1. Opening Hook
Water may be life, but for WPIL, it’s also a waiting game. As the Jal Jeevan Mission keeps trickling slower than a leaky tap, WPIL’s management sounds like a zen monk — patient, composed, and occasionally hopeful. But while government funds nap, the company’s pumps are busy churning profits worldwide. Q2FY26 wasn’t just about survival; it was about balancing pipes, pumps, and patience. Stick around — there’s more flow (and less fluff) ahead.
2. At a Glance
- Revenue ₹426 crore (+10% YoY):Growth in exports offset India’s water blues.
- EBITDA ₹80 crore (18.9% margin):Margins rebounded — pressure stable.
- PAT ₹52 crore (12.2% margin):Net profit finally pumped up.
- Standalone Revenue ₹176 crore:India contributed, but barely trickled.
- International Revenue ₹456 crore (H1):Africa & Europe did the heavy lifting.
- Order Book ₹422 crore (Products):Record backlog — just needs execution flow.
3. Management’s Key Commentary
“Our project business faced challenges, revenues dropped to ₹89 crore.”(Translation: Jal Jeevan Mission is still in government beta testing.) 😏
“Most JJM projects are 60% complete, waiting for fund release.”(Translation: Pumps ready, payments pending — classic Indian story.)
“International business grew sharply to ₹456 crore in H1.”(Translation: While India debates clearances, Africa signs cheques.)
“Margins have normalized; recovery continues.”(Translation: No more excuses — profitability pipeline is open.)
“We’re exploring large inorganic opportunities.”(Translation: If growth won’t come from Delhi, we’ll buy it overseas.)
“No major CAPEX planned; plants are sufficient.”(Translation: Wallet zipped till politicians unfreeze projects.)
“River linking and defence sectors look promising.”(Translation: When in doubt, blame the monsoon — and sell to the Navy.)
4. Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Change | Comment |
|---|---|---|---|---|
| Consolidated Revenue | ₹426 Cr | ₹388 Cr | +9.8% | Pumping along, aided by exports |
| EBITDA | ₹80 Cr | ₹63 Cr | +27% | Margins back to 18.9% |
| PAT | ₹52 Cr | ₹38 Cr | +37% | Interest cost relief helped |
| Standalone EBITDA Margin | 20.0% | 17.5% | Expansion-driven efficiency | |
| H1 Revenue | ₹805 Cr | ₹693 Cr | +16.2% | Global ops saved the day |
| Order Book (Products) | ₹422 Cr | ₹310 Cr | +36% | Best-ever backlog |
| JJM Exposure | ₹1,100 Cr | — | — | 30% pending; 200–250 Cr receivables |
| O&M Pipeline | ₹600 Cr | — | — | ₹70–100 Cr annual rev by FY27 |
Bottom line:WPIL’s books are healthy — the government’s aren’t.
5. Analyst Questions
Q:What’s the JJM situation?A:“Most projects 60% done; waiting for Centre-State fund clarity.”(Translation: We’re done working, now chasing payments.)
Q:CAPEX plans?A:“Negligible, we’re well equipped.”(Translation: No cash burns till bureaucracy thaws.)
Q:Any acquisitions?A:“Yes, exploring larger ones.”(Translation: Overseas shopping trip approved.)
Q:O&M potential?A:“₹70–100 crore revenue by FY27.”(Translation: Maintenance mode = money mode.)
Q:Employee cost rise despite low project activity?A:“Sites need staffing; fixed cost issue.”(Translation: You can’t lay off a foreman because the government’s lazy.)
6. Guidance & Outlook
WPIL expects FY26 H2 to show stronger momentum — if funds from the Jal Jeevan Mission finally start flowing. The international arm will continue carrying the
