Scans

Tools

Watchlists

Pricing

Home

Charts

Watchlist

Products

R M Drip & Sprinklers Systems Ltd

RMDRIP

NSE

₹18.35+4.98%5 Nov 2026

Reports

Plastics Drip Irrigation

R M Drip & Sprinklers Systems Ltd

RMDRIP

NSE

₹18.35

+4.98%

5 Nov 2026

SOICxStockScans Reports

Ask AI

Plastics Drip Irrigation

1 index

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Deep Dive Report: In-depth business analysis.

R M Drip & Sprinklers Systems - a micro-irrigation company that has spent over 30 years evolving from a hardware manufacturer into a technology-integrated agricultural platform, all built on the principle of being “Born to Serve the Farming Community”. Incorporated in 2004 and listed on the NSE Emerge/SME platform, with shareholder approval being sought to migrate to the main boards of the NSE and BSE, the company designs and makes its own drip and sprinkler systems from three automated plants in Nashik, Maharashtra, and is stitching together hardware, advisory services, and IoT-based smart irrigation into a single offering for Indian farmers. The recurring approach is to use its own manufacturing base and expanding dealer network as the foundation, then layer on services and digital tools that make the farmer more productive - moving step by step from selling products to solving the farm’s water problem end-to-end.

Business segments

A single core business - micro-irrigation - delivered through three deepening layers: the hardware that moves the water, the services that design the system, and the digital intelligence that automates it, all supported by a new pipe-making subsidiary that feeds the same mission.

1. Micro-irrigation hardware: the factory-built core

The company makes the pipes, drippers, and sprinklers in its own automated plants and sells them through a network of over 1,000 dealer touchpoints - this is the engine that everything else is built on.

Full range from one roof - the product portfolio covers drip irrigation systems, sprinkler systems, HDPE (high-density polyethylene) pipes, and filtration products, all designed and manufactured in-house, which means the company controls quality and cost rather than depending on third-party suppliers.
Three plants, roughly 22,000 tonnes of capacity - the fully automated manufacturing facilities in Nashik operate at around 90% utilisation, and the company sources raw material directly from manufacturers to eliminate middleman costs.
A dealer network that reaches the farm gate - distribution spans more than 10 states through 1,000-plus dealer and retail touchpoints plus six company-owned outlets, with a plan to grow the dealer count from 1,500 to 2,000 by FY30.
Subsidies open the market - demand is underpinned by the government’s PMKSY (Per Drop More Crop) scheme, which covers 45-55% of the capital cost for farmers, making micro-irrigation affordable and expanding the addressable market.
Also an OEM supplier - beyond its own brand, the company acts as an original equipment supplier to other irrigation companies and sub-assembly manufacturers, giving it a second revenue channel from the same production lines.

2. Design, advisory and project services: the brain wrapped around the hardware

The company does not just sell pipes - it designs the farm’s entire irrigation layout, advises on crops and schedules, and manages government and factory projects, turning a product sale into a service relationship.

Custom farm designs - engineers create tailored drip and sprinkler layouts based on the specific crop, soil, and field shape, optimising water distribution so the farmer gets a system that fits rather than a one-size-fits-all kit.
Crop advisory that goes beyond irrigation - the service includes recommendations on best practices, nutrient management, and pest control, helping farmers lift yields and revenue rather than just save water.
Project management for large schemes - the company handles planning, implementation, and coordination for government irrigation projects and sugar factories, which opens a B2G (business-to-government) revenue stream alongside the farmer-level business.
A partnership that proves the model - Godrej Agrovet has tied up with the company to offer its entire product range within the agriculture sector in its 25 stores PAN India, validating the service-plus-hardware approach with a large agri-business partner.

3. IoT-based smart irrigation: the digital layer

Starting in March 2026, the company added sensors, controllers, and a mobile app to its irrigation systems through a technology partnership, creating a subscription-based automation business on top of the existing hardware.

Hardware meets software - the smart irrigation platform combines physical irrigation equipment with analytics and a mobile app, letting farmers automate watering based on real-time soil and weather data rather than manual schedules.
Revenue from devices and subscriptions - the model adds new income streams from smart hardware sales, app-based analytics, and recurring subscription fees, layered onto the existing dealer network of over 1,000 touchpoints.
A small start with a big tailwind - the segment is expected to contribute roughly 5% of revenue in its first year, but the Indian irrigation automation market is projected to grow at about 24% annually, driven by cheaper sensors and rising rural smartphone use.

Brahmanand Pipes: the capacity engine underneath

A wholly-owned subsidiary building a new 12,000-tonne plant that will boost the group’s total production capacity by roughly half and widen the product range into infrastructure pipes - feeding both the core irrigation business and new government demand.

