Wpil Ltd (NSE: WPIL) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Prakash Agarwal — Managing Director
Analysts:
Unidentified Participant — Analyst
Balasubrimanian — Analyst
Saket Kapoor — Analyst
Jainam Doshi — Analyst
Nirav Sheth — Analyst
Presentation:
operator
Sa. Sa. Sat. Good day and welcome to WPI Limited Q3 and 9 months FY26 earnings conference call hosted by Ariyant Capital Markets Limited. As a reminder, all participant lines will be in the 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. Bala Subramanian from Arihant Capital Markets Limited. Thank you. And over to you sir.
Balasubrimanian — Analyst
Thank you. Bhumi. Good evening everyone. On behalf of Arigan Capital, I welcome you to the earnings call of WPIL Limited for Q3FY26. From the management side today we have Mr. Prakash Akarwal, Managing Director. Mr. Krishna Kumar Kaneriwala, Executive Director. We welcome the management of WPI Limited on this call. Now I invite the management to give his opening remarks following which we will open floor for Q and A. Over to you sir.
Prakash Agarwal — Managing Director
Thank you. Good evening everyone. It is a pleasure to welcome you all to our earnings conference call for the third quarter and nine months of the financial year 2026. Let me first take you through the financial performance of the company followed by the operational highlights for the quarter under review. Consolidated revenue from operations stood at 539 crores increasing by 41%. YoY EBITDA was 113 crores, up by 134% year on year with EBITDA margins for the quarter at 20.88%. Profit after tax amounted to 76 crores reflecting a rise of 104%. Y&Y and packed margins were at 14.03%.
On a standalone basis. Revenues stood at 204 crores down by 6% year on year while EBITDA stood at 49 crores, rising by 38% and EBITDA margins at 23.83%. Net profit stood at 33 crores, rise of 61%. Y&Y. PAC margins were at 16%. For the nine months under review. Consolidated revenue from operations stood at 1343 crores, up by 9%. Y&Y. EBITDA was 242 crores, rising by 14%. Y&Y with EBITDA margins for the quarter at 18.03%. Profit after tax amounted to 153 crores, up by 2%. Y on Y and PAC margins were at 11.4%. On a standalone basis.
Revenues stood at 561 crores declining by 29% Y on Y while EBITDA stood at 112 crores declining by 18% and EBITDA margins at 19.96%. Net profit 77 crores. PAT margins were at 13.66%. Domestic business for the nine months under review, the product business reported a robust 30% Y on Y revenue growth driven by stronger margins, order booking and the order backlog continued to improve with an order backlog of 428 crore during the period supported by an exceptionally strong inquiry pipeline. This healthy momentum provides clear visibility for medium term revenue growth. The company secured a major breakthrough order for 30 megawatt large pumps for the Rajasthan Eastern Canal project which is a river linking project between Rajasthan and Madhya Pradesh.
While project business remains subdued, O and M activity showed a clear pickup supporting near term revenue stability. Execution of ongoing projects is progressing as planned reflecting continued focus on timely completion and commissioning. The order backlog for the project division stood at 2,080 crores. The government’s budget allocation of 17,000 crores for 2526 and an additional 67,670 crores for 2026227 is expected to provide a significant boost to Jal Jeevan Mission projects moving to the international business. International revenues increased to 822 crores for nine months FY26 representing an 81% Y on Y growth and now contributing 60% of total revenues.
International EBITDA margins improved to 15% for the nine month period supported by a strong performance in Q3. The international order backlog stood at 608 crore for the product business and 2,114 crores for the project business. PCI Africa secured large strategic contracts for the Transkelodean Tunnel project which is about 821 million rand, and the Makassar wastewater project of R 1.1 billion which are expected to drive medium term revenue growth. Grupo Arturia expanded its position in the water segment in MENA region with new contracts. The Australian business outlook is improving driven by announcement of new LNG projects while WPI Thailand delivered record Q3 revenues strengthening its competitive position in the Thai market.
