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 | 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
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 | 1 | 2 | 3 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 1 | -0 |
| OPM % | 5.22% | 7.38% | 10.92% | 3.13% | 3.55% | 6.51% | 5.74% | 7.13% | 4.20% | 3.50% | 6.69% | 2.51% | -0.60% |
| 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 |
| Profit before Tax | 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 |
| 0.62 | 1.35 | 2.32 | 0.21 | 0.29 | 1.33 | 1.13 | 1.13 | 0.60 | 0.65 | 1.28 | 0.34 | 0.31 |
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 | 4 | 3 | 8 | 6 | 5 | 5 | 8 | 8 | 7 | 5 | 4 |
| OPM % | 5.22% | 3.38% | 7.74% | 6.57% | 5.99% | 5.22% | 7.28% | 7.03% | 5.85% | 4.33% | 3.17% |
| 3 | 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 | 2 | 2 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | 2 | 1 | 3 | 2 | 1 | 2 | 6 | 5 | 5 | 3 | 3 |
| Tax % | 35.55% | -81.96% | 28.70% | 27.06% | 22.26% | 28.37% | 27.65% | 28.89% | 29.03% | 29.37% | 29.68% |
| Net Profit | 1 | 2 | 2 | 2 | 1 | 1 | 4 | 4 | 3 | 2 | 2 |
| EPS | 0.00 | 0.00 | 0.00 | 1.97 | 1.18 | 1.67 | 4.87 | 4.50 | 3.87 | 2.87 | — |
| Dividend Payout % | 43.77% | 0.00% | 35.51% | 0.00% | 67.94% | 47.93% | 20.53% | 26.64% | 30.98% | 34.88% | — |
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:
- 22%
- 3 Years:
- 7%
- 1 Year:
- 1%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| 32 | 33 | 36 | 36 | 37 | 37 | 40 | 43 | 45 | 46 | |
| 30 | 30 | 27 | 22 | 17 | 18 | 17 | 14 | 14 | 6 | |
| Trade Payables | 7 | 6 | 5 | 5 | 5 | 4 | 4 | 4 | 6 | 7 |
| 14 | 8 | 8 | 7 | 6 | 6 | 7 | 9 | 10 | 9 | |
| Total Liabilities | 92 | 87 | 84 | 78 | 73 | 72 | 77 | 79 | 84 | 77 |
| 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 4 | 7 | 8 | 10 | 3 | 17 | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
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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