W.S. Industries (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Electro-porcelain Products: 100.0%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Latest quarter profit grew 31.6% YoY, showing strong momentum
- Institutional investors have been accumulating - FII+DII up 12.4pp
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (86.0% of PBT)
- Promoter holding has decreased over last 2 years: -11.2pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.28x)
- Interest coverage is weak at 1.5x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3966.00 | 32.89 | 545668.49 | 0.96 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 212.00 | 49.14 | 44202.43 | 0.33 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1406.55 | 21.14 | 24020.01 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.65 | 24.87 | 23733.27 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1296.70 | 37.03 | 22275.70 | 0.23 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 279.45 | 20.03 | 15706.27 | 1.79 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 979.25 | 26.42 | 11388.64 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 813.00 | 36.82 | 11253.04 | 0.37 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 119.20 | 21.41 | 11210.95 | 1.59 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 408.35 | 19.63 | 10870.28 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 292.55 | 74.36 | 10759.54 | 0.68 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| WSI | 60.25 | 148.46 | 457.27 | 0.00 | 1.79 | 31.62 | 0.43 | -98.35 | 5.81 | -600.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 81 | 110 | 89 | 72 | 62 | 66 | 40 | 26 | 24 | 21 | 21 | 0 | |
| 41 | 68 | 95 | 81 | 64 | 56 | 68 | 40 | 23 | 22 | 21 | 17 | 5 | |
| Operating Profit | 5 | 13 | 15 | 8 | 7 | 6 | -2 | -0 | 3 | 2 | -0 | 4 | -5 |
| OPM % | 11.11% | 15.74% | 14.03% | 8.84% | 10.17% | 10.04% | -3.58% | -0.93% | 12.67% | 10.06% | -1.26% | 17.38% | -1134.88% |
| 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 6 | |
| Interest | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 5 | 11 | 14 | 6 | 6 | 5 | -4 | -2 | 2 | 0 | -2 | 3 | 2 |
| Tax % | 0.00% | 0.00% | 0.00% | -175.95% | 37.82% | 16.63% | -521.52% | 22.90% | 23.60% | 19.44% | 8.60% | 14.80% | 4.79% |
| Net Profit | 0 | 0 | 0 | 0 | 4 | 4 | -24 | -2 | 1 | 0 | -2 | 3 | 2 |
| 1.05 | 2.53 | 2.95 | 3.45 | 0.67 | 0.64 | -4.04 | -0.34 | 0.19 | 0.01 | -0.34 | 0.39 | 0.24 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 2 | 2 | 0 | 0 | 0 | 0 | 80 | 326 | 239 | 66 | |
| 35 | 22 | 2 | 1 | 1 | 7 | 1 | 80 | 285 | 228 | 65 | |
| Operating Profit | -28 | -20 | 1 | -1 | -1 | -7 | -1 | 0 | 41 | 11 | 1 |
| OPM % | -396.48% | -1014.21% | 24.40% | -315.95% | -427.88% | — | — | 0.17% | 12.65% | 4.66% | 1.37% |
| 1 | 2 | 2 | 9 | 0 | 0 | 0 | 8 | 2 | 4 | 10 | |
| Interest | 5 | 4 | 0 | 5 | 0 | 0 | 3 | 4 | 6 | 8 | 9 |
| Depreciation | 12 | 9 | 9 | 9 | 4 | 0 | 0 | 0 | 1 | 2 | 2 |
| Profit before Tax | -44 | -31 | -6 | -6 | -5 | -7 | -4 | 3 | 36 | 5 | 3 |
| Tax % | -1.33% | -0.29% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -29.20% | 481.72% | 13.68% |
| Net Profit | -45 | -31 | -6 | -6 | -5 | -7 | -4 | 3 | 47 | -18 | 3 |
| EPS | -21.79 | -5.01 | 14.52 | -85.86 | -23.54 | -3.59 | -22.98 | 5.59 | 9.33 | -2.77 | — |
| 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:
- 33%
- 5 Years:
- 309%
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 18%
- 5 Years:
- 50%
- 3 Years:
- -18%
- 1 Year:
- -20%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 10%
- 3 Years:
- 16%
- Last Year:
- -12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 21 | 21 | 21 | 26 | 26 | 26 | 26 | 42 | 50 | 63 | |
| Minority Interest | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| -183 | -194 | -161 | -107 | -111 | -120 | -49 | 18 | 84 | 134 | |
| 30 | 8 | 18 | 412 | 16 | 30 | 36 | 65 | 92 | 102 | |
| Trade Payables | 51 | 49 | 28 | 29 | 30 | 30 | 10 | 27 | 45 | 26 |
| 415 | 416 | 351 | 115 | 113 | 107 | 59 | 87 | 67 | 77 | |
| Total Liabilities | 355 | 302 | 257 | 476 | 73 | 73 | 82 | 239 | 339 | 403 |
| 170 | 93 | 84 | 426 | 0 | 0 | 0 | 1 | 6 | 7 | |
