WPIL Q1 FY27: International Scale-Up Offsets Domestic Project Slowdown

Consolidated revenue from operations was INR 500.5 crore, EBITDA was INR 75.3 crore with a 15.04% margin, and PAT was INR 59.0 crore with an 11.79% margin.

Standalone revenue from operations was INR 114.7 crore, EBITDA was INR 14.0 crore with a 12.21% margin, and PAT was INR 6.2 crore with a 5.41% margin.

Product division revenue was INR 240.1 crore and project division revenue was INR 260.4 crore in Q1 FY27.

Management stated total order book was INR 5,270 crore at end of Q1, comprising product order book of INR 1,029 crore and project order book of INR 4,241 crore.

Management attributed the weakness to low invoicing and delayed fund releases/procedural disbursement issues in Jal Jeevan Mission projects, with focus on commissioning and starting O&M works.

Management discussed a debarment notice from MPJN related to slow-moving projects, pending Jal Jeevan Mission receivables of roughly INR 300 to 350 crore, and an ongoing arbitration related to a previously terminated contract.

Management stated the consolidated margin reached 15% and said its standard operating range is 15% to 20%, expecting margins to improve further and domestic business to pick up in the second half of the year.