Mahindra EPC Irrigation Ltd.

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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

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

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:: -6%
1 Year:: -36%

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
PER SHARE
EPS (₹)	4.07	8.29	6.81	-2.84	-4.41	0.60	2.58	4.54
Book Value (₹)	53.73	60.95	66.61	62.55	58.35	59.06	61.70	66.17
Dividend per Share (₹)	1.00	1.20	1.20	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	5.23	9.75	8.01	-1.71	-3.31	1.73	3.78	5.67
PROFITABILITY
Operating Margin %	8.23%	13.45%	11.43%	-2.31%	-4.85%	2.13%	5.04%	6.79%
Net Margin %	4.40%	8.20%	7.55%	-3.68%	-5.72%	0.62%	2.61%	3.99%
ROE %	7.68%	14.63%	10.82%	-4.40%	-7.31%	1.02%	4.28%	7.10%
ROCE %	11.95%	20.42%	14.06%	-4.42%	-7.29%	2.86%	6.87%	9.41%
	5.26%	9.79%	7.38%	-2.97%	-4.80%	0.69%	2.73%	4.04%
EFFICIENCY
Debtor Days	175	163	193	235	213	176	210	224
Inventory Days	37	40	50	60	65	58	57	45
Payable Days	136	160	178	173	171	155	193	216
	76	42	65	123	107	79	74	53
FINANCIAL HEALTH
Debt to Equity (x)	0.02x	0.08x	0.00x	0.14x	0.09x	0.09x	0.15x	0.24x
Interest Coverage (x)	13.17x	17.37x	39.71x	-4.31x	-6.22x	1.90x	5.70x	6.41x
	2.31x	2.05x	2.44x	1.96x	2.20x	2.35x	2.13x	1.74x
GROWTH
Revenue Growth %	0.00%	9.17%	-10.47%	-16.63%	-0.74%	24.76%	3.89%	14.46%
Operating Profit Growth %	0.00%	78.40%	-23.91%	-117.11%	-110.26%	183.92%	86.43%	54.68%
Net Profit Growth %	0.00%	103.48%	-17.57%	-141.21%	-55.63%	113.57%	331.74%	76.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	113.56%	331.40%	75.94%
VALUATION
P/E (x)	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	2.02x	1.91x	1.40x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	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

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