BISA Italy successfully completed legacy contracts and is now actively pursuing new project opportunities. Eigenbau secured a significant contract in Nigeria, further consolidating its strong market presence in the country. These developments position the international portfolio for sustained growth across multiple regions. With this we can proceed to the Question Answer session.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on Their touchtone telephone. If you wish to remove yourself from the question queue, you may press star. And two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Vaneva. Sir, thank you for the opportunity. And thank you for providing us the opportunity to interact and also getting the presentation well before the the concord commenced. So thank you for looking into our request. Sir, can you just reiterate what was. First of all, I’m audible, sir to you. Hello.
Prakash Agarwal
Yes you are. Yes you are audible.
Saket Kapoor
Thank you, sir. Sir, firstly can you reiterate what was the product order book closing position you mentioned? 1080 crore.
Prakash Agarwal
Sorry, this is the product. Yeah. Would be about that much between in domestic and international.
Saket Kapoor
Okay. Because our slide number 17 mentioned at 1036 crore.
Prakash Agarwal
So the product order backlog is 1035 crores with a split of 41% domestic and international 58.7. Yes sir, I just. That’s the number. Okay, so the number is 1035, not 1080. Yeah, 1035. I, I. It is 608. I got figure international and 428. So yeah, 1035. Okay.
Saket Kapoor
Sir. And what would be the execution period for this product order book? By what time we will be execut.
Prakash Agarwal
It varies across different regions.
Saket Kapoor
Okay, but just taking into account the average by what time we will be.
Prakash Agarwal
Possible because there are different product lines with different requirements. Aftermarket is different. So it is varied. Product order backlog is, you know, just what is required. It’s robust, you know, it increases. So therefore there is more opportunities.
Saket Kapoor
Okay. So you have also mentioned in the domestic portfolio about this Rajasthan pump order. Can you give throw some more light on the same, on the, on the quantum. And this is the product business itself about the 30 megawatt large pumps for Rajasthan. And when will this get in the revenue flow? Through the revenues.
Prakash Agarwal
Actually we have been discussing regarding river linking projects. So we had supplied river linking projects for the Kaleswaram project. 30 megawatt which was successfully commissioned a few years ago. And this is a great breakthrough because this is a new large project in Rajasthan and we have the pump orders. So this is a product order and we are executing it for a large contractor.
Saket Kapoor
Okay, and what is the value? Sir.
Prakash Agarwal
The value is about I think 20 crores.
Saket Kapoor
320. And this will get executed over a period of a larger time frame or within.
Prakash Agarwal
These are large projects. Large projects. So they Are. Yeah.
Saket Kapoor
Okay. So now coming to the this our non controlling interest parts. And if you could explain when we look at our profitability, the non controlling interest. So can you explain to us sir what how should investor read into this line item of the non controlling part. And. And how are our stake planned in the various foreign subsidiaries which we have mentioned? I think so. In slide number six, our group business structure.
Prakash Agarwal
I think there is no change. All I can confirm is there is no change in any shareholding structure in this period. And the rest was there in the annual accounts. So you can see from there it’s quite complicated. There are different structures. But primarily we hold our international business through our international subsidiary. So that is. You know, that is where the non controlling stake is.
Saket Kapoor
Okay, a very small point. And then I’ll join the queue also. So when we look at the non controlling part it is 28 of the total profitability. So 75 crore. 75.56 crore is our net profit number and attitude to the non Controlling interest is 21 crore. That is 28%. So just wanted to understand any steps we are taking to create to make these subsidies into wholly owned subsidies. And thereby the entire profit will be attributed to your shareholders at wpi. Or what’s the thought process going ahead?
Prakash Agarwal
It will cost a lot of money. It will cost a lot of money because of the valuation. So I don’t know. We will have to review whether it is a. You know, good for the company.
Saket Kapoor
Okay. And lastly sir, we have always seen post monsoon the period there is pickup in the. In the project part. And also the deliverables for the product also improve. So taking into account that we are in the final quarter now already one month gone. What should be the likely expectation in terms of the revenue growth that we may anticipate for the year to close Both as a whole. If you could give us understanding, sir.
