Earnings Call Transcript for Q1-FY27

Date: 27th July, 2026 Scrip Code: 505872 BSE Limited PJ Towers, Dalal Street, Mumbai- 400001 REF: REGULATION 30 OF SEBI (LODR) REGULATIONS, 2015 Dear Sir, With reference to above, enclosed herewith is a Transcript of Q1-FY27 Earnings Conference Call of the Company held on July 24, 2026. Thanking you. Yours Faithfully, FOR WPIL LIMITED [K.K. GANERIWALA] EXECUTIVE DIRECTOR “WPIL Limited Q1 FY27 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. PRAKASH AGARWAL – MANAGING DIRECTOR – WPIL LIMITED MR. KRISHNA KUMAR GANERIWALA – EXECUTIVE DIRECTOR – WPIL LIMITED MODERATOR: MR. BALASUBRAMANIAN – ARIHANT CAPITAL LIMITED Page 1 of 11 WPIL Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to WPIL Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Balasubramanian. Thank you, and over to you, sir. Balasubramanian: Thank you. Good evening, everyone. On behalf of Arihant Capital, I welcome you to the earnings of WPIL Limited Q1 FY27 Conference Call. We have with us today Mr. Prakash Agarwal, Managing Director; and Mr. Krishna Kumar Ganeriwala, Executive Director. I shall now hand over the call to the management for the opening remarks, following which we'll open the floor for Q&A. Over to you, sir. Prakash Agarwal: Thank you. Good evening, everyone. It is a pleasure to welcome you all to our earnings conference call for the first quarter of financial year 2027. Let me take you through the financial performance of the company, followed by operational highlights and questions. On a consolidated basis, revenue from operations for the quarter under review stood at INR501 crores, a substantial increase of 32% year-on-year. EBITDA stood at INR75 crores, while EBITDA margins were at 15.04%. PAT stood at INR59 crores with PAT margins at 11.79%. On a stand-alone basis, revenue for the quarter stood at INR115 crores, down by 37% year-on- year, while EBITDA stood at INR14 crores, EBITDA margins were 12.21%. Net profit stood at INR6 crores with PAT margins at 5.41%. At the end of Q1, the total order book stood at INR5,270 crores, providing healthy revenue visibility across both our international and domestic business. For the international business, we continue to witness strong momentum across both our product and project operations. International revenues for the quarter increased substantially to INR386 crores compared to INR197 crores in the corresponding period last year. While international EBITDA margins improved materially to 15%, the international order book stood at INR2,891 crores, providing strong revenue visibility over the medium term. With our international product business, Gruppo Aturia continued to perform -- witnessed fresh demand from the MENA region across both oil and gas and water sectors, supported by robust demand for gas turbine pumps. Our Australian business, Sterling and United, continued to benefit from healthy inquiry pipelines from LNG, mining and industrial projects, while WPIL Thailand continued to secure healthy orders from the drainage sector, Thai high drainage sector. On the international project side, MISA Italy successfully completed all its legacy projects and is witnessing a healthy pipeline of new irrigation and drainage businesses. PCI Africa has commenced execution of large contracts secured during FY26 in the South African water sector and is expected to gain further momentum as the year progresses, supported by a strong order pipeline and an attractive margin profile. Moving to the domestic business. Page 2 of 11 WPIL Limited July 24, 2026 The product division continued to witness healthy momentum during the quarter. Domestic product division revenue stood at INR72 crores compared to INR65 crores in the corresponding quarter last year. Order intake remained healthy with the domestic product division order book at INR459 crores at the end of the quarter, providing healthy revenue visibility. We continue to witness good traction in revenues and order inflows across the power and irrigation sectors, supported by a robust inquiry pipeline. We remain focused on expanding our export business, which continues to provide attractive long-term growth opportunities. The domestic project division remained subdued during the quarter with revenues for the quarter at INR43 crores. Our focus continues to remain on project commissioning and commencement of operation and maintenance activities. The domestic project order book stood at INR1,921 crores with about INR530 crores of O&M business. We expect an improvement in the domestic water sector during the second half of the year as the sector issues are resolved. With this, we can now open the floor for questions, please. Moderator: The first question comes from the line of Divyansh from Trinetra Asset Managers. Divyansh: So, my first question was regarding the margin. So currently, the war is going in the West world. So, is there any effect in the RM prices and the procurement? Prakash Agarwal: No. Our margins are quite stable across our business. Divyansh: Okay. And we are not able -- like, any problem is there regarding raw material due to war? Prakash Agarwal: Most of our raw material is steel. So, we have metals and steel. There was a short spike when a lot of materials were not being exported from the Middle East. But I think it is balanced out in our contract, which are pretty medium term, long term in nature. So, it's not much of an impact. Divyansh: Okay. And the next question was, like, the order book which we have from the PM Jal Nigam. So, can you explain that all the order book which -- and the price which we are getting? So, in this project, the margins which are carrying is what the business were like looking for it? Prakash Agarwal: Yes. Most of our project work has got price variation contracts, so therefore, that takes care of it, which are longer term. And otherwise, not much of a concern on margins. Moderator: The next question comes from the line of Ravi Naredi from Naredi Investments. Ravi Naredi: Prakash ji, you have delivered a very good result in this quarter. I would like to ask, this enhanced margin, which you booked in quarter 1, it will be following next few quarters? Prakash Agarwal: Our consolidated margin has hit 15%, and our standard range is between 15% and 20%, so we should see it improving only further. Ravi Naredi: Okay. And this INR1,029 crores is our stand-alone order, and INR4,200 crores is our consolidated order. Is it correct? Page 3 of 11 WPIL Limited July 24, 2026 Prakash Agarwal: No. I think we have given product order of -- the product business order is INR1,029 crores, and the project order is INR4,241 crores. Ravi Naredi: INR1,029 crores is product order? Prakash Agarwal: Yes, product order only. I mean there is a division of 55% international and 45% domestic. Ravi Naredi: And what about INR4,241 crores? Prakash Agarwal: That is projects. And again, you will see there -- yes, about 55%, again, there also international and 45% domestic. Ravi Naredi: What problem we faces from MP government? Prakash Agarwal: We had -- they, I think, gave us a debarment notice saying that basically, they pointed out that various projects are moving slow. So, we are addressing those concerns that they have raised. They gave us a debarment basically saying that you cannot bid for new projects until you finish the old projects. And we are addressing those concerns, and hopefully, we can resolve the issue soon. Ravi Naredi: Okay. And by the way, up to what time period these projects will be completed, of MP government? Prakash Agarwal: Our target is within, say, the next [Showing first 8,000 characters — download PDF for full document]