A bolt-on factory in the same industrial cluster - the new facility is being built in Sinnar, Nashik, close to the existing plants, with construction expected to finish by Q1 FY27 and commercial production starting the following quarter.
Beyond irrigation pipes - the plant will make HDPE pipes for government water supply schemes, drainage and sewerage pipelines, telecom ducts, and industrial piping, diversifying the customer base into infrastructure and utilities.
A non-binding MoU signals ambition - in May 2026, the subsidiary signed a preliminary agreement with the Maharashtra government proposing an investment of roughly INR 100 crores for further expansion, indicating the scale of the long-term plan.

Group structure and partners

The company operates through a parent entity with two subsidiaries - one being scaled up as the pipe-making arm, the other a majority-owned agrochemicals venture that is being partially sold - plus strategic partnerships that extend its reach without requiring its own balance sheet.

The parent board and leadership - R M Drip & Sprinklers Systems is governed by a six-member board led by Managing Director Nivrutti Kedar, with a CFO and company secretary handling day-to-day financial and compliance management.
Tuljai Agro Chemicals: a majority stake being unwound - the company holds 66.69% of this agrochemicals subsidiary, which contributed modest revenue in FY25, but the board has authorised a partial disinvestment, signalling a refocus on the core irrigation mission.
Partnerships that act as distribution - the Godrej Agrovet tie-up is an agreement with Godrej Agrovet Ltd, while the unnamed farm-automation technology partner provides the software backbone for the smart irrigation launch.

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

₹786Cr

Close Price

₹18.35

Industry

Plastics Drip Irrigation

Price To Earnings

8.70

Price To Sales

3.79

Revenue

₹207Cr

Rev Gr TTM

Revenue Growth TTM

43.78%

PAT Gr TTM

PAT Growth TTM

26.70%

Upcoming Results on

9 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	17	17	48	48	30	31	75	61	40
Growth YoY Revenue Growth YoY%					79.2	79.8	55.0	26.7	32.5
Expenses ExpensesCr	14	14	33	33	22	23	52	48	31
Operating Profit Operating ProfitCr	3	3	15	15	9	8	23	13	9
OPM OPM%	16.9	17.5	30.9	31.1	28.8	26.9	30.3	21.9	22.2
Other Income Other IncomeCr	0	0	0	0	0	2	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	3	14	14	7	8	21	11	7
Tax TaxCr	1	1	3	3	2	2	7	1	2
PAT PATCr	2	2	10	10	5	6	14	10	5
Growth YoY PAT Growth YoY%					212.3	214.8	36.8	-2.9	0.0
NPM NPM%	10.0	10.5	21.3	21.3	17.4	18.4	18.8	16.3	13.2
EPS EPS₹	0.1	0.0	0.0	0.2	0.1	1.3	0.3	0.2	0.2

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	17	17	48	48	30	31	75	61	40
Growth YoY Revenue Growth YoY%					79.2	79.8	55.0	26.7	32.5
Expenses ExpensesCr	14	14	33	33	22	23	52	48	31
Operating Profit Operating ProfitCr	3	3	15	15	9	8	23	13	9
OPM OPM%	16.9	17.5	30.9	31.1	28.8	26.9	30.3	21.9	22.2
Other Income Other IncomeCr	0	0	0	0	0	2	0	0	0
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	3	14	14	7	8	21	11	7
Tax TaxCr	1	1	3	3	2	2	7	1	2
PAT PATCr	2	2	10	10	5	6	14	10	5
Growth YoY PAT Growth YoY%					212.3	214.8	36.8	-2.9	0.0
NPM NPM%	10.0	10.5	21.3	21.3	17.4	18.4	18.8	16.3	13.2
EPS EPS₹	0.1	0.0	0.0	0.2	0.1	1.3	0.3	0.2	0.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	50	131	197	207
Growth Revenue Growth%		160.5	50.7	43.8
Expenses ExpensesCr	45	95	145	154
Operating Profit Operating ProfitCr	5	36	52	53
OPM OPM%	10.9	27.4	26.6	25.7
Other Income Other IncomeCr	3	1	2	2
Interest Expense Interest ExpenseCr	0	2	3	4
Depreciation DepreciationCr	1	3	4	4
PBT PBTCr	7	32	48	47
Tax TaxCr	2	8	13	12
PAT PATCr	5	24	35	35
Growth PAT Growth%		344.7	45.1	26.7
NPM NPM%	10.8	18.4	17.7	16.9
EPS EPS₹	0.3	0.6	0.8	2.1

