WPIL — Q4 FY26 earnings call

Call held 19 May 2026

Management summary

WPIL Limited reported resilient FY26 consolidated performance with 3% revenue growth to INR1,855 crores and a 9% rise in EBITDA to INR318 crores. International business was a key growth driver, with revenues surging to INR1,136 crores. The total order book stands at INR6,000 crores, providing strong visibility, despite a subdued domestic project business and a 11% YoY decline in Q4 consolidated revenue.

Highlights

  • FY26 Consolidated Revenue grew 3% to INR1,855 crores, reflecting resilient performance.

  • FY26 Consolidated EBITDA rose 9% to INR318 crores, with margins improving to 17.16%.

  • International business emerged as a key growth driver, with FY26 revenues increasing to INR1,136 crores from INR668 crores.

  • Total order book reached INR6,000 crores, including ZAR4 billion from South Africa, providing strong revenue visibility.

  • Product division order backlog stood at INR579.6 crores at FY26 end, demonstrating healthy order inflows.

Concerns

  • Q4 FY26 Consolidated Revenue declined 11% year-on-year to INR511 crores.

  • Q4 FY26 Standalone Revenue was down 44% year-on-year to INR201 crores.

  • Domestic project business revenue remained subdued at INR92 crores in Q4 FY26, compared to INR253 crores last year.

  • Approximately INR350 crores in trade receivables are overdue from Jal Jeevan Mission funds that have not yet been released.

Key financials

2 periods

Q4 FY26

  • Consolidated Revenue
    ₹511 Cr
    YoY -11%
  • Consolidated PAT
    ₹47 Cr
    YoY 0%

FY26

  • Consolidated Revenue
    ₹1,855 Cr
    YoY +3%
  • Consolidated EBITDA
    ₹318 Cr
    YoY +9%
  • Consolidated EBITDA Margin
    17.2%
  • Consolidated PAT
    ₹200 Cr
    YoY +2%

What they filed

Q1 FY27: revenue up 32.2%, net profit up 126.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue491 382 572 379 426 −13%539 +41%511 −11%501 +32%
EBITDA104 48 80 49 80 −23%113 +135%76 −5%75 +53%
Net profit70 37 -24 26 52 −26%76 +105%47 +296%59 +127%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • International Business
    ₹1,136 Cr Revenue (FY26)₹668 Cr Revenue (Previous Year)₹152 Cr EBITDA (FY26)₹88 Cr EBITDA (Previous Year)13% EBITDA Margin (FY26)
  • Domestic Business
    21% EBITDA Margin (FY26)
  • Domestic Product Division
    ₹109 Cr Revenue (Q4 FY26)₹108 Cr Revenue (Q4 Last Year)
  • Domestic Project Business
    ₹92 Cr Revenue (Q4 FY26)₹253 Cr Revenue (Q4 Last Year)
  • WPIL Thailand (JV)
    ₹300 Cr Revenue (FY26)

Order book

high confidence

Total value

₹6,000 Cr

as of 2026-05-19 quantified

Execution

South African order book executable over 3 to 4 years (36 to 48 months). Jal Jeevan Mission Phase 2 projects expected to lead to huge pump requirements within next 30 months.

Composition

Mix 2 products
  • Product Business 83%
  • Project Business 17%

Share of order book by product

Pipeline

qualitative

Pipeline for new tenders in water sector is currently low, but pent-up demand expected.

Management expects good growth going forward, driven by strong product business and renewed momentum in Jal Jeevan Mission Phase 2 and South African projects.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed
    • Small brownfield addition for Indian growth and product growth
    We don't see much capex demand requirement, but we do see some small brownfield addition needed to take care of the excess -- the capacity required for Indian growth, product growth.
  • M&A Strategic assets Acquisition · Announced

    Acquire good strategic assets at a reasonable valuation, not wanting to pay expensive valuations.

    Yes, that is something we are pursuing. We are pursuing for some time. And I think the environment is now very positive because we are not wanting to pay expensive valuations. So, we think we can get good strategic assets at a reasonable valuation now. So that's why we have taken this enabling resolution.
  • Liquidity Liquidity disclosed Consolidated results include INR139 crores of exchange difference, indicating a positive impact from forex.
    You can see in our balance sheet also the consolidated results, you have got INR139 crores of exchange difference.

