NSE: WPIL · BSE: 505872
W P I L LTD.
Manufactures industrial pumps and accessories, and executes water-infrastructure works contracts. Operations are split between a product business (pumps sold into power, irrigation, oil & gas and industrial buyers) and a project business (turnkey works contracts for water supply schemes). FY26 consolidated revenue was ₹1,854.57 crore, with materials at 23.4% of revenue and employee costs at 15.9% as the main cost lines. The international mix has shifted sharply: international revenues reached ₹1,136 crore in FY26 (about 65% of the consolidated mix), up from ₹668 crore the year before, while the domestic project business was weighed down by Jal Jeevan Mission payment delays and a Madhya Pradesh Jal Nigam debarment over contract delays. The order book stood at ₹5,270 crore at end-Q1 FY27, of which ₹2,891 crore was international, including a South African consortium order where WPIL's share is roughly ₹1,172 crore (Lower Umkhomazi Bulk Water Supply Scheme Phase 2). WPIL Thailand crossed ₹300 crore in FY26, and three overseas acquisitions (Misa Italy, Eigenbau SA, PCI South Africa) were completed during the year. EBITDA margin guidance is a 15–20% band on a consolidated basis, with FY26 actual at 17.16%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pumps & Accessories, Project (Works Contract). Capital-goods manufacturer with a hybrid product/project model and a growing international, project-driven revenue mix.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,181 | 1,785 | 1,664 | 1,807 | 1,855 |
| EBITDA (ex other income) | 210 | 325 | 298 | 293 | 318 |
| margin % | 17.8 | 18.2 | 17.9 | 16.2 | 17.2 |
| Owners' profit | 97 | 189 | 475 | 132 | 158 |
| EPS, as reported (₹) | 99.65 | 193.68 | 486.35 | 13.52 | 16.19 |
| ROE % · ROCE % | 16.8 · 20.6 | 24.1 · 29.9 | 43.9 · 18.3 | 7.6 · 16.8 | 10.2 · 15.3 |
| Debt / equity (x) | 0.40 | 0.25 | 0.13 | 0.26 | 0.24 |
| Cash from operations | 115 | 16 | (90) | (373) | 193 |
| Capex | (25) | (40) | (43) | (39) | (55) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 363 | 491 | 382 | 572 | 379 | 426 | 539 | 511 |
| Profit before tax | 57 | 96 | 40 | 65 | 37 | 71 | 104 | 67 |
| Net profit | 43 | 70 | 37 | (24) | 26 | 52 | 76 | 47 |
| EPS (₹) | 3.96 | 6.17 | 3.21 | 0.18 | 2.29 | 4.20 | 5.56 | 4.14 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Pump & Acessories | 285 | 15.4 |
| Project (Works Contract) | 645 | 34.8 |
| Pumps & Aceesories | 298 | 16.0 |
| Pump and Accessories | 248 | 13.4 |
| Pumps & Acessories | 206 | 11.1 |
| Projects (Works Contract) | 173 | 9.3 |
| Total, before eliminations | 1,855 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. ◆ | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 19.3 | 20 of 27 | 27% |
| P/B | 2.0 | 2.5 | 11 of 24 | 57% |
| ROCE | 13.1 | 12.3 | 13 of 31 | 60% |
| ROE | 10.2 | 10.3 | 13 of 24 | 48% |
| Debt / Equity | 0.2 | 0.2 | 15 of 24 | 39% |
| EBITDA margin | 17.7 | 10.8 | 7 of 23 | 73% |
| Revenue growth | (10.6) | (5.5) | 14 of 23 | 41% |
| Profit growth | 296.2 | (5.0) | 3 of 23 | 91% |
| Market cap | 3868 | 103 | 5 of 31 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · WPIL schedules 2QFY27 earnings call for October 31, 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · WPIL to meet PGIM India Mutual Fund on October 09, 2026 | board shareholder meetings | low | — | — |
| 5 Oct 2026 · WPIL to meet Habrok Capital on Oct 8, 2026 via video call | board shareholder meetings | low | — | — |
| 3 Oct 2026 · WPIL schedules investor meet with Kriis Portfolio on Oct 7, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1 to Nov 16, 2026 | compliance | minimal | — | — |
| 7 Aug 2026 · WPIL 72nd AGM: All 5 resolutions passed, Rs.2 dividend approved | compliance | minimal | — | — |
| 7 Aug 2026 · WPIL Ltd holds 72nd AGM via video conferencing | board shareholder meetings | medium | — | — |
| 5 Aug 2026 · WPIL to meet Svan Investments on Aug 10 via video call | board shareholder meetings | low | — | — |
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.