Date: 23rd September 2026

Financial Results (Standalone & Consolidated)

Consolidated Income Statement (₹ Crores)

Q4 FY26 Performance:

  • Revenue From Operations: ₹290.54 Cr (Q3FY26: ₹160.50 Cr, Q4FY25: ₹300.38 Cr)
  • Other Income: ₹9.03 Cr
  • Total Income: ₹299.57 Cr
  • COGS: ₹120.44 Cr
  • Gross Profit: ₹179.14 Cr with Gross Margin of 59.8%
  • Total Expenses: ₹230.25 Cr
  • EBITDA: ₹77.96 Cr with EBITDA Margin of 26.0%
  • Finance Cost (Net): ₹3.38 Cr
  • Depreciation: ₹5.25 Cr
  • PBT: ₹69.34 Cr
  • Tax: ₹12.68 Cr
  • PAT: ₹56.65 Cr with PAT Margin of 18.9%
  • Basic EPS: ₹9.01; Diluted EPS: ₹8.98

Full Year FY26 Performance:

  • Revenue From Operations: ₹736.19 Cr (FY25: ₹735.19 Cr)
  • Other Income: ₹20.49 Cr
  • Total Income: ₹756.68 Cr
  • COGS: ₹325.01 Cr
  • Gross Profit: ₹431.67 Cr with Gross Margin of 57.0%
  • Total Expenses: ₹666.48 Cr
  • EBITDA: ₹122.69 Cr with EBITDA Margin of 16.2% (FY25: 18.5%)
  • Finance Cost (Net): ₹12.79 Cr
  • Depreciation: ₹19.70 Cr
  • Share of profit/(loss) of joint venture: -₹0.11 Cr
  • PBT: ₹90.09 Cr (FY25: ₹107.64 Cr)
  • Tax: ₹14.58 Cr
  • PAT: ₹75.51 Cr with PAT Margin of 10.0% (FY25: ₹86.77 Cr, 11.6%)
  • Basic EPS: ₹12.01; Diluted EPS: ₹11.97

Consolidated Balance Sheet (₹ Crores)

Equity & Liabilities (FY26 vs FY25):

  • Share Capital: ₹12.58 Cr (₹12.55 Cr)
  • Other Equity: ₹506.48 Cr (₹420.46 Cr)
  • Non Controlling Interest: ₹5.84 Cr (₹3.31 Cr)
  • Total Shareholder's Fund: ₹524.90 Cr (₹436.32 Cr)
  • Long-Term Borrowings: ₹25.78 Cr (₹6.79 Cr)
  • Lease Liabilities: ₹15.52 Cr (₹14.50 Cr)
  • Short-Term Borrowings: ₹57.59 Cr (₹74.62 Cr)
  • Total Liabilities: ₹355.69 Cr (₹311.52 Cr)
  • TOTAL EQUITY AND LIABILITIES: ₹880.60 Cr (₹747.85 Cr)

Assets (FY26 vs FY25):

  • Property, Plant & Equipment: ₹123.63 Cr (₹98.39 Cr)
  • Right-of-use asset: ₹25.87 Cr (₹22.17 Cr)
  • Capital Work in Progress: ₹21.69 Cr (₹20.47 Cr)
  • Goodwill on Consolidation: ₹41.88 Cr (₹31.96 Cr)
  • Total Non Current Assets: ₹263.00 Cr (₹207.14 Cr)
  • Inventories: ₹194.85 Cr (₹188.83 Cr)
  • Trade Receivables: ₹300.80 Cr (₹225.35 Cr)
  • Cash and Cash Equivalents: ₹41.99 Cr (₹12.71 Cr)
  • Other Bank Balances: ₹51.61 Cr (₹90.61 Cr)
  • Total Current Assets: ₹617.59 Cr (₹540.71 Cr)

Board Meeting Outcomes

The document presents outcomes from the 52nd Annual General Meeting including approval of FY26 financial results and strategic updates.

Disinvestment / Strategic Actions

Acquisition of WesTech Process Equipment India Pvt. Ltd.:

  • Acquired 90% stake, marking entry into industrial process equipment segment
  • Expanded presence across Mining, Metals, Paper & Pulp sectors
  • Combined municipal and industrial platform with FY25 turnover exceeding ₹100 crore
  • Leveraged Chennai facility for capacity utilization and operational efficiency

Acquisition of Penstocks (UK) Limited:

  • Acquired through subsidiary Waterfront Fluid Controls Limited
  • Strengthened UK water infrastructure market presence
  • Established pan-UK footprint with operations in Scotland and Midlands
  • Facilities in Glasgow and Hinckley with over 25 professionals

Other Operational / Legal / Strategic Disclosures

Capacity Expansion and Infrastructure Development:

New Manufacturing Facility - Vadagam Vallan, Chennai, India:

  • Dedicated to municipal treatment process equipment manufacturing
  • Enables faster deliveries and handling of larger domestic & export projects
  • Shared platform with WesTech India for capacity and cost optimization

Extension of Stainless Steel Fabricated Product Plant – SEZ, Pithampur:

  • Commissioned 65,000 sq. ft. stainless-steel fabrication facility
  • Strengthened export-oriented manufacturing capabilities
  • Enhanced scale and execution capacity for global projects

The Watercrest – Guest House, Unit 2, Indore:

  • Operationalized corporate guest house for customers, visitors and employees
  • Improves support for training, meetings and collaboration

New Product Development:

  • FRP Gates for Isolation in Desalination Plants (1500 mm x 1500 mm for SWRO Desalination Plant at Perur, Chennai)
  • Surge Vessel – Bladder Type for Surge Protection (40 m³ & 10 m³ for Jawar Lift Irrigation Project)
  • Stainless-Steel Dual Leaf Gate for Drainage Improvement Works (3000mm W X 2900mm H for Kowloon City, Hong Kong)
  • Twin Screw Conveyors for Sludge Handling (Dia. 280 x 7509 mm for SIBUR Project, Russia)
  • Super Duplex Tilting Flap Gate/Valve for Desalination Plants (3740mm W x 200mm H for SWRO Plant at RIL, Jamnagar)
  • SS 316 Gate for Isolation in Tunnels (5000mm W X 5000 mm H for SC 08 PST-II BMC Mumbai Project)

Performance Context:

  • FY26 performance remained muted due to external headwinds including US tariff impacts, geopolitical disruptions, and supply chain constraints
  • These factors affected execution timelines and delayed revenue recognition
  • FY25 figures have been restated

Order Book and Outlook:

  • Order book remains healthy with sustained demand across domestic and international markets
  • Strong order inflows and robust project pipeline position company for growth momentum
  • Consolidated sales outlook for FY26-27: ₹1,000-1,100 Cr (after deducting inter-company sales)

Market Position:

  • Market cap reached ₹2,179 Cr in FY26, representing ~13x growth in 9 years
  • EPS for FY17 to FY24 adjusted to reflect 1:5 stock split for comparability