Guidance & targets

Margin

  • Consolidated EBITDA Margin Margin · long-term · High confidence 15-20%
    No, no, I don't think so. Our main mandate has always been to add the EBITDA margins between 15% to 20% on a whole.

    — Prakash Agarwal

  • Consolidated EBITDA Margin Margin · FY27 · Medium confidence higher side of 15-20%
    I think we will see on the higher side, as we have said, the bandwidth we look at is 15% to 20%.

    — Prakash Agarwal

Order Book Execution

  • South Africa Order Book Execution Timeline Order Book Execution · next 3-4 years · High confidence 3-4 years
    So, if you see this project order book. You are asking for the total order book? Yes. So, if you see this project order book. You are asking for the total order book? Yes. Our company as a whole is about INR6,000 crores. There is different time cycles. For example, we have -- the biggest sector right now is the South African order book, which we have, which is tentatively from 3 to 4 years, 36 to 48 months. Yes.

    — Prakash Agarwal

  • Jal Jeevan Mission Phase 2 Pump Requirements Order Book Execution · within next 30 months · High confidence huge pump requirements
    So, to finish the Jal Jeevan, which is -- I think the balance investment they are talking of is close to INR5 lakh crores, which was because 3.6 has been spent and 8.6 is the total outlay. So, within the next 30 months, will lead to a huge amount of pump requirements.

    — Prakash Agarwal

What to watch in Q1 FY27

Jal Jeevan Mission (JJM) Fund Release

this quarter onwards
Current INR350 crores overdue
Target Funds received

Why it matters

Release of these funds will improve working capital and reduce overdue receivables.

No, I think we haven't received money, and that is expected now. So, we hope to receive it this quarter, start receiving it this quarter onwards.

Risks & concerns

  • Jal Jeevan Mission (JJM) Execution Delays

    medium

    Management expressed caution on JJM due to past experience, despite renewed momentum and fund releases.

    Management acknowledged

  • Raw Material Price Volatility

    medium

    Raw material prices, especially stainless steel, are volatile, posing a challenge, though currently seen as volatile rather than a rising curve.

    Management acknowledged

  • Geopolitical Issues

    medium

    Geopolitical issues are leading to postponement of demand, particularly in Europe, affecting project concretization.

    Management acknowledged

  • Domestic Project Business Subdued

    medium

    Domestic project business revenue was significantly lower in Q4 FY26 compared to last year, impacting overall standalone performance.

    Management acknowledged

Q&A highlights

6 direct
South Africa Order Book Disclosure Direct
It's come after -- this is for 31st March. It has come this month, which we report now...

Clarified that a significant ZAR4 billion order from South Africa was secured after the FY26 reporting date, hence not in the investor presentation.

Asked by Ravi Naredi

Jal Jeevan Mission (JJM) Funds and Receivables Direct
Well, we haven't received most of it. So, the funds for JJM are yet to be released. I mean we are hearing of the process. The process is well established. You see without the -- according to my understanding, without the cabinet approval, the fund sanction was not there.

Explained the reason for increased trade receivables (INR350 crores overdue) due to delayed JJM fund releases, but expressed confidence in receiving them soon.

Asked by Deepak Purswani

Q4 Consolidated EBITDA Margin Decline Partial
Our main mandate has always been to add the EBITDA margins between 15% to 20% on a whole. Like this year -- just to give you an example, this product division has been higher performance. So, they have been doing very good performance. So that has increased the EBITDA margin in India. But on a normalized level, we are looking at 15% to 20%, and we are at about 17% now.

Addressed the Q4 consolidated EBITDA margin drop from 20% to 14.9% by attributing it to fluctuating business mix and reiterating the long-term 15-20% target.

Asked by Nikunj Sutriya

Order Book Split and Future Pipeline Direct
So, the project business would be about INR1,000 crores and INR5,000 crores, INR1,000 crores and INR5,000 crores projects.

Provided a clear split of the INR6,000 crores order book into INR1,000 crores for projects and INR5,000 crores for products, and discussed the future pipeline for both segments.

