MarketFriction

Mahindra EPC Irrigation Ltd

NSE MAHEPC · BSE 523754 · Industrial Products
₹96.30 -0.45%
NSE close2026-10-01
52 week range91.91 - 154.00
Market cap₹271 Cr.
P/E24.5
Price band 20% Delivery 91.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales57.7480.2971.1745.3150.0281.4595.8962.0449.5893.47107.0054.16
Expenses57.1576.4070.0547.6852.9771.7986.3059.3048.2383.0199.9655.52
Operating Profit0.593.891.12-2.37-2.959.669.592.741.3510.467.04-1.36
OPM %1.02%4.84%1.57%-5.23%-5.90%11.86%10.00%4.42%2.72%11.19%6.58%-2.51%
Other Income0.11-0.092.540.100.630.151.540.130.82-0.251.000.30
Interest0.660.730.750.470.580.470.760.760.800.690.891.07
Depreciation0.780.780.810.800.810.810.940.800.790.780.790.72
Profit before tax-0.742.292.10-3.54-3.718.539.431.310.588.746.36-2.85
Tax %-8.11%27.07%29.05%-25.71%-25.61%25.56%33.72%25.19%25.86%25.74%24.69%-24.91%
Net Profit-0.681.671.49-2.63-2.766.356.250.980.436.494.79-2.14
EPS in Rs-0.240.600.53-0.94-0.992.272.240.350.152.321.71-0.77
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales203201205260284254212210262273312304
Expenses192189193240247228217224257259290287
Operating Profit111312203726-5-136142217
OPM %5%6%6%8%13%10%-2.6%-6%2.2%5%7%6%
Other Income222113-133222
Interest020121223233
Depreciation333343333333
Profit before tax101010173225-11-162111713
Tax %15%-2%52%32%28%24%-23%-23%31%33%25%
Net Profit9105112319-9-12271310
EPS in Rs3.163.581.784.128.386.89-3.09-4.390.602.584.543.41
Dividend Payout %0%0%28%24%14%17%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth4%4%14%5%
Compounded Profit Growth5%-6%47%2%
Stock Price CAGR-4%-6%-7%-35%
Return on Equity4%0%5%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital282828282828282828282828
Reserves8796107112122143159147136137145157
Borrowings100431302515162545
Other Liabilities3746495368808179757694121
Total Liabilities152170183196221264268280253257292352
Fixed Assets302725252428262322212019
CWIP001000000000
Investments005022210000
Other Assets122143152171195234241256231236271332
Total Assets152170183196221264268280253257292352
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity19-3-5-1551011-23192-4-16
Cash from Investing Activity26-46-3-2-1-1-2-2-2-2
Cash from Financing Activity-17-0-13-33-1720-12-4717
Net Cash Flow42-9-6-011-7-44-41-2
Free Cash Flow18-3-5-163710-2417-1-6-18
CFO/OP497%-12%-25%-101%51%59%74%383%-155%14%-18%-76%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days123136165191175165200238197202232254
Inventory Days96851041136897949911611612196
Days Payable8180108125136178176170164161208246
Cash Conversion Cycle13814216117910785118167150158145103
Working Capital Days113112145166125109158168174168174141
ROCE %3%9%9%7%12%20%14%-4%-7%3%7%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters54.26%54.26%54.26%54.21%54.21%54.21%54.21%54.20%54.20%54.20%54.20%54.18%
FIIs0.19%0.05%0.11%0.60%0.20%0.08%0.01%0.07%0.02%0.01%0.02%0.13%
Public45.56%45.70%45.63%45.18%45.58%45.71%45.78%45.72%45.78%45.78%45.76%45.69%
No. of Shareholders28,95129,41529,17527,47127,34527,83528,76428,65329,16826,63426,25226,207

