WPIL Limited held its Q1 FY27 earnings conference call on July 24, 2026, moderated by Arihant Capital Limited. Management participants included Mr. Prakash Agarwal (Managing Director) and Mr. Krishna Kumar Ganeriwala (Executive Director).

Financial Performance

Consolidated Results:

  • Revenue from operations: ₹501 crores, up 32% year-on-year
  • EBITDA: ₹75 crores
  • EBITDA margins: 15.04%
  • PAT: ₹59 crores
  • PAT margins: 11.79%

Stand-alone Results:

  • Revenue: ₹115 crores, down 37% year-on-year
  • EBITDA: ₹14 crores
  • EBITDA margins: 12.21%
  • Net profit: ₹6 crores
  • PAT margins: 5.41%

Order Book Position

  • Total order book: ₹5,270 crores
  • International order book: ₹2,891 crores
  • Domestic product division order book: ₹459 crores
  • Domestic project order book: ₹1,921 crores (including ₹530 crores of O&M business)

Business Segment Performance

International Business:

  • Revenue: ₹386 crores (vs. ₹197 crores in corresponding period last year)
  • EBITDA margins: 15%
  • Gruppo Aturia witnessed fresh demand from MENA region across oil & gas and water sectors
  • Australian business (Sterling and United) benefiting from LNG, mining and industrial projects
  • WPIL Thailand securing healthy orders from Thai drainage sector
  • MISA Italy completed legacy projects and witnessing healthy pipeline of new irrigation/drainage business
  • PCI Africa commenced execution of large contracts in South African water sector

Domestic Business:

  • Product division revenue: ₹72 crores (vs. ₹65 crores corresponding quarter last year)
  • Project division revenue: ₹43 crores (remained subdued)
  • Focus on project commissioning and commencement of O&M activities
  • Expect improvement in domestic water sector during second half of FY27

Key Operational Highlights

  • Raw materials primarily consist of steel; war-related supply disruptions have balanced out
  • Most project work has price variation contracts protecting margins
  • Domestic project issues primarily related to Jal Jeevan Mission projects
  • MP government issued debarment notice due to slow-moving projects; company addressing concerns
  • Target to complete MP projects within 1 year (current completion: 65-70%)
  • O&M margins higher than normal EPC contract margins

Financial Position and Strategy

  • Receivables of ₹300-350 crores pending, primarily from West Bengal government
  • No substantial capex planned for the year
  • Strategy to reduce minority shareholding in subsidiaries over 2-3 years:
  • PCI Africa: Contractual agreement to buy out other shareholders in 3 years
  • Other subsidiaries: Plans to reduce minority shareholding depending on cash situation
  • Share of profit from associates and joint ventures: ₹11.24 crores (from Thailand and India JVs)

Management Guidance

  • Target EBITDA margin range: 15-20%
  • Expect margins to improve further from current 15%
  • Domestic project business expected to pick up in second half of FY27
  • International business momentum expected to continue
  • Revenue run rate of ~₹500 crores per quarter considered stable

Pending Matters

  • Litigation ongoing regarding terminated contract from 2.5 years ago (currently in arbitration)
  • Tax issues related to Rutschi sale: favorable outcome in France; Switzerland case ongoing