Effwa Infra & ResearchShare price, financial results, shareholding and management
- Market cap
- ₹736 cr
- Stock P/E
- 25.7peers 18.1
- Book value
- ₹53.4
- Price to book
- 5.96
- EV / operating profit
- 17.4
- Market cap to sales
- 2.91
- ROCE · FY26
- 29.3%
- ROE · FY26
- 26.2%
- ROE, 3-year average
- 34.5%
- Operating margin · FY26
- 16.6%peers 17.0%
- Sales growth, 3 years
- 30.1%
- Profit growth, 3 years
- 78.9%
- Debt to equity
- 0.31peers 0.34
- Borrowings
- ₹38 cr
- Interest cover
- 11.5×
- Cash from business / op. profit
- 70%
- Debtor days
- 185
- Pledged
- 29.87%
- Promoter holding
- 73.03%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,202
- 52-week high / low
- ₹400 / ₹165
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Effwa Infra & Research share price chart
Close on 6 Nov 2026 · -2.72% on the day · Vol 18,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -6.8%
- 3 months
- -16.2%
- 6 months
- +17.3%
- 1 year
- +35.2%
- Since IPO
- +288.0%
- Traded a day, 20 days
- ₹0.45 cr
- Taken for delivery
- 72%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +37% | +42% |
| 3 years, a year | +30% | +79% |
| Latest half, H2 FY26 | +168% | +288% |
About Effwa Infra & Research: business, products and customers
Effwa Infra & Research designs and builds plants that clean and recycle the dirty water from large factories, mostly plants that leave no liquid waste at all, and then helps run them. Its shares trade on NSE Emerge.
Effwa Infra & Research, based in Thane, takes on engineering, procurement and construction contracts for effluent treatment and recycling plants, chiefly Zero Liquid Discharge (ZLD) systems that turn factory waste water back into usable water. Its customers are large steel, metal, oil and gas companies, public sector names such as SAIL and IOCL and private groups such as JSW, Tata and Vedanta, and it has built plants in Tanzania and Ivory Coast for Afcons. Most new ZLD plants come with three to five years of operation and maintenance work.
It owns almost no machinery: it keeps the design, engineering and project management, hires contractors for civil work and buys equipment from vendors. Revenue is booked as the customer approves each milestone bill, and 5% to 10% of each project's value is held back as retention until a year after the defect liability period, so profit shows up well before all the cash. Most contracts carry price escalation clauses linked to published indices.
Read more about the business
Management names VA Tech, L&T, Tata Projects and Ion Exchange among the companies it meets on large tenders, and WABAG and Thermax in high-purity water; Ion Exchange and Thermax, it says, often prefer to supply equipment without the site work.
What is new: its largest order so far, a ₹313.4 cr ZLD plant for JSW Steel at Dolvi won in December 2025, and further orders from JSW Steel Coated Products, NMDC Steel and JSW JFE Electrical Steel in 2026. It is seeking a patent for a Zero Material Discharge process that turns plant residues into reusable by-products, and has bought a larger office in Thane.
From the offer document, the May 2025, November 2025 and May 2026 earnings calls, the May 2026 investor presentation and the company's order announcements.
Read the deeper study ↓In its favour
- Sales have grown fast: 30% a year over three years.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It brings in more cash than it shows as profit: ₹29.4 cr against ₹28.6 cr in FY26.
- The promoters own a large part of the company: 73.03%.
- It paid a dividend in the past year.
To watch
- Progress on the ₹313.4 cr JSW Dolvi plant, where the company expects to carry out about a quarter to a third of the value by March 2027 (Earnings call, May 2026, p.12 and p.13).
- Written awards for orders the company says it has already won, which would take the book towards ₹1,000 cr (Earnings call, May 2026, p.5).
- The Zero Material Discharge patent and first plant, aimed for around July 2027 (Earnings call, May 2026, p.6 and p.7).
