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Revenue
₹107 Cr
verified against source
Revenue YoY
14.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mahindra EPC Irrigation reported FY26 revenue of ₹315.8 crore, up 14.8% YoY, outperforming industry growth of ~6-7%. PBT improved to ₹17 crore from ₹10.7 crore, aided by a 1% material cost saving and better product mix. However, Q4 PAT fell to ₹6.44 crore (vs ₹9.4 crore) due to a sharp 58-59% spike in raw material prices in March and delayed state fund releases. The non-subsidy business reached a record 35% of revenue (from 3% in FY20), improving cash flow resilience. Management sees an inflection point for the industry with policy support and GST reduction, but raw material volatility and state payment delays remain key risks. The order book for irrigation projects stands at ₹55 crore with ₹20 crore upside. The company is focused on product mix optimization and expanding non-subsidy segments to mitigate margin pressure.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets further growth in non-subsidy revenue (currently 35%) to improve cash flows and reduce subsidy dependence.
- Recognized order pipeline of ₹55 crore for irrigation projects, with additional ₹20 crore potential in the near term.
- Capex plans for FY27 target productivity improvements and capacity expansion, with quick payback expectations.
Risks flagged
- Geopolitical tensions caused a 58-59% spike in PE pipe prices in March 2026, impacting Q4 margins. Management sees this as a key risk for FY27.
- Delayed fund releases from key states led to a buildup of receivables (₹217 crore, 85-90% from subsidy business), pressuring cash flows.
- Predicted below-normal monsoon (90-92% of LPA) could affect demand in H2 FY27, though groundwater availability may offset.
- Price increases in the subsidy segment require government approval, which is uncertain and may lag raw material cost changes.
Key quotes
- Your company registered a growth of 14.8% with a 315.8 crore rupee revenue versus FY25 revenue of 275.1 crores.
- We've reached a 35% contribution of non-subsidy business for FY26 from a mere 3% in FY20.
- The industry irrigation association has also made a representation to the government requesting for a price increase and the government is considering the industry's representation.
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