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 1.27x)
- Company has been maintaining a healthy dividend payout of 34.9%
- 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 20.7% versus prior year
- Company has a low return on equity of 6.1% over last 3 years
- Company has a low return on capital employed of 8.3%
- Promoter holding has decreased over last 2 years: -2.9pp
- Company has delivered a poor sales growth of 7.1% over past five years
- Operating margins have contracted to 4.3% from 7.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GREENLAM | 242.30 | 66.53 | 6182.23 | 0.17 | 21.24 | 235.20 | 796.70 | 18.24 | 8.38 | 10.02 |
| STYLAMIND | 3326.50 | 33.21 | 5637.77 | 0.00 | 48.16 | 70.35 | 326.47 | 15.37 | 27.05 | 21.09 |
| EUROPRATIK | 259.30 | 30.75 | 2650.05 | 0.08 | 20.05 | 115.65 | 103.33 | 60.13 | 53.39 | 25.79 |
| RUSHIL | 16.30 | 20.99 | 478.27 | 0.31 | 1.98 | 114.09 | 229.00 | 27.82 | 10.20 | 7.95 |
| WIPL | 162.05 | 63.09 | 137.54 | 0.62 | -0.30 | -188.24 | 26.49 | -8.69 | 4.19 | -0.23 |
| AIROLAM | 86.68 | 23.59 | 130.04 | 0.00 | 0.25 | -91.05 | 57.93 | 3.14 | 7.36 | 5.66 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 28 | 31 | 25 | 25 | 31 | 31 | 29 | 29 | 29 | 31 | 28 | 27 | |
| 22 | 26 | 28 | 24 | 24 | 29 | 29 | 27 | 28 | 28 | 29 | 28 | 27 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 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 | 0 | 0 | 0 | 0 | 0 |
| 1 | 2 | 3 | 0 | 0 | 2 | 1 | 1 | 1 | 1 | 2 | 0 | 0 | |
| Tax % | 28.38% | 27.85% | 29.39% | 30.77% | 30.56% | 27.10% | 31.16% | 28.36% | 27.14% | 27.63% | 30.32% | 32.56% | 27.78% |
| Net Profit | 1 | 1 | 2 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| 1 | 1 | 2 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | |
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 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% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 81 | 88 | 98 | 92 | 83 | 99 | 107 | 108 | 115 | 118 | 115 | |
| 77 | 85 | 90 | 86 | 78 | 93 | 99 | 100 | 108 | 113 | 112 | |
| Operating Profit | 5 | 6 | 8 | 7 | 5 | 5 | 8 | 8 | 7 | 6 | — |
| OPM % | 6 | 7 | 8 | 7 | 6 | 6 | 8 | 8 | 6 | 5 | — |
| Other Income | 1 | 3 | 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 | 2 | 2 | 1 | 1 | 2 | 2 | 2 |
| 2 | 1 | 3 | 2 | 1 | 2 | 6 | 5 | 5 | 3 | 3 | |
| Tax % | 36 | -82 | 29 | 27 | 22 | 28 | 28 | 29 | 29 | 29 | 30 |
| Net Profit | 1 | 2 | 2 | 2 | 1 | 1 | 4 | 4 | 3 | 2 | 2 |
| EPS | 0 | 0 | 0 | 2 | 1 | 2 | 5 | 5 | 4 | 3 | — |
| Dividend Payout % | 44 | 0 | 36 | 0 | 68 | 48 | 21 | 27 | 31 | 35 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 2 | 3 | 2 | 1 | 2 | 5 | 5 | 4 | 3 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 3%
- 5 Years:
- 7%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- 19%
- 3 Years:
- -16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 21%
- 3 Years:
- 5%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 6%
- 3 Years:
- 6%
- 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| 32 | 33 | 36 | 36 | 37 | 37 | 40 | 43 | 45 | 46 | |
| 25 | 13 | 11 | 7 | 2 | 4 | 6 | 7 | 8 | 3 | |
| Trade Payables | 7 | 6 | 5 | 5 | 5 | 4 | 4 | 4 | 6 | 7 |
| 19 | 25 | 23 | 22 | 20 | 19 | 18 | 16 | 16 | 13 | |
| Total Liabilities | 92 | 87 | 84 | 78 | 73 | 72 | 77 | 79 | 84 | 77 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 17 | 17 | 16 | 15 | 16 | 15 | 15 | 18 | 18 | 17 | |
| Capital Work in Progress | 1 | 1 | 0 | 0 | 0 | 1 | 3 | 0 | 0 | 1 |
| 11 | 11 | 11 | 11 | 12 | 11 | 12 | 12 | 12 | 12 | |