- Completion of the SAIL (RSP) project in FY27, as the company expects (Investor presentation, May 2026, p.30).
- Some promoter shares are pledged: 29.87% of them.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Effwa Infra & Research revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Effwa Infra & Research half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 33 | 112 | 61 | 60.86 | 90.21 | 163.09 |
| Expenses | 30 | 95 | 54 | 53.56 | 74.78 | 136.41 |
| Operating profit | 3 | 17 | 7 | 7.30 | 15.42 | 26.68 |
| OPM | 9.0% | 16.0% | 12.0% | 12.0% | 17.1% | 16.4% |
| Interest | 1 | 1 | 1 | 0.83 | 1.76 | 1.87 |
| Depreciation | 0 | 0 | 0 | 0.10 | 0.11 | 0.14 |
| Profit before tax | 2 | 17 | 6 | 6.37 | 13.56 | 24.67 |
| Net profit | 1 | 13 | 5 | 4.76 | 10.14 | 18.47 |
Effwa Infra & Research profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 55 | 104 | 115 | 145 | 185.12 | 253.29 |
| Expenses | 50 | 98 | 106 | 125 | 155.10 | 211.19 |
| Operating profit | 4 | 7 | 9 | 20 | 30.02 | 42.10 |
| OPM | 8.0% | 6.0% | 8.0% | 14.0% | 16.2% | 16.6% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 2 | 2.54 | 3.63 |
| Depreciation | 0 | 0 | 0 | 0 | 0.23 | 0.25 |
| Exceptional and other items | · | · | · | 1 | · | · |
| Profit before tax | 3 | 6 | 7 | 19 | 27.25 | 38.23 |
| Tax rate | 33.3% | 33.3% | 28.6% | 26.3% | 26.2% | 25.1% |
| Net profit | 2 | 4 | 5 | 14 | 20.11 | 28.62 |
| EPS ₹ | 96.30 | 189.60 | 220.55 | 7.80 | 9.28 | 12.36 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Effwa Infra & Research profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 8.0% | 6.0% | 8.0% | 14.0% | 16.2% | 16.6% |
| Tax rate | 33.3% | 33.3% | 28.6% | 26.3% | 26.2% | 25.1% |
| ROCE | · | 27.5% | 26.9% | 46.7% | 33.9% | 29.3% |
| ROE | · | 25.0% | 24.4% | 46.7% | 30.5% | 26.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Effwa Infra & Research debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Effwa Infra & Research balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 18 | 23.15 | 23.15 |
| Reserves | 12 | 16 | 21 | 19 | 71.73 | 100.35 |
| Net worth | 14 | 18 | 23 | 37 | 94.88 | 123.50 |
| Borrowings | 9 | 10 | 16 | 14 | 29.70 | 38 |
| Other liabilities | 10 | 18 | 26 | 29 | 25.18 | 36.59 |
| Total liabilities | 33 | 46 | 65 | 80 | 149.76 | 198.09 |
| Fixed assets | 0 | 0 | 0 | 1 | 0.58 | 20.35 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 20 |
| Investments | 2 | 3 | 4 | 0 | 0 | 0 |
| Other assets | 31 | 43 | 61 | 79 | 149.18 | 157.74 |
| Receivables | · | · | · | · | 117.60 | 128.71 |
| Inventory | · | · | · | · | 1.73 | 0.27 |
| Cash | · | · | · | · | 26.06 | 43.29 |
| Trade payables | · | · | · | · | 16.38 | 25.92 |
Effwa Infra & Research cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 1 | 4 | -5 | 5 | -31.24 | 29.43 |
| Cash from investing | -2 | -1 | -2 | -1 | -0.18 | -20.02 |
| Cash from financing | 0 | 1 | 4 | -4 | 39.36 | 5 |
| Net cash flow | -1 | 4 | -3 | 0 | 7.94 | 14.41 |
| Capital spending | · | · | · | · | 0.18 | 20.02 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 186 | 109 | 164 | 168 | 232 | 185 |
| Inventory days | · | · | · | · | 5 | 1 |
| Days payable | · | · | · | · | 45 | 52 |
| Cash conversion cycle | 186 | 109 | 164 | 168 | 192 | 134 |
| Working capital days | 85 | 44 | 63 | 81 | 141 | 106 |
Effwa Infra & Research peers and competitors
