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WPIL Ltd

WPIL

BSE

₹435.50-0.98%19 Oct 2026

Reports

Pumps

WPIL Ltd

WPIL

BSE

₹435.50

-0.98%

19 Oct 2026

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Pumps

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

WPIL is fundamentally a pump-engineering house that has spent seven decades turning the ability to move water into a multinational flow-solutions platform - it designs and makes the pumps, then wraps them in the turnkey projects that install and run entire water systems. It got there through a recurring buy-and-build playbook: start with captive manufacturing in India, acquire mid-market pump companies in Australia, South Africa and Italy to gain technology and customers, and then bolt on project-execution firms that pull the group’s own pumps into larger infrastructure contracts. That approach has produced a company with 12 factories across four continents, an order backlog for the product division of INR 5,796 million, and a deliberate focus on high-value, mission-critical work where engineering matters more than price.

Business segments

Three engines - a product division that makes the pumps, a project division that builds the water systems around them, and an international network that takes both capabilities into local markets - each feeding the next with demand and cash flow.

1. Pumps and accessories: the engineering core that makes the group possible

Every pump is either assembled to a standard design or engineered from scratch for a single job, and the division’s captive Indian foundry and global R&D centre give it a cost-and-technology edge that competitors struggle to match.

Engineered, not mass-produced - the division makes pumps spanning 5 kW to 30,000 kW, split into Assembled-to-Order units for standard municipal and industrial work and Engineered-to-Order giants for irrigation and power schemes, with roughly half of every pump customised to the customer’s specification.
Captive foundry lowers the bill - a company-owned foundry in Nagpur supplies castings, while 85% of domestic critical inputs by value are sourced sustainably, so the group keeps control of its cost structure instead of paying third-party margins.
Tested at scale before it leaves - a recent upgrade added a variable-frequency drive to the testing facility, allowing the division to validate pumps up to 10 MW, which is how it could commission five 30 MW metallic-volute pump turbines for India’s Kaleswaram lift-irrigation scheme.
R&D recognised by the government - the division’s research effort, supported by a global centre in Milan, is entirely directed at improving the energy efficiency of water handling, and the Indian government formally acknowledges the in-house R&D unit.

2. Projects: the turnkey wrapper that multiplies the value of every pump

Instead of just selling a pump, the division designs, builds and commissions the entire water system - intake, treatment, pipelines and pumping stations - and then stays on to run it, turning a one-time sale into a multi-year revenue stream.

End-to-end, from survey to SCADA - in-house teams cover hydraulic design, civil structures, electrical switchgear and instrumentation, and mechanical installation, so the company delivers a working water-supply or irrigation scheme rather than a collection of components.
Built adjacent to the pump business - the division was created by adding civil-construction capability next to the group’s core pumping expertise, targeting an under-served Indian market before taking the model overseas.
Visibility that products alone cannot give - project order books run three to four years, with peak revenue arriving after about 30% of the timeline is executed, which gives management a clear line of sight on future activity.
O&M turns completion into recurrence - once a project is commissioned, the division earns recurring operations-and-maintenance fees, so the revenue relationship with a municipal or industrial client continues long after construction ends.

3. International operations: local pumps and projects, scaled with local acquisitions

The group buys established pump brands in Italy, South Africa, Australia and Thailand, keeps their local management and customer relationships, and then feeds them Indian-made components and project-execution know-how to lift margins and win bigger contracts.

Italy is the engineered-pump and project bridge to Europe and MENA - Gruppo Aturia, acquired in 2015, bundles seven historic brands with 4 MW test facilities and a specialised oil-and-gas line under Finder Pompe; the 2025 purchase of MISA Italy added large vertical pumps and turnkey project capability for irrigation and municipal work across Europe and North Africa.
South Africa has become a full turnkey platform - APE Pumps and Mather & Platt already supplied pumps and aftermarket services to the national power utility ESKOM; the acquisitions of Eigenbau and a 55% stake in PCI Africa added civil, mechanical and water-treatment contracting, and the combined entity has already won a R2-billion portion of the Lower Umkhomazi bulk-water scheme.
Thailand is the irrigation specialist that keeps scaling - the joint venture supplies the Thai government’s irrigation and drainage sector and crossed INR 300 crores in revenue for the first time in FY26, while developing new products for drainage.

Group structure and partners

A Kolkata-headquartered parent holds a web of direct and step-down subsidiaries across four continents, with local empowerment structures and a clean exit from non-core nuclear assets.

WPIL Limited is the Indian listed entity, with direct subsidiaries in Australia and Singapore, and the Singapore vehicle (Aturia International) holds Gruppo Aturia in Italy.
In South Africa, WPIL SA Holdings owns APE Pumps and Mather & Platt; APE Pumps in turn owns Eigenbau, and WPIL SA holds 55% of PCI Africa, while a 31% stake in APE Pumps was diluted to a BEE partner to meet local empowerment rules for state contracts.
The Australian arm was restructured in March 2026 when the company’s entire shareholding in Sterling Pumps was sold, with no change to the underlying operations.
The group’s nuclear business, Rutschi in France and Switzerland, was sold to Newcleo France for €68.9 million in December 2023, allowing management to concentrate entirely on industrial pumps and water projects.

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Profit & Loss

Balance Sheet

Cash Flow

Ratios

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹4,272Cr

Close Price

₹437.40

Industry

Pumps

Price To Earnings

25.18

Price To Sales

2.16

Revenue

₹1,977Cr

Rev Gr TTM

Revenue Growth TTM

8.42%

PAT Gr TTM

PAT Growth TTM

113.09%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	319	431	591	363	491	382	572	379	426	539	511	501
Growth YoY Revenue Growth YoY%	-21.2	-5.4	13.6	12.0	54.0	-11.4	-3.3	4.4	-13.2	41.2	-10.6	32.2
Expenses ExpensesCr	252	361	489	302	387	333	492	329	346	426	435	425
Operating Profit Operating ProfitCr	67	70	102	60	104	48	80	49	80	113	76	75
OPM OPM%	20.9	16.2	17.3	16.6	21.3	12.6	14.0	13.0	18.9	20.9	14.9	15.1
Other Income Other IncomeCr	5	11	12	14	10	17	6	12	14	18	14	23
Interest Expense Interest ExpenseCr	7	9	7	8	9	11	12	11	13	11	12	9
Depreciation DepreciationCr	7	8	8	8	8	8	9	9	10	10	11	11
PBT PBTCr	57	64	99	59	98	46	65	40	71	109	67	79
Tax TaxCr	16	23	26	15	27	9	89	15	20	34	20	20
PAT PATCr	43	535	66	43	70	37	-24	26	52	76	47	59
Growth YoY PAT Growth YoY%	62.8	538.6	-17.0	6.5	63.6	-93.1	-136.0	-40.2	-26.3	103.9	296.2	129.3
NPM NPM%	13.5	124.1	11.1	11.9	14.3	9.7	-4.2	6.8	12.2	14.0	9.1	11.8
EPS EPS₹	3.5	35.3	6.5	0.4	6.2	3.2	0.2	2.3	4.2	5.6	4.1	3.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	319	431	591	363	491	382	572	379	426	539	511	501
Growth YoY Revenue Growth YoY%	-21.2	-5.4	13.6	12.0	54.0	-11.4	-3.3	4.4	-13.2	41.2	-10.6	32.2
Expenses ExpensesCr	252	361	489	302	387	333	492	329	346	426	435	425
Operating Profit Operating ProfitCr	67	70	102	60	104	48	80	49	80	113	76	75
OPM OPM%	20.9	16.2	17.3	16.6	21.3	12.6	14.0	13.0	18.9	20.9	14.9	15.1
Other Income Other IncomeCr	5	11	12	14	10	17	6	12	14	18	14	23
Interest Expense Interest ExpenseCr	7	9	7	8	9	11	12	11	13	11	12	9
Depreciation DepreciationCr	7	8	8	8	8	8	9	9	10	10	11	11
PBT PBTCr	57	64	99	59	98	46	65	40	71	109	67	79
Tax TaxCr	16	23	26	15	27	9	89	15	20	34	20	20
PAT PATCr	43	535	66	43	70	37	-24	26	52	76	47	59
Growth YoY PAT Growth YoY%	62.8	538.6	-17.0	6.5	63.6	-93.1	-136.0	-40.2	-26.3	103.9	296.2	129.3
NPM NPM%	13.5	124.1	11.1	11.9	14.3	9.7	-4.2	6.8	12.2	14.0	9.1	11.8
EPS EPS₹	3.5	35.3	6.5	0.4	6.2	3.2	0.2	2.3	4.2	5.6	4.1	3.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	731	708	845	1,156	909	995	1,181	1,605	1,664	1,807	1,855	1,977
Growth Revenue Growth%	51.3	-3.1	19.3	36.9	-21.4	9.5	18.7	35.9	3.7	8.6	2.6	8.4
Expenses ExpensesCr	682	658	748	922	789	838	971	1,338	1,366	1,514	1,536	1,632
Operating Profit Operating ProfitCr	49	50	97	234	120	157	210	267	298	293	318	344
OPM OPM%	6.6	7.1	11.5	20.2	13.2	15.7	17.8	16.7	17.9	16.2	17.2	17.4
Other Income Other IncomeCr	11	9	16	21	16	12	10	27	33	46	58	69
Interest Expense Interest ExpenseCr	27	27	22	13	21	23	20	24	31	39	48	45
Depreciation DepreciationCr	27	22	22	19	37	37	37	28	30	33	41	42
PBT PBTCr	5	10	69	223	78	109	163	242	271	267	288	327
Tax TaxCr	9	12	33	66	23	31	45	65	78	140	88	94
PAT PATCr	-4	-2	36	157	56	78	118	178	193	126	200	233
Growth PAT Growth%	-121.1	52.2	1,984.1	341.1	-64.7	40.8	50.8	50.7	8.5	-34.6	58.2	113.1
NPM NPM%	-0.5	-0.3	4.2	13.6	6.1	7.9	10.0	11.1	11.6	7.0	10.8	11.8
EPS EPS₹	0.1	0.7	4.1	12.9	5.8	8.6	10.0	19.4	48.6	13.5	16.2	17.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	731	708	845	1,156	909	995	1,181	1,605	1,664	1,807	1,855	1,977
Growth Revenue Growth%	51.3	-3.1	19.3	36.9	-21.4	9.5	18.7	35.9	3.7	8.6	2.6	8.4
Expenses ExpensesCr	682	658	748	922	789	838	971	1,338	1,366	1,514	1,536	1,632
Operating Profit Operating ProfitCr	49	50	97	234	120	157	210	267	298	293	318	344
OPM OPM%	6.6	7.1	11.5	20.2	13.2	15.7	17.8	16.7	17.9	16.2	17.2	17.4
Other Income Other IncomeCr	11	9	16	21	16	12	10	27	33	46	58	69
Interest Expense Interest ExpenseCr	27	27	22	13	21	23	20	24	31	39	48	45
Depreciation DepreciationCr	27	22	22	19	37	37	37	28	30	33	41	42
PBT PBTCr	5	10	69	223	78	109	163	242	271	267	288	327
Tax TaxCr	9	12	33	66	23	31	45	65	78	140	88	94
PAT PATCr	-4	-2	36	157	56	78	118	178	193	126	200	233
Growth PAT Growth%	-121.1	52.2	1,984.1	341.1	-64.7	40.8	50.8	50.7	8.5	-34.6	58.2	113.1
NPM NPM%	-0.5	-0.3	4.2	13.6	6.1	7.9	10.0	11.1	11.6	7.0	10.8	11.8
EPS EPS₹	0.1	0.7	4.1	12.9	5.8	8.6	10.0	19.4	48.6	13.5	16.2	17.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	236	249	284	397	444	533	625	800	1,236	1,362	1,581
Current Liabilities Current LiabilitiesCr	406	423	655	565	673	710	926	1,143	1,010	1,168	1,124
Non Current Liabilities Non Current LiabilitiesCr	154	115	45	47	255	217	175	146	61	97	176
Total Liabilities Total LiabilitiesCr	819	806	997	1,050	1,410	1,517	1,807	2,202	2,628	2,935	3,265
Current Assets Current AssetsCr	604	560	709	723	824	966	1,250	1,594	1,925	1,959	2,312
Non Current Assets Non Current AssetsCr	216	245	288	328	586	550	558	608	703	977	954
Total Assets Total AssetsCr	819	806	997	1,050	1,410	1,517	1,807	2,202	2,628	2,935	3,265

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	10	10	10	10	10	10	10	10	10	10	10
Reserves ReservesCr	236	249	284	397	444	533	625	800	1,236	1,362	1,581
Current Liabilities Current LiabilitiesCr	406	423	655	565	673	710	926	1,143	1,010	1,168	1,124
Non Current Liabilities Non Current LiabilitiesCr	154	115	45	47	255	217	175	146	61	97	176
Total Liabilities Total LiabilitiesCr	819	806	997	1,050	1,410	1,517	1,807	2,202	2,628	2,935	3,265
Current Assets Current AssetsCr	604	560	709	723	824	966	1,250	1,594	1,925	1,959	2,312
Non Current Assets Non Current AssetsCr	216	245	288	328	586	550	558	608	703	977	954
Total Assets Total AssetsCr	819	806	997	1,050	1,410	1,517	1,807	2,202	2,628	2,935	3,265

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-97	63	182	141	55	230	115	187	-90	-150	-93
Investing Cash Flow Investing Cash FlowCr	-91	-11	-36	-24	-287	-36	-51	-95	529	-334	180
Financing Cash Flow Financing Cash FlowCr	193	-73	-124	-53	199	-143	-35	-102	-88	151	-46
Net Cash Flow Net Cash FlowCr	5	-7	7	53	-46	46	30	-24	356	-319	117
Free Cash Flow Free Cash FlowCr	-189	64	184	130	-63	244	90	155	-131	-187	-147
CFO To PAT CFO To PAT%	2,447.2	-3,346.4	509.0	89.7	98.5	293.6	97.1	105.3	-46.4	-118.5	-46.5
CFO To EBITDA CFO To EBITDA%	-199.6	125.8	187.2	60.3	45.5	146.7	54.5	70.0	-30.0	-51.1	-29.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-97	63	182	141	55	230	115	187	-90	-150	-93
Investing Cash Flow Investing Cash FlowCr	-91	-11	-36	-24	-287	-36	-51	-95	529	-334	180
Financing Cash Flow Financing Cash FlowCr	193	-73	-124	-53	199	-143	-35	-102	-88	151	-46
Net Cash Flow Net Cash FlowCr	5	-7	7	53	-46	46	30	-24	356	-319	117
Free Cash Flow Free Cash FlowCr	-189	64	184	130	-63	244	90	155	-131	-187	-147
CFO To PAT CFO To PAT%	2,447.2	-3,346.4	509.0	89.7	98.5	293.6	97.1	105.3	-46.4	-118.5	-46.5
CFO To EBITDA CFO To EBITDA%	-199.6	125.8	187.2	60.3	45.5	146.7	54.5	70.0	-30.0	-51.1	-29.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	383	454	498	813	274	579	816	2,344	3,311	4,203	3,378	4,272
Price To Earnings Price To Earnings	623.0	63.9	12.4	6.5	4.9	6.9	8.4	12.4	7.0	31.8	21.4	25.2
Price To Sales Price To Sales	0.5	0.6	0.6	0.7	0.3	0.6	0.7	1.5	2.0	2.3	1.8	2.2
Price To Book Price To Book	1.6	1.8	1.7	2.0	0.6	1.1	1.3	2.9	2.7	3.1	2.1	2.7
EV To EBITDA EV To EBITDA	13.3	13.2	6.4	3.6	4.8	4.7	4.4	8.8	9.7	14.4	10.5	12.4
Profitability Ratios Profitability Ratios
GPM GPM%	51.5	46.0	47.2	47.8	48.3	48.0	50.8	37.3	41.0	38.9	46.6	46.6
OPM OPM%	6.6	7.1	11.5	20.2	13.2	15.7	17.8	16.7	17.9	16.2	17.2	17.4
NPM NPM%	-0.5	-0.3	4.2	13.6	6.1	7.9	10.0	11.1	11.6	7.0	10.8	11.8
ROCE ROCE%	6.0	7.7	20.3	44.6	12.2	15.4	19.2	24.9	20.6	16.6	16.0	16.0
ROE ROE%	-1.6	-0.7	12.2	38.6	12.3	14.4	18.6	22.0	15.5	9.2	12.6	12.6
ROA ROA%	-0.5	-0.2	3.6	15.0	3.9	5.2	6.5	8.1	7.3	4.3	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	383	454	498	813	274	579	816	2,344	3,311	4,203	3,378	4,272
Price To Earnings Price To Earnings	623.0	63.9	12.4	6.5	4.9	6.9	8.4	12.4	7.0	31.8	21.4	25.2
Price To Sales Price To Sales	0.5	0.6	0.6	0.7	0.3	0.6	0.7	1.5	2.0	2.3	1.8	2.2
Price To Book Price To Book	1.6	1.8	1.7	2.0	0.6	1.1	1.3	2.9	2.7	3.1	2.1	2.7
EV To EBITDA EV To EBITDA	13.3	13.2	6.4	3.6	4.8	4.7	4.4	8.8	9.7	14.4	10.5	12.4
Profitability Ratios Profitability Ratios
GPM GPM%	51.5	46.0	47.2	47.8	48.3	48.0	50.8	37.3	41.0	38.9	46.6	46.6
OPM OPM%	6.6	7.1	11.5	20.2	13.2	15.7	17.8	16.7	17.9	16.2	17.2	17.4
NPM NPM%	-0.5	-0.3	4.2	13.6	6.1	7.9	10.0	11.1	11.6	7.0	10.8	11.8
ROCE ROCE%	6.0	7.7	20.3	44.6	12.2	15.4	19.2	24.9	20.6	16.6	16.0	16.0
ROE ROE%	-1.6	-0.7	12.2	38.6	12.3	14.4	18.6	22.0	15.5	9.2	12.6	12.6
ROA ROA%	-0.5	-0.2	3.6	15.0	3.9	5.2	6.5	8.1	7.3	4.3	6.1	6.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	KIRLOSBROS	KSB	WPIL	ROTO	LATTEYS	BRIGHT
Market CapitalizationMkt CapCr	13,627	13,088	4,272	1,140	117	7
Close PriceClose₹	1,716.00	752.00	437.40	60.50	20.30	2.80
IndustryIndustry	Pumps	Pumps	Pumps	Pumps	Pumps	Pumps
Price To EarningsPE	36.50	53.33	25.18	44.49	33.28	280.00
Price To SalesPS	2.92	4.80	2.16	3.87	1.00	4.14
RevenueRevenueCr	4,664	2,726	1,977	294	117	2
Revenue Growth TTMRev Gr TTM%	5.0%	4.6%	8.4%	-2.6%	45.6%	-82.2%
PAT Growth TTMPAT Gr TTM%	-11.3%	-4.4%	113.1%	-19.2%	96.5%	96.9%

	KIRLOSBROS	KSB	WPIL	ROTO	LATTEYS	BRIGHT
Market CapitalizationMkt CapCr	13,627	13,088	4,272	1,140	117	7
Close PriceClose₹	1,716.00	752.00	437.40	60.50	20.30	2.80
IndustryIndustry	Pumps	Pumps	Pumps	Pumps	Pumps	Pumps
Price To EarningsPE	36.50	53.33	25.18	44.49	33.28	280.00
Price To SalesPS	2.92	4.80	2.16	3.87	1.00	4.14
RevenueRevenueCr	4,664	2,726	1,977	294	117	2
Revenue Growth TTMRev Gr TTM%	5.0%	4.6%	8.4%	-2.6%	45.6%	-82.2%
PAT Growth TTMPAT Gr TTM%	-11.3%	-4.4%	113.1%	-19.2%	96.5%	96.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26