Earnings Call Transcript for Q3/9M-FY26
WPIL · price
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Awaiting price reaction for this filing.
WPIL Ltd reported strong Q3 FY26 results with consolidated revenue up 41% YoY at INR 539 crores, EBITDA up 134% YoY at INR 113 crores (margin of 20.88%), and PAT up 104% YoY at INR 76 crores. For 9M FY26, consolidated revenue grew 9% YoY to INR 1,343 crores with EBITDA margins of 18.03%. International business drove growth, contributing 60% of revenue with 81% YoY increase. Major wins included a INR 320 crore Rajasthan Eastern Canal Project order (30MW pumps) and large South African contracts worth ZAR 821 mn (Trans-Caledon Tunnel) and ZAR 1.1 bn (Macassar Wastewater). Product order backlog stood at INR 1,035 crores and project backlog at INR 2,080 crores. Management guided to maintain EBITDA margins in the 15-20% range across all businesses and targets O&M to reach 25-30% of project revenue in 5 years. JJM receivables remain elevated at INR 300 crores, awaiting normalization post-budget allocations.
Strong Q3 earnings beat on all fronts with sharp margin expansion reflect robust international execution and improving product mix. The healthy INR 5,000+ crore order book and visible pipeline support growth, though working capital remains stretched at 208 days due to JJM receivables. Stock may react positively given the earnings beat and large new order announcements.