Shares of WPIL Ltd (BSE: WPIL) rose in early trade after the engineering and water infrastructure company reported higher revenue and profit for the December quarter, supported by strong growth in its international business and margin expansion.
The stock has traded in a 52-week range of INR345.6 to INR768.0 and has declined sharply from its peak, reflecting volatility in capital goods and infrastructure stocks. Shares have stabilized in recent weeks after a prolonged correction from mid-2025 highs.
Quarterly Financial Performance
WPIL reported consolidated revenue of INR5.39 billion for the third quarter ended Dec. 31, up 41.2% from a year earlier and 26.5% sequentially, according to its earnings presentation.
EBITDA rose to INR1.13 billion, compared with INR481 million a year earlier. The EBITDA margin expanded to 20.9% from 12.6%, driven by improved product mix and higher contribution from international operations.
Net profit increased to INR756 million, from INR371 million in the same quarter last year. Profit margins improved to 14.0% from 9.7%.
Standalone revenue declined 6% year-on-year to INR2.04 billion, but margins improved sharply. Standalone EBITDA margin rose to 23.8% from 15.1%, while net profit increased 61% to INR327 million, reflecting cost controls and operating leverage.
Nine-Month and Year-on-Year Performance
For the nine months ended December, consolidated revenue rose 8.8% year on year to INR13.43 billion.
EBITDA increased 13.9% to INR2.42 billion, while the EBITDA margin improved to 18.0% from 17.2% a year earlier.
Nine-month net profit rose marginally to INR1.53 billion, compared with INR1.50 billion in the prior-year period. Profit margin declined slightly to 11.4% from 12.2%, reflecting higher depreciation and finance costs.
International operations accounted for 61% of nine-month revenue, compared with 37% a year earlier, underscoring the company’s growing overseas exposure.
Order Book and Business Mix
WPIL said its product business revenues rose 30% year-on-year for the nine-month period, supported by record order bookings and a strong enquiry pipeline.
The company received a major domestic order for 30 MW large pumps for the Rajasthan Eastern Canal River Linking Project.
International project momentum improved during the quarter. The company’s African subsidiary secured large contracts, including the Trans Caledon Tunnel Project and the Macassar Wastewater Project, lifting the international project order book to INR21.1 billion.
Total project order backlog stood at INR41.9 billion, with a near-even split between domestic and international markets.
Margins, Balance Sheet and Cash
Management said international EBITDA margins improved to 15% for the nine-month period, supported by scale benefits and better execution.
The company reported zero net debt, with improving return ratios and a stronger cash position, helping cushion against input cost volatility.
Sector and Macro Context
Indian capital goods and infrastructure stocks have remained volatile amid uneven project execution, higher financing costs, and global demand uncertainty. Broader market sentiment has also been affected by pressure on high-growth SaaS and software stocks, where investors have shifted focus toward earnings visibility and cash generation, influencing risk appetite across mid-cap equities. WPIL said it remains focused on expanding its global footprint, improving execution in turnkey water projects, and maintaining margin discipline.