Fundamentals

Market Cap₹ 271 Cr.
Current Price₹ 96.8
Stock P/E24.5
Book Value₹ 66.2
ROCE10.3 %
ROE7.93 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)2%
Standalone figures.
Valuation
Market capRs 269 Cr
Enterprise valueRs 313 Cr
P/E (TTM)28.12x
Price to book1.45x
Price to sales0.88x
EV / EBITDA16.16x
EV / EBIT19.21x
EV / sales1.03x
Earnings yield3.56%
P/E, 3-year average88.62x
P/B, 3-year average1.78x
P/E, 5-year average88.62x
P/B, 5-year average1.65x
Profitability
Operating margin (excl. other income)6.92%
Operating margin (incl. other income)7.46%
EBITDA margin6.36%
Pre-tax margin4.22%
Net profit margin3.15%
Net margin, latest quarter-3.95%
ROE7.10%
ROCE9.40%
ROA3.95%
ROE, 3-year average4.13%
ROCE, 3-year average6.37%
ROA, 3-year average2.41%
ROE, 5-year average0.08%
ROCE, 5-year average1.42%
ROA, 5-year average-0.10%
ROIC (approx.)5.32%
Tax rate25.31%
Other income / net worth0.92%
Growth
Sales growth (latest year)14.46%
Profit growth (latest year)76.01%
Sales CAGR, 3 years14.05%
Sales CAGR, 5 years4.19%
Profit CAGR, 5 years-7.94%
Sales growth QoQ-49.38%
Profit growth QoQ-144.68%
Sales growth YoY (latest quarter)-12.70%
Profit growth YoY (latest quarter)-318.37%
Per share
EPS (TTM)Rs 3.42
EPS (latest year)Rs 4.54
EPS (latest quarter)Rs -0.77
EPS, 3-year averageRs 2.57
EPS, 5-year averageRs 0.05
Book value per shareRs 66.22
Sales per shareRs 108.86
Cash flow per shareRs -5.83
Free cash flow per shareRs -6.44
Efficiency
Asset turnover0.89x
Fixed asset turnover16.57x
Inventory turnover4.32x
Inventory days85 days
Debtor days254 days
Debtors turnover1.44x
Creditor days246 days
Cash conversion cycle103 days
Working capital days141 days
Leverage
Total debtRs 45 Cr
Cash and bankRs 2 Cr
Net debtRs 44 Cr
Debt to equity0.24x
Net debt / EBITDA2.26x
Interest coverage4.72x
Current ratio (filing 2026-03-31)1.74x
Quick ratio (filing 2026-03-31)1.52x
Trade payables (filing 2026-03-31)Rs 95 Cr
Owners' fund to total sources52.62%
Debt to assets12.88%
Cash flow
Cash from Operating Activity (latest year)Rs -16 Cr
Cash from Investing Activity (latest year)Rs -2 Cr
Cash from Financing Activity (latest year)Rs 17 Cr
Net Cash Flow (latest year)Rs -2 Cr
Free cash flow (latest year)Rs -18 Cr
FCFE (approx.: FCF + change in debt)Rs 2 Cr
Cash from ops / profit, 5 years-22.00x
Statement figures
Net sales (TTM)Rs 304 Cr
Net sales (latest year)Rs 312 Cr
Sales (latest quarter)Rs 54 Cr
Operating profit excl. other income (latest year)Rs 22 Cr
Operating profit (latest quarter)Rs -1 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 19 Cr
PBDT (TTM)Rs 16 Cr
Profit before tax (TTM)Rs 13 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 10 Cr
Net profit (latest year)Rs 13 Cr
Net profit (latest quarter)Rs -2 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 3 Cr
Cost of goods sold (latest year)Rs 158 Cr
Total expenditure (latest year)Rs 290 Cr
Total income (latest year)Rs 314 Cr
Share capitalRs 28 Cr
ReservesRs 157 Cr
Shareholders' fundsRs 185 Cr
Total assetsRs 352 Cr
Net blockRs 19 Cr
Capital work in progressRs 0 Cr
ReceivablesRs 217 Cr
InventoryRs 37 Cr
Other liabilitiesRs 121 Cr
Shares outstanding (crore)2.79
Ownership
Promoter holding54.18% (-0.02 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 28.1 is at the 47th percentile of its own 7.4-year range (median 29.8, low 13.2, high 267.2).
P/B 1.45 is at the 3th percentile (median 2.08).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMAHEPCNifty 50Difference
1 week-1.9%-2.8% +0.9 pts
1 month-5.9%-6.8% +0.9 pts
3 months-19.9%-7.6% -12.3 pts
6 months+3.9%+0.4% +3.5 pts
1 year-35.0%-9.9% -25.1 pts
2 years-27.7%-13.6% -14.1 pts
3 years-19.1%+14.2% -33.3 pts
5 years-28.5%+27.9% -56.4 pts

