Emkay Global Financial' research report on WPIL
Our constructive view on WPIL is underpinned by factors such as the company 1) being a globally well-diversified player, with presence across the value chain in the pump sector; 2) having a strong order book of Rs49bn (+47% YoY), which we believe will lead to a stronger revenue CAGR of 29% over FY26- 28E with pick-up in execution; and 3) likely seeing EBITDA/EPS CAGR of ~32%/41% over FY26-28E, on the back of better revenue mix and increasing high-margin aftermarket + O&M revenue. We expect structural demand tailwinds across water infrastructure, desalination, and wastewater treatment to be key growth drivers for WPIL, going forward.
Outlook
We maintain BUY on WPIL, with unchanged TP of Rs650 (implying ~40% upside).
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WPIL - 2005026 - emkay