Effwa Infra & Research has secured a contract worth ₹57.94 crore from NMDC Steel Limited for the installation of a Zero Liquid Discharge (ZLD) plant. The project, awarded on a turnkey basis, will be executed at Nagarnar near Jagdalpur, India, for a 3.0 MTPA Integrated Steel Plant. This order strengthens the company's presence in the steel sector and underscores its capabilities in end-to-end environmental engineering solutions.

Contract Details

The contract encompasses the design, engineering, supply, manufacture, procurement, assembly, shop inspection, and testing. The scope includes civil works, erection, testing, commissioning, and performance guarantee tests for the Dissolve Air Floatation, Pre-Treatment, and ZLD Plant.

The company confirmed that the order is domestic in nature and does not involve any related party transactions or interest from the promoter group. The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

effwa infra & research reported a strong financial performance for the year ended March 31, 2026, with significant growth across key operational metrics. The company’s revenue from operations stood at INR253.29 crores, reflecting a year-on-year increase of 36.8%. This growth was driven by robust execution capabilities and a strategic focus on value engineering initiatives.

Profitability metrics improved considerably during the fiscal year. EBITDA for FY26 was recorded at INR42.11 crores, a rise of 40.3% compared to the previous year, with an EBITDA margin of 16.6%. Net profit after tax reached INR28.62 crores, registering a growth of 42.3% and resulting in a PAT margin of 11.3%. The company attributed this performance to continuous monitoring of control systems and sustained investments in workforce development.

Financial Highlights for FY26

The company’s financials for the full year and the second half of the fiscal demonstrate consistent momentum. In H2 FY26, the operating profit was INR163.09 crores, growing 31.2% year-on-year, while EBITDA stood at INR26.68 crores with a margin of 16.4%. The net profit for the half-year was INR18.47 crores.

Operational and Strategic Updates

Effwa Infra & Research Limited’s order book remains robust, currently standing at around INR750 crores, with a pipeline of opportunities exceeding INR2,600 crores. This provides solid revenue visibility for the coming years. The management indicated that they expect the order book to reach INR1,000 crores shortly, pending formal intimation for orders already declared in their favor.

In a move to reward shareholders, the board announced a dividend of 10% for the fiscal year. Additionally, the company has acquired new office premises measuring approximately 10,000 square feet in Thane to support its expanding operations and workforce.

Business Outlook and Guidance

Looking ahead, the company has provided a revenue growth guidance of 35% to 40% CAGR for the next three to four years. The management emphasized its focus on executing the current order book efficiently and converting the pipeline into profitable orders. The company is also preparing for the commercial launch of its Zero Material Discharge (ZMD) technology by July 2027, which is expected to enhance margins further.

Segmentally, the revenue for FY26 was predominantly driven by effluent treatment plants with Zero Liquid Discharge (ZLD), which accounted for 92.4% of the total revenue. Operation and maintenance (O&M) activities contributed 3%, while effluent treatment with recycling made up 4.6%. Geographically, 87.2% of the revenue was generated from domestic markets.