Prakash Agarwal
I think we are on track. I think if you see the nine month performance, we are on track. The only variable there is the domestic project business. Where we have mentioned that the yesterday’s budget has again given allocation for their contribution, the center’s contribution. So that should boost the Jaljeevan mission projects. So we wait to see how that plays out. We will know soon.
Saket Kapoor
Okay. And lastly on the NSC updates that listing. When. When can we expect the list?
Prakash Agarwal
We’re working on it. We are in the process.
Saket Kapoor
We have filed the necessary documents also that that has not been. What stage are we.
Prakash Agarwal
There are certain conditions we have to meet. So we are in the process.
Saket Kapoor
Okay. I Joined the Q Sir, but the color. What I’m trying to understand is that if. If you could just give us some. Some understanding can we can perform for Q4 in terms of the revenue profile. Since now we have a strong international order booking both in the project and the product business. So will that revenue start kicking for the project part also for Q4 or we will be needing preparation time and that revenue will be kicking the next financial year. I am talking about that the orders in Africa that 630 crore and 469 crore in the Mozambique.
Prakash Agarwal
I think the recent orders which have been received and which have a three to four year time horizon will take some time to come into revenue. So that will be. You know the recent orders in South Africa would take some time. But the business as you can see in this quarter is performing very well.
Saket Kapoor
We can look forward for the same. So this is what the trend should be. Yes ma’, am. I am joining only sir said last point on the same.
operator
Let’s keep less questions. Too many questions.
Saket Kapoor
Okay ma’ am sir, I’ll join the queue. Thank you once again and all the best to the team.
operator
Thank you. Our next question comes from the line of Janam Doshi from Chris pms. Please go ahead.
Jainam Doshi
Good evening sir. Congratulations on a good set of numbers. Just wanted to understand like what is our current exposure to the jjm Both in terms of order backlog and in terms of receivables. Like we had around 200, 250 crores outstanding as on 30th September. So what is the current outstanding? And with the increase in the budget allocations when are we expecting the fund flows to happen?
Prakash Agarwal
I think with jgm as you know we have been mentioning that we are reducing our exposure constantly. But at the same time we are reducing our exposure by executing backlog. And we received some funds but most of that is adding to the outstanding. So we are near 300 crores outstanding. Hopefully yesterday’s announcement which gave mention on both sides. One is for the 25, 26 which is February, March, next two months and 67,670 for the next financial year. So this outlook should be translated soon. I’m sure the government is also understanding the criticality of the situation.
But I think we should wait for some. I think they have mentioned a cabinet meeting is to be held. So we should wait for that.
Jainam Doshi
Okay, got it. And the new project orders which are being secured by PCI South Africa are also at similar margins. Like we’ll be able to maintain this 15% EBITDA which we are able to do like overall consolidated basis for the international business.
Prakash Agarwal
Yes, that is our business, you know, that is a business model. So between 15 to 20% is our focus area and all businesses are aligned as you can see even by these results which are primarily coming from Africa. Right.
Jainam Doshi
Also like we have developed products for Navy like drainage and there are also specialized firms which we have developed for lng. So like a lot of activities, activities happening on LNG even in domestic as well as in Australia as you have rightly pointed out. So like what is our outlook like for these particular products and whether going ahead we expect it to contribute meaningfully to our product business?
Prakash Agarwal
Yes, of course. I think you know what we are trying to highlight there is that all our businesses are well positioned and completely aligned to their markets. So the Australian market we executed a large number of refinery projects. Now these LNG projects which were in a hold for some years are being restarted. So the outlook is very good there and in the Indian market, as you said, navy. So our navy contracts are proceeding well and we expect when some new ships are announced we will get more opportunities there. Okay.
Jainam Doshi
Okay, got it. Thank you. Thank you so much.
operator
Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants please limit your questions to two per participant. Our next question comes from the line of Balu Lamkhare from Parami Financial Services Private Limited. Please go ahead.