| 38 | 33 | 28 | 25 | 19 | 16 | 14 | 13 | 16 | 17 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 23 | 21 | |
| Cash & Bank | 5 | 6 | 5 | 3 | 4 | 4 | 13 | 10 | 9 | 3 |
| 20 | 19 | 22 | 22 | 23 | 25 | 20 | 5 | 5 | 6 | |
| Total Assets | 92 | 87 | 84 | 78 | 73 | 72 | 77 | 79 | 84 | 77 |
| Total Debt | 32 | 30 | 27 | 22 | 17 | 18 | 17 | 16 | 15 | 6 |
| Net Working Capital | 17 | 31 | 32 | 35 | 32 | 32 | 33 | 28 | 31 | 30 |
| Contingent Liabilities | 2 | 1 | 1 | 1 | 1 | 3 | 8 | 7 | 8 | 8 |
| Book Value per Share | 47.57 | 49.23 | 51.88 | 51.99 | 53.21 | 53.35 | 57.23 | 60.33 | 63.28 | 64.56 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 4 | 7 | 7 | 10 | 2 | 16 | 3 | 2 | 7 | |
| Cash from Investing | -1 | 2 | -0 | -0 | -2 | -1 | -4 | -3 | -1 | -3 |
| Cash from Financing | -4 | -5 | -7 | -8 | -7 | -1 | -2 | -4 | -3 | -10 |
| 0 | 0 | -1 | -1 | 1 | 0 | 10 | -4 | -2 | -6 | |
| Free Cash Flow | 6 | 2 | 6 | 6 | 7 | 1 | 13 | 1 | 1 | 5 |
| OCF / Net Profit | 4.34 | 2.00 | 3.10 | 4.09 | 9.59 | 1.64 | 3.87 | 0.84 | 0.71 | 2.69 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 27 | 21 | 32 | 27 | 22 | 20 |
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 (₹) | 1.60 | 2.17 | 2.53 | 1.97 | 1.18 | 1.67 | 4.87 | 4.50 | 3.87 | 2.87 |
| Book Value (₹) | 47.57 | 49.23 | 51.88 | 51.99 | 53.21 | 53.35 | 57.23 | 60.33 | 63.28 | 64.56 |
| Dividend per Share (₹) | 0.70 | 0.00 | 0.90 | 0.00 | 0.80 | 0.80 | 1.00 | 1.20 | 1.20 | 1.00 |
| Cash EPS (₹) | 4.01 | 4.57 | 4.95 | 4.50 | 3.88 | 4.16 | 6.39 | 6.24 | 5.79 | 4.85 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 5.67% | 6.40% | 8.27% | 7.30% | 6.29% | 5.53% | 7.92% | 7.03% | 5.85% | 4.33% |
| Net Margin % | 1.52% | 2.04% | 2.20% | 1.81% | 1.20% | 1.44% | 3.87% | 3.55% | 2.87% | 2.07% |
| ROE % | 3.43% | 4.48% | 5.01% | 3.80% | 2.24% | 3.13% | 8.81% | 7.66% | 6.27% | 4.48% |
| ROCE % | 7.81% | 6.42% | 8.46% | 6.74% | 4.64% | 5.36% | 11.13% | 10.00% | 8.45% | 6.58% |
| 1.51% | 2.07% | 2.53% | 2.07% | 1.33% | 1.95% | 5.55% | 4.93% | 4.04% | 3.03% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 56 | 56 | 58 | 67 | 75 | 70 | 60 | 58 | 68 | 69 |
| Inventory Days | 152 | 143 | 114 | 107 | 98 | 66 | 52 | 46 | 47 | 51 |
| Payable Days | 81 | 60 | 50 | 53 | 54 | 40 | 32 | 34 | 43 | 47 |
| 127 | 139 | 121 | 120 | 119 | 96 | 80 | 70 | 72 | 73 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.80x | 0.73x | 0.61x | 0.49x | 0.37x | 0.39x | 0.35x | 0.31x | 0.28x | 0.11x |
| Interest Coverage (x) | 1.60x | 1.28x | 1.99x | 2.00x | 1.77x | 2.45x | 4.95x | 5.27x | 5.24x | 5.19x |
| 1.39x | 2.18x | 2.44x | 3.05x | 3.67x | 3.54x | 3.11x | 2.55x | 2.39x | 2.73x | |
| GROWTH | ||||||||||
| Revenue Growth % | -4.19% | 8.50% | 11.34% | -5.70% | -9.68% | 18.10% | 8.24% | 0.95% | 6.42% | 2.64% |
| Operating Profit Growth % | -39.45% | 13.47% | 40.70% | -16.73% | -22.15% | 3.80% | 55.03% | -4.10% | -9.32% | -19.06% |
| Net Profit Growth % | -24.85% | 35.55% | 16.92% | -22.12% | -40.35% | 41.75% | 191.79% | -7.50% | -14.01% | -25.99% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -7.50% | -14.01% | -25.99% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 33.96x | 46.59x | 50.42x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.54x | 2.85x | 2.24x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.78% | 0.67% | 0.69% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 16.76x | 21.70x | 21.22x |
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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