Effwa Infra half-year revenue rises 45%, profit up 49% in September

Effwa Infra & Research Limited reported revenue from operations of Rs 130.649 crore for the half year ended September 30, 2026, up 44.8% from a year earlier, while profit after tax increased 48.8% to Rs 15.0968 crore. The unaudited results were approved by the board on November 2, 2026.

How did Effwa Infra’s half-year revenue and profit change?

Effwa Infra’s revenue from operations rose by Rs 40.4403 crore from Rs 90.2087 crore in the half year ended September 2025 to Rs 130.649 crore in the half year ended September 2026. Total income also stood at Rs 130.649 crore because the statement did not report a separate value for other income.

Profit before tax increased 48.5% to Rs 20.129 crore from Rs 13.5558 crore, while profit after tax rose 48.8% from Rs 10.1438 crore to Rs 15.0968 crore. Earnings per share (EPS) increased to Rs 6.52 from Rs 4.38, and share capital was unchanged at Rs 23.1472 crore at both September 30, 2026 and September 30, 2025.

The September 2026 half-year revenue equalled about 51.6% of the Rs 253.2938 crore reported for the full year ended March 2026. The comparison is based on the company’s unaudited half-year result and its audited full-year statement, rather than a management forecast for the second half.

Which costs changed as Effwa Infra’s revenue increased?

Effwa Infra’s total expenses rose 44.2% to Rs 110.5199 crore in the September 2026 half year, compared with a 44.8% increase in revenue. Cost of goods sold, the largest disclosed expense, increased 53.8% to Rs 95.8515 crore from Rs 62.324 crore, accounting for Rs 33.5275 crore of the Rs 33.8669 crore increase in total expenses.

Employee benefits expense rose 18.4% to Rs 8.4382 crore from Rs 7.1275 crore. Office and administration expense increased to Rs 80.10 lakh from Rs 78.44 lakh, while selling and distribution expense declined 13.0% to Rs 82.49 lakh from Rs 94.82 lakh.

Other expenses were nearly unchanged at Rs 3.5793 crore, compared with Rs 3.60 crore in the September 2025 half year. Depreciation and amortisation increased to Rs 1.398 crore from Rs 1.085 crore, and the filing did not provide a separate explanation for the changes in these individual expense lines.

Did Effwa Infra’s finance cost fall in the half year?

Yes. Effwa Infra reported finance cost of Rs 88.52 lakh for the half year ended September 30, 2026, down 49.7% from Rs 1.7605 crore in the corresponding 2025 period. The fall occurred alongside a Rs 40.4403 crore increase in revenue and a Rs 6.5732 crore increase in profit before tax.

The financial-results statement’s finance-cost figure differs from the cash-flow statement’s interest-expense figure of Rs 1.8551 crore for the September 2026 half year, versus Rs 1.4187 crore a year earlier. Effwa Infra did not provide a reconciliation between the two labels, so the filing does not establish why the reported finance cost fell while cash-flow interest expense increased.

The tax lines also contain an internal inconsistency in the disclosed statement. Current tax is listed at Rs 5.0323 crore, but total tax expense is listed at Rs 50.23 lakh; the difference between reported profit before tax of Rs 20.129 crore and profit after tax of Rs 15.0968 crore is about Rs 5.0322 crore. Effwa Infra did not include an explanatory note on that presentation.

What do Effwa Infra’s balance sheet and cash flow show?

Effwa Infra reported total assets of Rs 220.6408 crore at September 30, 2026, compared with Rs 198.0882 crore at March 31, 2026. Trade receivables increased to Rs 133.3549 crore from Rs 128.7106 crore, inventory rose to Rs 8.9702 crore from Rs 26.54 lakh, and cash and bank balances rose to Rs 46.7542 crore from Rs 43.2852 crore.

Long-term borrowings increased to Rs 22.4733 crore at September 30, 2026 from Rs 13.6705 crore at March 31, 2026. Short-term borrowings rose to Rs 47.0428 crore from Rs 24.3286 crore, bringing aggregate borrowings to Rs 69.5161 crore, compared with Rs 37.9991 crore at the March 2026 year-end.

Trade payables moved in the opposite direction, declining to Rs 7.3567 crore at September 30, 2026 from Rs 25.923 crore six months earlier. The cash-flow statement reported net operating cash outflow of Rs 23.7294 crore for the September 2026 half year, compared with net operating cash inflow of Rs 23.5022 crore in the corresponding 2025 period.

The operating cash-flow movement included a Rs 10.5663 crore decrease in trade payables, an Rs 8.7048 crore increase in inventory and a Rs 4.6443 crore increase in trade receivables. Net financing cash inflow was Rs 7.1488 crore, against an outflow of Rs 7.7065 crore a year earlier, while fixed-asset purchases rose to Rs 3.8373 crore from Rs 1.6746 crore.

What reporting basis and segment disclosure did Effwa Infra provide?

Effwa Infra said its September 2026 financial statements were unaudited, reviewed by the audit committee and approved by the board on November 2, 2026. Jignesh Savla and Associates issued a limited review report dated November 2, 2026, stating that nothing had come to its attention suggesting the results had not disclosed required information or contained a material misstatement.

The company prepared the results under Accounting Standards prescribed under Section 133 of the Companies Act, 2013. Its notes cite the Ministry of Corporate Affairs notification dated February 16, 2015, under which securities listed on the small and medium enterprises exchange are exempt from compulsory adoption of Indian Accounting Standards.

Effwa Infra disclosed a single reportable business segment under Accounting Standard 17, so the filing gives no separate revenue, cost, asset or profit figures by product, customer group or operating division. It also said prior-period figures had been regrouped, reclassified or restated where necessary to conform with the current classification.

Conclusion

Effwa Infra delivered higher September 2026 half-year revenue and profit, with revenue rising 44.8% and profit after tax increasing 48.8%. Total expenses grew slightly more slowly than revenue, while the reported finance-cost line declined; however, the filing’s separate interest-expense and tax disclosures contain differences that it does not explain.

The next disclosed performance point will be the second half of the year ending March 2027, which can be assessed against the Rs 253.2938 crore revenue reported in the year ended March 2026. Readers can also watch subsequent disclosures for changes in Rs 69.5161 crore aggregate borrowings, Rs 133.3549 crore trade receivables and the tax-line presentation.