Effwa Infra & Research Limited — Investor Meet, 14-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Effwa Infra reported FY25 revenue at INR185.12 Cr, up 27.5% YoY, with EBITDA rising 47.1% to INR30.02 Cr (16.2% margin) and PAT increasing 44.7% to INR20.11 Cr (10.9% margin). H2FY25 showed 10.8% revenue growth, EBITDA margin at 18.3%, and PAT margin at 12.4%. ZLD effluent treatment accounted for ~85% of revenue, with exports ~11%.

Management highlighted a strong INR2,000 Cr order pipeline and 25-30% bid-win ratio, targeting 50%+ revenue growth in two years supported by expanded execution capacity and a zero-discharge technology launch by FY27. O&M services expected to deliver higher margins (~30-35%) versus EPC (~15-16%). Working capital reflects ~60-day receivables and retention of 5-10%. The outlook is confident, focusing on technological leadership and sustainable expansion.