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -89% of net profit over the last 3 years
lookAuditor change Auditor change 2026-07-16: Mahindra EPC Irrigation Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹54 Cr -12.7% vs Jun 2025. Net loss ₹2 Cr.
Against our estimate for Jun 2026: sales -22.9%, profit -200.7% miss. Our estimate for Sep 2026: sales Rs 49 Cr, profit Rs 1 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2024-07-12Annual General Meeting
2023-07-21Annual General Meeting
2022-07-21Annual General Meeting
2021-07-14 Annual General Meeting/Dividend - Rs 1.20 Per Share
2020-07-28 Annual General Meeting/Dividend - Rs 1.20 Per Share
DateTypeWhat it says
2026-07-16Change in ManagementAppointment of Mr. Vimal Agarwal, as an Internal Auditor with effect from July 16, 2026 for a period of three years and Appointment of Mr. Rajeev Goya...
2026-07-16Change in AuditorsChange in Auditors of the company.
2026-07-16Board meeting outcomeMahindra EPC Irrigation Limited has submitted to the Exchange that the Board at their meeting held today considered and approved the Un- Audited (Stan...
2026-06-30Change in AuditorsChange in Auditors of the company.
2026-06-30CessationCessation of Mr K. N. Vaidyanathan as Other of the company w.e.f. Jun 30, 2026.
2026-06-18Disclosure under SEBI TakeovMahindra and Mahindra Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India ...
2026-06-15Order winAward received in terms of Regulations 30(3), 30(4) read with Para B, Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements)...
2026-06-11Awarding of order(s)/contracAward received in terms of Regulations 30(3), 30(4) read with Para B, Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements)...
2026-06-01Shareholder meetingVoting results.
2026-05-29Shareholder meetingProceedings of 44th Annual General Meeting held on May 29, 2026
2026-05-25Concall / analyst meetMahindra EPC Irrigation Limited has informed the exchange about schedule of conference call with analyst/ investors on Friday, 29th May, 2026, at 4.00...
2026-05-20Awarding of order(s)/contracAwarding of order(s)/contract(s) for supply of Micro Irrigation Systems under community micro irrigation project for an amount of approx 3.30 Crore (i...
2026-05-07Shareholder meetingCorrigendum to Notice of Annual General Meeting to be held on May 29, 2026
2026-05-07CorrigendumCorrigendum to Notice of Annual General Meeting.
2026-05-05Shareholder meetingNotice of Annual General Meeting to be held on May 29, 2026.
2026-05-05UpdatesBusiness Responsibility and Sustainability Report (BRSR) of the Company.
2026-04-29Concall / analyst meetTranscript
2026-04-29Reply to Clarification- FinaThe Exchange had sought clarification from Mahindra EPC Irrigation Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI...
2026-04-23Clarification - Financial ReThe Exchange has sought clarification from Mahindra EPC Irrigation Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI...
2026-04-23Press ReleaseA press release dated April 23, 2026, titled "Intimation of Press Release under Regulation 30 and 33 of SEBI(Listing Obligations and Disclosure Requir...
2026-04-22UpdatesConfirmation of non-applicability of SEBI circular on large corporates - Initial disclosure for FY 2026-27.
2026-04-22Concall / analyst meetLink of Recording of the Investors & Analysts Conference Call held today i.e. 22nd April, 2026.
2026-04-21ESOPAllotment of 8,284 Equity Shares of Rs.10 each on 21st April, 2026 to the employees who have exercised their Stock Options under the Companys Employee...
2026-04-21AppointmentRe-appointment of Mr. Ramesh Ramachandran as Managing Director of the company w.e.f. September 01, 2026 for a period of three consecutive years.
2026-04-21AppointmentAppointment of Mrs Purvi Mehta as Non- Executive Independent Director of the company w.e.f. April 21, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Mahindra EPC Irrigation Ltd?

Mahindra EPC Irrigation Ltd (MAHEPC) has a market capitalisation of Rs 271 Cr. at the 2026-10-01 close.

What is the P/E ratio of Mahindra EPC Irrigation Ltd?

Mahindra EPC Irrigation Ltd trades at a P/E of 24.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Mahindra EPC Irrigation Ltd's latest quarterly results?

In the Jun 2026 quarter, Mahindra EPC Irrigation Ltd sales was Rs 54 Cr (-12.7% vs Jun 2025) with a net loss of Rs 2 Cr.

What is the 52-week high and low of Mahindra EPC Irrigation Ltd?

The 52-week high is Rs 154.00 and the 52-week low is Rs 91.91.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03