Eiffil Water Infra Private Limited
vs. prev. close ₹265
52W High
₹265
52W Low
₹265
Market cap
₹654 Cr
IPO stage
No DRHP filed
CIN
U43299GJ2024PTC156690
Price History
52W High
₹265
52W Low
₹265
About Eiffil Water Infra Private Limited
A young, fast-scaling water-infrastructure EPC company riding strong government project demand, with revenue and profit both climbing sharply in its first full year as a public company. The growth story comes bundled with real governance catch-up risk: a qualified internal-controls opinion, unverified asset records, and inherited tax disputes that a newly public company is still working through.
Short Version :
EIFFIL Water Infra Limited is an Ahmedabad-based civil and infrastructure EPC company, formerly the partnership firm Eiffil Construction, converted to a public limited company in October 2025. Consolidated revenue grew to Rs 700.48 crore for the twelve months ended March 2026, from Rs 214.69 crore in the company's 10-month first period, with consolidated PAT of Rs 54.22 crore (EPS Rs 22.61) against Rs 21.66 crore (EPS Rs 10.43) previously, and a Book Value per Share of roughly Rs 94.
Why It Trades Where It Does :
The company is scaling rapidly on strong execution of government and sub-contract infrastructure projects, but that growth has been funded almost entirely through a nearly eight-fold jump in short-term borrowings (Rs 22.67 crore to Rs 181.24 crore) rather than internal cash generation, with operating cash flow deeply negative in both periods. The auditor's qualified opinion on internal financial controls, unverified fixed-asset records, and a sizeable disputed GST exposure inherited from the predecessor partnership firm all point to a young, newly public company whose financial reporting infrastructure has not yet caught up with its growth, which weighs on how aggressively the reported earnings growth should be capitalised into valuation.
Top Risk :
The statutory auditor issued a qualified opinion on Internal Financial Controls (Standalone and Consolidated) citing three material weaknesses: incomplete Property, Plant & Equipment records with no physical verification during the year, an unformalised delegation-of-authority and approvals framework, and inadequately documented SOPs for key financial and operational processes.
Quarterly asset statements filed with six lending banks did not match the company's books in any of the four FY26 quarters, with differences in stock, trade receivables, trade payables and retention money flagged by the auditor as a recurring (not one-off) discrepancy.
Rs 10.23 crore of disputed GST demands (spanning FY2017-18 to FY2023-24, inherited from the erstwhile partnership firm) remain under appeal, alongside Rs 1.34 crore of undisputed GST/TDS arrears still unpaid as of the audit report date.
The Audit Committee required under Section 177 was not constituted during the year, so related-party transactions could not be routed through it as mandated; Independent Directors, a Woman Director, and the Nomination & Remuneration Committee were also still pending as at year-end following the October 2025 public-company conversion.
Operating cash flow was sharply negative in both periods (Rs -159.25 crore FY26, Rs -140.79 crore FY25), with growth funded by rising short-term debt and fresh equity rather than internal accruals.
Top Opportunities :
Revenue scaled strongly over the period, with consolidated PAT attributable to owners rising to Rs 54.22 crore from Rs 21.66 crore, reflecting robust order execution in a sector tied to sustained government water-infrastructure and civil-construction spending.
The Board has approved borrowing authority of up to Rs 500 crore to support project-funding needs, alongside active related-party-transaction approvals of up to Rs 200 crore each with four affiliated construction joint ventures for FY27, indicating a visible forward project pipeline.
The auditor confirmed no loan defaults or wilful-defaulter status, no inventory discrepancies of 10%+ against books, and full utilisation of the mandated CSR budget, suggesting baseline compliance discipline even as governance structures are still being formalised.
Management has already begun remedial steps on the flagged control weaknesses (PP&E record-keeping, approval frameworks, committee constitution), which, if executed, would materially de-risk the company's governance profile ahead of any future listing or capital raise.
