- CIN
- U41000GJ2006PLC048214
- ISIN
- —
- Incorporated
- 19 Jul 2006
- Registered state
- Gujarat
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Mahi Water Infrastructure Limited builds and operates water treatment plants and distribution networks under municipal concessions, with 14 operating concessions across Gujarat, Rajasthan and Madhya Pradesh, treating 1,860 million litres a day. Concession revenue is contracted for 20 to 25 years, but municipal counterparties pay more slowly than central ones, so the receivable cycle is the number that matters most here. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Key highlights
- Weighted average concession tenor remaining of 16 years
- Receivable days of 164 — the main operational constraint
- FY2024 figures are provisional pending audit sign-off
- No corporate events disclosed in the last three years
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹1,240.00 Cr
- EBITDA
- ₹342.00 Cr
- PAT
- ₹118.00 Cr
- Net worth
- ₹980.00 Cr
- Total debt
- ₹1,840.00 Cr
- Cash & equivalents
- ₹160.00 Cr
- Operating cash flow
- ₹268.00 Cr
- EPS
- ₹2.57
Management & board
- ASSince 2021
Ananya Sinha
Managing Director & CEO
Has led Mahi Water since 2021 and previously held senior operating roles in the same sector.
- SSSince 2016
Sameer Saxena
Chief Financial Officer
- KSSince 2009
Kavita Saxena
Executive Director — Operations
- IASince 2019
Ira Agarwal
Company Secretary & Compliance Officer
- SNSince 2019
Sanjana Nair
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Provisional | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹1,240 Cr | ₹1,080 Cr | ₹920 Cr | +14.8% |
| EBITDA | ₹342 Cr | ₹296 Cr | ₹248 Cr | +15.5% |
| Profit after tax | ₹118 Cr | ₹96 Cr | ₹74 Cr | +22.9% |
| Earnings per share | ₹2.57 | ₹2.09 | ₹1.61 | — |
| Balance sheet | ||||
| Net worth | ₹980 Cr | ₹880 Cr | ₹796 Cr | +11.4% |
| Total debt | ₹1,840 Cr | ₹1,760 Cr | ₹1,680 Cr | — |
| Cash & equivalents | ₹160 Cr | ₹142 Cr | ₹124 Cr | — |
| Total assets | ₹3,420 Cr | ₹3,180 Cr | ₹2,980 Cr | — |
| Book value per share | ₹21.30 | ₹19.13 | ₹17.30 | — |
| Cash flow | ||||
| Operating cash flow | ₹268 Cr | ₹228 Cr | ₹192 Cr | — |
Scroll the table sideways to see all columns
- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 7 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Provisional — management certified · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹8,372 Cr
- Enterprise value
- ₹10,052 Cr
- Indicative price
- ₹182
- Shares outstanding
- 46,00,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 71.0x
- P/B
- 8.5x
- EV / EBITDA
- 29.4x
- EPS
- ₹2.57
- Book value / share
- ₹21.30
- Debt / equity
- 1.9x
On FY2026 PAT
Returns & margins
- ROE
- 12.0%
- ROCE (EBITDA basis)
- 12.1%
- EBITDA margin
- 27.6%
- PAT margin
- 9.5%
- Revenue growth
- 14.8%
- Cash / market cap
- 1.9%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹182 | +1.78% | Dealer desk average, 2 quotes |
| 20 Aug 2026 | ₹179 | +0.13% | Dealer desk average |
| 20 Jul 2026 | ₹179 | +1.45% | Dealer desk average |
| 20 Jun 2026 | ₹176 | +1.31% | Dealer desk average |
| 20 May 2026 | ₹174 | +3.95% | Dealer desk average |
| 20 Apr 2026 | ₹167 | +2.22% | Dealer desk average |
| 20 Mar 2026 | ₹164 | -0.09% | Dealer desk average |
| 20 Feb 2026 | ₹164 | +0.91% | Dealer desk average |
| 20 Jan 2026 | ₹162 | +1.92% | Dealer desk average |
| 20 Dec 2025 | ₹159 | -0.71% | Dealer desk average |
| 20 Nov 2025 | ₹160 | +1.97% | Dealer desk average |
| 20 Oct 2025 | ₹157 | +1.56% | Dealer desk average |
| 20 Sep 2025 | ₹155 | — | Dealer desk average |
Scroll the table sideways to see all columns
Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
Information currently unavailable
No corporate actions have been recorded for this company in the period we cover.
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
Information currently unavailable
No research has been published on Mahi Water yet. Sector notes that mention it will appear here when they are.
Documents
Information currently unavailable
No documents have been catalogued for this company yet.
Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Counterparty payment
HighMunicipal receivables stretch well beyond contracted terms.
Leverage
HighConcession debt is large relative to equity.
Disclosure quality
MediumOne of the last three years is unaudited.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.