WPIL Ltd(WPIL)

NSE: WPILBSE: 505872

₹ 398.85-3.58%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,896 crWebsite: www.wpil.co.inUpdated: 24 Oct 2026

About

WPIL Ltd is an Indian industrial pump manufacturer and water infrastructure project contractor, operating through two segments: Pumps & Accessories and Project (Works Contract). In FY26 the company reported consolidated revenue of INR 1,855 crores, with international revenues accounting for approximately 65% of consolidated revenues. The group operates across India, South Africa (via PCI Africa), Italy (Gruppo Aturia), Thailand (WPIL Thailand JV), and other geographies.^[1][2][3]

Business segments

Pumps & Accessories: 55.9% of FY26 consolidated revenue (INR 1,036.51 cr), EBIT margin 23.4% - manufactures and supplies pumps and related products domestically and internationally.^[3]
Project (Works Contract): 44.1% of FY26 consolidated revenue (INR 818.06 cr), EBIT margin 13.6% - designs and executes water supply and infrastructure projects, principally under Jal Jeevan Mission and similar programmes.^[3]

Key operating numbers

Consolidated order book stood at approximately INR 6,000 crores post Q4 FY26, split roughly INR 1,000 crores product and INR 5,000 crores project.^[2]
Product division order backlog was INR 9,841 mn in FY26; project division order backlog was INR 39,517 mn in FY26.^[2]
Consolidated EBITDA margin was 17.16% in FY26, up 97 bps YoY; standalone EBITDA margin was 21.31% in FY26, up 381 bps YoY.^[2]
Working capital days stood at 202 days in FY26.^[2]
South Africa project order book at INR 20,850 mn (INR 2,085 cr) as of Q3 FY26, providing multi-year revenue visibility.^[4]

Geographic mix

International revenues surged to INR 1,136 crores in FY26 from INR 668 crores in FY25, constituting approximately 65% of consolidated revenues in FY26.^[2]
International revenues reached INR 822 crores for 9M FY26, up 81% YoY, with international share at 60% of consolidated revenues in 9M FY26.^[4]
WPIL Thailand JV surpassed INR 300 crores in revenue for the first time in FY26, up from approximately INR 50 crores during COVID.^[2]
Gruppo Aturia (Italy) secured orders in oil and gas and has water orders from the MENA region as of Q2 FY26.^[5]

Products and order inflows

Product division revenues grew to INR 374 crores in FY26 versus INR 323 crores in FY25; large cooling water pump contracts secured from DVC and Deepak Chemicals.^[2]
WPIL secured a product order for 30 MW large pumps for the Rajasthan Eastern Canal Project (river-linking) valued at INR 320 crores in Q3 FY26.^[4]
Domestic product order intake hit a record INR 139 crores in Q1 FY26, expanding the product order backlog to INR 411 crores.^[6]
New orders received from the Indian Navy for new vessels in Q1 FY26, adding to a growing product range in naval applications.^[6]

Domestic project business - Jal Jeevan Mission

Domestic project revenues fell to INR 763 crores in full-year FY26, down 34% YoY, as JJM government funds remained unreleased through most of the year.^[2]
Q4 FY26 standalone project revenues were INR 92 crores versus INR 253 crores in Q4 FY25, as the company focused on commissioning and O&M transition rather than fresh execution.^[2]
Cabinet clearance for JJM Phase 2 was obtained in March 2026 with an enhanced outlay; funds are being released to states including West Bengal (INR 2,700 crores) and UP.^[2]
Four domestic projects commenced O&M operations in Q1 FY26; O&M revenues from commissioned JJM projects are targeted at INR 70 - 100 crores by end of FY27.^[6][5]
Management targets O&M contributing 25 - 30% of project revenues within 5 years as more JJM projects complete commissioning.^[4]

South Africa - PCI Africa

PCI Africa transaction completed in May 2025 and was consolidated for one month in Q1 FY26; it started with a record order book in Eastern Cape wastewater.^[6]
PCI Africa won the Trans-Caledon Tunnel project (ZAR 821 mn) and Macassar Wastewater project (ZAR 1.1 bn) in Q3 FY26.^[4]
Post Q4 FY26, PCI Africa secured the City of Cape Town Maccasar and Lower Umkhomazi contracts, bringing total South Africa order book to ZAR 4 billion (~INR 3,000 crores).^[2]

Expansion and inorganic strategy

A large inorganic acquisition is actively being pursued targeting the US market; authorized capital was increased to enable fundraising for a large inorganic deal.^[2][5]
International revenues are targeted to remain at 60 - 65% of consolidated revenues going forward.^[2]
Small brownfield capex is planned domestically to support product division capacity for Indian growth; no large domestic capex requirement is anticipated.^[2]
Product business is targeted to grow at approximately 20% YoY over the next 5 years, driven by Indian exports, Italy, and Australia.^[4]

Market Cap

₹3,896 Cr

High / Low

₹510 / 342

Stock P/E

25.3

Price / Book

2.7

Book Value

₹163

EPS

₹16.2

No. of Shares

9.77 Cr

ROCE

14.8%

ROE

10.7%

OPM

17.2%

Debt / Equity

0.30

Sales

₹1,855 Cr

Net Profit

₹200 Cr

Promoter holding

70.8%

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WPIL Ltd(WPIL)

About

Business segments

Key operating numbers

Geographic mix

Products and order inflows

Domestic project business - Jal Jeevan Mission

South Africa - PCI Africa

Expansion and inorganic strategy

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