Effwa Infra & Research borrowings rise to Rs 69.52 crore

Effwa Infra & Research Limited reported total borrowings of Rs 69.52 crore at September 30, 2026, up from Rs 38.00 crore at March 31, 2026, while trade receivables reached Rs 133.35 crore and capital work-in-progress rose to Rs 23.06 crore. The figures are from its unaudited standalone balance sheet for the half year.

How much did Effwa Infra & Research borrowings increase?

Effwa Infra & Research’s borrowings increased by Rs 31.52 crore in the six months to September 30, 2026, reaching Rs 69.52 crore from Rs 38.00 crore at March 31, 2026. Long-term borrowings rose to Rs 22.47 crore from Rs 13.67 crore, while short-term borrowings rose to Rs 47.04 crore from Rs 24.33 crore.

The year-on-year movement was larger. Total borrowings were Rs 14.31 crore at September 30, 2025, comprising Rs 71.02 lakh of long-term borrowings and Rs 13.60 crore of short-term borrowings. By September 30, 2026, long-term borrowings had increased by Rs 21.76 crore and short-term borrowings by Rs 33.44 crore from those respective levels.

Effwa Infra & Research’s total equity and liabilities were Rs 220.64 crore at September 30, 2026, compared with Rs 198.09 crore at March 31, 2026. Shareholders’ funds increased by Rs 15.10 crore to Rs 138.60 crore, as reserves and surplus rose to Rs 115.45 crore while share capital remained Rs 23.15 crore.

What changed in Effwa Infra & Research’s receivables and inventory?

Effwa Infra & Research’s trade receivables increased to Rs 133.35 crore at September 30, 2026 from Rs 128.71 crore at March 31, 2026 and Rs 95.47 crore at September 30, 2025. Receivables were its largest current-asset category at the September 2026 date, ahead of cash and bank balances of Rs 46.75 crore and inventory of Rs 8.97 crore.

Inventory rose by Rs 8.70 crore over the six months from Rs 26.54 lakh at March 31, 2026 to Rs 8.97 crore at September 30, 2026. The September 2025 inventory balance was Rs 5.99 crore, meaning the September 2026 balance was Rs 2.98 crore higher year on year.

Current assets totalled Rs 196.53 crore at September 30, 2026, up from Rs 177.67 crore at March 31, 2026. In addition to receivables, inventory and cash balances, the balance included Rs 2.90 crore of short-term loans and advances and Rs 4.54 crore of other current assets.

The cash-flow statement recorded an Rs 8.70 crore increase in inventory and an Rs 4.64 crore increase in trade receivables in the half year ended September 30, 2026. It also showed a Rs 10.57 crore decrease in trade payables and a Rs 5.49 crore decrease in other current liabilities and provisions, with net cash outflow from operating activities reported at Rs 23.73 crore after tax.

Why did capital work-in-progress increase at Effwa Infra & Research?

Effwa Infra & Research reported capital work-in-progress of Rs 23.06 crore at September 30, 2026, compared with Rs 19.77 crore at March 31, 2026 and Rs 1.58 crore at September 30, 2025. The September 2026 balance was included within property, plant and equipment in the unaudited statement of assets and liabilities.

Tangible assets increased to Rs 98.90 lakh at September 30, 2026 from Rs 58.71 lakh at March 31, 2026 and Rs 56.93 lakh at September 30, 2025. Property, plant and equipment, including capital work-in-progress and tangible assets, totalled Rs 24.05 crore at September 2026, against Rs 20.35 crore at the preceding financial year-end.

The cash-flow statement reported purchase of fixed assets of Rs 3.84 crore for the half year ended September 30, 2026, compared with Rs 1.67 crore in the corresponding 2025 half year. For the year ended March 31, 2026, it separately reported a Rs 19.77 crore purchase of office classified as capital work-in-progress.

The filing does not provide a project-wise description, completion schedule, expected cost or funding terms for the Rs 23.06 crore capital work-in-progress balance. It does, however, show that the balance rose by Rs 3.30 crore from March 31, 2026 while tangible assets increased by Rs 40.19 lakh over the same six-month period.

How did Effwa Infra & Research’s liabilities and profit move?

Effwa Infra & Research’s current liabilities decreased to Rs 59.57 crore at September 30, 2026 from Rs 60.92 crore at March 31, 2026, despite the increase in short-term borrowings. Trade payables fell to Rs 7.36 crore from Rs 25.92 crore, other current liabilities declined to Rs 4.52 crore from Rs 9.71 crore, and short-term provisions reduced to Rs 65.58 lakh from Rs 95.42 lakh.

At September 30, 2025, current liabilities were Rs 34.66 crore, including Rs 16.74 crore of trade payables and Rs 13.60 crore of short-term borrowings. The September 2026 balance had a different composition: Rs 47.04 crore of short-term borrowings accounted for most current liabilities, while trade payables had declined by Rs 9.38 crore year on year.

Revenue from operations was Rs 130.65 crore for the half year ended September 30, 2026, compared with Rs 90.21 crore in the corresponding 2025 period. Profit before tax increased to Rs 20.13 crore from Rs 13.56 crore, and reported profit after tax rose to Rs 15.10 crore from Rs 10.14 crore.

Finance cost in the half-year income statement was Rs 88.52 lakh, down from Rs 1.76 crore in the corresponding 2025 half year. The cash-flow statement separately reported Rs 1.86 crore of interest expense and Rs 1.86 crore of interest paid for the half year ended September 30, 2026; the filing does not explain the difference between the finance-cost line and these cash-flow entries.

What did the September 2026 filing say about reporting scope?

Effwa Infra & Research stated that it has a single reportable business segment, so the filing does not provide segment-level revenue, assets, receivables or borrowing data. Its unaudited results were prepared under Accounting Standards prescribed under Section 133 of the Companies Act, 2013, rather than Indian Accounting Standards, or Ind AS, under the SME exchange exemption cited in the notes.

The board approved the unaudited standalone financial statements for the half year ended September 30, 2026 at its November 2, 2026 meeting. Jignesh Savla and Associates issued a limited-review report dated November 2, 2026, stating that nothing had come to its attention to indicate that the statements had failed to disclose the information required under the applicable listing regulations.

Conclusion

Effwa Infra & Research’s September 2026 balance sheet shows a simultaneous increase in borrowings, receivables, inventory and capital work-in-progress. Borrowings rose by Rs 31.52 crore from March 2026 to Rs 69.52 crore, while receivables increased by Rs 4.64 crore to Rs 133.35 crore and inventory rose by Rs 8.70 crore to Rs 8.97 crore.

The next disclosure will show whether the Rs 23.06 crore capital work-in-progress is transferred to completed assets and whether receivables, inventory and borrowings change from their September 2026 levels. The filing provides no project completion target, debt repayment schedule, borrowing terms or receivables-collection plan for these balances.