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Eiffil Water Infra Private Limited Unlisted Shares
Eiffil Water Infra Private Limited Unlisted Share Price Today (Live)
₹268
Fundamentals About Eiffil Water Infra Private Limited
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Key Financials of Eiffil Water Infra Private Limited
| Particulars | FY25Latest |
|---|---|
| Revenue | 214.7 |
| EBITDA | 31.82 |
| OPM (%) | 14.82 |
| PBT | 28.9 |
| PAT | 21.6 |
| EPS (₹) | 9.38 |
| Particulars | FY25Latest |
|---|---|
| Share capital | 23.04 |
| Reserves | 109.8 |
| Borrowings | 58.8 |
| Total assets | 433 |
| Total liabilities | 433 |
| Investments | 0.31 |
About Company
Eiffil Water Infra Limited (EWIL), formerly Eiffil Water Infra Private Limited, is an Ahmedabad, Gujarat-headquartered infrastructure company with over 26 years of engineering experience (business roots trace back to 1998) in water supply, underground drainage (UGD), sewage treatment, and irrigation infrastructure. The company's core service offerings include water supply systems and treatment plants, sewage collection and treatment, drainage network construction, irrigation infrastructure, related civil utility projects, and solar infrastructure projects.
The following table shows a 10-point analysis of Eiffil Water Infra Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 27 November 2024; converted to a Public Limited Company in October 2025 | Fast-growing water & wastewater infrastructure EPC company |
| Industry | Infrastructure - Water Supply, Sewage Treatment & Irrigation | Operates in India's water and wastewater management sector |
| Core Business | Water supply systems, sewage treatment, drainage networks, irrigation infrastructure, civil utility works, solar infra projects | Diversified EPC player across water-related infrastructure verticals |
| Geographic Presence | Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh, Karnataka | Pan-India presence; expansion planned into Bihar, Maharashtra and Delhi |
| Key Assets | “AA” Class registration with Gujarat R&B (valid across India); Civil Class-1 registration with Karnataka PWD | Enables bidding for large-value government infrastructure tenders |
| Business Model | Conventional contracting and turnkey EPC projects | Revenue from execution of government water/wastewater contracts (AMRUT, Swachh Bharat Mission, Smart City schemes) |
| Order Book | ₹2,128 crore (as of April 2026) | Provides revenue visibility over the medium term |
| Financial Performance | FY26 revenue of ₹586 crore, up 55% from ₹377 crore in FY25 | Strong revenue growth; operating margin improved to 14.57% |
| Credit Rating | CRISIL BBB-/Stable/CRISIL A3 (June 2026; downgraded from BBB/Stable/A3+) | Reflects higher working capital needs amid rising scale of operations |
| Corporate Structure | Public Limited Company (converted October 2025) | Positioned for capital market readiness |
Company Overview
EWIL operates on a business model of conventional contracting and turnkey EPC (engineering, procurement and construction) projects, working with government departments, municipal bodies, and urban local bodies across states such as Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh, and Karnataka.
Challenges in Eiffil Water Infra's Business
The following are the key challenges faced by the company:
- Working capital intensity: Rising scale of operations has increased working capital requirements, leading to higher debt and stretched liquidity, as reflected in CRISIL's June 2026 rating action.
- Dependence on government contracts: A large share of revenue comes from government and municipal tenders, exposing the company to tendering delays and payment-cycle risks.
- Geographic concentration: Operations have historically been concentrated in Gujarat and a few other states, though the company is working to expand into Bihar, Maharashtra, and Delhi.
- Competition: The company competes with other established water and wastewater infrastructure EPC players, including listed peers in the sector.
- Execution risk: A large order book of ₹2,128 crore (as of April 2026) needs to be executed within timelines to sustain revenue visibility and profitability.
