WPIL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹539 Cr
verified against source
Revenue YoY
41%
reported change
EBITDA
₹113 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
WPIL reported strong Q3 FY26 consolidated results with revenue of 539 crores (up 41% YoY) driven by robust international performance. EBITDA surged 134% to 113 crores with 20.88% margin expansion, while PAT grew 104% to 76 crores. International business now contributes 60% of revenues at 15% EBITDA margins, with order backlog of 3,149 crores (products: 1,035 crores, projects: 2,114 crores). The company secured major contracts including South Africa's Transvaal tunnel (821M rand) and Makasar wastewater (1.1B rand). Domestic business shows recovery with 30% YoY product revenue growth and improved order backlog of 428 crores. JJM receivables remain elevated at ~300 crores, though recent budget allocation of 67,670 crores for FY27 should provide relief. Working capital days at 208 remain a concern pending JJM fund flows. The company is pursuing NST listing and targets O&M contributing 25-30% of project revenues within 5 years.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed 9-month performance is on track, with Q4 historically being the strongest quarter across geographies including Italy and Australia.
- International contribution expected to remain at current ~60% level with domestic recovering on JJM fund flow normalization.
- Currently nascent O&M business (started this year) expected to grow to 25-30% contribution as projects mature over 5-year horizon.
- Management reiterated consistent focus on 15-20% EBITDA margin range across all geographies and product lines, with recent quarterly variations being timing-related.
Risks flagged
- Receivables from Jal Jeevan Mission have risen to ~300 crores despite the company waiting over a year for normalization. Budget allocations announced but realization timeline uncertain.
- Working capital days elevated primarily due to blocked JJM receivables. Management expects relief in 3-6 months pending government fund disbursement, creating liquidity risk.
- NCI in foreign subsidiaries accounts for 21 crores of 75.56 crores PAT (28%). Analyst questioned plans to acquire remaining stakes but management cited high acquisition costs as deterrent.
- Africa orders (630 crores equivalent) have 3-4 year execution horizon with peak revenue at ~30% of timeline. Q4 unlikely to see material contribution from recent large contract wins.
Key quotes
- We are very focused on margins staying in 15 to 20% range and we are not sacrificing margins for growth
- We have been waiting for now more than a year for this [JJM fund flow normalization] I think that should be kept in mind while being optimistic
- The recent orders in South Africa would take some time to come into revenue. So that will be you know the recent orders in South Africa would take some time but the business as you can see in this quarter is performing very well we can look forward for the same.
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