Unidentified Participant
Yeah. Congratulations Prakashi for the good set of numbers. I had two questions but it has got answered in the previous two questions. So thank you so much for the opportunity. Thank you. Thank you.
operator
Thank you. Our next question comes from the line of Sahil Shah from WPI L Limited. Please go ahead. Sahil, your line has been unmuted. Please go ahead with your question. As there is no response. Sir, can we move on to the next participant?
Prakash Agarwal
Yes, please.
operator
Our next question comes from the line of Rohan Barunwal from 3 Netra Investment Capital. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. My question is was on these. The. Business is actually projected to generate close to 700 crore FY27. So what kind of margins and capital requirement would be needed for the annuity business? And does this business require dedicated working capital and how this. How does it contract structure in terms of project business?
Prakash Agarwal
So the operation and maintenance activity is post the closure of the EPC part. And most of these projects are between 5 to 10 years to 15 years time frame where we will be running these projects. This includes all the. There are obviously costs. There are Electricity costs and consumable costs and manpower costs. So but it allows us to be close to the customer and monitor the project for a period. And that is our intention.
Unidentified Participant
And sir, on the margin side, like what is the associated margin for this kind of projects and how much would be the capital requirement for businesses like annuity, like stream?
Prakash Agarwal
So these are not annuities. So the capital is not. These are O and M, they are not annuity. So okay, the ownership remains with the client. They are handing it as a service contract to us.
Unidentified Participant
Okay sir. And sir, the next question is on the PCI Africa which has secured a large contract. So what is the pipeline for SIM for a similar large ticket projects in Africa and other regions?
Prakash Agarwal
PCI Africa has a very good strong pipeline for new contracts. And you know, that is what our main intention was by focusing on Africa and building an international business so that we have, you know, we are well positioned especially in Africa to take advantage of the opportunities there.
Unidentified Participant
And how does WPI plan to balance growth between NG net products and turnkey project internationally?
Prakash Agarwal
Could you repeat your question?
Unidentified Participant
My question was like how company plan to balance growth between engineered products and turnkey projects internationally.
Prakash Agarwal
So WPL plans to focus, you know, to keep balance as we have been mentioning. So this time as you can see one is the balance between the international which is now 60% roughly and domestic is 40% which is a healthy balance because considering the size of the economies globally. Similarly in product and projects, our idea of projects was to build this capability where we can offer solutions and we can get involved in the operation, maintenance, downstream areas. And we want to keep it at, you know, the product business would be the core and the project business would be balance there.
So I think we are close to the split we are looking at and focus product business would increase. So I think.
Unidentified Participant
Got it. Yes, yes. One last question then I will be joining the queue. Question was like what is the revenue. Contribution between the O and M and the new projects versus the new projects?
Prakash Agarwal
So as the business model matures, the O and M from the present projects as they are getting completed will keep increasing. And as more and more projects come into O and M the percentage will go up. We hope to reach a balance in five years time. If you take it outlook to be at about 25 to 30% from O&M and 70% from OM new contracts.
Unidentified Participant
Got it. So thank you very much. I will join in the queue.
Prakash Agarwal
Thank you.
operator
Thank you. Our next question comes from the line of Mukta Chandani, an individual investor. Please go ahead.
Unidentified Participant
Hello. May I know if I’m audible or not? Hello.
operator
Yes ma’, am, you are audible. Please go ahead with your question.
Unidentified Participant
So first of all, thank you for taking my question. My question relates to PCI Africa’s large contracts which are noted as enhancing medium term visibility. What is the exact revenue recognition timeline for these projects over the next eight quarters? How does the margin profile of these large strategic contracts compared to division’s historical average?
Prakash Agarwal
So the margin profile as we have mentioned would be as between the range of 15 to 20% as per our business model. That’s our targeted margin profile. EBITDA as I’m in EBITDA sense. Secondly, execution wise the projects vary. But if you take it they are three to four years and there will be a peak revenue which is at about, you know, we’re looking at when about 30%. You know, I think peak revenue is around when 30% of the time frame is executed.
Unidentified Participant
Okay. And for the acquired international entities, what are the specific synergy targets set for FY27 and what is the tracking mechanism? Is there a risk of margin delusion as these companies establish scale of execution?
