Mahindra EPC Irrigation Limited Q2 FY26 earnings call summary

Earnings call of 20 Nov 2025, summarised by AI from the filing.

Mahindra EPC Irrigation H1 FY26 revenue ₹111.6 cr (H1 FY25: ₹95.3 cr) and PBT ₹1.9 cr, with non-subsidy business at 37.8% of total.

Key takeaways

1. H1 FY26 revenue ₹111.6 cr (H1 FY25: ₹95.3 cr), up 17% on irrigation projects, non-subsidy business and key states.
2. Non-subsidy share Management hopes to maintain the non-subsidy business at 37%-plus of total business for the rest of this year.
3. Q2 PBT Q2 FY26 PBT ₹0.6 cr vs Q2 FY25 loss of ₹3.7 cr, a turnaround from the prior year.
4. Non-subsidy growth Non-subsidy business reached 37.8% of total business in H1 FY26 from 3% in FY20.
5. Receivables H1 FY26 receivables higher by about ₹9.4 cr vs FY25 on longer collection cycles and delayed state fund release.

Original filing on BSE

Mahindra EPC Irrigation Limited Q1 FY27 results

As filed: Revenue ₹54.2 cr (−13% year on year), EBITDA −₹1.4 cr (−145% year on year), PAT −₹2.1 cr (−300% year on year), EBITDA margin -2.5% (−735 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

• Q4 FY26: Revenue ₹107 cr (+11% year on year), EBITDA ₹7.0 cr (−22% year on year), PAT ₹4.8 cr (−20% year on year), EBITDA margin 6.6% (−280 bps). Score 44 of 100, In line with trend. Revenue and EBITDA growth were in line with the company's own trend; profit growth was below it. EBITDA margin fell 280 bps year on year. Profit fell 26% from last quarter. Share price after the results: −7.2% in 30 days (Nifty 500: −1.9%).
• Q3 FY26: Revenue ₹93.5 cr (+15% year on year), EBITDA ₹10.5 cr (+5% year on year), PAT ₹6.5 cr (+19% year on year), EBITDA margin 11.2% (−115 bps). Score 62 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA growth was in line with it. EBITDA margin fell 115 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: −4.9% in 28 days (Nifty 500: −0.7%).
• Q2 FY26: Revenue ₹50.0 cr (0% year on year), EBITDA ₹2.0 cr, PAT ₹0.0 cr, EBITDA margin 4.0% (+1,000 bps). Score 38 of 100, Below trend. Revenue growth was below the company's own trend. EBITDA margin rose 1000 bps year on year. Other income 100% of PBT. Tax rate 0%. Revenue fell 19% from last quarter. Share price after the results: −8.7% in 28 days (Nifty 500: +1.0%).
• Q1 FY26: Revenue ₹62.0 cr (+38% year on year), EBITDA ₹3.0 cr, PAT ₹1.0 cr, EBITDA margin 4.8% (+1,000 bps). Score 78 of 100, Above trend. Revenue growth was well above the company's own trend. EBITDA margin rose 1000 bps year on year. Tax rate 0%. Revenue fell 35% from last quarter. Share price after the results: −3.3% in 27 days (Nifty 500: −3.2%).
• Q4 FY25: Revenue ₹96.0 cr (+35% year on year), EBITDA ₹9.0 cr (+300% year on year), PAT ₹6.0 cr (+300% year on year), EBITDA margin 9.4% (+797 bps). Score 95 of 100, Above trend. Revenue and EBITDA growth were well above the company's own trend. EBITDA margin rose 797 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: −5.5% in 29 days (Nifty 500: +5.5%).
• Q3 FY25: Revenue ₹81.0 cr (+1% year on year), EBITDA ₹10.0 cr (+150% year on year), PAT ₹6.0 cr (+200% year on year), EBITDA margin 12.4% (+735 bps). Score 61 of 100, In line with trend. Revenue growth was in line with the company's own trend. EBITDA margin rose 735 bps year on year.
• Q2 FY25: Revenue ₹50.0 cr (−14% year on year), EBITDA −₹3.0 cr (−300% year on year), PAT −₹3.0 cr, EBITDA margin -6.0% (−772 bps). Score 4 of 100, Below trend. EBITDA margin fell 772 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Mahindra EPC Irrigation Limited earnings call, investor presentation and press release summaries

• Q4 FY26: Earnings call (22 Apr 2026), Results press release (23 Apr 2026)
• Q2 FY26: Earnings call (20 Nov 2025)
• Q4 FY25: Earnings call (21 Apr 2025)