Earnings Call Transcript - Q1-FY26
WPIL · price
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WPIL Ltd reported Q1 FY26 consolidated revenue of INR 379 crores, up 4% year-on-year, but consolidated EBITDA fell 18% YoY to INR 49 crores (13% margin) due to one-off acquisition-related and legacy costs in international operations. Standalone revenue declined 24% YoY to INR 181 crores, though the product division grew to INR 65 crores from INR 55 crores last year. International revenue jumped to INR 197 crores (up from INR 126 crores) driven by newly consolidated acquisitions, but international EBITDA margins dropped to 11% versus the normal 16-20% range. Management guided that international margins will normalize from Q2 onwards. The product division notched its highest-ever Q1 order intake of INR 139 crores, lifting total order backlog to over INR 3,200 crores for projects and INR 1,053 crores for products. Net cash on books was approximately INR 200 crores, with receivables improving 25-30% post payments from Jal Jeevan Mission reviews. Management indicated openness to further acquisitions citing available funds and prior success integrating businesses.
Near-term margin pressure from acquisition costs is expected to ease from Q2 onwards as international revenues ramp up and one-off expenses normalize. Strong product order book and improving receivables support a positive outlook, though domestic project business remains dependent on Jal Jeevan Mission clarity in H2 FY26.