Asked by Disha

Authorized Capital Increase for M&A Direct
Yes, that is something we are pursuing. We are pursuing for some time. And I think the environment is now very positive because we are not wanting to pay expensive valuations. So, we think we can get good strategic assets at a reasonable valuation now. So that's why we have taken this enabling resolution.

Confirmed that the increase in authorized capital is an enabling resolution for potential strategic acquisitions, indicating a focus on inorganic growth.

Asked by Tanya Kothari

Forex Impact from Rupee Depreciation Direct
Big gain for us. Yes, it's a big gain for us. I think it's one of the reasons we are liking this diversified basis. If you were very much India exposed, we could have had a lot of tremendous margin pressures. You can see in our balance sheet also the consolidated results, you have got INR139 crores of exchange difference.

Revealed a positive impact of INR139 crores from exchange difference in consolidated results, highlighting the benefit of international diversification.

Asked by Tanya Kothari

NSE Listing Status Partial
We haven't applied yet. There is some particular condition, which we are unable to -- as far as capital is concerned, which we are unable to comply until we raise funds. So, it's we have taken the resolution; we hope to apply soon.

Clarified that the company has not yet applied for permanent NSE listing due to a capital-related condition, indicating a delay in the process.

Asked by Saket Kapoor

Rutschi Business Tax Litigation Direct
Yes. So, we have filed the appeals necessary, and we are pursuing the process. It will take some time, but it's litigation, it's a long, medium sorry, medium style litigation there. It will be appealed at various forums. But our advisers are very confident of getting a positive result.

Provided an update on the ongoing tax litigation related to the Rutschi business sale, with management confident of a positive outcome, though with an 18-month timeline.

Asked by Balu

2 min read 6 chapters

Detailed narrative

FY26 Consolidated Performance and Q4 Headwinds

WPIL Limited delivered a resilient FY26, with consolidated revenue growing 3% to INR1,855 crores and EBITDA rising 9% to INR318 crores, achieving a 17.16% margin. PAT from continuing operations grew 2% to INR200 crores. However, Q4 FY26 saw a consolidated revenue decline of 11% YoY to INR511 crores, with PAT remaining flat at INR47 crores. The domestic project business was particularly subdued, contributing only INR92 crores in Q4 compared to INR253 crores last year.

Robust Order Book and International Growth Drivers

The company's total order book stands at INR6,000 crores as of May 2026, significantly bolstered by ZAR4 billion (approx. INR1,800 crores) in new orders from South Africa, executable over 3-4 years. The product division's backlog alone is INR579.6 crores. International business was a key growth driver in FY26, with revenues sharply increasing to INR1,136 crores from INR668 crores in the previous year, driven by strong execution across Europe, MENA, Australia, Southeast Asia, and Africa.

Jal Jeevan Mission Phase 2 and Domestic Outlook

Management anticipates renewed momentum in the domestic project business, particularly from Jal Jeevan Mission (JJM) Phase 2, following cabinet clearance and initial fund releases. This initiative is expected to generate significant pump requirements within the next 30 months. Despite this positive outlook, approximately INR350 crores in trade receivables from JJM are currently overdue, which the company expects to receive starting this quarter.

Margin Profile and Diversification Benefits

While Q4 FY26 consolidated EBITDA margins saw a dip to 14.9%, management reiterated its long-term mandate of 15-20% overall EBITDA margins, noting that margins fluctuate based on product, project, and country mix. The international business, with its high-end process-related projects and better margins (13% EBITDA in FY26), along with a positive exchange difference of INR139 crores in consolidated results, highlights the benefits of the company's diversified geographical and business mix.

Strategic Acquisitions and Capital Allocation

The Board has increased authorized capital, signaling the company's intent to pursue strategic acquisitions in the product space at reasonable valuations. Management is actively exploring such opportunities. The company does not foresee significant capex demand in the near term, with only small brownfield additions planned to support Indian growth and product expansion.

Operational Challenges and Future Outlook

The company acknowledges challenges such as raw material price volatility and geopolitical issues leading to demand postponement, particularly in Europe. However, management expressed confidence in entering FY27 with a positive outlook across both domestic and international markets, driven by the strong order book, renewed JJM momentum, and the robust performance of its product businesses and international subsidiaries like WPIL Thailand, which surpassed INR300 crores in revenue for FY26.

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