NSE: RMDRIP · BSE: 544456
R M DRIP & SPRINK SYS LTD
Manufactures micro-irrigation equipment — drip and sprinkler systems — along with HDPE and PVC pipes and mulch films, sold primarily to farmers and the agricultural sector through a dealer and distributor network. Revenue in FY26 reached ₹197.38 crore, up 52% year-on-year, with growth supported by the core irrigation business and the January 2026 acquisition of Brahmanand Pipes Private Limited, which added pipe manufacturing capacity. An IoT-based smart irrigation automation segment is being launched, with the company expecting it to contribute around 5% of revenue by FY27, alongside a Godrej Agrovet tie-up covering 25 stores. The subsidiary has signed an MoU with the Government of Maharashtra for a proposed ₹100 crore investment in expansion. The dealer network stood at roughly 1,000 in 9M FY26 with a stated target of 2,000 by FY30, and exports cover markets in Africa and Australia. Raw materials — predominantly polymers — form the dominant cost at 61.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Irrigation systems (drip and sprinklers), HDPE and PVC pipes, Mulch films, Smart irrigation automation (5%). Manufacturing-led micro-irrigation and plastic piping business tied to agricultural demand
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 131 | 197 |
| EBITDA (ex other income) | — | 52 |
| margin % | — | 26.5 |
| Owners' profit | — | 35 |
| EPS, as reported (₹) | 10.01 | 1.40 |
| ROE % · ROCE % | — · 33.7 | 31.0 · 33.6 |
| Debt / equity (x) | — | 0.48 |
| Cash from operations | (27) | (13) |
| Capex | (12) | 0 |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 97 | 30 | 31 | 75 | 61 | 40 |
| Profit before tax | 27 | 7 | 8 | 21 | 11 | 7 |
| Net profit | — | 5 | 6 | 14 | 10 | 5 |
| EPS (₹) | 8.52 | 2.13 | 2.29 | 0.56 | 0.40 | 0.42 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.3 | 14.4 | 6 of 46 | 89% |
| P/B | 6.0 | 1.6 | 36 of 42 | 15% |
| ROCE | 31.5 | 7.0 | 1 of 56 | 100% |
| ROE | 31.0 | 7.6 | 1 of 45 | 100% |
| Debt / Equity | 0.5 | 0.2 | 32 of 45 | 30% |
| EBITDA margin | 22.4 | 11.6 | 5 of 43 | 91% |
| Revenue growth | 32.5 | 10.6 | 14 of 49 | 73% |
| Profit growth | 0.1 | 20.7 | 31 of 47 | 35% |
| Market cap | 679 | 126 | 12 of 55 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · ED searches at R M Drip office and promoter's residence | regulatory legal | high | — | — |
| 14 Oct 2026 · RTA certificate confirms no share rematerialisation requests in Q2 FY27 | compliance | minimal | — | — |
| 2 Oct 2026 · 22nd AGM results: all 3 resolutions passed, Rs 0.03 per share dividend declared | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 22nd AGM held; final dividend of Rs 0.03 per share declared | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results declaration | compliance | minimal | — | — |
| 17 Sept 2026 · Revised Annual Report FY26 - Dividend Per Share Corrected to Rs 0.03 | compliance | medium | — | — |
| 17 Sept 2026 · Dividend correction: final dividend reduced from Rs 0.05 to Rs 0.03 per share | corporate actions | high | — | — |
| 17 Sept 2026 · Corrigendum: final dividend corrected to Rs 0.03 per share | corporate actions | high | — | — |
| 9 Sept 2026 · AGM notice published in newspapers; remote e-voting facility announced | compliance | minimal | — | — |
| 8 Sept 2026 · Revised record date set to 23 Sept 2026 for AGM and final dividend | corporate actions | medium | — | — |
How to read this document
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|---|---|---|
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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.