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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Subsidy micro irrigation sales, Non-subsidy sales (35%), Turnkey projects (25%). Cyclical, agriculture-dependent micro irrigation equipment manufacturer with heavy working-capital exposure to state subsidy disbursements
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 212 | 210 | 262 | 273 | 312 |
| EBITDA (ex other income) | (5) | (13) | 5 | 14 | 20 |
| margin % | (2.6) | (6.3) | 2.0 | 5.1 | 6.3 |
| Owners' profit | (8) | 0 | 2 | 7 | 13 |
| EPS, as reported (₹) | (2.84) | (4.41) | 0.60 | 2.58 | 4.54 |
| ROE % · ROCE % | (4.5) · (4.6) | (7.5) · (8.3) | 1.0 · 3.1 | 4.2 · 7.5 | 6.9 · 10.8 |
| Debt / equity (x) | 0.14 | 0.09 | 0.09 | 0.15 | 0.24 |
| Cash from operations | (23) | 19 | 2 | (4) | (19) |
| Capex | (1) | (2) | (0) | (2) | (2) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50 | 81 | 96 | 62 | 50 | 93 | 107 | 54 |
| Profit before tax | (4) | 9 | 9 | 1 | 1 | 9 | 6 | (3) |
| Net profit | (3) | 6 | 6 | 1 | 0 | 6 | 5 | (2) |
| EPS (₹) | (0.99) | 2.27 | 2.24 | 0.35 | 0.15 | 2.32 | 1.71 | (0.77) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 45,150 | 93.8 | 24.06 | 77.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,717 | 82.8 | 10.02 | 53.5 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 30,536 | 55.7 | 6.84 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 23,496 | 67.9 | 4.93 | 33.3 | 7.6 | 9.8 | — | 17.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Aug 2026 · Notice on SEBI special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 17 Jul 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 16 Jul 2026 · Board approves Q1 results, new Internal Auditor and Chairman | management changes | medium | — | — |
| 16 Jul 2026 · Board appoints new Chairman and Internal Auditor; Q1 FY27 results approved | management changes | high | — | — |
| 16 Jul 2026 · Q1 FY27 results approved; new Chairman and Internal Auditor appointed | results | high | — | — |
| 14 Jul 2026 · Routine SEBI compliance certificate for share dematerialisation, Q1 FY27 | compliance | minimal | — | — |
| 3 Jul 2026 · Board meeting scheduled for 16 July 2026 | board shareholder meetings | low | — | — |
| 30 Jun 2026 · Mahindra EPC Irrigation Limited has informed the Exchange regarding Cessation of Mr K. N. Vaidyanathan as Other of the company w.e.f. Jun 30, 2026. | management changes | low | — | — |
| 30 Jun 2026 · Internal Auditor ceases; term ended at holding co Mahindra and Mahindra | management changes | medium | — | — |
| 30 Jun 2026 · Internal Auditor ceases upon end of holding company term | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| JYOTI CNC AUTOMATION LTD |
| 22,490 |
| 69.9 |
| 11.24 |
| 39.7 |
| 16.8 |
| 19.2 |
| — |
| 22.2 |
| LMW LIMITED | 19,058 | 109.1 | 6.65 | 61.8 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 12,982 | 455.9 | 3.81 | 38.8 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,285 | 48.3 | 7.30 | 50.1 | 11.7 | 11.5 | — | 15.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.8 | 26.9 | 74 of 138 | 47% |
| P/B | 1.5 | 3.5 | 27 of 111 | 76% |
| ROCE | 9.1 | 11.3 | 89 of 144 | 39% |
| ROE | 6.9 | 9.5 | 77 of 117 | 35% |
| Debt / Equity | 0.2 | 0.2 | 77 of 117 | 35% |
| EBITDA margin | (2.0) | 12.4 | 100 of 110 | 9% |
| Revenue growth | (12.7) | 20.6 | 95 of 114 | 17% |
| Profit growth | (318.4) | 17.1 | 106 of 109 | 3% |
| Market cap | 284 | 356 | 72 of 140 | 49% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