Prakash Agarwal
Could you repeat your question?
Unidentified Participant
Okay. For the acquire international entities, what are the specific synergy targets sets for FY27 like cost, cross selling, procurement and what is the tracking mechanism for you?
Prakash Agarwal
So all our businesses are in the same sectors. We are working in either. The project business primarily works in India, Africa and say the Middle east areas. And in Europe we work in Italy. So this is the area of our project business. And the product business primarily works in say industrial which includes oil and gas, energy, municipal and irrigation. So we work in these segments. They are all in the same area. So that gives us a lot of synergy going forward. And you know these businesses are very strong and we are looking at market share increase.
Most of the markets.
Unidentified Participant
Okay. So my next question. Sorry to interrupt you Ms. Chandani.
operator
Please rejoin the queue for more questions.
Unidentified Participant
Okay, I’ll join.
operator
Thank you. Our next follow up question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Yes, sir. Sir, I missed your outlook for the revenue split between the product and the project business going ahead.
Prakash Agarwal
As I mentioned that they will be in line with the nine month performance.
Saket Kapoor
Correct. And sir, what was the contribution of the O and M for this quarter and for the nine months?
Prakash Agarwal
To be fair, it is just started this year. We have started O and M. So we see good traction coming in from next year. As I mentioned, in five years time from all these projects we will be up to 25 to 30% of the project revenues.
Saket Kapoor
Right. I joined the queue, sir. Thank you.
operator
Thank you. Our next question comes from the line of Praveen Jayaraman from Evander Spark Institutional Equities. Please go ahead.
Unidentified Participant
Good evening, sir. Am I audible? Only one question for myself. All these international contracts which we. For example, the African contracts which we mentioned in Rams, are these entered in current in their local currency and how do we hedge the hedge these currencies against currency risks? So this is the question for myself.
Prakash Agarwal
These businesses are in those geographies. They operate in the same currency of the geography. So therefore there is no need for hedging.
Unidentified Participant
Okay. Okay. So these are separate companies operating there. So we wouldn’t be. But so sorry to interrupt.
Prakash Agarwal
You can go ahead. I was saying that they’re separate companies operating in those geographies. So locally these are local for them.
Unidentified Participant
Yeah. So this has an effect when we try to consolidate in the Indian numbers that time the exchange rate would be having an effect to Horace.
Prakash Agarwal
Correct? Absolutely right.
Unidentified Participant
Okay, so that’s it for myself.
operator
Thank you. Our next question comes from the line of Sahil Shah from WPIL limited. Please go ahead. Mr. Shah, your line has been unmuted. Please go ahead with your question. Due to no response, we move on to the next participant. Our next follow up question is from the line of Jainam Doshi from Chris pms. Please go ahead.
Jainam Doshi
Thank you for the follow up. The large projects which we have secured from South Africa, like we have gotten the contracts from the government itself. And how is the funding? Like are they multilaterally funded or like how is the funding status of the same?
Prakash Agarwal
I think South Africa is investing a large amount of money in water and the government has enough resources for these projects.
Jainam Doshi
Okay, so we have gotten this contacts, right? From the government itself, right?
Prakash Agarwal
Yeah, yeah, yeah. From different. Different agencies.
Jainam Doshi
Okay, you want it? And the for the Italian subsidiaries, like, how is our execution skewed? Like Q3 and Q4 will usually contribute more than Q1 and Q2. Or how is it like placed?
Prakash Agarwal
Typically we find Q4 is a strong quarter. But it varies from geography to geography as you mentioned.
Jainam Doshi
Okay, got it. Got it. Thank you. Thank you so much.
operator
Thank you. Ladies and gentlemen, if you wish to ask questions, you may press Star and one at this time. Our next question comes from the line of Rushaam Gandhi, an individual investor. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Prakash Agarwal
Yes. Yes you are.
