WPWPIL505872Update

Q2 revenue down 17% Y-o-Y; order book at INR4,079 crores in project division, H2 improvement expected

WPIL's Q2/H1-FY27 earnings call transcript (call held October 31, 2026) is now shared with the exchanges.

By ScoutQuest · Tue 3 Nov 2026, 5:41 PM IST · 2 min read

What the update is

The transcript of the Q2/H1-FY27 earnings conference call held on October 31, 2026, with Managing Director Prakash Agarwal and Executive Director K.K. Ganeriwala taking investor questions.

Headline numbers

• Consolidated revenue from operations for Q2 was INR354 crores, a decline of 17% Y-o-Y; standalone revenue was INR118 crores, down 33% Y-o-Y.
• For H1 FY27, consolidated revenue was INR855 crores, up 6% Y-o-Y; EBITDA was INR123 crores, down 5%; EBITDA margin was 14.33%.
• PAT from continuing operations for H1 was INR93 crores, up 20% Y-o-Y, with a PAT margin of 10.83%.

Order book

• Total domestic order book INR2,423 crores.
• Total international order book INR2,686 crores.
• Product division backlog approximately INR1,000 crores, of which international orders are nearly 52%.
• Project division backlog approximately INR4,079 crores, of which international projects are approximately 53%.

Segment performance

• Product division Q2 revenue approximately INR62 crores, compared with INR86 crores in the same quarter last year; H1 was INR133 crores against INR151 crores. Its order backlog is approximately INR500 crores. A large number of dispatches to customers were deferred during the quarter.
• Domestic project division Q2 revenue approximately INR57 crores, compared with INR90 crores a year earlier; H1 was INR100 crores against INR206 crores.
• International revenue for H1 rose 38% to INR626 crores from INR458 crores in H1 last year.

Guidance and outlook given by management

• Domestic execution was subdued in H1, but performance is expected to improve in H2, supported by project commissioning, commencement of O&M activities and recovery in the water infrastructure business.
• O&M revenues are expected to improve during H2 as more projects are commissioned.
• International project execution is expected to gain pace in H2 and into next year; the PCI projects have a tenure of 48 months (4 years), with about 15% traction expected in the first year and peak revenue in the second year.
• January to March is typically the largest quarter for the South African project business, because budgeting happens after March.
• Bidding aggression at PCI and Eigenbau is expected to pick up once traction on existing contracts improves; the order pipeline is described as strong.
• Gruppo Aturia is expecting a significant order from Kuwait Water Supply. MISA Italy has completed all legacy projects and booked important orders during the quarter. PCI Africa has commenced execution of new projects. Eigenbau received a repeat order from Riverton Water Works.
• In Australia, consolidation of the business is contributing to an improvement in the margin profile; WPIL Thailand sees growth opportunities after new product introductions in the Thai drainage sector.

How to read this

• Q2 was the weak point, led by the domestic business and the standalone entity, while the H1 picture is a modest revenue increase with a larger rise in profit from continuing operations.
• The order book is large relative to H1 revenue, and management links the expected second-half recovery to execution and commissioning of existing projects rather than to new order wins alone.

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