Mahindra EPC Irrigation Ltd.

•

mahindrairrigation.comBSE: 523754NSE: MAHEPC

Market Cap₹ 289 Cr.

Current Price

High / Low₹ 164 / 92

Stock P/E30.2

Book Value₹ 65

Price to Book1.40

Dividend Yield0.00 %

ROCE9.4 %

ROE7.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2011 • MIS: 90.1% • IIP: 9.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Operating margins have improved to 6.8% from -4.9%
Stock looks reasonably valued - P/E of 30.2 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

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	433.35	62.03	150895.22	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	970.60	89.95	47994.32	0.61	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3634.35	72.98	43305.57	0.55	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	35625.15	57.15	31498.06	0.31	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	1002.85	70.89	22807.13	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2248.45	80.08	20407.72	0.09	580.72	850.16	3707.90	991.77	33.54	20.46
7.	TRITURBINE	577.50	54.59	18358.64	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2775.95	128.99	17927.57	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.28	58.44	13072.16	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1547.15	550.12	11623.38	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KRN	1579.75	106.67	10340.80	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	MAHEPC	103.30	30.17	288.73	0.00	-2.14	-318.37	54.16	-12.70	9.41	-2.51

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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 %	33.61%	8.11%	27.07%	29.05%	25.71%	25.61%	25.56%	33.72%	25.19%	25.86%	25.74%	24.69%	24.91%
Net Profit	-1	-1	2	1	-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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	201	205	260	284	254	212	210	262	273	312	304
	188	192	240	247	228	217	224	257	259	290	289
Operating Profit	13	12	20	37	26	-5	-13	6	14	22	16
OPM %	6.30%	6.00%	7.82%	12.98%	10.21%	-2.56%	-6.28%	2.18%	5.11%	6.92%	5.16%
	2	2	1	1	3	-1	3	3	2	2	2
Interest	2	1	1	2	1	2	2	3	2	3	3
Depreciation	3	3	3	4	3	3	3	3	3	3	3
Profit before Tax	10	10	17	32	25	-11	-16	2	11	17	13
Tax %	-2.33%	52.35%	32.45%	28.13%	24.15%	23.26%	23.31%	31.28%	32.68%	25.31%	25.41%
Net Profit	10	5	11	23	19	-9	-12	2	7	13	10
EPS	0.00	0.00	0.00	0.00	6.86	-3.08	-4.39	0.60	2.58	4.54	—
Dividend Payout %	0.00%	28.05%	24.25%	14.32%	17.40%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 4%
3 Years:: 14%

COMPOUNDED PROFIT GROWTH

10 Years:: 4%
5 Years:: -8%
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -5%
3 Years:: -6%
1 Year:: -36%

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 0%
3 Years:: 4%
Last Year:: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	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	28	28
	106	111	121	142	158	146	135	137	144	157
	0	4	3	13	0	25	15	16	25	45
Trade Payables	34	38	53	66	64	62	57	61	72	95
	11	13	13	10	12	10	7	4	14	20
Total Liabilities	179	194	218	259	262	271	241	246	283	344
	25	25	24	28	26	23	22	21	20	19
Capital Work in Progress	1	0	0	0	0	0	0	0	0	0
	5	0	2	2	2	1	0	0	0	0
	32	35	26	36	34	36	40	44	42	37
	0	0	0	0	0	0	0	145	173	217
Cash & Bank	12	5	3	13	6	2	7	2	4	2
	104	130	162	180	194	210	172	32	44	70
Total Assets	179	194	218	259	262	271	241	246	283	344

