ICICI Securities Ltd | Retail Equity Research We attended the AGM of EPC Industrie (EPC) at Nashik on July 28, 2017 and met the senior management to improve our understanding on the company and domestic micro irrigation industry (MIS), in general. We were impressed by the management's vision to catapult EPC into the top three MIS player by 2020 amid robust domestic opportunity (penetration at ~8 million hectares vs. medium term potential of ~17 million hectares). The performance of EPC in FY17 was muted primarily on account of deregistration in its key state of Maharashtra, which would have otherwise...