Listed SME companies in the same industryBy sales, Effwa Infra & Research is number 3 of the 15 listed SME companies in other utilities.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| VVIP Infratech | 334 | 7.8 | 345 | 43 | 21.0% | 0.83 |
| Effwa Infra & Research | 736 | 25.7 | 253 | 28.6 | 16.6% | 0.31 |
| Namo eWaste Management | 807 | 56.2 | 195 | 14.4 | 11.6% | 0.03 |
| Urban Enviro Waste Management | 106 | 7.2 | 182 | 14.9 | 17.4% | 0.72 |
| Z-Tech (India) | 733 | 20.3 | 156 | 36 | 28.0% | 0.34 |
| Apex Ecotech | 336 | 19.8 | 149 | 17 | 14.6% | 0.02 |
| Sattva Engineering Construction | 102 | 7.8 | 143 | 13.1 | 15.4% | 0.34 |
| Hi-Green Carbon | 344 | 100.4 | 139 | 3.4 | 16.7% | 0.70 |
| Organic Recycling Systems | 214 | 8.6 | 105 | 25 | 29.0% | 0.37 |
| Felix Industries | 330 | 18.2 | 102 | 18.1 | 27.6% | 0.22 |
| GEM Enviro Management | 90 | 18.0 | 101 | 5 | 5.0% | 0.09 |
| Median of the 10 others | 332 | 18.1 | 146 | 16 | 17.0% | 0.34 |
Effwa Infra & Research shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Effwa Infra & Research shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 72.99% | 72.99% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% | 73.03% |
| Foreign investors (FIIs) | 2.20% | 0.27% | 0.21% | 0.19% | 0.19% | 0.13% | 0.13% | 0.01% |
| Indian institutions (DIIs) | 1.48% | 3.58% | 3.50% | 3.94% | 3.96% | 4.04% | 4.22% | 3.51% |
| HNIs (over ₹2 lakh each) | 2.81% | 1.86% | 1.32% | 2.14% | 2.49% | 2.94% | 2.88% | 3.91% |
| Small holders (up to ₹2 lakh) | 14.52% | 15.31% | 15.18% | 14.38% | 13.18% | 13.43% | 12.85% | 12.01% |
| Companies and others | 6.00% | 5.99% | 6.76% | 6.32% | 7.15% | 6.43% | 6.89% | 7.53% |
| Number of shareholders | 1,626 | 2,285 | 2,596 | 2,518 | 2,420 | 2,462 | 2,367 | 2,202 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Effwa Infra & Research study: the business from its own documents
Read from 12 of the company's own documentsEffwa Infra & Research so far
From the company's own record
- 12 July 2024Listed on NSE Emerge at ₹82
- 30 June 2026Promoters at 73.03%
- 3 July 2026Highest close since listing, ₹397.65
Effwa Infra & Research key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹253.3 cr
- Up 36.8% on FY25, with profit after tax of ₹28.6 cr.Investor presentation, May 2026, p.35
- EBITDA margin
- 16.6%
- In FY26, against 16.2% in FY25; the second half was 16.4% against 18.3% a year earlier.Investor presentation, May 2026, p.35
- Order book
- Over ₹750 cr
- Orders in hand in May 2026, spread over five to six sites, with a bid pipeline of more than ₹2,600 cr.Earnings call, May 2026, p.4 and p.8
- Largest order
- ₹313.4 cr
- ZLD effluent plant for JSW Steel at Dolvi, plus GST, to be carried out over 20 months.Exchange announcement, 4 December 2025, p.2
- ZLD share
- 92.4%
- Of FY26 revenue came from ZLD plants; operation and maintenance gave 3%.Earnings call, May 2026, p.5
Show 5 more facts
- Public sector
- 61.1%
- Of FY26 revenue came from public sector undertakings and 38.4% from private companies.Earnings call, May 2026, p.5
- Exports
- 12.8%
- Of FY26 revenue, from projects in Tanzania and Ivory Coast; only 3% in the second half.Earnings call, May 2026, p.5; Investor presentation, May 2026, p.28
- Operating cash flow
- ₹29.4 cr
- In FY26, after an outflow of ₹31.2 cr in FY25.Investor presentation, May 2026, p.37
- Retention money
- ₹28 cr to ₹30 cr
- Held back by customers within ₹128.7 cr of trade receivables at March 2026.Earnings call, May 2026, p.16; Investor presentation, May 2026, p.36