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	50	131	197	207
Growth Revenue Growth%		160.5	50.7	43.8
Expenses ExpensesCr	45	95	145	154
Operating Profit Operating ProfitCr	5	36	52	53
OPM OPM%	10.9	27.4	26.6	25.7
Other Income Other IncomeCr	3	1	2	2
Interest Expense Interest ExpenseCr	0	2	3	4
Depreciation DepreciationCr	1	3	4	4
PBT PBTCr	7	32	48	47
Tax TaxCr	2	8	13	12
PAT PATCr	5	24	35	35
Growth PAT Growth%		344.7	45.1	26.7
NPM NPM%	10.8	18.4	17.7	16.9
EPS EPS₹	0.3	0.6	0.8	2.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	25	25
Reserves ReservesCr	20	52	86
Current Liabilities Current LiabilitiesCr	23	32	59
Non Current Liabilities Non Current LiabilitiesCr	3	19	38
Total Liabilities Total LiabilitiesCr	67	130	210
Current Assets Current AssetsCr	53	108	180
Non Current Assets Non Current AssetsCr	14	23	30
Total Assets Total AssetsCr	67	130	210

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	25	25
Reserves ReservesCr	20	52	86
Current Liabilities Current LiabilitiesCr	23	32	59
Non Current Liabilities Non Current LiabilitiesCr	3	19	38
Total Liabilities Total LiabilitiesCr	67	130	210
Current Assets Current AssetsCr	53	108	180
Non Current Assets Non Current AssetsCr	14	23	30
Total Assets Total AssetsCr	67	130	210

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-14	-23	-13
Investing Cash Flow Investing Cash FlowCr	-6	-12	-9
Financing Cash Flow Financing Cash FlowCr	20	34	23
Net Cash Flow Net Cash FlowCr	0	0	0
Free Cash Flow Free Cash FlowCr	-20	-35	-21
CFO To PAT CFO To PAT%	-253.6	-94.5	-37.8
CFO To EBITDA CFO To EBITDA%	-250.6	-63.4	-25.2

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-14	-23	-13
Investing Cash Flow Investing Cash FlowCr	-6	-12	-9
Financing Cash Flow Financing Cash FlowCr	20	34	23
Net Cash Flow Net Cash FlowCr	0	0	0
Free Cash Flow Free Cash FlowCr	-20	-35	-21
CFO To PAT CFO To PAT%	-253.6	-94.5	-37.8
CFO To EBITDA CFO To EBITDA%	-250.6	-63.4	-25.2

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	210	1,136	974	786
Price To Earnings Price To Earnings	38.7	47.4	27.9	8.7
Price To Sales Price To Sales	4.2	8.7	4.9	3.8
Price To Book Price To Book	5.9	14.8	8.8	7.1
EV To EBITDA EV To EBITDA	39.3	32.4	19.6	15.0
Profitability Ratios Profitability Ratios
GPM GPM%	29.9	34.3	37.2	37.2
OPM OPM%	10.9	27.4	26.6	25.7
NPM NPM%	10.8	18.4	17.7	16.9
ROCE ROCE%	18.1	33.0	30.8	30.8
ROE ROE%	15.2	31.3	31.5	31.5
ROA ROA%	8.1	18.5	16.7	16.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	210	1,136	974	786
Price To Earnings Price To Earnings	38.7	47.4	27.9	8.7
Price To Sales Price To Sales	4.2	8.7	4.9	3.8
Price To Book Price To Book	5.9	14.8	8.8	7.1
EV To EBITDA EV To EBITDA	39.3	32.4	19.6	15.0
Profitability Ratios Profitability Ratios
GPM GPM%	29.9	34.3	37.2	37.2
OPM OPM%	10.9	27.4	26.6	25.7
NPM NPM%	10.8	18.4	17.7	16.9
ROCE ROCE%	18.1	33.0	30.8	30.8
ROE ROE%	15.2	31.3	31.5	31.5
ROA ROA%	8.1	18.5	16.7	16.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Plastics Drip Irrigation

	RMDRIP	MAHEPC	RUNGTAIR	NARMP
Market CapitalizationMkt CapCr	786	275	89	85
Close PriceClose₹	18.35	98.47	44.65	23.52
IndustryIndustry	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation
Price To EarningsPE	8.70	24.25	20.86	5.36
Price To SalesPS	3.79	0.84	0.55	6.08
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	786	275	89	85
Close PriceClose₹	18.35	98.47	44.65	23.52
IndustryIndustry	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation	Plastics Drip Irrigation
Price To EarningsPE	8.70	24.25	20.86	5.36
Price To SalesPS	3.79	0.84	0.55	6.08
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%