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Mahindra EPC Irrigation Ltd

| Standalone Financial Results For The Quarter And Year Ended 31 March, 2026

NEUTRAL SENTIMENT

Report Source

⬤21st Apr 26

Summary : Mahindra EPC reports increased FY26 profit and revenue, but negative operating cash flow and RPT issues.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed: FY26 Standalone/Consolidated: Rs. 136.57 Crores (FY25: Rs. 123.83 Crores).
  2. Employee benefits expense: FY26 Standalone/Consolidated: Rs. 34.66 Crores (FY25: Rs. 31.81 Crores).
  3. Other expenses: FY26 Standalone/Consolidated: Rs. 115.46 Crores (FY25: Rs. 101.44 Crores).
  4. Revenue from operations: FY26 Standalone/Consolidated: Rs. 312.09 Crores (FY25: Rs. 272.67 Crores).
  5. Other income: FY26 Standalone/Consolidated: Rs. 3.70 Crores (FY25: Rs. 2.42 Crores).
  6. Net cash used in operating activities: FY26 Standalone/Consolidated: Rs. (16.28) Crores (FY25: Rs. (4.39) Crores).
  7. Net cash used in investing activities: FY26 Standalone/Consolidated: Rs. (2.09) Crores (FY25: Rs. (1.53) Crores).
  8. Net cash generated from financing activities: FY26 Standalone/Consolidated: Rs. 16.71 Crores (FY25: Rs. 7.41 Crores).
  9. Total Assets: FY26 Standalone/Consolidated: Rs. 351.67 Crores (FY25: Rs. 291.53 Crores).
  10. Equity Share Capital: FY26 Standalone/Consolidated: Rs. 27.94 Crores (FY25: Rs. 27.93 Crores).
  11. Other Equity: FY26 Standalone/Consolidated: Rs. 157.11 Crores (FY25: Rs. 144.68 Crores).
  12. Current Borrowings: FY26 Standalone/Consolidated: Rs. 45.21 Crores (FY25: Rs. 25.19 Crores).
  13. Material RPTs with Mahindra & Mahindra Limited exceeded prescribed limits.
  14. Standalone and Consolidated financial results are identical in this report.

Corporate Overview

  1. Material Related Party Transactions (RPTs) exceeded prescribed limits for FY2025-26.
  2. Material RPTs with Mahindra & Mahindra Limited (Holding Company/Promoter Group)
  3. Precision Farming Products & Services
  4. Formal and factual, reporting regulatory compliance and financial results.

Risk Factors

  1. Negative cash flow from operating activities.
  2. Related party transactions exceeded regulatory limits.
  3. Joint venture discontinued business operations.
  4. New labor codes impact retiral benefits.

Key Drivers

  1. Profit after tax increased significantly year-on-year.
  2. Revenue from operations showed healthy growth.
  3. Unmodified audit opinion received for financials.
  4. Key managerial personnel appointments strengthen leadership.

Auditor’s Report

  1. Unmodified opinion on Audited Standalone and Consolidated Financial Results.
  2. Quarterly results are balancing figures between full-year audited and year-to-date unaudited figures, subject to limited review.

Board Commentary

  1. Mr. Shriprakash Shukla appointed as Non-Executive Non-Independent Director.
  2. Mr. Ramesh Ramachandran re-appointed as Managing Director for three years.
  3. Dr. Purvi Mehta appointed as Additional Non-Executive Independent Director for five years.
  4. Mr. Balram Singh Yadav appointed as Additional Non-Executive Independent Director for five years.
  5. Mr. Madhvendra Pratap Singh appointed as Company Secretary and Compliance Officer.
  6. Mr. Ratnakar Nawghare ceased as Company Secretary and Compliance Officer.
  7. Material Related Party Transactions (RPTs) with promoter group exceeded limits.
  8. Material Related Party Transactions (RPTs) exceeded prescribed limits, requiring SEBI application.
  9. Allotment of 8,284 Equity Shares under ESOS, increasing paid-up capital.

Corporate Governance

  1. Appointment of two Additional Non-Executive Independent Directors.
  2. Audit Committee and Board of Directors approved key matters.
  3. Material Related Party Transactions (RPTs) exceeded prescribed limits.

Management Discussion & Analysis

Risk Control Measures

  1. Application to SEBI for contravention of Regulation 23(4) of LODR Regulations.

Critical Risks

  1. Material Related Party Transactions (RPTs) exceeded prescribed limits.