Mahindra EPC Irrigation Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Operating margins have improved to 6.8% from -4.9%
- Stock looks reasonably valued - P/E of 30.0 is below its historical median
- Working capital cycle has improved - days down from 177 to 140
- Company comfortably covers its interest (6.4x coverage)
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 33.8% versus prior year
- Operating cash flow has been negative in recent years
- Company has a low return on equity of 4.1% over last 3 years
- Company has a low return on capital employed of 6.4%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.89x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 430.60 | 61.64 | 149937.65 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1018.90 | 94.43 | 50382.66 | 0.58 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3680.25 | 73.91 | 43852.50 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34514.05 | 55.37 | 30515.68 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 987.95 | 69.84 | 22468.26 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2245.75 | 80.12 | 20418.91 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2846.00 | 132.25 | 18379.96 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 569.10 | 53.80 | 18091.60 | 0.75 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| TEGA | 1731.10 | 615.52 | 13005.36 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 82.72 | 57.36 | 12830.19 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1595.75 | 107.75 | 10445.54 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| MAHEPC | 102.65 | 29.98 | 286.91 | 0.00 | -2.14 | -318.37 | 54.16 | -12.70 | 9.41 | -2.51 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 53 | 58 | 80 | 71 | 45 | 50 | 81 | 96 | 62 | 50 | 93 | 107 | 54 | |
| 53 | 57 | 76 | 70 | 48 | 53 | 72 | 86 | 59 | 48 | 83 | 100 | 57 | |
| Operating Profit | 0 | 1 | 4 | 1 | -2 | -3 | 10 | 10 | 3 | 1 | 10 | 7 | -3 |
| OPM % | 0.21% | 1.02% | 4.84% | 1.57% | -5.23% | -5.90% | 11.86% | 10.00% | 4.42% | 2.72% | 11.19% | 6.58% | -5.82% |
| 0 | 0 | 0 | 3 | 0 | 1 | 0 | 2 | 0 | 1 | -0 | 1 | 0 | |
| Interest | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -1 | -1 | 2 | 2 | -4 | -4 | 9 | 9 | 1 | 1 | 9 | 6 | -3 |
| Tax % | 38.68% | 9.52% | 25.51% | 28.11% | 25.71% | 25.61% | 25.56% | 33.72% | 25.19% | 25.86% | 25.74% | 24.69% | 24.91% |
| Net Profit | 0 | 0 | 0 | 0 | -3 | -3 | 6 | 6 | 1 | 0 | 6 | 5 | -2 |
| -0.29 | -0.24 | 0.60 | 0.53 | -0.94 | -0.99 | 2.27 | 2.24 | 0.35 | 0.15 | 2.32 | 1.71 | -0.77 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 260 | 284 | 254 | 212 | 210 | 262 | 273 | 312 | 304 | |
| 240 | 247 | 228 | 217 | 224 | 257 | 259 | 290 | 289 | |
| Operating Profit | 20 | 37 | 26 | -5 | -13 | 6 | 14 | 22 | 16 |
| OPM % | 7.82% | 12.98% | 10.21% | -2.56% | -6.28% | 2.18% | 5.11% | 6.92% | 5.16% |
| 1 | 1 | 3 | 0 | 3 | 3 | 2 | 2 | 2 | |
| Interest | 1 | 2 | 1 | 2 | 2 | 3 | 2 | 3 | 3 |
| Depreciation | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | 17 | 32 | 25 | -11 | -16 | 2 | 11 | 17 | 13 |
| Tax % | 32.45% | 28.13% | 24.15% | 24.81% | 23.21% | 31.28% | 32.68% | 25.31% | 25.41% |
| Net Profit | 11 | 23 | 19 | -8 | -12 | 2 | 7 | 13 | 10 |
| EPS | 0.00 | 0.00 | 6.78 | -2.83 | -4.41 | 0.60 | 2.58 | 4.54 | — |
| Dividend Payout % | 24.57% | 14.47% | 17.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 4%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -8%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -5%
- 3 Years:
- -4%
- 1 Year:
- -35%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 0%
- 3 Years:
- 4%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| 121 | 142 | 158 | 146 | 135 | 137 | 144 | 157 | |
| 3 | 13 | 0 | 25 | 15 | 16 | 25 | 45 | |
| Trade Payables | 53 | 66 | 64 | 62 | 57 | 61 | 72 | 95 |
| 13 | 10 | 12 | 10 | 7 | 4 | 14 | 20 | |
| Total Liabilities | 218 | 258 | 262 | 272 | 241 | 246 | 283 | 344 |
| 24 | 28 | 26 | 23 | 22 | 21 | 20 | 19 | |
| 2 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | |
| 26 | 36 | 34 | 36 | 40 | 44 | 42 | 37 | |
| 0 | 0 | 0 | 0 | 0 | 145 | 173 | 217 | |
| Cash & Bank | 3 | 13 | 6 | 2 | 7 | 2 | 4 | 2 |
| 162 | 180 | 194 | 210 | 172 | 32 | 44 | 70 | |
| Total Assets | 218 | 258 | 262 | 272 | 241 | 246 | 283 | 344 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 10 | 22 | 19 | -21 | 21 | 2 | -4 | -16 | |
| Cash from Investing | -3 | -2 | -1 | -1 | -2 | -2 | -2 | -2 |
| Cash from Financing | -3 | 3 | -17 | 20 | -12 | -4 | 7 | 17 |
| -0 | 11 | -7 | -4 | 4 | -4 | 1 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-06 - MAHEPC: Mahindra EPC Irrigation Limited has informed the Exchange about Copy of Newspaper Publication intimating the shareholders about opening of a ''Special Window for Re-lodgement of Transfer Requests of Physical Shares'' published in Navshakti and Free Press Journal.
2026-07-17 - Mahindra EPC Irrigation Limited has informed the Exchange about Copy of Newspaper Publication regarding extract newspaper advertisements for publication of the Company's Un-Audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026 published in Business Standard, Navshakti and Free Press Journal.
2026-07-16 - Mahindra EPC Irrigation Limited has informed the Exchange about appointment of Mr. Vimal Agarwal, as an Internal Auditor with effect from July 16, 2026 for a period of three years and Appointment of Mr. Rajeev Goyal as Chairman of the Board with effect from July 16, 2026.
2026-07-16 - Mahindra EPC Irrigation Limited has informed the Exchange regarding Change in Auditors of the company.
2026-07-16 - Mahindra EPC Irrigation Limited has submitted to the Exchange that the Board at their meeting held today considered and approved the Un- Audited (Standalone & Consolidated) Financial Results for the period ended June 30, 2026. along with Limited Review Report and other related matters.
2026-07-14 - Mahindra EPC Irrigation Limited has informed the Exchange about Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026.
2026-06-30 - Mahindra EPC Irrigation Limited has informed the Exchange regarding Change in Auditors of the company.
2026-06-30 - Mahindra EPC Irrigation Limited has informed the Exchange regarding Cessation of Mr K. N. Vaidyanathan as Other of the company w.e.f. Jun 30, 2026.
2026-06-26 - Mahindra EPC Irrigation Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
News
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