WPIL Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript WPIL Ltd filed with BSE on 27 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
WPIL Limited reported consolidated Q1 FY27 revenue of INR501 crores, up 32% year-on-year, with EBITDA margins at 15.04% and PAT of INR59 crores. Standalone revenue declined 37% year-on-year to INR115 crores due to lower project invoicing amid delays in the domestic water sector, particularly Jal Jeevan Mission-related projects. Management discussed the total order book of INR5,270 crores, international business growth led by Gruppo Aturia, Sterling and United, and PCI Africa, and ongoing issues including a debarment notice from the Madhya Pradesh government and pending receivables from state governments.
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Numbers mentioned
Consolidated revenue from operations: INR501 crores (Q1 FY27)
p. 3
“revenue from operations for the quarter under review stood at INR501 crores, a substantial increase of 32% year-on-year”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR75 crores (Q1 FY27)
p. 3
“EBITDA stood at INR75 crores, while EBITDA margins were at 15.04%”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Consolidated PAT: INR59 crores (Q1 FY27)
p. 3
“PAT stood at INR59 crores with PAT margins at 11.79%”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Standalone revenue: INR115 crores (Q1 FY27)
p. 3
“On a stand-alone basis, revenue for the quarter stood at INR115 crores, down by 37% year-on-year”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Standalone EBITDA margin: 12.21% (Q1 FY27)
p. 3
“while EBITDA stood at INR14 crores, EBITDA margins were 12.21%”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Standalone net profit: INR6 crores (Q1 FY27)
p. 3
“Net profit stood at INR6 crores with PAT margins at 5.41%”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Total order book: INR5,270 crores (as of Q1 FY27 end)
p. 3
“At the end of Q1, the total order book stood at INR5,270 crores, providing healthy revenue visibility across both our international and domestic business”
Prakash Agarwal, page 3 of the filed PDF · View the filing
International revenue: INR386 crores (Q1 FY27)
p. 3
“International revenues for the quarter increased substantially to INR386 crores compared to INR197 crores in the corresponding period last year”
Prakash Agarwal, page 3 of the filed PDF · View the filing
International order book: INR2,891 crores (as of Q1 FY27 end)
p. 3
“the international order book stood at INR2,891 crores, providing strong revenue visibility over the medium term”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Domestic product division revenue: INR72 crores (Q1 FY27)
p. 4
“Domestic product division revenue stood at INR72 crores compared to INR65 crores in the corresponding quarter last year”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Domestic product division order book: INR459 crores (as of Q1 FY27 end)
p. 4
“the domestic product division order book at INR459 crores at the end of the quarter, providing healthy revenue visibility”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Domestic project division revenue: INR43 crores (Q1 FY27)
p. 4
“The domestic project division remained subdued during the quarter with revenues for the quarter at INR43 crores”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Domestic project order book: INR1,921 crores (as of Q1 FY27 end)
p. 4
“The domestic project order book stood at INR1,921 crores with about INR530 crores of O&M business”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Product business order book: INR1,029 crores (as of Q1 FY27 end)
p. 5
“the product business order is INR1,029 crores, and the project order is INR4,241 crores”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Project order book: INR4,241 crores (as of Q1 FY27 end)
p. 5
“the product business order is INR1,029 crores, and the project order is INR4,241 crores”
Prakash Agarwal, page 5 of the filed PDF · View the filing
JJM receivables pending: INR300 crores to INR350 crores
p. 9
“Roughly, I think, INR300 crores to INR350 crores, and we should get a majority of that”
Prakash Agarwal, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated EBITDA margin — 15% to 20%
stated firmly by Prakash Agarwal
p. 4
“Our consolidated margin has hit 15%, and our standard range is between 15% and 20%, so we should see it improving only further.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Domestic water sector performance — second half of the year
stated conditionally by Prakash Agarwal
p. 4
“We expect an improvement in the domestic water sector during the second half of the year as the sector issues are resolved.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
MP government project completion — within 1 year
stated as an aspiration by Prakash Agarwal
p. 5
“Our target is within, say, the next 1 year.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
JJM invoicing recovery — second quarter
stated conditionally by Prakash Agarwal
p. 6
“Hopefully, we were expecting by this quarter to have resolved matters. But I expect, in the second quarter, it should happen now.”
Prakash Agarwal, page 6 of the filed PDF · View the filing
JJM inflow — this quarter
stated firmly by Prakash Agarwal
p. 8
“We believe there will be a substantial inflow this quarter.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
South African business margin — 15% · over a period of time
stated as an aspiration by Prakash Agarwal
p. 9
“Yes, yes, of course. That's what I'm saying. So that's the good basis to take.”
Prakash Agarwal, page 9 of the filed PDF · View the filing
Minority shareholding in subsidiaries — 100% in PCI within 3 years · 2 to 3 years
stated firmly by Prakash Agarwal
p. 9
“our intention is to reduce the minority shareholding on all our subsidiaries over the, say, medium 2 to 3 years' time. Say, for example, in this new acquisition, PCI, we have an understanding that in 3 years, we will buy out the other shareholders.”
