WPIL Ltd

AGM Details

• Date and time: 7 August 2026 at 11:00 HRS.
• Mode: video conferencing via NSDL platform; no physical venue.
• Venue: registered office at Godrej Genesis Building, Kolkata.
• Meeting duration: 11:42 hours; started at 11:00 HRS.
• Attendee mix: Promoters/Promoters Group attendance 56.

Financial Performance

• Consolidated revenue ₹501 crores, up 32% YoY.
• EBITDA ₹75 crores; margin 15.04%.
• PAT ₹59 crores; margin 11.79%.
• Standalone revenue ₹115 crores; down 37% YoY.
• Standalone EBITDA ₹14 crores; margin 12.21%.
• Standalone PAT ₹6 crores; margin 5.41%.
• Total order book ₹5,270 crores at quarter end.

Segment and Geography

• International revenue ₹386 crores; up from ₹197 crores YoY.
• International EBITDA margin 15%.
• International order book ₹2,891 crores.
• Domestic product revenue ₹72 crores; product order book ₹459 crores.
• Domestic project revenue ₹43 crores; project order book ₹1,921 crores; O&M ₹530 crores.
• Product orders split 55% international, 45% domestic.
• Project orders split 55% international, 45% domestic.

Key Markets and Projects

• PCI Africa commenced execution of large SA water contracts; momentum expected.
• South Africa contracts: 3–4 year horizon; first quarter contribution seen.
• MP debarment notice; response underway; resolution expected within ~1 year.

Balance Sheet and Cash Flow

• Cash on books not disclosed in call.
• Capex: nothing substantial planned this year.
• NSE listing: trading on NSE now available.

Outlook and Q&A Highlights

• Management targets EBITDA margin in 15–20% range for the year.
• Domestic water sector improvement expected in H2 as issues resolve.
• JJM receivables expected to flow in from this quarter; 300–350 crores pending.
• Run-rate revenue around ₹500 crores per quarter; visibility intact.

Q&A Summary

• Margins stable despite macro; raw material mainly steel; price-variation contracts protect long term.
• Consolidated margin 15%; expect further improvement.
• Product order book ₹1,029 crores; project order book ₹4,241 crores; 55% international, 45% domestic.
• Domestic project order book ₹1,921 crores; O&M ₹530 crores.
• Minority stakes to be reduced; PCI to 100% in ~2–3 years; others later.

Meeting Details

• Date and time: Friday, 24 July 2026 at 5:30 PM.
• Type and mode: Group earnings call conducted virtually.
• Organizer: Arihant Capital Markets Ltd.
• Event: Q1FY27 Earnings Call for WPIL Ltd.

Participants

• Management attending: Managing Director and Executive Director.

Purpose

• Purpose: discuss Q1FY27 earnings and outlook with investors.

Meeting Details

• Meeting scheduled on Friday, 24 July 2026; time/venue not disclosed.

Key Agenda Items

• Consider and approve unaudited financial results for quarter ended 30 June 2026, subject to limited review.

AGM Details

• Date and time: August 7, 2026 at 11:00 AM IST.
• Mode: VC/OAVM.
• Venue deemed at registered office; meeting held via VC/OAVM.
• Record closure: Members' register closed Aug 1–Aug 7, 2026.
• Regulatory framework: MCA circulars and SEBI LODR compliance.

Resolutions Put to Vote

• Ordinary: Adoption of standalone financial statements.
• Ordinary: Adoption of consolidated financial statements.
• Ordinary: Dividend of Rs 2 per equity share.
• To re-appoint K.K. Ganeriwala as director.
• To re-appoint Debraj Roy as director.
• Special: Ratify cost auditor remuneration of Rs 1,00,000 plus GST.

Dividend

• Dividend proposed: Rs 2 per equity share for year ended 31 March 2026.

Director Changes

• K.K. Ganeriwala: re-appointment as director (retiring by rotation).
• Debraj Roy: re-appointment as director (retiring by rotation).

Auditor Appointments

• Cost Auditor remuneration ratified: Rs 1,00,000 plus GST and expenses.

Overview

• Main activities: pumps, spares/accessories manufacturing and turnkey project erection/installation/commissioning.
• Reporting boundary: standalone BRSR for FY2025-26.

Key ESG Risks & Opportunities

• Regulatory compliance risk could affect brand image and customer trust.
• Ethics and governance risk requires effective whistleblower mechanisms.
• Health & safety objective: zero-harm; LTIFR 0 for employees and workers.
• Human rights and supply chain risk; policies and supplier code of conduct.
• Sustainable sourcing opportunity: 85% of domestic critical inputs sourced sustainably.
• CSR initiatives provide potential social license and stakeholder goodwill.

Governance & Policy Highlights

• Board oversight led by MD; CSR and SRC committees govern ESG issues.
• Policies include ABAC, Whistle Blower, WCOC, POSH, CSR, HR policies.
• Policy access: ABAC and Whistle Blower policies on company website.
• No external independent ESG assessment; internal audits; provider appointment pending.
• Disciplinary actions for bribery: none reported.
• Value chain policy extends to suppliers; contracts embed human rights commitments.

Social Responsibility & Workforce

• Total workforce: 525 employees and 490 workers; permanent/non-permanent mix reported.
• Board female representation: 1 of 4 directors (25%).
• Turnover: permanent employees 19.88%; workers 3.79% in FY25-26.
• LTIFR: zero for employees and workers; no fatalities.
• Equal opportunity policy; workplaces accessible to differently abled visitors.
• CSR focus areas: education, skill development, health care; beneficiaries across programs.
• Grievance mechanisms exist for employees/workers; processes aim for timely resolution.