- Win rate
- About 30%
- Orders of about ₹600 cr won in FY26 from more than ₹2,000 cr bid, as the Finance Director put it.Earnings call, May 2026, p.10
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the Finance Director said the company expects to grow at 35% to 40% a year for the next three to four years and to carry out more than ₹350 cr of work in FY27, and that its bank limits can support more than ₹450 cr of revenue without new funds. Management said orders it has been declared successful on should take the book towards ₹1,000 cr, that operation and maintenance should bring in about ₹10 cr to ₹12 cr in FY27, and that it aims to launch its Zero Material Discharge process and move to the main board around July 2027.
| What management said | When | What happened |
|---|---|---|
| More than 50% growth a year for the next couple of years | May 2025 call | 36.8% growth in FY26 |
| Revenue of about ₹350 cr in FY26 | Earlier call, recalled on the May 2026 call | ₹253.3 cr, as the JSW and HUTNI orders came in December 2025 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Effwa Infra & Research earns its money on the design and project management of factory water treatment plants, leaving the heavy building and equipment to others, and its margins have held steady as projects got bigger.
Its weak spots are a few very large orders from a handful of customers, money held back by customers until long after the work, and timing that depends on when customers sign.
AverageCan it set its own prices?Margins have held as order sizes grew, and escalation clauses protect it from rising costs, but it wins only part of what it bids.
AverageHow strong is it against rivals?It is a focused ZLD specialist that now qualifies for very large plants, but it competes with much bigger engineering groups.
WatchWho are its customers?Its customers are large, sound companies, but a few big orders from the JSW group and one Czech contractor make up most of the order book.
AverageDoes it need a lot of money?It needs little money for plant, but cash waits in bills and retention, and much larger orders would need more funding.
StrongCan it keep finding new work?Strict pollution rules keep heavy industry building these plants, and it has kept winning larger orders from steel and metal makers.
WatchDo good and bad years swing a lot?With a few large projects, a delay in one award or one site moves a whole year's revenue.
Who runs Effwa Infra & Research?
Promoters, directors and officers; tap a name for the background
DVDr. Varsha Subhash KamalPromoter, Chairperson and Managing Director
Holds an MTech in environmental science and engineering from IIT (1986) and a PhD from Carleton University, Ottawa; more than 25 years in water and wastewater treatment at the time of the offer, and received the Rajiv Gandhi Excellence Award in 1995. Looks after bidding, marketing, overall management and finance. The offer document states that Varsha Subhash Kamal and Subhash Ramavtar Kamal are husband and wife.
Offer document, p.158 and p.159; Investor presentation, May 2026, p.10SRSubhash Ramavtar KamalPromoter and Whole-Time Director
A civil engineering graduate (1984) with an MTech in environmental science and engineering from IIT (1986) and more than 25 years in water and wastewater treatment; looks after project execution, civil work and the technical side of projects.
