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Mahindra EPC Irrigation Limited
(MAHEPC)
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Rating:53Neutral
Price Target:
₹98.00
▼(-6.53% Downside)
Action:Reiterated
Date:07/18/26
The score is primarily driven by improving profitability and a generally healthy balance sheet, but it is materially weighed down by recent negative operating/free cash flow that raises concerns about earnings-to-cash conversion. Technically, the stock’s position below all major moving averages adds caution, while valuation appears only moderate at ~24.6x earnings with no dividend yield provided.
Positive Factors
Revenue recovery
The rebound in revenue indicates renewed demand for the company’s irrigation solutions and improved commercial traction. Continued top-line expansion would provide a broader base for operating leverage, product investment, and stronger earnings capacity over the next several quarters.
Negative Factors
Weak cash conversion
Negative operating and free cash flow for a second recent year indicates that reported earnings are not consistently converting into cash. Persistent outflows could constrain reinvestment, increase reliance on financing, and reduce the company’s ability to benefit fully from its improving accounting profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery
The rebound in revenue indicates renewed demand for the company’s irrigation solutions and improved commercial traction. Continued top-line expansion would provide a broader base for operating leverage, product investment, and stronger earnings capacity over the next several quarters.
Read all positive factors
Mahindra EPC Irrigation Limited (MAHEPC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.70B
Dividend Yield0.69%
Average Volume (3M)2.18K
Price to Earnings (P/E)28.2
Beta (1Y)1.50
Revenue Growth5.12%
EPS Growth-11.60%
CountryIN
Employees327
SectorGeneral
Sector StrengthN/A
IndustryAgricultural - Machinery
Share Statistics
EPS (TTM)3.41
Shares Outstanding27,950,752
10 Day Avg. Volume2,086
30 Day Avg. Volume2,178
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)1.40
Price to Sales (P/S)0.83
P/FCF Ratio-12.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mahindra EPC Irrigation Limited Business Overview & Revenue Model
Company Description
Mahindra EPC Irrigation Limited specializes in producing and distributing micro-irrigation solutions across India. Their extensive range of drip irrigation offerings includes both online systems, such as drippers and basic lateral pipes, and vario...
How the Company Makes Money
MAHEPC makes money primarily by selling irrigation equipment and related solutions to agricultural customers. Key revenue streams typically include: (1) Sale of micro-irrigation systems: revenue from supplying components and complete systems used ...
Mahindra EPC Irrigation Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.04B | 3.12B | 2.73B | 2.62B | 2.10B | 2.12B |
| Gross Profit | 1.36B | 1.34B | 1.47B | 1.22B | 384.50M | 779.64M |
| EBITDA | 193.60M | 215.90M | 163.50M | 84.20M | -106.30M | -50.03M |
| Net Income | 95.70M | 126.90M | 72.10M | 16.70M | -123.10M | -79.07M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 3.52B | 2.92B | 2.57B | 2.53B | 2.80B |
| Cash, Cash Equivalents and Short-Term Investments | 300.00K | 300.00K | 16.90M | 30.10M | 81.20M | 400.00K |
| Total Debt | 0.00 | 453.10M | 254.00M | 159.00M | 151.50M | 251.91M |
| Total Liabilities | -1.85B | 1.67B | 1.19B | 918.10M | 897.70M | 1.04B |
| Stockholders Equity | 1.85B | 1.85B | 1.73B | 1.65B | 1.63B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | -115.20M | -215.60M | -63.50M | -9.00M | 168.50M | -239.49M |
| Operating Cash Flow | -103.40M | -193.90M | -43.90M | 15.80M | 190.30M | -231.31M |
| Investing Cash Flow | -8.90M | -21.90M | -15.30M | -16.70M | -24.00M | -9.63M |
| Financing Cash Flow | 96.30M | 199.20M | 74.10M | -41.30M | -122.50M | 197.14M |
Mahindra EPC Irrigation Limited Technical Analysis
Negative
104.85
Price Trends
104.28
Negative
110.20
Negative
115.04
Negative
Market Momentum
-2.54
Positive
27.86
Positive
6.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHEPC, the sentiment is Negative. The current price of 104.85 is above the 20-day moving average (MA) of 100.71, above the 50-day MA of 104.28, and below the 200-day MA of 115.04, indicating a bearish trend. The MACD of -2.54 indicates Positive momentum. The RSI at 27.86 is Positive, neither overbought nor oversold. The STOCH value of 6.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MAHEPC.
Mahindra EPC Irrigation Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹298.83B | 21.22 | ― | 1.91% | 17.98% | -41.45% | |
65 Neutral | ₹10.07B | 19.10 | ― | 0.13% | ― | ― | |
65 Neutral | ₹37.80B | 34.45 | ― | 0.58% | 17.02% | -5.12% | |
57 Neutral | ₹6.47B | 25.39 | ― | ― | 11.14% | -8.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹2.70B | 28.24 | ― | 0.69% | 5.12% | -11.60% | |
44 Neutral | ₹20.33B | -25.99 | ― | 6.23% | 8.81% | -248.88% |
* General Sector Average
IN:MAHEPC
Mahindra EPC Irrigation Limited
95.10
-57.15
-37.54%
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IN:JISLDVREQS
Jain Irrigation Systems Limited
18.88
-14.78
-43.91%
IN:RMDRIP
R M Drip And Sprinklers Systems Limited
23.49
-20.25
-46.30%
IN:VSTTILLERS
VST Tillers Tractors Limited
4,340.65
-882.96
-16.90%
IN:INDOFARM
Indo Farm Equipment Ltd.
131.95
-107.70
-44.94%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.