Mahindra EPC Irrigation Limited — Investor Meet, 29-04-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Mahindra EPC reported FY26 revenue of 315.8 Cr, up 14.8% YoY, outperforming industry growth. FY26 PBT significantly improved to 16.99 Cr. Q4 PBT was 6.4 Cr, impacted by a sharp raw material price surge. The company’s non-subsidy business now contributes 35% of revenue, a substantial increase from 3% in FY20.

Management highlighted high working capital due to industry-wide state payment delays and raw material volatility as key challenges. However, they believe the micro-irrigation sector is nearing an inflection point, driven by strong policy support and farmer awareness. Mahindra EPC is "shock-proofing" its business by diversifying into faster-collection non-subsidy segments and optimizing its product and market mix. Outlook is confident in the strategic direction despite near-term headwinds.