD Investor Presentation – H1 FY26 28
Slide 30: Snapshot of Our Projects
Snapshot of Our Projects Zero Liquid Discharge System at ONGC 2.4 MLD Investor Presentation – H1 FY26 29
Slide 31: Snapshot of Our Projects
Snapshot of Our Projects Zero Liquid Discharge System (Capacity : 2 MLD) Investor Presentation – H1 FY26 30
Slide 32: Completed Projects
Completed Projects CETP Narmada Clean Tech GIDC Investor Presentation – H1 FY26 31
Slide 33: Completed Projects
Completed Projects SAIL Durgapur Steel Plant Investor Presentation – H1 FY26 32
Slide 34: Completed Projects
Completed Projects Various Project Sites Investor Presentation – H1 FY26 33
Slide 35: Completed Project
Completed Project IOCL (Haldia Refinery) Effluent Treatment Plant 20.30 MLD 34 Investor Presentation – H1 FY26
Slide 36: Completed Project
Completed Project Kutch Copper Ltd (Adani) 35 Investor Presentation – H1 FY26
Slide 37: Financial Overview section
1 Operational Highlights 2 Company Overview 3 Industry Overview 4 Financial Overview
Slide 38: Water & Wastewater Treatment Market Landscape
Water & Wastewater Treatment Market Landscape Growing Global Demand for Industrial Water Recovery & ZLD Solutions India - Rapid Growth Driven by Urbanization, Regulation & Demand Global Industrial Wastewater Treatment Market Market Size India’s wastewater treatment market was valued at USD 4.4 billi
Slide 39: Emerging Trends - ZLD and Recycling Are the Future
Emerging Trends - ZLD and Recycling Are the Future ZLD Adoption Accelerating in Water-Stressed and Regulated Sectors Opportunity Landscape – Why Effwa is Well-Positioned? ZLD Penetration Strong Tailwinds for Growth in Effluent Recycling and ZLD ZLD adoption in Indian industries is projected to grow
Slide 40: Financial Overview section
1 Operational Highlights 2 Company Overview 3 Industry Overview 4 Financial Overview
Slide 41: Key Financial Ratios
Key Financial Ratios Rs. In Lacs Revenue from Operations EBITDA & EBITDA Margin PAT & PAT Margin 84.39% YOY 251.97% YOY 18,511.93 3,001.99 2,011.27 14,515.93 17.10% 11,509.57 2,040.39 10.86% 11.24% 1,390.46 9,020.87 1,542.47 16.22% 1,014.38 879.72 14.06% 9.58% 514.38 4.47% 7.64% FY23 FY24 FY25 H1FY2
Slide 42: Key Financial Ratios
Key Financial Ratios Current Ratio Debt-to-Equity Ratio Interest Coverage Ratio 4.00 0.69 11.72 26.4% 25.3% 2.88 22.3% 21.7% 10.33 8.70 0.38 1.91 1.81 0.31 4.58 0.14 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1FY26 Investor Presentation – H1 FY26 41
Slide 43: Historical Revenue Bifurcation
Historical Revenue Bifurcation Institutions wise Revenue Contribution 3.09% 1.40% 9.28% 1.13% 33.70% 53.43% 46.83% 41.87% FY23 FY24 FY25 H1FY26 43.48% 57.02% 51.77% 57.00% Government Institutions Public Sector Undertaking Private Sector Service wise Revenue Contribution 4.27% 0.93% 2.98% 0.34% 1.48%
Slide 44: Historical Profit And Loss Statement
Historical Profit And Loss Statement Particulars (Rs. In Lacs) FY23 FY24 FY25 H1FY26 Revenue from Operations 11,509.57 14,515.93 18,511.93 9,020.87 COGS 9,161.57 10,690.35 13,385.27 6,232.40 Employee Expenses 728.29 950.62 1,234.42 712.75 Other Expenses 739.99 834.57 890.25 533.26 EBITDA 879.72 2,04
Slide 45: Historical Balance Sheet Statement
Historical Balance Sheet Statement Assets(Rs. In Lacs) Mar-23 Mar-24 Mar-25 Sep-25 Equity & Liabilities(Rs. In Lacs) Mar-23 Mar-24 Mar-25 Sep-25 Non ‐ Current Assets (a) Equity share capital 232.57 1,783.04 2,314.72 2,314.72 Property, plant and equipment (b) Other equity 2,121.51 1,940.37 7,173.47 8
Slide 46: Cash Flow Statement
Cash Flow Statement Particulars (Rs. In Lacs) Mar-23 Mar-24 Mar-25 Sep-25 Cash Flow from Operating Activities Profit before Tax 702.75 1,858.18 2,725.21 1,355.58 Adjustment for Non-Operating Items 109.44 102.17 134.39 46.45 Operating Profit before Working Capital Changes 812.19 1,960.35 2,859.60 1,4
Slide 47: Thank You
Company Details: Effwa Infra & Research Ltd Lina Lad : Chief Financial Officer investor@effwa.co.in www.effwa.co.in Investor Relations Partner: X-B4 Advisory LLP Rasika Sawant +91 95944 57518 rasika@x-b4.com Thank You www.x-b4.com
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