MAHINDRA EPC IRRIG LTD

Manufactures and supplies micro pressurized irrigation systems — drip and sprinkler networks built around polyethylene (PE) pipes — that deliver water directly to crop root zones. It earns through two main channels: a subsidy-backed business that supplies micro irrigation systems under government programmes (the larger share), and a non-subsidy channel that has scaled from 3% of revenue in FY20 to 35% in FY26, including turnkey projects that contributed roughly 25% of FY26 turnover (about INR75 cr). Micro irrigation in India has penetrated only 17-18% of an estimated 72 mn hectare potential, and the central government is pushing a 10 mn hectare / 5-year target with mother sanctions of 43% of annual allocations issued by May 2025. Recent order wins include four contracts worth approximately INR17.15 cr covering 680 hectares and a separate INR3.30 cr contract covering 80 hectares, both awarded by government Water Resource Divisions. FY26 revenue reached INR315.8 cr, up 14.8% YoY against industry growth of 6-7%, with manpower cost rising at only 5.3% CAGR against 14% revenue CAGR over four years. The largest cost is raw materials at 43.8% of revenue, dominated by PE pipe grades which surged about 58-59% in March 2026 on Middle East geopolitical tensions.