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Company Details
Industry
Construction & Infrastructure
Founded
1999
Headquarters
Ahmedabad, Gujarat, India
Min Lot Size
1
Face Value
₹10.00
Total Shares
24676481
Regulatory Information
Corporate Identity Number (CIN)
U43299GJ2024PTC156690
PAN Number
AAICE5149B
ISIN
INE1GFM01019
Key Valuation Ratios
Valuation
Market Cap
₹653.93 Cr
P/E Ratio
12.06×
P/S Ratio
0.93×
P/B Ratio
2.82×
EV / EBITDA
9.26×
Returns & Per Share
ROE
23.34%
EPS
₹21.97
Book Value / Share
₹94.13
Solvency
Debt / Equity
0.90×
Interest Coverage
6.35×
Company Fundamentals
As of FY2026 Annual · updated 19 Oct 2026Gross Profit
₹517.70 Cr
EBITDA
₹88.94 Cr
Revenue Growth
226.27%
Profit Margin
7.74%
Performance Trends
2 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.90×
EBITDA Margin
12.70%
Interest Coverage
6.35×
Financial Statements
| Line item | FY2025 | FY2026 |
|---|---|---|
| Total Income | ||
| Revenue from operationsDisclosed | 214.69₹ Crore | 700.48₹ Crore |
| Other incomeDisclosed | 56.01₹ Lakh | 3.94₹ Crore |
| Total IncomeDerived | 215.25₹ Crore | 704.42₹ Crore |
| Expenses | ||
| Cost of goods soldDisclosed | 62.18₹ Crore | 182.78₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore |
| Changes in inventoriesDisclosed | -16.34₹ Crore | 81.07₹ Crore |
| Employee benefits expenseDisclosed | 3.18₹ Crore | 15.03₹ Crore |
| Finance costsDisclosed | 2.05₹ Crore | 13.81₹ Crore |
| Depreciation and amortization expenseDisclosed | 36.6₹ Lakh | 1.16₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 128.25₹ Crore | 328.74₹ Crore |
| Other expensesDisclosed | 5.65₹ Crore | 7.85₹ Crore |
| Total ExpensesDerived | 185.32₹ Crore | 630.45₹ Crore |
| Profit | ||
| Exceptional itemsDisclosed | 98.81₹ Lakh | 57₹ Thousand |
| Profit before taxDerived | 30.92₹ Crore | 73.97₹ Crore |
| Current tax expenseDisclosed | 7.3₹ Crore | 19.54₹ Crore |
| Deferred tax expenseDisclosed | -1.55₹ Lakh | -43.69₹ Lakh |
| Tax expenseDisclosed | 7.28₹ Crore | 19.76₹ Crore |
| Profit After TaxDerived | 23.63₹ Crore | 54.21₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore |
| Total Comprehensive IncomeDerived | 23.63₹ Crore | 54.21₹ Crore |
Ranchhod Kakdiya
Managing Director
26+
Ajay Shah
CEO
40+
CA Jaynam Shah
CFO
10+
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Current Price
₹265Secure & Verified Transaction
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About Eiffil Water Infra Private Limited unlisted shares
Indicative · updated dailyEiffil Water Infra Private Limited unlisted share price today
Eiffil Water Infra Private Limited unlisted share price today is ₹265 as of 19 October 2026.
Eiffil Water Infra Private Limited — frequently asked questions
- What is the grey market price for Eiffil Water Infra Private Limited?
No IPO is currently announced for Eiffil Water Infra Private Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Eiffil Water Infra Private Limited filed for an IPO, and when might it list?
Eiffil Water Infra Private Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Eiffil Water Infra Private Limited compare to its listed peers?
There is no closely comparable listed company for Eiffil Water Infra Private Limited in India today.
- Is Eiffil Water Infra Private Limited on the SME or Mainboard IPO track?
Eiffil Water Infra Private Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Eiffil Water Infra Private Limited's CIN and registered office?
Eiffil Water Infra Private Limited's Corporate Identity Number is U43299GJ2024PTC156690, registered at Ahmedabad, Gujarat, India.
- What is Eiffil Water Infra Private Limited's market capitalisation?
Eiffil Water Infra Private Limited's market capitalisation is approximately ₹654 crore, based on its current unlisted share price.
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