WPIL Ltd.

•

wpil.co.inBSE: 505872NSE: WPIL

Market Cap₹ 4,249 Cr.

Current Price

High / Low₹ 510 / 384

Stock P/E25.0

Book Value₹ 168

Price to Book2.12

Dividend Yield0.46 %

ROCE17.3 %

ROE13.5 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Pumps & Accessories: 55.9% • Project (Works Contract): 44.1%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

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PROS

Company has delivered good profit growth of 20.6% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 20.1%
Latest quarter profit grew 129.2% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.64x)
Working capital days have increased from 160 to 234 days
Growth is decelerating - 3Y profit CAGR (3.9%) trails the 5Y trend (20.6%)
Expensive relative to growth - PEG of 6.4

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsCompressors / Pumps

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ELGIEQUIP	618.50	43.76	19600.82	0.44	103.30	20.68	1062.20	22.56	24.39	14.79
2.	INGERRAND	4572.00	53.95	14432.89	1.64	70.46	19.46	379.46	20.34	56.31	23.78
3.	KIRLOSBROS	1785.00	37.96	14174.49	0.39	67.60	0.15	1104.90	12.86	19.79	10.56
4.	KSB	802.95	56.92	13974.48	0.55	57.20	-18.75	690.70	3.60	22.98	12.42
5.	KIRLPNU	719.80	35.57	9352.10	0.83	332.00	31.23	3031.00	7.60	28.95	15.04
6.	DYNAMATECH	12095.45	193.60	8214.56	0.08	20.79	93.04	424.81	14.53	8.88	12.97
7.	SHAKTIPUMP	493.65	28.69	6091.54	0.20	51.59	-46.72	858.67	37.94	23.76	9.65
8.	WPIL	435.00	25.05	4248.68	0.46	59.01	129.24	500.54	32.21	17.32	17.29
9.	OSWALPUMPS	282.75	9.61	3223.49	0.00	54.14	-42.82	473.56	-7.86	78.75	15.74
10.	YUKEN	1112.70	96.67	1511.49	0.13	5.21	28.60	134.33	28.48	7.59	11.01
11.	ROTO	64.19	43.66	1209.63	0.30	92.46	1368.32	755.96	1047.48	20.48	20.08
12.	LATTEYS	21.80	35.25	125.34	0.00	1.39	182.11	38.91	59.21	12.97	6.14

Detailed Comparison with:

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
	324	319	431	591	363	491	382	572	379	426	539	511	501
	264	252	361	489	302	387	334	492	329	346	426	435	444
Operating Profit	59	67	70	102	60	104	48	80	49	80	113	76	56
OPM %	18.38%	20.91%	16.24%	17.29%	16.62%	21.26%	12.60%	13.97%	13.00%	18.86%	20.91%	14.90%	11.22%
	4	4	9	11	12	9	11	6	9	13	13	14	12
Interest	7	7	9	7	8	9	11	12	11	13	11	12	9
Depreciation	7	7	8	8	8	8	8	9	9	10	10	11	11
Profit before Tax	49	57	62	98	57	96	40	65	37	71	104	67	79
Tax %	26.17%	28.86%	36.89%	26.35%	27.15%	28.53%	21.56%	137.52%	39.28%	27.87%	32.26%	30.16%	25.55%
Net Profit	0	0	0	0	43	70	37	-24	26	52	76	47	59
	3.04	3.40	4.25	7.02	3.96	6.17	3.21	0.15	2.29	4.20	5.57	4.14	3.47

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
	708	845	1,156	909	995	1,181	1,605	1,664	1,807	1,855	1,977
	658	748	922	789	848	975	1,345	1,366	1,515	1,536	1,651
Operating Profit	50	97	234	120	147	206	261	298	292	318	325
OPM %	7.11%	11.48%	20.24%	13.22%	14.77%	17.44%	16.25%	17.91%	16.18%	17.17%	16.46%
	7	17	21	15	19	13	31	28	38	50	53
Interest	27	22	13	21	23	20	24	31	39	48	45
Depreciation	22	22	19	37	37	37	28	30	33	41	42
Profit before Tax	10	69	223	78	109	163	242	271	267	288	322
Tax %	118.40%	48.11%	29.41%	29.09%	28.05%	27.62%	26.64%	28.74%	52.67%	30.66%	29.20%
Net Profit	-2	36	157	56	78	118	178	193	126	200	228
EPS	7.27	41.03	128.70	57.56	86.19	99.65	193.68	486.34	13.52	16.19	—
Dividend Payout %	27.51%	9.75%	5.83%	13.03%	11.60%	10.04%	10.33%	8.22%	14.80%	12.35%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 66%
5 Years:: 13%
3 Years:: -6%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 17%
3 Years:: 14%
Last Year:: 13%

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	10	10	10	10	10	10	10	10	10	10
Minority Interest	9	4	31	28	47	71	103	310	299	375
	249	284	397	444	533	625	800	1,236	1,362	1,581
	262	161	125	395	293	294	233	204	432	440
Trade Payables	150	193	216	224	252	386	472	459	417	299
	120	337	265	302	373	420	584	409	413	554
Total Liabilities	799	988	1,044	1,403	1,508	1,806	2,202	2,628	2,932	3,259
	180	182	176	449	429	421	467	439	503	654
Capital Work in Progress	2	0	1	1	1	9	9	14	9	2
	14	13	14	13	16	17	20	25	32	42
	194	194	196	259	253	295	342	370	367	362
	0	0	0	0	0	0	0	731	834	996
Cash & Bank	25	32	93	58	152	213	259	629	447	525
	384	566	564	623	657	851	1,105	420	741	678
Total Assets	799	988	1,044	1,403	1,508	1,806	2,202	2,628	2,932	3,259

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
	78	214	191	86	246	169	247	-90	-150	-93
Cash from Investing	-11	-36	-24	-287	-36	-51	-95	529	-334	180
Cash from Financing	-73	-124	-53	199	-143	-35	-102	-88	151	-46
	-21	21	63	-33	51	28	-9	351	-332	41

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.80	70.80	70.80	70.80	70.80	70.80	70.80	70.80	70.80
	5.81	5.68	5.68	5.57	5.54	5.60	5.61	5.62	5.60
	2.62	2.61	2.58	2.56	2.56	2.56	2.57	2.59	2.77
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	20.77	20.91	20.96	21.07	21.11	21.04	21.02	21.00	20.83

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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