NSE: MAHEPC · BSE: 523754
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.7 | 26.7 | 70 of 130 | 47% |
| P/B | 1.5 | 3.1 | 31 of 112 | 73% |
| ROCE | 9.1 | 11.3 | 88 of 142 | 38% |
| ROE | 6.9 | 9.8 | 74 of 113 | 35% |
| Debt / Equity | 0.2 | 0.2 | 73 of 113 | 36% |
| 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 | 273 | 273 | 71 of 141 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · September 2026 results resubmitted in readable format; figures unchanged | compliance | minimal | — | — |
| 17 Oct 2026 · Newspaper publication of Q2 FY27 financial results | compliance | minimal | — | — |
| 15 Oct 2026 · Board adopts amended fair disclosure code for insider trading compliance | compliance | minimal | — | — |
| 15 Oct 2026 · KMP update: Company Secretary added to Disclosure Committee | compliance | minimal | — | — |
| 15 Oct 2026 · Q2 FY26 results submitted to exchanges | results | high | — | — |
| 9 Oct 2026 · Demat Compliance Certificate for Q2 FY26-27 | compliance | minimal | — | — |
| 7 Oct 2026 · Board Meeting on Oct 15 to Consider Q2 FY27 Results | results | low | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 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 | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.