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Mahindra EPC Irrigation Q2 FY27 results: net profit ₹2.23 crore vs ₹0.43 crore, revenue up 46.5%
Mahindra EPC Irrigation Limited reported consolidated revenue of ₹72.65 crore in Q2 FY27, up 46.5% from a year earlier, with EBITDA of ₹4.63 crore and a net profit of ₹2.23 crore. The result came after a loss in the previous quarter, and basic EPS was ₹0.80. On a standalone basis, revenue was ₹72.65 crore and profit after tax was ₹2.23 crore.
Key points
- Consolidated revenue was ₹72.65 crore in Q2 FY27, up ₹23.07 crore or 46.5% from ₹49.58 crore in Q2 FY26.
- EBITDA was ₹4.63 crore, up ₹3.28 crore from ₹1.35 crore a year earlier, with margin at 6.4% against 2.7%.
- Net profit was ₹2.23 crore against ₹0.43 crore in the year-ago quarter and a net loss of ₹2.14 crore in Q1 FY27.
- Basic EPS was ₹0.80, up ₹0.65 from ₹0.15 in Q2 FY26.
How did Mahindra EPC Irrigation perform in Q2 FY27?
Mahindra EPC Irrigation reported consolidated revenue of ₹72.65 crore for Q2 FY27, the July–September 2026 quarter, against ₹49.58 crore in Q2 FY26, a rise of ₹23.07 crore or 46.5%. Total income was ₹72.95 crore, up ₹22.55 crore or 44.7%. EBITDA stood at ₹4.63 crore, up ₹3.28 crore or 243.0%, with the margin at 6.4% against 2.7% a year earlier.
Profit before tax was ₹2.96 crore, up ₹2.38 crore from ₹0.58 crore, and net profit was ₹2.23 crore against ₹0.43 crore, a rise of ₹1.80 crore or 418.6%. Basic EPS was ₹0.80, up ₹0.65 from ₹0.15, while the net profit margin was 3.1% against 0.9%. On a standalone basis, revenue was ₹72.65 crore and profit after tax was ₹2.23 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 72.65 | 54.16 | 49.58 | +46.5% | +34.1% |
| Other income | 0.30 | 0.30 | 0.82 | −63.4% | +0.0% |
| Total expenses | 69.99 | 57.31 | 49.82 | +40.5% | +22.1% |
| EBITDA | 4.63 | −1.36 | 1.35 | +243.0% | turned to profit |
| EBITDA margin | 6.4% | -2.5% | 2.7% | +3.7 pp | +8.9 pp |
| Profit before tax | 2.96 | −2.85 | 0.58 | +410.3% | turned to profit |
| Tax | 0.73 | −0.71 | 0.15 | +386.7% | |
| Net profit | 2.23 | −2.14 | 0.43 | +418.6% | turned to profit |
| EPS (₹) | 0.80 | −0.77 | 0.15 | +433.3% | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mahindra EPC Irrigation's costs and profit?
Total expenses rose ₹20.17 crore or 40.5% to ₹69.99 crore, outpacing the rise in revenue. Cost of materials was ₹40.12 crore, up ₹18.55 crore or 86.0%, and other expenses were ₹24.17 crore, up ₹5.60 crore or 30.2%. Employee cost rose ₹0.58 crore or 7.2% to ₹8.68 crore.
Finance costs were ₹1.22 crore, up ₹0.42 crore or 52.5%, while depreciation was ₹0.75 crore, down ₹0.04 crore or 5.1%. Other income fell ₹0.52 crore or 63.4% to ₹0.30 crore, and tax was ₹0.73 crore, up ₹0.58 crore from ₹0.15 crore. There was no exceptional item in the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 40.12 | 21.57 | +18.55 | +86.0% |
| Employee cost | 8.68 | 8.10 | +0.58 | +7.2% |
| Finance costs | 1.22 | 0.80 | +0.42 | +52.5% |
| Depreciation | 0.75 | 0.79 | −0.04 | −5.1% |
| Other expenses | 24.17 | 18.57 | +5.60 | +30.2% |
| Total expenses | 69.99 | 49.82 | +20.17 | +40.5% |
| Other income | 0.30 | 0.82 | −0.52 | −63.4% |
| Tax | 0.73 | 0.15 | +0.58 | +386.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹126.81 crore, up ₹15.19 crore or 13.6% from ₹111.62 crore in H1 FY26. Total income was ₹127.41 crore, up ₹14.84 crore or 13.2% from ₹112.57 crore a year earlier.
