WPIL Q2 FY27: Consolidated PAT falls 35% YoY to ₹33.6 Cr as OPM compresses to 13.3%
PAT -35.1% YoY · revenue -16.83% · margins compressing
₹354.34 Cr
-16.83% YoY
₹33.61 Cr
-35.1% YoY
9.21%
-2.6pp YoY
₹2.27
WPIL's consolidated Q2 FY27 (quarter ended 30 September 2026) revenue fell 16.8% YoY to ₹354.3 Cr from ₹426.0 Cr, and dropped 29.2% sequentially from ₹500.5 Cr in Q1 FY27. Consolidated net profit fell 35.1% YoY to ₹33.6 Cr from ₹51.8 Cr, and 43.0% QoQ from ₹59.0 Cr; EPS came in at ₹2.27 against ₹4.20 a year ago and ₹3.47 last quarter. Neither period carries exceptional items, so these are clean, unadjusted comparisons. Of the ₹33.6 Cr group profit, ₹11.4 Cr accrued to non-controlling interests, leaving ₹22.2 Cr for WPIL's own shareholders.
Q2 FY-2027 vs prior quarters
The decline traces mainly to the Pumps & Accessories segment, whose segment result nearly halved to ₹34.5 Cr from ₹59.4 Cr YoY (and ₹75.5 Cr in Q1), pulling its margin down to roughly 16% from ~24% a year ago and ~31% last quarter. The Projects (Works Contract) segment also contracted, with revenue down 19.8% YoY and 45.2% QoQ to ₹142.7 Cr — a sequential swing large enough to suggest project-execution lumpiness rather than a one-off. Group EBITDA margin (OPM) compressed to 13.3% from 18.9% YoY and 15.0% in Q1, slipping below the 15-20% EBITDA band management guided to on the Q1 FY27 call; net margin fell to 9.2% from 11.8% a year ago.
The stock went into the print at ₹414.9, down 3.1% over the past month of trading.
No specific FY27 revenue target. Margins to operate in 15-20% EBITDA band (currently at 15%). Domestic water sector expected to recover H2 FY27. South Africa projects ramping through 3-4 year execution cycle. ₹300-350 Cr JJM receivables expected Q2.
— This quarter: missed
Against management's own Q1 FY27 guidance — no formal revenue target, a 15-20% EBITDA band, and an expected H2 FY27 recovery in the domestic water sector — this quarter reads as a miss: margins sit below the guided band and the domestic business shows no recovery signal yet. Standalone (largely domestic) figures make the point starkly: standalone revenue fell 32.8% YoY to ₹118.2 Cr and standalone PAT fell 65.5% YoY to ₹8.6 Cr, far steeper than the 16.8%/35.1% declines at the consolidated level — meaning international operations (Aturia, Sterling Pumps, Paterson Candy South Africa and related subsidiaries, which contributed ~₹241 Cr of the ₹354 Cr consolidated revenue) are now carrying group profitability. No brokerage preview or consensus estimate specific to this quarter turned up in search, so the vs-street read is unknown; no management press release accompanied this filing beyond the standard regulatory cover letter and auditors' limited-review reports, so there is no company commentary to reconcile against the numbers. The quarter's other disclosed corporate actions (the 7 August AGM, the 1 October trading-window closure) are procedural and do not bear on these results.
W1
Domestic water-sector/JJM order execution pickup in H2 FY27 as flagged on the Q1 call — standalone revenue is still down 32.8% YoY with no recovery signal yet.
W2
Group EBITDA margin recovery back into management's guided 15-20% band from the current 13.3%.
W3
Pumps & Accessories segment margin trajectory (~16% now vs ~31% in Q1 FY27) — whether the compression is structural or a single-quarter dip.
No exceptional items in either statement; consolidated PBT of ₹41.17 Cr includes ₹3.62 Cr share of associate/JV profit, and final net profit (₹33.61 Cr) nets a ₹0.02 Cr discontinued-operations loss against continuing PAT of ₹33.63 Cr; non-controlling interests took ₹11.44 Cr of the ₹33.61 Cr group profit, leaving ₹22.17 Cr for parent shareholders; standalone page labels face value as Rs 10/share vs Re 1/share on the consolidated page — appears to be a drafting error in the source, did not affect EPS extraction; all pages clean and fully legible.