The Western Indian Plywoods Ltd.
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ABOUT
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.74x)
- Company has consistently been profitable over the last 5 years
- Working capital cycle has improved - days down from 84 to 68
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Recent results are weak - TTM profit is down 108.6% versus prior year
- A large part of profit comes from other income (58.1% of PBT)
- Company has a low return on equity of 5.1% over last 3 years
- Company has a low return on capital employed of 7.7%
- Promoter holding has decreased over last 2 years: -2.9pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GREENLAM | 233.55 | 64.12 | 5958.97 | 0.17 | 21.24 | 235.20 | 796.70 | 18.24 | 8.38 | 10.02 |
| STYLAMIND | 3334.20 | 33.29 | 5650.82 | 0.00 | 48.16 | 70.35 | 326.47 | 15.37 | 27.05 | 21.09 |
| EUROPRATIK | 250.00 | 29.65 | 2555.00 | 0.08 | 20.05 | 115.65 | 103.33 | 60.13 | 53.39 | 25.79 |
| RUSHIL | 16.09 | 20.72 | 472.11 | 0.31 | 1.98 | 114.09 | 229.00 | 27.82 | 10.20 | 7.95 |
| WIPL | 169.58 | 66.02 | 143.93 | 0.59 | -0.30 | -188.24 | 26.49 | -8.69 | 4.19 | -0.23 |
| AIROLAM | 84.25 | 22.93 | 126.39 | 0.00 | 0.25 | -91.05 | 57.93 | 3.14 | 7.36 | 5.66 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 28 | 32 | 25 | 25 | 31 | 31 | 29 | 29 | 30 | 31 | 28 | 26 | |
| 23 | 26 | 28 | 25 | 24 | 29 | 29 | 27 | 28 | 29 | 29 | 29 | 27 | |
| Operating Profit | 1 | 2 | 3 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | -0 | -1 |
| OPM % | 4.74% | 7.10% | 10.57% | 2.02% | 3.16% | 6.30% | 5.93% | 6.78% | 4.00% | 2.74% | 6.30% | -1.37% | -2.72% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
| Profit before Tax | 1 | 2 | 3 | -0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | -1 | -0 |
| Tax % | 32.31% | 28.39% | 29.93% | -800.00% | 42.31% | 29.58% | 32.82% | 33.62% | 35.85% | 52.50% | 36.15% | -18.18% | -50.00% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 1 | -1 | -0 |
| 0.52 | 1.29 | 2.25 | -0.08 | 0.21 | 1.14 | 1.05 | 0.90 | 0.40 | 0.25 | 1.03 | -0.82 | -0.29 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 86 | 92 | 101 | 97 | 85 | 100 | 108 | 109 | 116 | 119 | 116 | |
| 82 | 90 | 94 | 91 | 81 | 95 | 100 | 102 | 109 | 115 | 115 | |
| Operating Profit | 3 | 2 | 7 | 6 | 4 | 4 | 7 | 7 | 7 | 4 | 2 |
| OPM % | 3.78% | 2.25% | 6.83% | 5.92% | 4.36% | 4.29% | 6.92% | 6.51% | 5.67% | 3.08% | 1.45% |
| 4 | 4 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | |
| Interest | 4 | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 1 | 2 | 2 | 2 |
| Profit before Tax | 1 | -0 | 2 | 2 | -0 | 1 | 5 | 5 | 4 | 1 | 1 |
| Tax % | 90.56% | 15470.69% | 46.12% | 33.81% | -69.85% | 73.16% | 31.17% | 31.46% | 32.40% | 68.92% | 126.03% |
| Net Profit | 0 | 1 | 1 | 1 | -1 | 0 | 3 | 3 | 3 | 0 | -0 |
| EPS | 0.00 | 0.00 | 0.00 | 1.47 | -0.31 | 0.56 | 4.31 | 3.98 | 3.30 | 0.86 | — |
| Dividend Payout % | 237.04% | 0.00% | 62.31% | 0.00% | -256.33% | 142.37% | 23.20% | 30.15% | 36.38% | 116.41% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 7%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -10%
- 5 Years:
- —
- 3 Years:
- -42%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 22%
- 3 Years:
- 7%
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 5%
- 3 Years:
- 5%
- Last Year:
- 1%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 8 | 8 | 8 | 8 |
| Minority Interest | 1 | 1 | 1 | 1 | 0 | 0 | -0 | -0 | -0 | -0 |
| 29 | 29 | 31 | 31 | 31 | 30 | 33 | 35 | 37 | 36 | |
| 29 | 31 | 27 | 22 | 17 | 18 | 17 | 18 | 17 | 8 | |
| Trade Payables | 7 | 6 | 6 | 5 | 5 | 4 | 3 | 5 | 6 | 7 |
| 16 | 9 | 8 | 8 | 7 | 6 | 8 | 10 | 12 | 11 | |
| Total Liabilities | 90 | 84 | 81 | 75 | 68 | 66 | 70 | 76 | 80 | 71 |
| 24 | 23 | 23 | 21 | 21 | 20 | 20 | 23 | 27 | 26 | |
| Capital Work in Progress | 1 | 1 | 0 | 0 | 0 | 1 | 3 | 4 | 0 | 1 |
| 0 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | |
| 38 | 33 | 30 | 27 | 20 | 17 | 15 | 14 | 17 | 17 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 21 | 18 | |
| Cash & Bank | 5 | 6 | 5 | 3 | 4 | 4 | 14 | 11 | 9 | 3 |
| 21 | 20 | 22 | 23 | 23 | 24 | 18 | 6 | 5 | 6 | |
| Total Assets | 90 | 84 | 81 | 75 | 68 | 66 | 70 | 76 | 80 | 71 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 4 | 7 | 8 | 10 | 3 | 16 | 3 | 2 | 7 | |
| Cash from Investing | -1 | 2 | -0 | -1 | -2 | -1 | -3 | -5 | -2 | -2 |
| Cash from Financing | -4 | -5 | -7 | -8 | -7 | -1 | -2 | -0 | -3 | -11 |
| 1 | -0 | -0 | -2 | 1 | -0 | 10 | -2 | -2 | -6 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - The Western India Plywoods Limited has informed the Exchange regarding Demise of Shri P H Kurian, Non- Executive Independent Director of the company on August 26, 2026.
2026-08-27 - The Western India Plywoods Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-08-22 - The Western India Plywoods Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.
2026-08-21 - The Western India Plywoods Limited has informed the Exchange regarding 'Updated Financial results for the quarter ended 30.06.2026'.
2026-08-18 - The Exchange has sought clarification from The Western India Plywoods Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-12 - The Western India Plywoods Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11 - The Western India Plywoods Limited has informed the Exchange regarding Appointment of Mr BIJU BG as Non- Executive Director of the company w.e.f. February 05, 2026.
2026-07-01 - The Western India Plywoods Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-05-25 - The Western India Plywoods Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
News
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The Western Indian Plywoods Ltd.
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