Profit before tax for the half year was ₹0.11 crore, down ₹1.78 crore or 94.2% from ₹1.89 crore in H1 FY26. Net profit was ₹0.09 crore, down ₹1.32 crore or 93.6% from ₹1.41 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 126.81 | 111.62 | +13.6% |
| Profit before tax | 0.11 | 1.89 | −94.2% |
| Net profit | 0.09 | 1.41 | −93.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Operating cash flow for H1 FY27 was ₹5.17 crore, against an outflow of ₹10.34 crore in H1 FY26. Investing cash flow was an outflow of ₹0.82 crore against ₹0.89 crore, financing cash flow was an outflow of ₹3.85 crore against an inflow of ₹9.63 crore, and capital expenditure was ₹1.03 crore against ₹1.18 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 345.40 | 351.67 |
| Total equity | 184.97 | 185.05 |
| Borrowings | 43.15 | 45.21 |
| Cash and equivalents | 0.53 | 0.03 |
| Inventories | 49.21 | 36.73 |
| Trade receivables | 192.21 | 216.92 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 5.17 | −10.34 |
| Cash from investing | −0.82 | −0.89 |
| Cash from financing | −3.85 | 9.63 |
| Capital expenditure | 1.03 | 1.18 |
Source: Company's results filing (XBRL).
How has Mahindra EPC Irrigation done over the last 8 quarters?
Revenue over the last eight quarters ranged from ₹49.58 crore in Q2 FY26 to ₹107.00 crore in Q4 FY26. In the latest quarter, revenue of ₹72.65 crore was higher than ₹54.16 crore in Q1 FY27, and the EBITDA margin recovered from -2.5% to 6.4%.
Profit after tax bottomed at a net loss of ₹2.14 crore in Q1 FY27 and reached ₹2.23 crore in Q2 FY27. The highest profit in the period was ₹6.49 crore in Q3 FY26, when the EBITDA margin was 11.2%, the highest reading in the series.
How did Mahindra EPC Irrigation shares react?
The results were filed after market hours on 15 October 2026. From the price when the filing appeared, the stock was up 2.3% after 5 minutes, 3.7% after 15 minutes and 3.7% after 30 minutes. On the reaction day it closed 5.0% above the previous close of ₹101.45.
By the next day's close, the stock was 4.4% above its pre-results close, against a 1.2% fall for the Industrial Products median; the excess move was 5.6 percentage points. Over five days, the stock was down 5.4% from the pre-results close while the sector median fell 7.3%, leaving an excess move of 1.9 percentage points.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | +2.3% | |
| 15 minutes | +3.7% | |
| 30 minutes | +3.7% | |
| Reaction day | +5.0% | +0.0% |
| Next day | +4.4% | −1.2% |
| 5 days | −5.4% | −7.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 July 2026 | −6.4% |
| 21 April 2026 | +1.8% |
| 16 January 2026 | −2.3% |
| 17 October 2025 | −4.0% |
| 18 July 2025 | −0.6% |
| 15 January 2025 | +19.9% |
| 17 October 2024 | −3.5% |
| 19 July 2024 | −5.3% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Thirty-eight Industrial Products companies filed for this quarter, with a median revenue growth of 31.6%, above Mahindra EPC Irrigation's 46.5% revenue growth. Of the peers compared, 24 grew slower than the company and 14 grew faster.
Among the 32 peers for which profit was compared, 23 reported higher profit. The peer figures were available as of 4 November 2026.
| Mahindra EPC Irrigation revenue growth (YoY) | +46.5% |
|---|---|
| Median of 38 other Industrial Products companies | +31.6% |
| Companies with slower revenue growth than Mahindra EPC Irrigation | 24 of 38 |
| Companies with faster revenue growth than Mahindra EPC Irrigation | 14 of 38 |
| Companies whose net profit rose | 23 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mahindra EPC Irrigation's revenue in Q2 FY27?
Revenue from operations was ₹72.65 crore, up 46.5% from ₹49.58 crore in Q2 FY26 (consolidated).
Did Mahindra EPC Irrigation make a profit in Q2 FY27?
Yes. Net profit was ₹2.23 crore, against a net profit of ₹0.43 crore in Q2 FY26.
What was Mahindra EPC Irrigation's EPS in Q2 FY27?
Basic earnings per share were ₹0.80, against ₹0.15 in Q2 FY26.
How did Mahindra EPC Irrigation shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.0% from the previous close; the median Industrial Products stock moved +0.0%.
When did Mahindra EPC Irrigation announce its Q2 FY27 results?
On 15 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting For Consideration Of Un-Audited Financial Results For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 7 October 2026) · PDF
- Outcome of Board Meeting (NSE, 15 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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