Financial Review of Eiffil Water Infra
Eiffil Water Infra traces its business origins to 1998 and became a private limited company (EWIL) on 27 November 2024, before converting into a Public Limited Company in October 2025. As per CRISIL Ratings:
- The company's revenue rose 55% to ₹586 crore in FY26 (year ended March 2026) from ₹377 crore in FY25, on the back of a rising order book and improved execution, while operating margin improved to 14.57% from 13.79% a year earlier.
- Revenue is expected to cross ₹700 crore in FY27. As of April 2026, EWIL held a healthy order book of ₹2,128 crore, providing revenue visibility over the medium term.
- However, the company's rising scale of operations has led to a substantial increase in working capital requirements, resulting in more debt and stretched liquidity - the key factor behind CRISIL's decision to downgrade the company's bank facility ratings to 'CRISIL BBB-/Stable/CRISIL A3' from 'CRISIL BBB/Stable/CRISIL A3+' in June 2026. Total bank loan facilities of ₹247 crore are rated by CRISIL.
Recent Developments
The company had the following recent developments in its business and operations:
- Converted from a Private Limited Company to a Public Limited Company in October 2025, positioning the company for potential capital-markets access.
- Secured ₹97 crore through private placement from external investors in 2025, strengthening the balance sheet.
- CRISIL Ratings downgraded the company's long-term and short-term bank facility ratings to 'CRISIL BBB-/Stable/CRISIL A3' in June 2026, citing higher working capital requirements amid rising scale of operations.
- Reported a healthy order book of ₹2,128 crore as of April 2026, with FY26 revenue rising 55% year-on-year to ₹586 crore.
- Continued to expand its geographic footprint, with plans to enter Bihar, Maharashtra, and Delhi.
Quick Summary
Eiffil Water Infra Limited (EWIL) is an Ahmedabad-based infrastructure company with over two decades of execution experience in water supply, sewage treatment, drainage, and irrigation infrastructure. Its conversion to a Public Limited Company in October 2025, a healthy order book of over ₹2,000 crore, and sharp revenue growth in FY26 reflect an expanding execution pipeline. However, rising working capital requirements, which led to a CRISIL rating downgrade in June 2026, and dependence on government infrastructure contracts remain key factors for investors to monitor.
Visit the official website of Eiffil Water Infra.
Shareholding Pattern of Eiffil Water Infra Private Limited
| Name | Holding |
|---|---|
| Promoters | 86.81% |
| Others | 13.19% |
Promoters of Eiffil Water Infra Private Limited
| Name | Designation |
|---|---|
| Mr. Ranchhodbhai Zaverbhai Kakadiya | Founder & Managing Director |
| Mr. Hareshbhai Laxmanbhai Vaddoriya | Executive Director – Admin & Operations |
| Mr. Jayantibhai Madhubhai Savsaviya | Executive Director – Operations |
| Mr. Nirav Dineshkumar Patel | CEO & Executive Director |
| CA Jaynam Dilipbhai Shah | CFO & Professional Director |
| Mr. Neel Ranchhodbhai Kakadiya | Executive Director – Finance |
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Frequently Asked Questions
Eiffil Water Infra Limited currently operates as an unlisted Public Limited Company. Its unlisted shares are the ones that are traded in the pre-IPO/unlisted market.
Yes, you can invest in Eiffil Water Infra's unlisted shares through platforms that facilitate the trading of pre-IPO/unlisted shares in India.
Yes, the company provides water supply systems, sewage treatment, drainage networks, irrigation infrastructure, civil utility works, and solar infra projects, largely through government contracts.
Its 26+ years of execution experience, “AA” Class contractor registration, a healthy order book of over ₹2,000 crore, and a track record of strong revenue growth are among its key strengths.
No, Eiffil Water Infra is not listed on any stock exchange as of September 2026, though it converted into a Public Limited Company in October 2025.
Growth prospects are linked to continued execution of its order book, expansion into new states, and demand for water and wastewater infrastructure under government schemes such as AMRUT and the Swachh Bharat Mission, alongside the company's ability to manage its rising working capital requirements.
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