W.S. Industries (India) Ltd.

•

wsindustries.inBSE: 504220NSE: WSI

Market Cap₹ 457 Cr.

Current Price

High / Low₹ 95 / 54

Stock P/E148.5

Book Value₹ 49

Price to Book2.51

Dividend Yield0.00 %

ROCE5.8 %

ROE-12.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Electro-porcelain Products: 100.0%

AI Sector View

AI GENERATED

Construction

Buy

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.

Confidence

80%

View full sector analysis →

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

ConstructionInfrastructureEngineering - Construction

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

S.No.	Name
1.	LT	3966.00	32.89	545668.49	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	212.00	49.14	44202.43	0.33	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1406.55	21.14	24020.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.65	24.87	23733.27	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.70	37.03	22275.70	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	279.45	20.03	15706.27	1.79	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	979.25	26.42	11388.64	0.71	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	813.00	36.82	11253.04	0.37	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	IRCON	119.20	21.41	11210.95	1.59	92.03	-43.92	1955.83	9.49	10.15	9.81
10.	KEC	408.35	19.63	10870.28	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	AFCONS	292.55	74.36	10759.54	0.68	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	WSI	60.25	148.46	457.27	0.00	1.79	31.62	0.43	-98.35	5.81	-600.00

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
	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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.89	60.38	60.38	60.69	60.80	61.13	59.35	51.64	51.67
	0.00	1.06	1.07	1.08	1.08	0.98	0.76	13.67	13.53
	0.12	0.11	0.11	0.11	0.11	0.11	0.11	0.09	0.09
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	36.99	38.45	38.44	38.12	38.01	37.78	39.79	34.60	34.71

Documents

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

2026-09-04

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

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

Resignation

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

Change in Director(s)

2026-09-04 - W S Industries (I) Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-31

Updates

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

Copy of Newspaper Publication

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

Updates

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

Record Date

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

Shareholders meeting

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

Recent coverage and analyst commentary for WSI

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Free 5nance Account

Name

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

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

110

Operating Profit

-2

-0

-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%

Interest

Depreciation

Profit before Tax

-4

-2

Tax %

0.00%

-175.95%

37.82%

16.63%

-521.52%

22.90%

23.60%

19.44%

8.60%

14.80%

4.79%

Net Profit

-24

-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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

326

239

285

228

Operating Profit

-28

-20

-1

-7

-1

OPM %

-396.48%

-1014.21%

24.40%

-315.95%

-427.88%

—

0.17%

12.65%

4.66%

1.37%

Interest

Depreciation

Profit before Tax

-44

-31

-6

-5

-7

-4

Tax %

-1.33%

-0.29%

-0.00%

0.00%

-29.20%

481.72%

13.68%

Net Profit

-45

-31

-6

-5

-7

-4

-18

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Minority Interest

-0

-183

-194

-161

-107

-111

-120

-49

134

412

102

Trade Payables

415

416

351

115

113

107

Total Liabilities

355

302

257

476

239

339

403

170

426

Capital Work in Progress

Cash & Bank

139

199

170

232

191

276

Total Assets

355

302

257

476

239

339

403

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-5

-15

-118

-12

-7

-16

-105

113

-83

Cash from Investing

-35

-7

142

-127

-14

Cash from Financing

-4

153

-103

-10

-5

-2

-0

-21

-12

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

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%

4.17%

12.65%

4.66%

Net Margin %

-623.92%

-1586.74%

-284.83%

-1773.01%

-2460.58%

0.00%

4.00%

14.38%

-7.43%

ROE %

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

193

121

Inventory Days

2228

4179

220

1284

Payable Days

1236

134

115

4273

9208

3000

7608

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%

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%

98.49%

-129.74%

VALUATION

P/E (x)

0.00x

15.99x

0.00x

P/B (x)

0.00x

6.54x

2.51x

Dividend Yield %

0.00%

0.00x

17.92x

32.86x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

62.89

60.38

60.69

60.80

61.13

59.35

51.64

51.67

0.00

1.06

1.07

1.08

0.98

0.76

13.67

13.53

0.12

0.11

0.09

Government

0.00

36.99

38.45

38.44

38.12

38.01

37.78

39.79

34.60

34.71

W.S. Industries (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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W.S. Industries (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI