Walchandnagar Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Heavy Engg.: 86.5% • Others: 8.6% • Foundry M/c Shop: 5.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Latest quarter profit grew 111.4% YoY, showing strong momentum
- Operating margins have improved to 5.5% from -3.7%
- Working capital cycle has improved - days down from 118 to 47
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -14.6% over last 3 years
- Company has a low return on capital employed of -0.5%
- Receivables are growing faster than sales - a possible quality concern
- Interest coverage is weak at 0.6x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 433.35 | 62.03 | 150895.22 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 970.60 | 89.95 | 47994.32 | 0.61 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3634.35 | 72.98 | 43305.57 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 35625.15 | 57.15 | 31498.06 | 0.31 | 1507.00 | 1109.47 | 12044.00 | 918.00 | 17.04 | 14.32 |
| JYOTICNC | 1002.85 | 70.89 | 22807.13 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2248.45 | 80.08 | 20407.72 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 577.50 | 54.59 | 18358.64 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2775.95 | 128.99 | 17927.57 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| LLOYDSENGG | 84.28 | 58.44 | 13072.16 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1547.15 | 550.12 | 11623.38 | 0.13 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KRN | 1579.75 | 106.67 | 10340.80 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| WALCHANNAG | 208.70 | 0.00 | 1417.17 | 0.00 | 1.18 | 111.36 | 90.83 | 83.75 | 4.42 | 8.08 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 67 | 88 | 56 | 91 | 79 | 68 | 59 | 53 | 49 | 52 | 81 | 93 | 91 | |
| 69 | 83 | 64 | 86 | 92 | 74 | 65 | 100 | 52 | 55 | 66 | 89 | 97 | |
| Operating Profit | -2 | 5 | -8 | 5 | -13 | -6 | -6 | -47 | -2 | -3 | 15 | 4 | -6 |
| OPM % | -3.35% | 5.80% | -14.29% | 5.76% | -16.19% | -8.99% | -9.62% | -88.73% | -4.79% | -5.85% | 18.90% | 4.46% | -6.37% |
| 7 | 4 | 7 | 4 | 24 | 10 | 3 | 3 | 5 | 4 | 2 | 11 | 7 | |
| Interest | 12 | 13 | 13 | 11 | 11 | 12 | 12 | 9 | 10 | 10 | 10 | 9 | 10 |
| Depreciation | 4 | 4 | 4 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | -11 | -8 | -19 | -4 | -2 | -11 | -17 | -56 | -10 | -12 | 5 | 3 | 1 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -11 | -8 | -19 | -4 | -2 | -11 | -17 | -56 | -10 | -12 | 5 | 3 | 1 |
| -2.48 | -1.77 | -4.05 | -0.57 | -0.31 | -1.99 | -3.09 | -8.32 | -1.54 | -1.76 | 0.69 | 0.43 | 0.17 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 398 | 398 | 364 | 298 | 326 | 299 | 322 | 302 | 259 | 275 | 317 | |
| 350 | 323 | 312 | 281 | 324 | 276 | 356 | 306 | 337 | 260 | 306 | |
| Operating Profit | 48 | 76 | 52 | 17 | 1 | 23 | -34 | -3 | -78 | 15 | 11 |
| OPM % | 12.06% | 18.98% | 14.25% | 5.58% | 0.45% | 7.64% | -10.60% | -1.13% | -30.00% | 5.50% | 3.36% |
| 4 | 9 | 55 | 29 | 44 | 33 | 128 | 26 | 46 | 21 | 23 | |
| Interest | 70 | 77 | 82 | 88 | 79 | 71 | 55 | 50 | 44 | 40 | 39 |
| Depreciation | 36 | 33 | 27 | 23 | 23 | 22 | 19 | 15 | 11 | 11 | 11 |
| Profit before Tax | -54 | -26 | -2 | -65 | -57 | -38 | 20 | -42 | -86 | -15 | -3 |
| Tax % | -46.74% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| Net Profit | -80 | -26 | -2 | -65 | -57 | -38 | 20 | -42 | -86 | -15 | -3 |
| EPS | -20.89 | -6.78 | -0.56 | -17.20 | -15.04 | -10.00 | 4.26 | -7.55 | -12.75 | -2.16 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -10%
- 5 Years:
- -3%
- 3 Years:
- -5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 3%
- 5 Years:
- 25%
- 3 Years:
- 15%
- 1 Year:
- 17%
RETURN ON EQUITY
- 10 Years:
- -14%
- 5 Years:
- -11%
- 3 Years:
- -15%
- Last Year:
- -4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 11 | 13 | 14 |
| 357 | 331 | 328 | 261 | 204 | 169 | 251 | 303 | 356 | 341 | |
| 485 | 484 | 482 | 482 | 473 | 510 | 322 | 281 | 239 | 229 | |
| Trade Payables | 87 | 95 | 95 | 87 | 71 | 76 | 80 | 73 | 64 | 67 |
| 273 | 237 | 254 | 208 | 202 | 171 | 166 | 208 | 200 | 231 | |
| Total Liabilities | 1,209 | 1,155 | 1,166 | 1,046 | 958 | 934 | 828 | 876 | 872 | 881 |
| 388 | 362 | 356 | 344 | 320 | 300 | 283 | 271 | 243 | 263 | |
| Capital Work in Progress | 1 | 2 | 5 | 9 | 4 | 4 | 2 | 1 | 8 | 17 |
| 5 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 192 | 171 | 195 | 235 | 153 | 154 | 132 | 139 | 124 | 138 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 153 | 70 | 86 | |
| Cash & Bank | 18 | 32 | 90 | 43 | 48 | 46 | 54 | 111 | 109 | 75 |
| 604 | 585 | 518 | 416 | 433 | 429 | 358 | 201 | 318 | 302 | |
| Total Assets | 1,209 | 1,155 | 1,166 | 1,046 | 958 | 934 | 828 | 876 | 872 | 881 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 61 | 46 | 142 | 59 | 67 | 21 | 70 | 11 | 16 | -11 | |
| Cash from Investing | -10 | 3 | -49 | 39 | -8 | 26 | 8 | 4 | -15 | -14 |
| Cash from Financing | -66 | -55 | -78 | -121 | -64 | -54 | -85 | 39 | -1 | -10 |
| -14 | -2 | 18 | -24 | -0 | 0 | -1 | 54 | -1 | -35 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -20.90 | -6.79 | -0.56 | -17.20 | -15.04 | -10.01 | 4.26 | -7.55 | -12.75 | -2.16 |
| Book Value (₹) | 95.78 | 89.10 | 88.13 | 70.72 | 55.64 | 46.52 | 56.67 | 56.63 | 54.85 | 52.25 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -11.52 | 2.01 | 6.54 | -11.16 | -9.01 | -4.16 | 8.33 | -4.88 | -11.18 | -0.54 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 12.16% | 21.22% | 29.25% | 18.47% | 13.88% | 18.57% | -3.69% | -1.13% | -30.00% | 5.50% |
| Net Margin % | -18.77% | -6.48% | -0.59% | -21.96% | -17.58% | -12.72% | 6.08% | -13.84% | -33.19% | -5.33% |
| ROE % | -33.36% | -7.34% | -0.63% | -21.66% | -23.81% | -19.59% | 8.95% | -14.57% | -25.17% | -4.05% |
| ROCE % | 2.42% | 6.52% | 10.17% | 3.04% | 3.43% | 5.34% | 12.70% | 1.34% | -7.18% | 4.42% |
| -6.14% | -2.18% | -0.18% | -5.92% | -5.71% | -4.03% | 2.22% | -4.91% | -9.85% | -1.67% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 326 | 334 | 301 | 263 | 229 | 262 | 230 | 204 | 157 | 104 |
| Inventory Days | 203 | 166 | 183 | 263 | 218 | 188 | 162 | 163 | 185 | 173 |
| Payable Days | 198 | 205 | 312 | 399 | 195 | 226 | 166 | 210 | 201 | 214 |
| 331 | 296 | 172 | 127 | 252 | 224 | 226 | 157 | 141 | 63 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.18x | 1.28x | 1.35x | 1.51x | 1.94x | 2.53x | 1.12x | 0.77x | 0.52x | 0.62x |
| Interest Coverage (x) | 0.23x | 0.66x | 0.97x | 0.25x | 0.28x | 0.47x | 1.35x | 0.16x | -0.95x | 0.63x |
| 0.99x | 1.34x | 1.13x | 1.16x | 1.07x | 1.16x | 1.12x | 1.25x | 1.22x | 1.08x | |
| GROWTH | ||||||||||
| Revenue Growth % | -48.37% | 0.13% | -8.62% | -18.13% | 9.26% | -8.12% | 7.65% | -6.13% | -14.28% | 6.18% |
| Operating Profit Growth % | -22.04% | 64.13% | 25.93% | -48.31% | -17.88% | 22.92% | -121.36% | 289.89% | -257.19% | 204.52% |
| Net Profit Growth % | -10.93% | 67.53% | 91.71% | -2958.88% | 12.56% | 33.49% | 151.43% | -313.64% | -105.67% | 82.94% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -277.19% | -68.92% | 83.04% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.58x | 2.81x | 2.52x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 55.54x | -31.77x | 27.98x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-20 - Walchandnagar Industries Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-13 - Walchandnagar Industries Limited has informed the Exchange about Copy of Newspaper Publication made for the Quarter Ended June 30, 2026
2026-08-12 - Walchandnagar Industries Limited has informed the Exchange regarding voting results of Annual General Meeting held on August 11, 2026
2026-08-12 - Walchandnagar Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 11, 2026
2026-08-12 - Walchandnagar Industries Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
2026-08-11 - Walchandnagar Industries Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-08-11 - Walchandnagar Industries Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "Press Released For the Quarter Ended June 30, 2026.".
2026-08-11 - Monitoring Agency Report for the Quarter Ended June 30, 2026.
2026-08-11 - Walchandnagar Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 11, 2026
News
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