Environmental Performance

• Total energy consumption: 16.39 trillion joules; all from non-renewable sources.
• Energy intensity: 2143.9 J per rupee of turnover.
• Water withdrawal: total 14,384 kl; groundwater 13,962 kl; municipal 422 kl.
• Zero liquid discharge: wastewater recycled for industrial use.
• Waste: total 315.736 MT; major non-hazardous metal chips 310.452 MT; e-waste 0.449 MT.
• GHG emissions: Scope 1 & 2 data not disclosed; ISO 14001 and ISO 45001 adopted.

Stakeholder Engagement & Complaints

• Stakeholders: employees, shareholders, customers, communities, suppliers; engagement via meetings, AGM, emails.
• Grievance mechanisms exist with multiple channels; community outreach and feedback incorporated.
• Customer feedback tracked under QA; complaints handled per policy with timely responses.

Other Notable Metrics

• MSME procurement: 38% direct inputs from MSMEs; 62% domestic Indian sourcing.
• Concentration: top trading houses account for 42.44% of purchases.
• Related party transactions: purchases from related parties 1.67%; sales to related parties 11.56%.
• value chain health and safety: 53.77% of upstream partners assessed for H&S.
• Cybersecurity: policy in place; no data breaches reported.
• CSR turnover: Rs 76,268 lakhs; net worth Rs 98,248 lakhs; green credits: NIL.

Financial performance (standalone)

• Standalone total income Rs 80,114.28 Lacs; down from Rs 1178.66 Cr prior year.
• EBITDA Rs 19,647.53 Lacs reported.
• PBT Rs 15,545.71 Lacs; tax Rs 3,852.42 Lacs.
• PAT Rs 11,693.29 Lacs; yo-yo decline due to lower revenues.
• Domestic revenues Rs 801 Cr; product division margins improved; project division weaker.
• International revenues Rs 1,136 Cr in FY26, vs Rs 668 Cr FY25.
• Dividends: Rs 2 per equity share proposed; paid electronically.
• General Reserve: Rs 80 Cr transferred; Rs 600 Cr to be retained.
• Net debt Rs 20,164.45 Lacs; gearing 0.26x; debt-equity at 0.26x.
• Standalone cash & equivalents Rs 8,555.53 Lacs; liquidity position improved.
• Equity share capital: 9,76,70,800 shares; authorized capital Rs 12 Cr.

Dividend & capital allocation

• Final dividend of Rs 2 per share proposed; subject to AGM approval.
• Record date for dividend: 31 July 2026; payment around 14 August 2026.
• Authorized share capital raised to Rs 12 Cr; 1.5 Cr new equity shares planned.
• Issued capital remains 9,76,70,800 equity shares of Re 1 each.

Debt & liquidity

• Current borrowings Rs 28,979.65 Lacs; non-current Rs 9,259.74 Lacs.
• Total borrowings Rs 38,239.39 Lacs.
• Net debt Rs 20,164.45 Lacs; gearing 0.26x.
• Cash & cash equivalents Standalone Rs 8,555.53 Lacs; Consolidated Rs 27,151.61 Lacs.
• Liquidity managed via rolling forecasts; secured facilities backed by assets.

Corporate governance

• Board consists of 8 directors: 4 Executive, 4 Independent; includes one woman Independent.
• Audit Committee: three Independent Directors and one Executive; six meetings in year.
• K.K. Ganeriwala reappointed as ED (Operations); Debraj Roy reappointed as ED (Projects).
• Statutory Auditors Salarpuria & Partners re-appointed; no qualifications.
• Secretarial Audit by M/s. Rinku Gupta & Associates; MR-3 with no qualifications.

CSR & ESG

• CSR expenditure for FY26: Rs 26.58 Lacs; unspent CSR balance Rs 347.70 Lacs.
• CSR policy focuses on Education, Health, Vocational Skills; CSR Committee chaired by Anjan Dasgupta.
• BRSR prepared; assurance provider to be appointed; no external assurance yet.
• Energy intensity: 2143.9 J per Rs turnover; Water intensity: 1.886 KL per Rs Crore.
• CSR initiatives emphasize education access, health care, and skill development.

Segment & geography

• Segment revenue: Pumps 103,651.31; Projects 81,805.53; Total 185,456.84.
• Segment profit: Pumps 24,203.35; Projects 11,089.27; Total 35,292.62 before finance costs.
• Geographic: India revenue 65,926.70; Outside India 119,530.14; Total 185,456.84.
• Consolidated segment assets: Pumps 154,897.76; Projects 135,374.08.

Contingent liabilities & commitments

• Contingent liabilities Rs 28,528.66 Lacs; bank guarantees, tax and excise/service tax matters.
• Bank guarantees outstanding Rs 23,212.71 Lacs; corporate guarantees Rs 1,136.00 Lacs.
• Capital commitments disclosed in notes; contingent items under note 43.

Auditors & internal controls

• Internal financial controls are adequate; no material weaknesses.
• Secretarial audit: MR-3 with no qualifications.
• Consolidated audit includes joint operations; disclosures in notes.

Outlook & risks

• Global geo-political tensions and inflation pose trade risk; water infrastructure demand offers growth.
• Company pursuing broader global reach and new growth drivers.
• ESG commitments continue; alignment with SEBI LODR and BRSR framework.

Record date and book closure

• Record date fixed at 31 July 2026 for dividend payment and 72nd AGM.
• Register of Members and Share Transmission Book closed from 01-07 August 2026.