Key Financial Performance (Consolidated)

Quarterly Comparison (Q1 FY27 vs Q4 FY26 vs Q1 FY26):

  • Total Income: ₹1,465 crores (Q1 FY27) vs ₹1,530 crores (Q4 FY26) - down 4.3% QoQ; vs ₹1,586 crores (Q1 FY26) - down 7.6% YoY
  • EBITDA (including Other Income and before exceptional items): ₹139 crores vs ₹99 crores - up 40.3% QoQ; vs ₹198 crores - down 29.8% YoY
  • EBITDA Margin: 9.5% vs 6.5% (302 bps improvement QoQ); vs 12.5% (300 bps decline YoY)
  • Profit Before Tax: ₹69 crores vs ₹23 crores - up 202.9% QoQ; vs ₹121 crores - down 43.4% YoY
  • Profit After Tax: ₹48 crores vs ₹16 crores - up 202.5% QoQ; vs ₹89 crores - down 45.7% YoY
  • PAT Margin: 3.3% vs 1.0% (226 bps improvement QoQ); vs 5.6% (232 bps decline YoY)
  • Diluted EPS: ₹0.8 vs ₹0.26 - up 202.4% QoQ; vs ₹1.4 - down 45.7% YoY

Annual Comparison (FY26 vs FY25):

  • Total Income: ₹6,133 crores vs ₹7,443 crores - down 17.6%
  • EBITDA: ₹574 crores vs ₹1,159 crores - down 50.5%
  • EBITDA Margin: 9.4% vs 15.6% (622 bps decline)
  • Exceptional Item: ₹-38 crores (FY26) vs not applicable (FY25)
  • PAT: ₹161 crores vs ₹710 crores - down 77.2%
  • PAT Margin: 2.6% vs 9.5% (690 bps decline)
  • Diluted EPS: ₹2.6 vs ₹11.5 - down 77.2%

Key Financial Performance (Standalone)

Quarterly Comparison (Q1 FY27 vs Q4 FY26 vs Q1 FY26):

  • Total Income: ₹1,119 crores vs ₹1,228 crores - down 8.9% QoQ; vs ₹1,426 crores - down 21.5% YoY
  • EBITDA: ₹71 crores vs ₹57 crores - up 23.3% QoQ; vs ₹186 crores - down 62.1% YoY
  • EBITDA Margin: 6.3% vs 4.7% (165 bps improvement QoQ); vs 13.1% (674 bps decline YoY)
  • Profit Before Tax: ₹12 crores vs ₹-8 crores (N.A. comparison); vs ₹117 crores - down 89.6% YoY
  • Profit After Tax: ₹6 crores vs ₹-11 crores (N.A. comparison); vs ₹86 crores - down 93.1% YoY
  • PAT Margin: 0.5% vs -0.9% (140 bps improvement QoQ); vs 6.0% (550 bps decline YoY)
  • Diluted EPS: ₹0.1 vs ₹-0.17 (N.A. comparison); vs ₹1.4 - down 93.1% YoY

Annual Comparison (FY26 vs FY25):

  • Total Income: ₹5,228 crores vs ₹6,840 crores - down 23.6%
  • EBITDA: ₹499 crores vs ₹1,116 crores - down 55.2%
  • EBITDA Margin: 9.6% vs 16.3% (676 bps decline)
  • Exceptional Item: ₹-38 crores (FY26) vs not applicable (FY25)
  • PAT: ₹131 crores vs ₹712 crores - down 81.6%
  • PAT Margin: 2.5% vs 10.4% (790 bps decline)
  • Diluted EPS: ₹2.1 vs ₹11.5 - down 81.6%

Operational Performance

  • Company sold 1.20 lakh tons of DI pipes, fittings and CI pipes in Q1 FY27 compared to 1.48 lakh tons in Q4 FY26
  • The decline in total income was primarily due to subdued demand amid lower government spending on water infrastructure projects

Outlook and Strategic Initiatives

  • Government of India approved Jal Jeevan Mission 2.0 in March 2026 with enhanced overall budget outlay of approximately ₹8.69 lakh crores up to December 2028
  • Central Government enhanced its contribution to ₹3.59 lakh crores from ₹2.08 lakh crores
  • In Union Budget, Government allocated ₹67,670 crores for FY27-28 and has already sanctioned ₹10,344 crores to States in current FY till date
  • Company expects demand to restore by end of current quarter (Q2 FY27)
  • JJM 2.0 along with continued investment in urban infrastructure, sewerage networks, irrigation system and riverlinking projects expected to create substantial medium- to long-term demand opportunities for Ductile Iron pipe industry
  • Company is expanding its Valve business to strengthen footprint across full water infrastructure value chain
  • Company is entering Industrial Paints and Protective Coatings business as part of diversification strategy

Company Background

  • Pioneer and leader in manufacturing of Ductile Iron Pipes, Fittings & Valves with integrated capacities
  • Exports to 130+ countries across 5 continents with presence in Europe, UK, USA, Middle East, Gulf, Asia and Africa
  • Product portfolio includes Ductile Iron Pipes, Ductile Iron Fittings, Ductile Iron Flange Pipes, Restrained Joint Pipes, Water Valves, Cast Iron Pipes, Metallurgical Coke, Sponge Iron, Cement, Ferro Silicon, Pig Iron and Power
  • Five integrated manufacturing units in Khardah, Bansberia and Haldia (West Bengal), Elavur (Tamil Nadu) and Srikalahasthi (Andhra Pradesh)
  • Two Valve manufacturing units in Italy