Prakash Agarwal, page 9 of the filed PDF · View the filing
Overall EBITDA margin range — 15% to 20%, roughly 16-17% · for the year
stated as an aspiration by Prakash Agarwal
p. 8
“All our businesses, our aim is to operate between 15% and 20%, and this is something which we have seen is consistent with the performance.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
EPC project execution in West Bengal — this year
stated conditionally by Prakash Agarwal
p. 10
“A major amount will get executed in this year, provided this starts gaining momentum.”
Prakash Agarwal, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins are stable and there was only a short spike in steel availability which has since balanced out due to medium/long term contracts.
Answered by Prakash Agarwal
Asked by Divyansh: Is there any effect on raw material prices and procurement due to the war in the West?
p. 4
“There was a short spike when a lot of materials were not being exported from the Middle East. But I think it is balanced out in our contract, which are pretty medium term, long term in nature.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Management expects margins to improve further given the standard range of 15-20%.
Answered by Prakash Agarwal
Asked by Ravi Naredi: Will the enhanced margin booked in Q1 continue in following quarters?
p. 4
“Our consolidated margin has hit 15%, and our standard range is between 15% and 20%, so we should see it improving only further.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Management explained a debarment notice was issued over slow-moving projects, and they are addressing the concerns.
Answered by Prakash Agarwal
Asked by Ravi Naredi: What problem is the company facing from the MP government?
p. 5
“They gave us a debarment basically saying that you cannot bid for new projects until you finish the old projects. And we are addressing those concerns, and hopefully, we can resolve the issue soon.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Management attributed it to drastically lower project invoicing due to sector-wide fund release issues, expected to resolve in Q2.
Answered by Prakash Agarwal
Asked by Saket Kapoor: What led to standalone EBITDA margins declining to a suboptimal 5%?
p. 5
“Only due to the project invoicing, which is very drastically lower because the sector is still facing problems, our funds are not yet released.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Management said the slow-moving orders are primarily Jal Jeevan projects tied to both state and center funding.
Answered by Prakash Agarwal
Asked by Saket Kapoor: What is the slow-moving order book for the domestic project business?
p. 6
“No, it is only the Jal Jeevan projects, which are -- we are primarily exposed there right now, that those are slow moving.”
Prakash Agarwal, page 6 of the filed PDF · View the filing
Management believes water remains a government priority and funds will be released, though they are trying to derisk.
Answered by Prakash Agarwal
Asked by Jainam Doshi: Is there any risk of compromise on JJM 2.0 allocation due to government fund diversion?
p. 7
“I completely believe that the sector remains a priority and the funds will be released and future, there will be good traction in opportunity. However, we are trying to derisk ourselves and manage in the best manner possible.”
Prakash Agarwal, page 7 of the filed PDF · View the filing
Management estimated INR300-350 crores pending, expecting a majority to be received, noting funds are procedural and lying in treasury accounts.
Answered by Prakash Agarwal
Asked by Shubhamkar Ojha: What is the total JJM receivables pending and how much is expected in Q2?
p. 9
“It's all lying as payable in the accounts of the treasury, treasury accounts.”
Prakash Agarwal, page 9 of the filed PDF · View the filing
Management said revenues should improve but noted volatility, saying the current level is more or less in line for now.
Answered by Prakash Agarwal
Asked by Saket Kapoor: Is the current INR500 crore revenue run rate the new normal for the company?
p. 11
“I think the revenues should be improved. I think this is looking stable now.”
Prakash Agarwal, page 11 of the filed PDF · View the filing
Management explained it comes from joint ventures in Thailand and India, with stakes of 49% and 40% respectively, both performing well.
Answered by Prakash Agarwal
Asked by Saket Kapoor: What is the nature of the INR11.24 crore profit from associates and joint ventures?
p. 11
“It is from profit from joint ventures. We have 2 joint ventures primarily in Thailand and in India with clients. So, both we have -- one, we have 49%. One, we have 40%.”
Prakash Agarwal, page 11 of the filed PDF · View the filing
Risks flagged
Debarment notice from Madhya Pradesh government restricting new project bids until existing projects are completed
p. 5
“They gave us a debarment basically saying that you cannot bid for new projects until you finish the old projects.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Delayed fund release in the domestic water/Jal Jeevan sector affecting invoicing and revenue
p. 5
“Only due to the project invoicing, which is very drastically lower because the sector is still facing problems, our funds are not yet released.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Litigation and arbitration over a terminated MP contract
p. 10
“It's a litigation. It's a litigation that termination was in litigation. It's moved from -- arbitration, it is into arbitration right now.”
Prakash Agarwal, page 10 of the filed PDF · View the filing
Unresolved tax issue in Switzerland related to the Rutschi sale
p. 10
“In Switzerland, it has not reached the stage yet. It will take time.”
Prakash Agarwal, page 10 of the filed PDF · View the filing
General global volatility affecting revenue outlook
p. 11
“the world is very volatile right now.”
Prakash Agarwal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.