| Capital Work in Progress | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 3 |
| 44 | 2 | 1 | 1 | 0 | 0 | 0 | 4 | 19 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85 | 74 | |
| Cash & Bank | 1 | 6 | 1 | 2 | 0 | 0 | 23 | 3 | 39 | 33 |
| 139 | 199 | 170 | 46 | 73 | 72 | 59 | 232 | 191 | 276 | |
| Total Assets | 355 | 302 | 257 | 476 | 73 | 73 | 82 | 239 | 339 | 403 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5 | 4 | -15 | -118 | -12 | -7 | -16 | -105 | 113 | -83 | |
| Cash from Investing | 1 | 3 | 0 | -35 | 0 | -7 | 142 | 21 | -127 | -14 |
| Cash from Financing | -4 | -4 | 10 | 153 | 10 | 14 | -103 | 62 | 50 | 84 |
| -10 | 5 | -5 | 1 | -2 | -0 | 22 | -21 | 36 | -12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -20.62 | 20.86 | 15.12 | -85.38 | -23.14 | -3.19 | -22.62 | 4.70 | 9.33 | -2.77 |
| Book Value (₹) | -108.56 | -112.90 | -97.55 | -41.64 | -43.36 | -46.55 | -16.45 | 9.60 | 22.80 | 28.05 |
| 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 (₹) | -15.70 | -10.43 | 1.30 | 1.31 | -0.34 | -2.51 | -1.50 | 0.81 | 9.47 | -2.48 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -379.99% | -918.03% | 123.87% | 2558.28% | -425.48% | 0.00% | 0.00% | 4.17% | 12.65% | 4.66% |
| Net Margin % | -623.92% | -1586.74% | -284.83% | -1773.01% | -2460.58% | 0.00% | 0.00% | 4.00% | 14.38% | -7.43% |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 60.61% | -12.13% |
| ROCE % | -31.78% | -32.60% | -7.66% | -0.36% | -2.73% | 0.00% | -2.41% | 9.77% | 28.51% | 5.81% |
| -11.98% | -9.52% | -2.30% | -1.58% | -1.86% | -9.04% | -5.10% | 1.99% | 16.25% | -4.79% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 2046 | 6265 | 2780 | 6324 | 0 | 0 | 0 | 193 | 94 | 121 |
| Inventory Days | 2228 | 4179 | 220 | 1284 | 0 | 0 | 0 | 16 | 12 | 23 |
| Payable Days | 0 | 1236 | 0 | 0 | 0 | 0 | 0 | 134 | 80 | 115 |
| 4273 | 9208 | 3000 | 7608 | 0 | 0 | 0 | 76 | 27 | 29 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -1.46x | -1.30x | -1.51x | -5.01x | -0.87x | -0.93x | -2.45x | 1.60x | 0.62x | 0.47x |
| Interest Coverage (x) | -7.34x | -7.02x | -148.30x | -0.18x | -242.71x | 0.00x | -0.13x | 1.74x | 7.00x | 1.55x |
| 0.39x | 0.30x | 0.27x | 0.14x | 0.13x | 0.08x | 0.65x | 0.73x | 1.18x | 1.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | -47.46% | -72.43% | 15.59% | -85.54% | -36.20% | -100.00% | 0.00% | 0.00% | 309.65% | -26.76% |
| Operating Profit Growth % | -76.54% | 33.77% | 115.45% | 198.71% | -110.61% | -645.76% | 93.38% | 861.10% | 1212.99% | -65.35% |
| Net Profit Growth % | 3.41% | 30.28% | 79.45% | 9.97% | 11.45% | -28.98% | 40.42% | 181.03% | 1372.86% | -137.81% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 98.49% | -129.74% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 15.99x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.54x | 2.51x |
| 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 | 0.00x | 17.92x | 32.86x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - W S Industries (I) Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-04 - W S Industries (I) Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-09-04 - W S Industries (I) Limited has informed the Exchange regarding Resignation of Ms Rajendran Stella Isabella as Non- Executive Independent Director of the company w.e.f. September 04, 2026.
2026-09-04 - W S Industries (I) Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-31 - W S Industries (I) Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, on Order passed by the Central Government Industrial Tribunal-cum-Labour Court, Chennai '.
2026-08-28 - W S Industries (I) Limited has informed the Exchange about Copy of Newspaper Publication for dispatch of Notice of 63rd Annual General Meeting of the Company.
2026-08-27 - W S Industries (I) Limited has informed the Exchange regarding 'Intimation U/R 36 (1) (a) And (b) Reg. Circulation of Annual Report.'.
2026-08-27 - W S Industries (I) Limited has informed the Exchange that Record date for the purpose of Meeting is 15-Sep-2026.
2026-08-27 - W S Industries (I) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
News
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