What was Mahindra EPC Irrigation's revenue in Q4 FY26?

Mahindra EPC Irrigation reported revenue of ₹107 Cr in Q4 FY26, a +14.8% change year-over-year.

Did Mahindra EPC Irrigation management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Mahindra EPC Irrigation Q4 FY26 Research Workspace: Revenue ₹107 Cr (+14.8%)

Q: What guidance did Mahindra EPC Irrigation management give?

Non-subsidy revenue share to continue increasing: Management targets further growth in non-subsidy revenue (currently 35%) to improve cash flows and reduce subsidy dependence.

Revenue ₹107 Cr +14.8%

EBITDA —

PAT ₹5 Cr

EBITDA Margin 6.58%

Duration 60 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Risk Intelligence

Raw material price volatility

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Quarter Snapshot

Non-subsidy revenue share 35%

+32pp YoY

Increased from 3% in FY20 to 35% in FY26, improving cash flow and reducing subsidy dependence.

Irrigation projects order book ₹55 Cr

+20 Cr upside

Recognized order pipeline of ₹55 crore with additional ₹20 crore potential, providing near-term revenue visibility.

Raw material price spike (PE pipe grades) 58-59%

+58-59% MoM

February 2026 saw a sudden 58-59% price increase in PE pipe grades due to geopolitical tensions.

Industry growth estimate 6-7%

+6-7% YoY

Industry estimated to grow 6-7% in FY26 vs FY25, while Mahindra EPC grew 14.8%.

Fast read

Guidance and risk preview

Top guidance Non-subsidy revenue share to continue increasing

Management targets further growth in non-subsidy revenue (currently 35%) to improve cash flows and reduce subsidy dependence.

Top risk Raw material price volatility

Geopolitical tensions caused a 58-59% spike in PE pipe prices in March 2026, impacting Q4 margins.