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Swing Capital

Mahindra EPC Irrigation Ltd

NSE: MAHEPC BSE: 523754

Incorporated in 1981, Mahindra EPC Irrigation is in the business of manufacturing Micro Irrigation Systems, such as Drip and Sprinklers, and allied products.[1]

₹113
52W: ₹91.9 — ₹185
PE 22.4 · Book ₹66.2 · +71% vs book
Market Cap₹317 Cr
Stock P/E22.4Price to Earnings
ROCE10.3%Return on Capital
ROE7.93%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of 4.19% over past five years.
  • −Company has a low return on equity of 4.57% over last 3 years.
  • −Company has high debtors of 254 days.

Shareholding Pattern

Promoters54.2%
FIIs0.02%
DIIs0%
Public45.76%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters54.21%54.21%54.21%54.21%54.2%▼0.054.2%54.2%54.2%
FIIs0.6%0.2%▼0.40.08%▼0.10.01%▼0.10.07%▲0.10.02%▼0.10.01%▼0.00.02%▲0.0
DIIs0%0%0%0%0%0%0%0%
Public45.18%45.58%▲0.445.71%▲0.145.78%▲0.145.72%▼0.145.78%▲0.145.78%45.76%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales80.2971.1745.3150.0281.4595.8962.0449.5893.47107
Expenses76.470.0547.6852.9771.7986.359.348.2383.0199.96
Operating Profit3.891.12-2.37-2.959.669.592.741.3510.467.04
OPM %4.84%1.57%-5.23%-5.9%11.86%10%4.42%2.72%11.19%6.58%
Net Profit1.671.49-2.63-2.766.356.250.980.436.494.79
EPS ₹0.60.53-0.94-0.992.272.240.350.152.321.71

AI Insights

Revenue Trend

Mar 2026 revenue at ₹312Cr, up 14.3% YoY. OPM at 7%.

Debt Position

Borrowings at ₹45Cr. Debt-to-equity ratio: 0.29x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.02% (-0.11pp change). Promoters hold 54.2%.

Margin & Efficiency

ROCE improving from 3% (Mar 2015) to 10% (Mar 2026). Working capital days: 141.

Valuation

PE 22.4x with 10.3% ROCE. Price is 71% above book value of ₹66.2. Dividend yield: 0%.

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