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-3	-12	10	22	19	-21	21	2	-4	-16
Cash from Investing	-4	6	-3	-2	-1	-1	-2	-2	-2	-2
Cash from Financing	-1	3	-3	3	-17	20	-12	-4	7	17
	-9	-6	-0	11	-7	-4	4	-4	1	-2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	3.58	1.78	4.12	8.38	6.89	-3.09	-4.39	0.60	2.58	4.54
Book Value (₹)	48.23	50.16	53.79	61.09	66.84	62.52	58.35	59.06	61.71	66.17
Dividend per Share (₹)	0.00	0.50	1.00	1.20	1.20	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	4.68	2.92	5.23	9.75	8.01	-1.96	-3.28	1.73	3.78	5.67
PROFITABILITY
Operating Margin %	7.08%	6.84%	8.23%	13.45%	11.43%	-2.31%	-4.85%	2.13%	5.04%	6.79%
Net Margin %	4.92%	2.41%	4.40%	8.20%	7.55%	-4.00%	-5.69%	0.62%	2.61%	3.99%
ROE %	7.71%	3.63%	7.94%	14.60%	10.79%	-4.78%	-7.27%	1.02%	4.28%	7.10%
ROCE %	8.66%	7.81%	12.34%	20.39%	14.02%	-4.77%	-7.25%	2.86%	6.87%	9.41%
	5.73%	2.65%	5.56%	9.78%	7.37%	-3.23%	-4.78%	0.69%	2.73%	4.04%
EFFICIENCY
Debtor Days	151	177	163	163	193	235	213	176	210	224
Inventory Days	55	60	43	40	50	60	65	58	57	45
Payable Days	96	118	118	160	178	173	171	155	193	216
	110	119	88	42	65	123	107	79	74	53
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.03x	0.02x	0.08x	0.00x	0.14x	0.09x	0.09x	0.15x	0.24x
Interest Coverage (x)	7.33x	21.68x	13.17x	17.37x	39.71x	-4.67x	-6.19x	1.90x	5.70x	6.41x
	3.01x	2.77x	2.31x	2.05x	2.44x	1.96x	2.20x	2.35x	2.13x	1.74x
GROWTH
Revenue Growth %	-0.89%	1.81%	27.09%	9.17%	-10.47%	-16.63%	-0.74%	24.76%	3.89%	14.46%
Operating Profit Growth %	6.53%	-1.76%	52.82%	78.40%	-23.91%	-117.11%	-110.26%	183.92%	86.43%	54.68%
Net Profit Growth %	13.26%	-50.14%	131.72%	103.48%	-17.57%	-144.86%	-42.16%	113.64%	331.74%	76.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	113.64%	331.40%	75.94%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	199.45x	45.71x	20.40x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.02x	1.91x	1.40x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	39.48x	21.45x	11.96x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.21	54.21	54.21	54.21	54.20	54.20	54.20	54.20	54.18
	0.60	0.20	0.08	0.01	0.07	0.02	0.01	0.02	0.13
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.19	45.58	45.71	45.77	45.73	45.78	45.79	45.78	45.69

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-06

Copy of Newspaper Publication

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

Copy of Newspaper Publication

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

Change in Management

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

Change in Auditors

2026-07-16 - Mahindra EPC Irrigation Limited has informed the Exchange regarding Change in Auditors of the company.

2026-07-16

Outcome of Board Meeting

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

Certificate under SEBI (Depositories and Participants) Regulations, 2018

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

Change in Auditors

2026-06-30 - Mahindra EPC Irrigation Limited has informed the Exchange regarding Change in Auditors of the company.

2026-06-30

Cessation

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

Trading Window

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

Recent coverage and analyst commentary for MAHEPC

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Free 5nance Account

Name

BHEL

433.35

62.03

150895.22

0.32

376.71

182.70

7697.72

40.29

9.24

6.69

INDOMIM

970.60

89.95

47994.32

0.61

2401.22

—

12187.42

—

24.48

33.36

THERMAX

3634.35

72.98

43305.57

0.55

21.79

-85.61

2302.73

7.09

15.85

2.98

HONAUT

35625.15

57.15

31498.06

0.31

150.70

20.95

1204.40

1.80

17.04

14.32

JYOTICNC

1002.85

70.89

22807.13

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2248.45

80.08

20407.72

0.09

580.72

850.16

3707.90

991.77

33.54

20.46

TRITURBINE

577.50

54.59

18358.64

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2775.95

128.99

17927.57

0.00

35.16

19.46

172.60

25.90

12.28

37.29

LLOYDSENGG

84.28

58.44

13072.16

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1547.15

550.12

11623.38

0.13

-108.25

-406.36

1723.44

383.99

8.37

3.27

KRN

1579.75

106.67

10340.80

0.00

32.90

164.84

252.32

118.87

16.06

19.44

MAHEPC

103.30

30.17

288.73

0.00

-2.14

-318.37

54.16

-12.70

9.41

-2.51

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

107

100

Operating Profit

-2

-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

Interest

Depreciation

Profit before Tax

-1

-4

-3

Tax %

33.61%

8.11%

27.07%

29.05%

25.71%

25.61%

25.56%

33.72%

25.19%

25.86%

25.74%

24.69%

24.91%

Net Profit

-1

-3

-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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

