Mahindra EPC Irrig Ltd

NSE: MAHEPC · Industrial Products · sector

₹96.93NSE close 2026-10-26

Key numbers

Market cap₹271 cr

Price₹96.93

52w high / low₹146 / ₹92

P/E23.9xSector median 24.2x

P/B1.5xSector median 2.8x

Book value₹66.2

Dividend yield–Sector median 0.50%

ROE6.3%Sector median 11.5%

ROCE8.4%Sector median 13.4%

OPM5.7%Sector median 10.3%

Debt / equity0.23xSector median 0.17x

EV/EBITDA16.6xSector median 16.7x

Interest cover4.9x

Current ratio1.79x

Sales growth 3y+14.1%Sector median +10.2%

Profit growth 3y–Sector median +12.8%

PEG–

Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 152 companies in Industrial Products (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹2 cr vs borrowings ₹45 cr (FY26): borrowings are higher by ₹44 cr.
Borrowings rose in each of the last 3 years (₹15 cr → ₹45 cr).
Operating profit covered interest 4.9x in the last 12 months.
Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY25, FY24, FY22).
Net loss in 1 of the last 8 quarters.
Revenue was higher than a year earlier in 3 of the last 4 quarters.
Other income was 29% of net profit in the last 12 months.
Debtor days went from 202 (FY24) to 254 (FY26).
Dividend paid in 1 of the last 5 financial years.
Price ₹96.93 on 2026-10-26: -33.4% from the 52-week high, +5.5% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹181.70 · low ₹96.30

Quarterly results

₹ cr	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	81	96	62	50	93	107	54	73
EBITDA	10	10	3	1	8	7	-1	5
OPM %	11.9%	10.0%	4.4%	2.7%	9.1%	6.6%	-2.5%	6.4%
Other income	0	2	0	1	2	1	0	0
Net profit	6	6	1	0	6	5	-2	2
EPS (₹)	2.27	2.24	0.35	0.15	2.32	1.71	-0.77	0.80
Revenue YoY					+14.8%	+11.6%	-12.7%	+46.5%
Profit YoY					+2.2%	-23.4%	-318.4%	+418.6%

Consolidated figures where filed. Latest quarter Sep 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	212	210	262	273	312	327
EBITDA	-5	-13	5	14	20	19
Net profit	-8	-12	2	7	13	11
EPS (₹)	-2.84	-4.41	0.60	2.58	4.54	4.06
Revenue growth		-0.7%	+24.8%	+3.9%	+14.5%	+13.3%
Profit growth		–	–	+331.7%	+76.0%	-18.8%
Dividend / share (₹)	1.20	–	–	–	–

Compounded growth	3 years	5 years	Last 12 months
Sales	+14.1%	+4.2%	+13.3%
Net profit	–	-7.7%	-18.8%
EPS	–	-7.8%	–
Share price	–	-8.0% (2y)	-31.8%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	163	165	173	185
Borrowings	–	15	15	25	45
Cash & equivalents	–	7	2	4	2
Total assets	–	253	257	292	352
Fixed assets	–	21	18	17	19
Capital work in progress	–	0	0	0	0
Investments	–	0	0	0	0
Receivables	–	114	145	173	217
Inventory	–	40	44	42	37
Payables	–	57	61	72	95

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	-23	19	2	-4	-19
Cash from investing	-1	-2	-2	-2	-2
Cash from financing	20	-12	-4	7	20
Capex	1	2	0	2	2
Free cash flow	-24	17	2	-6	-22

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	-7.5%	1.0%	4.2%	6.9%
ROCE %	–	-7.6%	2.8%	6.6%	8.7%
Debtor days	–	197	202	232	254
Inventory days	–	116	116	121	96
Payable days	–	164	161	208	246
Cash conversion cycle (days)	–	149	157	145	104
Working capital days	–	186	171	179	143

Shareholding

Holder	% (2026-09-30)
Promoters	54.18%
FIIs	0.03%
DIIs	0.00%
of which Mutual funds	0.00%
of which Insurance	0.00%
Government	0.00%
Public (non-institutions)	45.79%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	54.21%	54.21%	54.20%	54.20%	54.20%	54.20%	54.18%	54.18%

Promoter group	%
Mahindra & Mahindra Limited	54.18%
Mahindra Steel Service Centre Limited	0.00%
Mahindra First Choice Wheels Limited	0.00%
Gromax Agri Equipment Limited	0.00%
Mahindra Agri Solutions Limited	0.00%
Mahindra Overseas Investment Company (Mauritius) Limited	0.00%
Mahindra Investment Company Mauritius Ltd	0.00%
Mahindra Accelo Limited	0.00%
Mahindra Holidays & Resorts India Limited	0.00%
Mahindra Hotels and Residences India Limited	0.00%
Mahindra Holdings Limited	0.00%
NBS International Limited	0.00%
Mahindra & Mahindra Financial Services Limited	0.00%
Mahindra Insurance Brokers Limited	0.00%
Mahindra Rural Housing Finance Limited	0.00%

Public holders above 1%	%
Rajen Anil Shah	2.70%
Investor Education and Protection Fund Authority M	1.34%

25,888 shareholders. Pledged: – of promoter shares.

Peers in Industrial Products

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
INDOMIM	₹52,085 cr	–	–	–	–	–	–	–
CPPLUS	₹45,577 cr	94.7x	24.3x	25.5%	33.3%	14.5%	–	0.04%
SYRMA	₹28,803 cr	77.7x	10.1x	17.4%	17.6%	11.1%	+33.0%	0.10%
HONAUT	₹27,500 cr	50.1x	6.2x	13.0%	16.9%	13.3%	+10.7%	0.34%
KAYNES	₹22,167 cr	64.0x	4.7x	9.1%	11.1%	15.5%	+47.7%	–
JYOTICNC	₹20,523 cr	63.8x	10.3x	17.4%	18.5%	24.4%	–	–
LMW	₹17,267 cr	84.2x	5.7x	7.0%	9.3%	7.1%	-12.1%	0.19%
TEGA	₹12,752 cr	447.9x	3.7x	0.9%	4.5%	7.5%	+11.7%	0.11%
LLOYDSENGG	₹12,248 cr	48.1x	7.3x	14.1%	15.1%	14.2%	+60.9%	0.27%
MAHEPC	₹271 cr	23.9x	1.5x	6.3%	8.4%	5.7%	+14.1%	–

All 152 companies in Industrial Products →

Dividends & corporate actions

Ex-date	Action	Detail
2024-07-12	Other	Annual General Meeting
2023-07-21	Other	Annual General Meeting
2022-07-21	Other	Annual General Meeting
2021-07-14	Dividend	Annual General Meeting/Dividend - Rs 1.20 Per Share
2020-07-28	Dividend	Annual General Meeting/Dividend - Rs 1.20 Per Share

Documents

Links go to the original files on the exchange website.

About the company


Sector	Industrials
Industry	Industrial Products
Sub-industry	Industrial Products
Symbol	MAHEPC
BSE code	523754
ISIN	INE215D01010
Face value	₹10.0
Incorporated	–
Website	–
Plants (India / abroad)	–

Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.