WPIL Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript WPIL Ltd filed with BSE on 25 May 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 reported consolidated FY26 revenue growth of 3% to Rs 1,855 crores with EBITDA up 9% and margins improving to 17.16%, while standalone revenue declined 34% due to weakness in the domestic project business. International revenue rose sharply to Rs 1,136 crores from Rs 668 crores, driven by strong execution across Europe, MENA, Australia, Southeast Asia and Africa. Management said the consolidated order book stood at about Rs 6,000 crores, including recent large contracts from South Africa, and cited renewed momentum from Jal Jeevan Mission Phase 2 funding.
Numbers mentioned
Consolidated revenue: INR1,855 crores (FY26)
p. 3
“On a consolidated basis, the company delivered revenue growth of 3% to INR1,855 crores with EBITDA rising 9% and margins improving to 17.16%.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Consolidated revenue: INR511 crores (Q4 FY26)
p. 3
“On a consolidated basis, revenue from operations for the quarter under review stood at INR511 crores, reflecting a decline of 11% yearon-year.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
PBT: INR67 crores (Q4 FY26)
p. 3
“PBT was at INR67 crores versus INR65 crores last year.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
PAT from continuing operations: INR47 crores (Q4 FY26)
p. 3
“PAT from continuing operations stood at INR47 crores, which was flat, with PAT margins at 9.11%.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR318 crores (FY26)
p. 3
“EBITDA was INR318 crores, increasing by 9% year-on-year with EBITDA margins at 17.16%.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
PAT from continuing operations: INR200 crores (FY26)
p. 3
“PAT from continuing operations amounted to INR200 crores, marking a growth of 2%, while PAT margin stood at 10.77%.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Standalone revenue: INR201 crores (Q4 FY26)
p. 3
“On a standalone basis though, revenue for the quarter stood at INR201 crores, down by 44% year-on-year, while EBITDA margins -- EBITDA stood at INR50 crores, down by 22%.”
Prakash Agarwal, page 3 of the filed PDF · View the filing
Standalone net profit: INR40 crores (Q4 FY26)
p. 4
“Net profit stood at INR40 crores, reflecting a decline of 13% Y-on-Y with PAT margins at 19.98%.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Standalone revenue: INR763 crores (FY26)
p. 4
“For the financial year, revenue stood at INR763 crores, declining by 34% year-on-year, while EBITDA stood at INR163 crores, down by 19% year-on-year.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
International revenue: INR1,136 crores (FY26)
p. 4
“International revenues rose sharply to INR1,136 crores in '26 compared to INR668 crores in the previous year, driven by strong execution and robust overseas demand.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Product division order backlog: INR5,796 million (FY26 end)
p. 4
“The order backlog for the product division stood at INR5,796 million at the end of FY ’26, providing healthy revenue visibility going forward.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
Total order book: about INR6,000 crores
p. 5
“Our company as a whole is about INR6,000 crores.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
South Africa order book: ZAR4 billion
p. 5
“Including South Africa, our order book is right now about ZAR4 billion.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Overdue JJM receivables: roughly about INR350 crores
p. 8
“I think approximately, I would say, the total clear receivables overdue to us is roughly about INR350 crores.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
PCI South Africa order book: roughly INR3,100 crores
p. 10
“The total order book in PCI is roughly INR3,100 crores.”
Prakash Agarwal, page 10 of the filed PDF · View the filing
WPIL Thailand revenue: surpassing INR300 crores (FY26)
p. 4
“Our JV WPIL Thailand delivered a standout performance during FY '26, surpassing INR300 crores in revenue for the first time.”
Prakash Agarwal, page 4 of the filed PDF · View the filing
International revenue: INR1,133 crores (FY26)
p. 15
“The international, as we have said, on a yearly basis, the revenues jumped up from INR668 crores to INR1,133 crores.”
Prakash Agarwal, page 15 of the filed PDF · View the filing
International EBITDA: INR152 crores (FY26)
p. 15
“And the EBITDA went from INR88 crores to INR152 crores.”
Prakash Agarwal, page 15 of the filed PDF · View the filing
O&M order book component: INR530 crores
p. 18
“So INR550 crores or something, INR530 crores.”
Prakash Agarwal, page 18 of the filed PDF · View the filing
Exchange difference gain: INR139 crores (FY26)
p. 13
“You can see in our balance sheet also the consolidated results, you have got INR139 crores of exchange difference.”
Prakash Agarwal, page 13 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.
EBITDA margin — 15% to 20% · FY27
stated as an aspiration by Prakash Agarwal
p. 14
“I think we will see on the higher side, as we have said, the bandwidth we look at is 15% to 20%.”
Prakash Agarwal, page 14 of the filed PDF · View the filing
Jal Jeevan Mission Phase 2 momentum — second quarter of this year
stated conditionally by Prakash Agarwal
p. 6
“It is going to move a bit slow. And I expect that by the second quarter of this year, it will gain momentum.”
Prakash Agarwal, page 6 of the filed PDF · View the filing
South Africa project revenue momentum — second half of this year
stated conditionally by Prakash Agarwal
p. 6
“But I think from the second half, we will see momentum, revenue momentum.”
Prakash Agarwal, page 6 of the filed PDF · View the filing
JJM fund receipt — this quarter
stated conditionally by Prakash Agarwal
p. 12
“No, I think we haven't received money, and that is expected now. So, we hope to receive it this quarter, start receiving it this quarter onwards.”
Prakash Agarwal, page 12 of the filed PDF · View the filing
Rutschi tax refund litigation outcome — 18 months
stated conditionally by Prakash Agarwal
p. 12
“I think we will update you, but maybe in 18 months, if the result is, we will have a result in 18 months.”
