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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil BBB/Stable/Crisil A3+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 21 Jul 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY25)
Source: CRISILInvestment Thesis
Eiffil Water Infra Private Limited is a nascent EPC player in the water infrastructure space, incorporated in 2024 and headquartered in Ahmedabad. While the sector tailwinds from government programs are strong, the company has no publicly available financials or track record, making it a high-risk, early-stage investment proposition.
Pros
Cons
Business Segments
Water Infrastructure EPC
Design, construction, commissioning, and maintenance of water supply systems, sewage networks, water treatment plants (WTPs, ETPs, STPs), canal works, and irrigation systems.
Revenue Model
EPC contract-based revenue model where the company bids for government and municipal tenders for water supply, sewerage, and irrigation projects. Revenue is recognized on a percentage-completion basis over the project lifecycle.
Detailed Analysis
Growth Plans
Continued government capex under Jal Jeevan Mission targeting universal household tap water connections
Gujarat state government's active infrastructure pipeline for urban water supply and sewerage projects
Industry Tailwinds
Continued government capex under Jal Jeevan Mission targeting universal household tap water connections
Gujarat state government's active infrastructure pipeline for urban water supply and sewerage projects
Recent Developments
Eiffil Water Infra received its CRISIL rating in July 2025, an important milestone for accessing institutional debt and government procurement qualification.
July 2025Eiffil achieved ₹215 crore in FY2025 revenues across its water supply, sewerage, and irrigation project portfolio.
FY2025Comparable Companies
WABAG · ~4500 Cr
Frequently Asked Questions
About Eiffil Water Infra
Eiffil Water Infra Private Limited is a newly incorporated Ahmedabad-based water infrastructure EPC company, formally registered on 27 November 2024. However, the business has been operating since 1999 under the 'Eiffil Construction' brand — giving it 25+ years of water infrastructure project execution experience despite the recent formal incorporation. With over 200 completed projects across 6 states (Gujarat, Karnataka, Rajasthan, Madhya Pradesh, Uttar Pradesh, and Daman), Eiffil Water Infra has served 5+ million end users through its water supply and sanitation infrastructure. The company employs approximately 1,000 people and has been a significant contributor to the Swachh Bharat Abhiyan (Clean India Mission) through sewerage and sanitation projects. Revenues of approximately ₹215 crore in FY2025 demonstrate meaningful scale. The company has obtained a CRISIL rating (rated July 2025), providing independent assessment of its creditworthiness — a positive indicator for institutional investors. Paid-up capital is ₹23.27 crore with authorized capital ₹25 crore. Key directors include Neel Ranchhodbhai Kakadiya and Jaynam Dilipkumar Shah. The formal incorporation as a public/private limited company in 2024 may signal preparation for institutional funding or an eventual IPO, consistent with the government's push to develop India's water infrastructure through projects like Jal Jeevan Mission (JJM) and AMRUT 2.0. India faces a massive water infrastructure gap — over 80% of rural households lacked piped water connections before JJM, and the government has committed ₹3.60 lakh crore to address this. Eiffil's specialized focus on water infrastructure EPC positions it as a key execution partner for these programs.
Key Milestones
Incorporated November 27, 2024 in Ahmedabad, Gujarat (CIN: U43299GJ2024PTC156690) — brand new company
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Industry Headwinds
No established financial history or order book to demonstrate execution capability
Dependence on government tender wins in a highly competitive EPC market
Upward Factors
Sustained increase in revenue and sustenance of operating margin, leading to cash accrual above Rs 50 crore
Improvement in working capital cycle with better GCAs days, strengthening liquidity
Downward Factors
Decline in operating profitability or revenue, leading to net cash accrual below Rs 20 crore
Substantial increase in working capital requirement, weakening liquidity and financial risk profile
Company formally incorporated only in 2024 — limited track record as current legal entity
Source: Media Reports / Public Records
Company incorporated in 2024 with no track record; financial sustainability and order book unproven
Water EPC market dominated by established players like VA Tech Wabag, Ion Exchange India, and SPML Infra; winning large tenders against such competition is challenging for a new entrant
Heavy reliance on government spending and tender processes exposes revenue to policy changes, budget cuts, and project delays
IONEXCHANG · ~4000 Cr
SPMLINFRA
Authorized ₹25 Cr; paid-up ₹23.27 Cr — heavily capitalized at inception
Water EPC focus: WTPs, ETPs, STPs, sewage, irrigation; website: eiffilwaterinfra.com
Registered at 415-417 Platinum Plaza, Opp. Kunj Mall, Nikol, Ahmedabad 382350
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