Offer document, p.158; Investor presentation, May 2026, p.10BKBhavin K. GorNon-Executive Director (Finance Director)
Introduced as Finance Director on the May 2026 call, where the answers on finance, order book and funding came from Bhavin Gor.
Annual report 2025-26, p.4; Earnings call, May 2026, p.2PBPriyesh Bharat SomaiyaIndependent Director
A Chartered Accountant with more than 15 years in finance; earlier finance head at Saint-Gobain Weber and Owens Corning India, and General Manager, Finance and Accounts at Deepak Fertilisers.
Offer document, p.158; Annual report 2025-26, p.4RNRavindra N HanchateIndependent Director
Holds a diploma in electronics and telecommunication and a postgraduate diploma in marketing, with more than 25 years in sales and marketing, including at GE Power Systems.
Offer document, p.158; Annual report 2025-26, p.4Effwa Infra & Research latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹163 cr (+168%), net profit ₹18.5 cr (+288%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 73.03%.
Effwa Infra & Research announcements
76 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingScrutinizers report along with Regulation 44 Report as per SEBI (LODR) Regulation, 2015 of Annual General Meeting held on September 30, 2026. Further, the compaPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationIntimating AGM, Book Closure and E-voting pursuant to Regulation 47 of SEBI(LODR) Regulation, 2015PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Record Datethat Record date for the purpose of Dividend is 22-Sep-2026PDF ↗
- Integrated Filing- GovernanceDisclosure under Regulation 13(3) of SEBI (LODR) Regulations, 2015 for the Quarter ended 30th June, 2026PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enEffwa Infra & Research Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q_ FY 20__-__PDF ↗
- Structural Digital DatabaseSubmission of SDD Compliance certificate for the quarter ended on 30th June 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
Effwa Infra & Research annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 12 July 2024 ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 31 May 2025 ↗read
Effwa Infra & Research share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 1 PER SHAREex-date 22 Sept 2026
Checks we ran on Effwa Infra & Research's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY25 as reported add up to sales of ₹121.86 cr, the full year to ₹185.12 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,31,47,167 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹220.55) and FY24 (₹7.80) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Effwa Infra & Research
What does Effwa Infra & Research do?
Effwa Infra & Research designs and builds plants that clean and recycle the dirty water from large factories, mostly plants that leave no liquid waste at all, and then helps run them. Its shares trade on NSE Emerge.
What is the share price of Effwa Infra & Research?
₹318 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Effwa Infra & Research?
₹736 cr at the close on 6 Nov 2026, on 2,31,47,167 shares.
What is the P/E of Effwa Infra & Research?
25.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Effwa Infra & Research's revenue and profit?
Revenue ₹253 cr and profit after tax ₹29 cr in FY26.
Who are the promoters of Effwa Infra & Research?
Dr. Varsha Subhash Kamal, Subhash Ramavtar Kamal; promoters held 73.03% at 30 June 2026.
What was the IPO price of Effwa Infra & Research?
₹82 a share; it listed on 12 July 2024.
What is Effwa Infra & Research's website?
www.effwa.co.in
More SME companies like Effwa Infra & Research
Other listed SME companies in other utilities, the closest in size first, each read from its own documents.
- Namo eWaste ManagementNAMOEWASTE · NSE Emerge · Other Utilities · listed 2024Market cap ₹776 cr
- Z-Tech (India)ZTECH · NSE Emerge · Other Utilities · listed 2024Market cap ₹612 cr
- VVIP InfratechVVIPIL · BSE SME · Other UtilitiesMarket cap ₹395 cr
- Rajesh Power ServicesRAJESH · BSE SME · Other UtilitiesMarket cap ₹1,489 cr
- Apex EcotechAPEXECO · NSE Emerge · Other Utilities · listed 2024Market cap ₹347 cr
- Organic Recycling SystemsORGANICREC · BSE SME · Other UtilitiesMarket cap ₹336 cr
Every listed SME company in Other Utilities → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 76 exchange announcements, 8 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.