201

205

260

284

254

212

210

262

273

312

304

188

192

240

247

228

217

224

257

259

290

289

Operating Profit

-5

-13

OPM %

6.30%

6.00%

7.82%

12.98%

10.21%

-2.56%

-6.28%

2.18%

5.11%

6.92%

5.16%

-1

Interest

Depreciation

Profit before Tax

-11

-16

Tax %

-2.33%

52.35%

32.45%

28.13%

24.15%

23.26%

23.31%

31.28%

32.68%

25.31%

25.41%

Net Profit

-9

-12

EPS

0.00

6.86

-3.08

-4.39

0.60

2.58

4.54

—

Dividend Payout %

0.00%

28.05%

24.25%

14.32%

17.40%

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

106

111

121

142

158

146

135

137

144

157

Trade Payables

Total Liabilities

179

194

218

259

262

271

241

246

283

344

Capital Work in Progress

145

173

217

Cash & Bank

104

130

162

180

194

210

172

Total Assets

179

194

218

259

262

271

241

246

283

344

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-3

-12

-21

-4

-16

Cash from Investing

-4

-3

-2

-1

-2

Cash from Financing

-1

-3

-17

-12

-4

-9

-6

-0

-7

-4

-2

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

3.58

1.78

4.12

8.38

6.89

-3.09

-4.39

0.60

2.58

4.54

Book Value (₹)

48.23

50.16

53.79

61.09

66.84

62.52

58.35

59.06

61.71

66.17

Dividend per Share (₹)

0.00

0.50

1.00

1.20

0.00

Cash EPS (₹)

4.68

2.92

5.23

9.75

8.01

-1.96

-3.28

1.73

3.78

5.67

PROFITABILITY

Operating Margin %

7.08%

6.84%

8.23%

13.45%

11.43%

-2.31%

-4.85%

2.13%

5.04%

6.79%

Net Margin %

4.92%

2.41%

4.40%

8.20%

7.55%

-4.00%

-5.69%

0.62%

2.61%

3.99%

ROE %

7.71%

3.63%

7.94%

14.60%

10.79%

-4.78%

-7.27%

1.02%

4.28%

7.10%

ROCE %

8.66%

7.81%

12.34%

20.39%

14.02%

-4.77%

-7.25%

2.86%

6.87%

9.41%

5.73%

2.65%

5.56%

9.78%

7.37%

-3.23%

-4.78%

0.69%

2.73%

4.04%

EFFICIENCY

Debtor Days

151

177

163

193

235

213

176

210

224

Inventory Days

Payable Days

118

160

178

173

171

155

193

216

110

119

123

107

FINANCIAL HEALTH

Debt to Equity (x)

0.00x

0.03x

0.02x

0.08x

0.00x

0.14x

0.09x

0.15x

0.24x

Interest Coverage (x)

7.33x

21.68x

13.17x

17.37x

39.71x

-4.67x

-6.19x

1.90x

5.70x

6.41x

3.01x

2.77x

2.31x

2.05x

2.44x

1.96x

2.20x

2.35x

2.13x

1.74x

GROWTH

Revenue Growth %

-0.89%

1.81%

27.09%

9.17%

-10.47%

-16.63%

-0.74%

24.76%

3.89%

14.46%

Operating Profit Growth %

6.53%

-1.76%

52.82%

78.40%

-23.91%

-117.11%

-110.26%

183.92%

86.43%

54.68%

Net Profit Growth %

13.26%

-50.14%

131.72%

103.48%

-17.57%

-144.86%

-42.16%

113.64%

331.74%

76.01%

0.00%

113.64%

331.40%

75.94%

VALUATION

P/E (x)

0.00x

199.45x

45.71x

20.40x

P/B (x)

0.00x

2.02x

1.91x

1.40x

Dividend Yield %

0.00%

0.00x

39.48x

21.45x

11.96x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

54.21

54.20

54.18

0.60

0.20

0.08

0.01

0.07

0.02

0.01

0.02

0.13

DIIs

0.00

Government

0.00

45.19

45.58

45.71

45.77

45.73

45.78

45.79

45.78

45.69

Mahindra EPC Irrigation Ltd.

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Quarterly Results

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Mahindra EPC Irrigation Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI