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Mahindra EPC Irrigation Ltd

MAHEPC

NSE

₹105.55-1.31%19 Oct 2026 at 3:56 PM

Reports

Plastics Drip Irrigation

Mahindra EPC Irrigation Ltd

MAHEPC

NSE

₹105.55

-1.31%

19 Oct 2026 at 3:56 PM

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Plastics Drip Irrigation

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.

Mahindra EPC Irrigation is a four-decade-old pioneer that puts precision water delivery directly into the hands of Indian farmers - fundamentally, it designs and installs drip and sprinkler systems that replace flood irrigation, saving water and raising crop yields. It began operations in 1986 with French technology and became part of the Mahindra Group in 2011, inheriting a brand that farmers trust and a network that reaches across rural India. The recurring approach that explains everything else is a deliberate shift from relying on slow-paying government subsidy schemes toward building a direct, non-subsidy business where farmers pay the full price - a move that has reshaped its customer mix, its cash flows, and its growth ambitions.

Business segments

Three engines at different stages - a micro-irrigation core that is weaning itself off government subsidies, a community-scale project business riding new infrastructure policy, and a protected-cultivation bet being rebuilt after a joint venture was wound down - all anchored by the Mahindra brand and a shared manufacturing backbone.

1. Micro-irrigation systems: the core engine, shifting from subsidy to direct farmer sales

The company designs and installs custom drip and sprinkler systems for individual farmers, and is deliberately growing the share of business where farmers pay full price rather than relying on government reimbursements.

Custom solution, not a standard product - every farmer gets a system designed for their specific plot, crop, and water source, and the company insists on proper installation as part of the offering, something management says most competitors do not provide as a matter of policy.
Two channels, one subsidy problem - in the subsidy channel, state governments set the price and are often slow to pay, tying up working capital; in the non-subsidy channel, farmers or institutions pay directly, giving the company better pricing power and faster cash collection.
The non-subsidy shift is structural - the non-subsidy share of revenue has climbed from roughly 2-3% in FY20 to 35% in FY26, the highest ever, driven by institutional sales, community projects, exports, and retail demand.
A pan-India network with a Mahindra badge - over 1,000 channel partners and a direct sales force carry the brand into fields across the country, and the company runs demo plots, farmer meetings, van campaigns, and a digital app to keep the sales pipeline disciplined and transparent.
Manufacturing close to the customer - the main plant is in Nashik, but satellite facilities across India put production nearer to the point of consumption, cutting freight costs and improving asset utilisation, while manufacturing rejections stay below 2%, well under the industry average.

2. Community irrigation projects: the infrastructure-scale opportunity

The company designs and builds shared irrigation networks that connect large government water infrastructure to clusters of farms, turning a policy shift into a project pipeline.

Bridging the canal and the crop - these projects sit at the intersection of major irrigation schemes and on-farm micro-irrigation, taking pressurised piped water from the canal gate and distributing it across a community of farmers through drip and sprinkler networks.
Policy is creating demand - the government’s Command Area Development & Water Management sub-scheme now explicitly incorporates micro-irrigation systems and pressurised pipelines into project plans, which drives demand for community-scale solutions and reduces the seasonal lumpiness of orders.
Smaller projects, managed risk - the company deliberately executes multiple small and medium irrigation projects rather than chasing a few large ones, keeping the working capital impact manageable while building a healthy unrecognised work order pipeline.

3. Protected cultivation: a greenhouse bet being rebuilt in-house

The company offers greenhouse and polyhouse solutions to small and marginal farmers, and is now developing the business on its own after winding down an underperforming joint venture with an Israeli partner.

Bought, then brought home - the business was originally run through a 60:40 joint venture with TOP Greenhouses Limited of Israel, formed in FY19, but the JV was discontinued in April 2024 due to financial unviability and the company impaired its stake, stating it would explore the segment independently going forward.

Group structure and partners

Mahindra EPC Irrigation is a listed subsidiary of Mahindra & Mahindra, which owns just over half the shares and places the company inside its Farm Equipment Sector to share customers, data, and distribution with the group’s tractor, seed, and agrochemical businesses.

Mahindra & Mahindra held 54.20% of the paid-up share capital as of March 2026, and the company’s business was moved under the Farm Equipment Sector to leverage synergies with the tractor and broader agri-business ecosystem.
The company is part of the Mahindra Agriculture Business alongside fellow subsidiaries that sell seeds, agrochemicals, and logistics services, and joint campaigns tap a common farmer database from the group’s seed and agrochemical customers.
The former joint venture, Mahindra Top Greenhouses Private Limited, was a 60:40 partnership with Israel’s TOP Greenhouses Limited; it discontinued business operations in April 2024 and the company now has no subsidiary companies.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹296Cr

Close Price

₹105.90

Industry

Plastics Drip Irrigation

Price To Earnings

26.08

Price To Sales

0.90

Revenue

₹327Cr

Rev Gr TTM

Revenue Growth TTM

13.26%

PAT Gr TTM

PAT Growth TTM

-18.84%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	80	71	45	50	81	96	62	50	93	107	54	73
Growth YoY Revenue Growth YoY%	22.0	0.3	-14.9	-13.4	1.4	34.7	36.9	-0.9	14.8	11.6	-12.7	46.5
Expenses ExpensesCr	76	70	48	53	72	86	59	48	83	100	56	68
Operating Profit Operating ProfitCr	4	1	-2	-3	10	10	3	1	10	7	-1	5
OPM OPM%	4.8	1.6	-5.2	-5.9	11.9	10.0	4.4	2.7	11.2	6.6	-2.5	6.4
Other Income Other IncomeCr	0	3	0	1	0	2	0	1	0	1	0	0
Interest Expense Interest ExpenseCr	1	1	0	1	0	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	2	-4	-4	9	9	1	1	9	6	-3	3
Tax TaxCr	1	1	-1	-1	2	3	0	0	2	2	-1	1
PAT PATCr	2	1	-3	-3	6	6	1	0	6	5	-2	2
Growth YoY PAT Growth YoY%	539.5	-45.6	-224.7	-305.9	280.2	319.5	137.3	115.6	2.2	-23.4	-318.4	418.6
NPM NPM%	2.1	2.1	-5.8	-5.5	7.8	6.5	1.6	0.9	6.9	4.5	-4.0	3.1
EPS EPS₹	0.6	0.5	-0.9	-1.0	2.3	2.2	0.3	0.1	2.3	1.7	-0.8	0.8

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	80	71	45	50	81	96	62	50	93	107	54	73
Growth YoY Revenue Growth YoY%	22.0	0.3	-14.9	-13.4	1.4	34.7	36.9	-0.9	14.8	11.6	-12.7	46.5
Expenses ExpensesCr	76	70	48	53	72	86	59	48	83	100	56	68
Operating Profit Operating ProfitCr	4	1	-2	-3	10	10	3	1	10	7	-1	5
OPM OPM%	4.8	1.6	-5.2	-5.9	11.9	10.0	4.4	2.7	11.2	6.6	-2.5	6.4
Other Income Other IncomeCr	0	3	0	1	0	2	0	1	0	1	0	0
Interest Expense Interest ExpenseCr	1	1	0	1	0	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	2	-4	-4	9	9	1	1	9	6	-3	3
Tax TaxCr	1	1	-1	-1	2	3	0	0	2	2	-1	1
PAT PATCr	2	1	-3	-3	6	6	1	0	6	5	-2	2
Growth YoY PAT Growth YoY%	539.5	-45.6	-224.7	-305.9	280.2	319.5	137.3	115.6	2.2	-23.4	-318.4	418.6
NPM NPM%	2.1	2.1	-5.8	-5.5	7.8	6.5	1.6	0.9	6.9	4.5	-4.0	3.1
EPS EPS₹	0.6	0.5	-0.9	-1.0	2.3	2.2	0.3	0.1	2.3	1.7	-0.8	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	260	284	254	212	210	262	273	312	327
Growth Revenue Growth%		9.2	-10.5	-16.6	-0.7	24.8	3.9	14.5	13.3
Expenses ExpensesCr	240	247	228	217	224	257	259	291	307
Operating Profit Operating ProfitCr	20	37	26	-5	-13	6	14	22	21
OPM OPM%	7.8	13.0	10.2	-2.6	-6.3	2.2	5.1	6.9	6.3
Other Income Other IncomeCr	1	1	3	0	2	3	2	2	1
Interest Expense Interest ExpenseCr	1	2	1	2	2	3	2	3	4
Depreciation DepreciationCr	3	4	3	3	3	3	3	3	3
PBT PBTCr	17	32	25	-11	-16	2	11	17	15
Tax TaxCr	6	9	6	-3	-4	1	4	4	4
PAT PATCr	11	23	19	-8	-12	2	7	13	11
Growth PAT Growth%		104.0	-17.7	-141.7	-55.6	113.6	331.7	76.0	-18.8
NPM NPM%	4.3	8.1	7.5	-3.7	-5.8	0.6	2.6	4.1	3.5
EPS EPS₹	4.1	8.3	6.8	-2.8	-4.4	0.6	2.6	4.5	4.1

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	260	284	254	212	210	262	273	312	327
Growth Revenue Growth%		9.2	-10.5	-16.6	-0.7	24.8	3.9	14.5	13.3
Expenses ExpensesCr	240	247	228	217	224	257	259	291	307
Operating Profit Operating ProfitCr	20	37	26	-5	-13	6	14	22	21
OPM OPM%	7.8	13.0	10.2	-2.6	-6.3	2.2	5.1	6.9	6.3
Other Income Other IncomeCr	1	1	3	0	2	3	2	2	1
Interest Expense Interest ExpenseCr	1	2	1	2	2	3	2	3	4
Depreciation DepreciationCr	3	4	3	3	3	3	3	3	3
PBT PBTCr	17	32	25	-11	-16	2	11	17	15
Tax TaxCr	6	9	6	-3	-4	1	4	4	4
PAT PATCr	11	23	19	-8	-12	2	7	13	11
Growth PAT Growth%		104.0	-17.7	-141.7	-55.6	113.6	331.7	76.0	-18.8
NPM NPM%	4.3	8.1	7.5	-3.7	-5.8	0.6	2.6	4.1	3.5
EPS EPS₹	4.1	8.3	6.8	-2.8	-4.4	0.6	2.6	4.5	4.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	28	28	28	28	28	28	28	28	28
Reserves ReservesCr	122	142	158	148	136	137	145	157	157
Current Liabilities Current LiabilitiesCr	70	93	81	104	89	91	118	166	159
Non Current Liabilities Non Current LiabilitiesCr	1	0	0	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	221	264	268	280	253	257	292	352	345
Current Assets Current AssetsCr	163	190	198	203	196	214	252	288	284
Non Current Assets Non Current AssetsCr	59	73	70	76	57	43	40	64	61
Total Assets Total AssetsCr	221	264	268	280	253	257	292	352	345

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	28	28	28	28	28	28	28	28	28
Reserves ReservesCr	122	142	158	148	136	137	145	157	157
Current Liabilities Current LiabilitiesCr	70	93	81	104	89	91	118	166	159
Non Current Liabilities Non Current LiabilitiesCr	1	0	0	1	1	1	1	1	1
Total Liabilities Total LiabilitiesCr	221	264	268	280	253	257	292	352	345
Current Assets Current AssetsCr	163	190	198	203	196	214	252	288	284
Non Current Assets Non Current AssetsCr	59	73	70	76	57	43	40	64	61
Total Assets Total AssetsCr	221	264	268	280	253	257	292	352	345

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	10	11	-23	19	2	-4	-16
Investing Cash Flow Investing Cash FlowCr	-3	-2	-1	-1	-2	-2	-2	-2
Financing Cash Flow Financing Cash FlowCr	-3	3	-17	20	-12	-4	7	17
Net Cash Flow Net Cash FlowCr	0	11	-7	-4	4	-4	1	-2
Free Cash Flow Free Cash FlowCr	3	7	10	-24	17	-1	-6	-18
CFO To PAT CFO To PAT%	42.6	41.8	58.0	292.4	-154.6	94.6	-60.9	-128.3
CFO To EBITDA CFO To EBITDA%	23.7	26.1	42.4	426.0	-144.1	27.7	-31.5	-75.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	5	10	11	-23	19	2	-4	-16
Investing Cash Flow Investing Cash FlowCr	-3	-2	-1	-1	-2	-2	-2	-2
Financing Cash Flow Financing Cash FlowCr	-3	3	-17	20	-12	-4	7	17
Net Cash Flow Net Cash FlowCr	0	11	-7	-4	4	-4	1	-2
Free Cash Flow Free Cash FlowCr	3	7	10	-24	17	-1	-6	-18
CFO To PAT CFO To PAT%	42.6	41.8	58.0	292.4	-154.6	94.6	-60.9	-128.3
CFO To EBITDA CFO To EBITDA%	23.7	26.1	42.4	426.0	-144.1	27.7	-31.5	-75.4

Consolidated

Standalone

Financial Year	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	315	206	398	252	241	333	330	259	296
Price To Earnings Price To Earnings	27.9	8.9	21.0			198.9	45.7	20.4	26.1
Price To Sales Price To Sales	1.2	0.7	1.6	1.2	1.1	1.3	1.2	0.8	0.9
Price To Book Price To Book	2.1	1.2	2.1	1.4	1.5	2.0	1.9	1.4	1.6
EV To EBITDA EV To EBITDA	15.5	5.6	15.1	-50.6	-18.8	60.7	25.2	14.0	16.4
Profitability Ratios Profitability Ratios
GPM GPM%	41.3	47.8	42.0	30.5	33.4	40.0	47.5	49.2	49.2
OPM OPM%	7.8	13.0	10.2	-2.6	-6.3	2.2	5.1	6.9	6.3
NPM NPM%	4.3	8.1	7.5	-3.7	-5.8	0.6	2.6	4.1	3.5
ROCE ROCE%	11.9	18.6	13.8	-4.3	-7.7	2.8	6.6	8.7	8.4
ROE ROE%	7.5	13.5	10.2	-4.5	-7.5	1.0	4.2	6.9	6.2
ROA ROA%	5.1	8.7	7.1	-2.8	-4.9	0.7	2.5	3.6	3.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	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	315	206	398	252	241	333	330	259	296
Price To Earnings Price To Earnings	27.9	8.9	21.0			198.9	45.7	20.4	26.1
Price To Sales Price To Sales	1.2	0.7	1.6	1.2	1.1	1.3	1.2	0.8	0.9
Price To Book Price To Book	2.1	1.2	2.1	1.4	1.5	2.0	1.9	1.4	1.6
EV To EBITDA EV To EBITDA	15.5	5.6	15.1	-50.6	-18.8	60.7	25.2	14.0	16.4
Profitability Ratios Profitability Ratios
GPM GPM%	41.3	47.8	42.0	30.5	33.4	40.0	47.5	49.2	49.2
OPM OPM%	7.8	13.0	10.2	-2.6	-6.3	2.2	5.1	6.9	6.3
NPM NPM%	4.3	8.1	7.5	-3.7	-5.8	0.6	2.6	4.1	3.5
ROCE ROCE%	11.9	18.6	13.8	-4.3	-7.7	2.8	6.6	8.7	8.4
ROE ROE%	7.5	13.5	10.2	-4.5	-7.5	1.0	4.2	6.9	6.2
ROA ROA%	5.1	8.7	7.1	-2.8	-4.9	0.7	2.5	3.6	3.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RMDRIP	MAHEPC	RUNGTAIR	NARMP
Market CapitalizationMkt CapCr	842	296	96	86
Close PriceClose₹	19.67	105.90	48.25	23.78
IndustryIndustry	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation
Price To EarningsPE	9.32	26.08	22.55	5.42
Price To SalesPS	4.06	0.90	0.59	6.15
RevenueRevenueCr	207	327	163	14
Revenue Growth TTMRev Gr TTM%	43.8%	13.3%	-27.7%	14.6%
PAT Growth TTMPAT Gr TTM%	26.7%	-18.8%	-32.0%	-69.7%

	RMDRIP	MAHEPC	RUNGTAIR	NARMP
Market CapitalizationMkt CapCr	842	296	96	86
Close PriceClose₹	19.67	105.90	48.25	23.78
IndustryIndustry	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation
Price To EarningsPE	9.32	26.08	22.55	5.42
Price To SalesPS	4.06	0.90	0.59	6.15
RevenueRevenueCr	207	327	163	14
Revenue Growth TTMRev Gr TTM%	43.8%	13.3%	-27.7%	14.6%
PAT Growth TTMPAT Gr TTM%	26.7%	-18.8%	-32.0%	-69.7%

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