Prakash Agarwal, page 12 of the filed PDF · View the filing
Capex — small brownfield addition · next two years
stated firmly by Prakash Agarwal
p. 17
“We don't see much capex demand requirement, but we do see some small brownfield addition needed to take care of the excess -- the capacity required for Indian growth, product growth.”
Prakash Agarwal, page 17 of the filed PDF · View the filing
Geographical expansion — U.S. and Saudi Arabia market entry
stated as an aspiration by Prakash Agarwal
p. 16
“We want to go to the U.S. is one, clearly. And other areas in, say, for example, Saudi Arabia, market reach is something we are looking for.”
Prakash Agarwal, page 16 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.
Order book is about Rs 6,000 crores including South Africa, with the South African portion executed over 3-4 years.
Answered by Prakash Agarwal
Asked by Ravi Naredi: How much is the total order book including the recent South Africa order, and over what time will it be executed?
p. 5
“There is different time cycles. For example, we have -- the biggest sector right now is the South African order book, which we have, which is tentatively from 3 to 4 years, 36 to 48 months.”
Prakash Agarwal, page 5 of the filed PDF · View the filing
Management attributed the rise mainly to unreleased Jal Jeevan Mission funds.
Answered by Prakash Agarwal
Asked by Deepak Purswani: Why have trade receivables increased despite flattish revenue?
p. 7
“Well, we haven't received most of it. So, the funds for JJM are yet to be released.”
Prakash Agarwal, page 7 of the filed PDF · View the filing
Management said margins fluctuate and the normalized range is 15-20%.
Answered by Prakash Agarwal
Asked by Nikunj Sutriya: Why did consolidated EBITDA margin fall to 14.9% in Q4 versus 20% while standalone remained at 25%?
p. 8
“Our main mandate has always been to add the EBITDA margins between 15% to 20% on a whole.”
Prakash Agarwal, page 8 of the filed PDF · View the filing
Management said quarterly comparisons are unreliable given project-driven cost timing versus revenue recognition.
Answered by Prakash Agarwal
Asked by Saket Kapoor: Why did employee costs rise even as revenue declined in Q4, hurting margins?
p. 10
“So, for example, in projects work, you can have higher cost because sites have to be manned and managed, whereas revenue recognition may not happen.”
Prakash Agarwal, page 10 of the filed PDF · View the filing
Management described favorable terms with advances and fast payments, and businesses running cash positive.
Answered by Prakash Agarwal
Asked by Jainam Doshi: What are the contractual terms (advances, milestones, retention) for PCI Africa orders?
p. 11
“They are cash positive. Most of the business -- sorry, these businesses, they are mostly running cash positive.”
Prakash Agarwal, page 11 of the filed PDF · View the filing
Management confirmed it is pursuing acquisitions and sees a favorable valuation environment.
Answered by Prakash Agarwal
Asked by Tanya Kothari: Does the increased authorized capital signal a fundraise or acquisition?
p. 13
“So, we think we can get good strategic assets at a reasonable valuation now. So that's why we have taken this enabling resolution.”
Prakash Agarwal, page 13 of the filed PDF · View the filing
Management said currency depreciation has been a gain given the diversified international business.
Answered by Prakash Agarwal
Asked by Tanya Kothari: Is rupee depreciation affecting the company given international exposure?
p. 13
“It's a big gain for us. Yes, it's a big gain for us. I think it's one of the reasons we are liking this diversified basis.”
Prakash Agarwal, page 13 of the filed PDF · View the filing
Management said they have not yet applied for the listing due to a capital condition.
Answered by Prakash Agarwal
Asked by Saket Kapoor: Is the company's NSE listing permanent or under a permitted category?
p. 17
“We haven't applied yet. There is some particular condition, which we are unable to -- as far as capital is concerned, which we are unable to comply until we raise funds.”
Prakash Agarwal, page 17 of the filed PDF · View the filing
Management characterized the raw material price movement as volatile rather than a steady rise, and said it is watching the situation.
Answered by Prakash Agarwal
Asked by Saket Kapoor: How will rising raw material (steel) prices affect the product and project business?
p. 18
“And regarding this raw material, yes, it is a challenge, but it's a volatile more than rising curve.”
Prakash Agarwal, page 18 of the filed PDF · View the filing
Risks flagged
Jal Jeevan Mission funds have not been released, leading to elevated overdue receivables
p. 7
“The major reason as outlined is the Jal Jeevan Mission funds in India, which were not released and which we expect to be released shortly.”
Prakash Agarwal, page 7 of the filed PDF · View the filing
Ongoing arbitration from a prior contract termination
p. 18
“We had a contract termination, which is under litigation. So, we have gone into arbitration for that.”
Prakash Agarwal, page 18 of the filed PDF · View the filing
Volatility in raw material prices such as stainless steel due to import dependence
p. 18
“stainless steel has become expensive because most of the imports are from the Gulf. So, I think it's volatile.”
Prakash Agarwal, page 18 of the filed PDF · View the filing
Geopolitical issues have postponed demand in Europe and made the MENA region difficult to access
p. 16
“The Europe has been struggling with this gas pressures. The entire Middle East, MENA region, it's inaccessible right now.”
Prakash Agarwal, page 16 of the filed PDF · View the filing
Subdued domestic project business demand and execution during the year
p. 3
“While the standalone business remained impacted by subdued demand and execution in the Project division, the Products division continued to demonstrate strength with healthy order inflows and an improved backlog”
Prakash Agarwal, page 3 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.