Unidentified Participant
So thanks for the opportunity. My question was on the Working Capital Day. So from what I see from the presentation is that Our working capital raises 208 days for. Just wanted to understand are we comfortable with. It’s almost seven months of working capital. Are we comfortable and if we want to improve, what is the management looking at? And second question was in terms of revenue visibility. So right now our order book is around 5000 crores with a quarterly run rate of about 500 crores. So in terms of quality, the management has already highlighted that we are in talks with for some other orders.
So just if you could quantify what is the amount of orders under discussion that those were the two questions. Thanks.
Prakash Agarwal
Regarding working capital days, it is higher right now as if you see the previous trend. That’s primarily due to the money which is blocked in Jal Jeevan projects. So hopefully as we have said, as for budget announcements, this should be relieved in the surely in the next medium term, six months, like three to six months. And that should give us some relief there and get normalized and large projects. We are working in Africa, so. Africa, there are a lot of tenders and projects and we have a very strong company there. So I think a lot of good prospects.
Unidentified Participant
Okay, thanks.
operator
Thank you. A reminder to all the participants, if you wish to ask questions, you may press star and one. Now. Our next question comes from the line of nirav Sheth from MK Global Financial Services Ltd. Please go ahead.
Nirav Sheth
Good afternoon, sir. Congratulations. Big improvement sequentially in your numbers. I have couple of questions. Number one is that now you got established project business in overseas geographies which seems to be doing very well at reasonable margins. When you look at the next three or four years and you know, you got products and you got projects in multiple geographies, do we get the confidence that you know, in terms of revenue, I know you don’t give guidance necessarily, but is it within the realms of possibilities that we can comfortably double the size of the company between three and four years which roughly points to somewhere between 18% to 22% growth rate.
And you also have got O and M revenues kicking in, which will be sizable. The reason I’m asking you this, because there are multiple geographies and multiple product lines and there are different drivers to each of the business. Your own vision for the company, sir, over the next three or five years.
Prakash Agarwal
Thank you. I think our basic thing which we elaborated a few years ago and again we do now is that we have hit a lot of critical thresholds as far as our businesses are concerned. And today we are very happy and proud to have our international business at 60% which we have grown over the last 15 years and it has been a slow growth because it has been on a very consolidated basis. These are now very strong businesses, very well established in their markets so they will exceed the growth rate of those markets. And similarly in the domestic business, we had some hiccups over the last couple of years because of regulatory issues.
However, we find we are very well positioned again because we stuck to the task at hand and kept executing. So be it. Our project business, we are looking at good prospect once things get back on track. And the product business as you can see is growing very well. So I think the outlook is very, very bright and we are very excited about the future.
Nirav Sheth
Excellent. Two quick questions. After our experience in terms of executing projects was JL Jeevan, do you think this is one off in terms of, you know, getting stuck with receivables? Would you explore more opportunities? Because obviously gel Jeevan will continue for a few more years. Are you comfortable in terms of trying to secure more projects over there? Again.
Prakash Agarwal
Yes, I think, you know, we are waiting for things to normalize. What happened, you know, was a, you know, a particular case incident. Don’t want to go into, you know, the details of that. But I’m sure it will get normalized. We are all in, you know, this is a very good mission to deliver water to the people. And I think the challenges also was how to do it better. I think agencies have sorted out the mechanism and we are excited about, you know, when things get back on track. And I think that’s going to happen very quickly now.
Got it.
Nirav Sheth
And last question sir. And the reason I asking this is it’s very unusual. I don’t, I don’t recollect many of the companies in Indian diaspora were able to consistently pull off equations in overseas geographies with any level of success. Very, very few companies and at, at the size of the company that WPIR is there, to me it is an reasonably strong achievement. And anything that you can share with us in terms of, you know, checklist or the filters that you use to, to try and run these acquisitions.
operator
Please rejoin the queue for more questions.
Nirav Sheth
Yeah, this last question.
Prakash Agarwal
So I think this has been one of our major strengths. I think we are, you know, there are certain fundamentals which we are following. One is our margin focus. We are very focused on margins staying in 15 to 20% range and we are not sacrificing margins for growth is one. And secondly, we are completely focused on our business. We are aware of all the opportunities in different geographies and product Lines and we have a huge R and D technology support with us. Great manpower, great manufacturing facilities. So I think we have a lot of strengths which we leverage when we go across geographies and it’s really as you said it’s been very heartening for us to see.
