MAHEPC
Mahindra EPC Irrigation financials
- Market cap
- ₹285 Cr
- Sector
- Capital Goods
- Calls analysed
- 4
Mahindra EPC Q4 FY26
What went well
- FY26 revenue grew 14.8% to INR 315.8 crores, significantly above the industry's 6-7% growth.
- FY26 PBT increased to INR 16.99 crores from INR 10.7 crores in FY25, despite additional personnel costs.
- Non-subsidy business contribution reached an all-time high of 35% in FY26, reducing reliance on government subsidies.
What to watch
- Q4 FY26 PBT declined to INR 6.4 crores from INR 9.4 crores in the prior Q4, primarily due to a steep raw material price increase in March and heavy revenue skew to March.
- Raw material price volatility, with PE pipe grades seeing a 58-59% increase in February 2026, poses a risk for FY27, especially Q1.
What Mahindra EPC Irrigation Limited does
Mahindra EPC Irrigation Limited manufactures, sells, processes, exports and imports irrigation pipes and irrigation systems, and provides agricultural services. It is a subsidiary of Mahindra & Mahindra Limited, which holds 54.21% of its paid-up equity, and it serves customers through a network of branch offices across India. The company previously ran a protected-cultivation joint venture with Israel's TOP Greenhouses Limited (Mahindra Top Greenhouses Private Limited), which was discontinued during FY25 on grounds of financial unviability.
Segments
- Irrigation Pipes & Systems
- Agricultural Services
- Branch offices
- 8 (Bhopal, Coimbatore, Dharwad, Hyderabad, Jaipur, Nagpur, Raipur, Vadodara)
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 2 delivered 1 missed 3 open- Revenue Growth vs Industry delivered said Q4 FY25 Promised: growing faster than the industry Q4 FY26: FY26 revenue grew 14.8%, significantly above the industry's 6-7% growth.
- Cash Flow missed said Q2 FY26 Promised: expect an improvement in the next six months [H2 FY26] Q4 FY26: The Q4 FY26 report explicitly mentions a 'pile-up of receivables for the industry in FY26' and acknowledges a 5-year negative free cash flow trend, directly contradicting the earlier expectation of improvement.
- Operating Profit Margin at risk said Q4 FY25 Promised: Return to historical stable range of 6-8% as a first milestone. Q4 FY26: FY26 PBT margin was ~5.4%. While an improvement over FY25's 5.0% OPM, it remains below the 6-8% target range.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 12.7%, net profit down 318.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 50 | 81 | 96 | 62 | 50 −1% | 93 +15% | 107 +12% | 54 −13% |
| EBITDA | -3 | 10 | 10 | 3 | 1 +146% | 10 +8% | 7 −27% | -1 −150% |
| Net profit | -3 | 6 | 6 | 1 | 0 +116% | 6 +2% | 5 −23% | -2 −318% |
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.
Performance −35.9% 1Y
1Y: ₹158.84 on 10 Sept 2025 → ₹101.82. High ₹159.44 (18 Sept 2025), low ₹92.71 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −5.0%
- 22 Apr
- Q2 FY26
- +0.1%
- 20 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.1% a year over 3 years, FY23 to FY26. Operating margin widened to 6.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹210 Cr | ₹262 Cr | ₹273 Cr | ₹312 Cr |
| Operating profit | ₹-13 Cr | ₹6 Cr | ₹14 Cr | ₹22 Cr |
| Operating margin | -6.3% | 2.2% | 5.1% | 6.9% |
| Interest | ₹2 Cr | ₹3 Cr | ₹2 Cr | ₹3 Cr |
| Depreciation | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Net profit | ₹-12 Cr | ₹2 Cr | ₹7 Cr | ₹13 Cr |
| Net margin | -5.9% | 0.6% | 2.6% | 4.1% |
| ROCE | -7.0% | 3.0% | 7.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹28 Cr | ₹28 Cr | ₹28 Cr | ₹28 Cr | ₹28 Cr | ₹28 Cr |
| Reserves | ₹159 Cr | ₹147 Cr | ₹136 Cr | ₹137 Cr | ₹146 Cr | ₹157 Cr |
| Borrowings | ₹0 Cr | ₹25 Cr | ₹15 Cr | ₹16 Cr | ₹37 Cr | ₹45 Cr |
| Other liabilities | ₹81 Cr | ₹79 Cr | ₹75 Cr | ₹76 Cr | ₹91 Cr | ₹121 Cr |
| Total liabilities | ₹268 Cr | ₹280 Cr | ₹253 Cr | ₹257 Cr | ₹301 Cr | ₹352 Cr |
| Fixed assets | ₹26 Cr | ₹23 Cr | ₹22 Cr | ₹21 Cr | ₹20 Cr | ₹19 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹241 Cr | ₹256 Cr | ₹231 Cr | ₹236 Cr | ₹281 Cr | ₹332 Cr |
| Total assets | ₹268 Cr | ₹280 Cr | ₹253 Cr | ₹257 Cr | ₹301 Cr | ₹352 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 9% to 26,207.
- Promoters
- 54.2%
- FIIs
- 0.1%
- Public
- 45.7%
Since Jun 2025
- FIIs +0.06 pp
- Public −0.03 pp
- Promoters −0.02 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 54.3%, FIIs 0.2%, Public 45.6%.Dec '23: Promoters 54.3%, FIIs 0.1%, Public 45.7%.Mar '24: Promoters 54.3%, FIIs 0.1%, Public 45.6%.Jun '24: Promoters 54.2%, FIIs 0.6%, Public 45.2%.Sep '24: Promoters 54.2%, FIIs 0.2%, Public 45.6%.Dec '24: Promoters 54.2%, FIIs 0.1%, Public 45.7%.Mar '25: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Jun '25: Promoters 54.2%, FIIs 0.1%, Public 45.7%.Sep '25: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Dec '25: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Mar '26: Promoters 54.2%, FIIs 0.0%, Public 45.8%.Jun '26: Promoters 54.2%, FIIs 0.1%, Public 45.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mahindra Top Greenhouses Private Limited newly disclosed 0.00% held
- PSL Media & Communications Limited newly disclosed 0.00% held
- New Democratic Electoral Trust newly disclosed 0.00% held
- Keskinainen Kiinteisto Oy Salla Star newly disclosed 0.00% held
- Holiday Club Sport and Spahotels AB newly disclosed 0.00% held
- Mahindra Racing UK Limited newly disclosed 0.00% held
- Mahindra Blossom Developers Limited newly disclosed 0.00% held
- Aditatva Estates Private Limited newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mahindra EPC Irrigation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahindra & Mahindra Limited | 54.18% | unchanged |
| Rajen Anil Shah | 2.50% | unchanged |
| Investor Education And Protection Fund Authority M | 1.29% | unchanged |
| Tech Mahindra Limited | 0.00% | unchanged |
| Gromax Agri Equipment Limited | 0.00% | unchanged |
| Mahindra Automotive Mauritius Limited | 0.00% | unchanged |
| Mahindra Top Greenhouses Private Limited | 0.00% | newly disclosed |
| Holiday Club Canarias Vacation Club SLU | 0.00% | unchanged |
| PT Mahindra Accelo Steel Indonesia | 0.00% | unchanged |
| Automobili Pininfarina Americas Inc. | 0.00% | unchanged |
| Mahindra Armored Vehicles Jordan, LLC. | 0.00% | unchanged |
| Mahindra Finance CSR Foundation | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Mahindra EPC Irrigation Limited
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