Earnings Call Transcript for Q2/H1-FY26
WPIL · price
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Awaiting price reaction for this filing.
WPIL Ltd posted consolidated Q2 FY26 revenue of ₹426 cr with EBITDA margin of 18.87% and PAT of ₹52 cr. H1 FY26 revenue stood at ₹805 cr (EBITDA margin 16.09%, PAT ₹78 cr), with international business surging to ₹456 cr from ₹288 cr last year and now contributing 56–60% of the total. The product division hit a record order book of ₹422 cr and grew to ₹151 cr in H1, while the international project order book stands at ~₹930 cr. Domestic project business remains under pressure due to Jal Jeevan Mission (JJM) fund delays, with ₹200–250 cr of receivables pending and total JJM exposure of ~₹1,100 cr (mostly in last 30% stage). Management is actively evaluating larger inorganic acquisitions, has expanded authorized capital to keep capital-raising flexibility, and reiterated a sustainable 16–20% EBITDA margin band.
Strong international growth and margin recovery are positives, but pending JJM receivables and slow domestic project execution remain near-term overhangs. Possible inorganic acquisitions and O&M revenue ramp-up (targeted ₹70–100 cr by FY27) could act as future re-rating triggers.