Especially we made two acquisitions in Africa and in Italy. One acquisition, these three acquisitions just about a year time ago and they are performing well. And then we made some acquisitions in the oil and gas space about four, five years ago and they are performing well. So I think it’s very heartening and gives us a lot of confidence to keep being aggressive on the inorganic part.
Nirav Sheth
Excellent. Thank you so much sir and all the best. Thank you.
operator
Thank you. Our next question comes from the line of Sahil Shah from WPI Ltd. Please go ahead. Mr. Shah, your line has been unmuted. Please go ahead with your question. As there is no response we move on to the next participant. Next we have a follow up question from Saket Kapoor from Kapoor and company. Please go ahead.
Saket Kapoor
Yes, probably the. My last question. Hello. A lot of noise sir. Yes. Hello. Yes sir. Sir, when we look at our. When we look at the margin profile for our pumps and accessory segment for this quarter they are at 32%. So any one of in this order book the product mix was there that has resulted in these margins or taking into account what the closing order book of 1038 crore is for the pumps and the accessory segment what should be the margin profile going ahead for this segment?
Prakash Agarwal
Sir, I think we should just stick to our focus of EBITDA between 15 and 20% for all our businesses across all geographies and we’ve been consistently performing in line with that in the last few quarters. Last quarter I think it was mentioned that our margin was lower and we had mentioned that they will be on track. So they are on track now.
Saket Kapoor
Yes sir, you are absolutely on track. Not only on track but we have improved upon. Only point I was trying to consider bringing into my consideration was for nine months also we did revenue in the pumps and accessory at 750 crore and the bottom line Pvt. At 204 crore. So that also translated into a 27 margin outlook for nine months also wherein we are. So I was just wanted to understand is this the new product mix because of which we are posting the higher margins or if you would just elaborate.
Prakash Agarwal
On the same again the same thing that we are focused on keeping margins in that profile and the margins fluctuate different geographies, different product lines and we cannot say the timing of it.
Saket Kapoor
But these are sustainable numbers.
Prakash Agarwal
I think it’s best to use this to stay focused on the fact that we keep our margins in that range because that was a longer period of a company.
Saket Kapoor
Yeah, right, right. Only. Only point was just to deliberate was are these margins sustainable or not? When we are posted for nine months, that should be the new profile for the sale.
Prakash Agarwal
I think you know the timing of recognition, I’m not aware of that. So I think maybe some projects were. Some orders were executed. Sometimes after market is good, some region is good. So I think it’s best to stay focused on the overall picture.
Saket Kapoor
Correct, sir. But we are now poised for better performance going ahead. That should be the sum and substance of what we have been eyeing now. And we should be cementing our position going ahead also. Okay, that. That feedback, we can very well take that clarion call from the management team today.
Prakash Agarwal
Okay.
Saket Kapoor
Sir, I was just retweeting the fact. Am I correct on my assumption?
Prakash Agarwal
I. I can only say, you know, you’re keeping on repeating that I think we are in track. The numbers speak for itself and the outlook. You have all the figures there and you know we mentioned that. But you know, you have to understand that there are a lot of things which happen over a period of time. Fluctuations. Like we are very positive about the jal. Jeevan. You know what we heard yesterday on the budget and we hope it’s realized. But we have been waiting for now more than a year for this. I think that should be kept in mind while being optimistic.
Saket Kapoor
Correct, sir. Thank you once again, sir. And all the best to the team.
Prakash Agarwal
Thank you.
operator
Thank you. As there are no further questions, I would now like to hand the conference over to management for closing comments.
Prakash Agarwal
Thank you all for participating in this earnings conference call. I hope we were able to answer your question satisfactorily and at the same time offer insight insights into our business. If you have any further questions or would like to know more about the company, please reach out to our investor relations manager at Valorium. Thank you. Good evening.
operator
Thank you. On behalf of arihant Capital Markets Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.