Mahindra EPC Irrigation Ltd — earnings calls

Mahindra EPC Irrigation reported its highest ever FY26 revenue of INR315.8 crores, up 14.8% over FY25, and improved full-year PBT to INR16.99 crores from INR10.7 crores in FY25, despite a sharp rise in raw material prices in March 2026. Management attributed the growth to diversification into shorter-collection-cycle non-subsidy revenue streams, improved product and state mix, and cost controls, while noting Q4 FY26 PBT declined to INR6.4 crores from INR9.4 crores in the prior year Q4 due to the raw material price spike and revenue skew toward March. Management also discussed rising receivables driven by delayed state fund releases and outlined ongoing efforts to grow the non-subsidy business, currently at 35% of revenue versus 3% in FY20.