W.S. Industries (India) Ltd.

•

wsindustries.inBSE: 504220NSE: WSI

Market Cap₹ 465 Cr.

Current Price

High / Low₹ 95 / 54

Stock P/E198.9

Book Value₹ 67

Price to Book0.94

Dividend Yield0.00 %

ROCE2.1 %

ROE0.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2020 • Turnkey Projects: 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

Company has a good return on equity (ROE) track record: 3 Years ROE 35.7%
Company has a healthy return on capital (ROCE) of 27.0%
Latest quarter profit grew 43.1% YoY, showing strong momentum
Operating margins have improved to 10.5% from 4.2%
Institutional investors have been accumulating - FII+DII up 12.4pp
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (78.2% of PBT)
Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -11.2pp
Operating cash flow has been negative in recent years
Interest coverage is weak at 1.3x - earnings barely cover interest
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.16x)

* 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	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	WSI	61.31	151.08	465.31	0.00	1.79	31.62	0.43	-98.35	3.38	-600.00

Detailed Comparison with:

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
	46	81	110	89	72	62	66	40	26	24	21	21	0
	41	68	95	80	62	56	68	39	23	22	21	17	5
Operating Profit	5	13	15	9	10	6	-2	0	3	3	-0	4	-4
OPM %	11.11%	15.74%	14.03%	10.22%	13.71%	10.17%	-3.43%	0.50%	12.90%	10.60%	-0.63%	17.67%	-1018.60%
	1	0	0	115	0	0	1	1	1	0	0	1	6
Interest	2	1	2	2	1	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	122	8	5	-4	-2	2	0	-2	3	2
Tax %	0.00%	0.00%	0.00%	-8.67%	27.24%	17.04%	-513.44%	27.53%	25.45%	23.33%	8.37%	15.92%	4.86%
Net Profit	5	11	14	133	6	4	-24	-1	1	0	-2	2	2
	1.05	2.53	2.95	28.83	1.11	0.61	-4.11	-0.23	0.15	-0.01	-0.37	0.36	0.22

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
	1	2	0	0	0	0	80	326	239	92	66
	19	2	1	1	7	0	80	284	225	82	64
Operating Profit	-17	1	-1	-1	-7	-0	0	43	14	10	2
OPM %	-1189.07%	24.62%	-297.85%	-356.73%	—	—	0.18%	13.03%	6.03%	10.48%	2.61%
	2	2	9	0	0	0	8	117	2	2	8
Interest	0	0	5	0	0	3	4	6	7	8	7
Depreciation	9	9	9	4	0	0	0	1	2	2	2
Profit before Tax	-25	-6	-6	-5	-7	-4	3	153	7	3	3
Tax %	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	0.00%	-6.95%	314.17%	29.18%	15.52%
Net Profit	-25	-6	-6	-5	-7	-4	3	163	-15	2	2
EPS	-1.97	14.54	-85.83	-23.47	-3.58	-22.99	5.60	32.45	-2.41	0.24	—
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:: 35%
5 Years:: —
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -17%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 51%
3 Years:: -18%
1 Year:: -17%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 21%
3 Years:: 36%
Last Year:: 0%

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
	21	21	26	26	26	26	42	50	63	76
	-137	-105	-51	-111	-120	-49	18	201	253	430
	8	18	5	16	30	36	65	62	74	54
Trade Payables	49	28	29	30	30	10	27	45	25	15
	412	347	115	113	107	59	87	64	74	46
Total Liabilities	354	309	125	73	73	82	239	424	490	621
	93	84	75	0	0	0	1	6	7	5
Capital Work in Progress	1	1	1	0	0	0	0	0	2	0
	0	0	0	0	0	0	0	122	123	123
	2	1	1	0	0	0	4	19	11	2
	0	0	0	0	0	0	0	85	74	58
Cash & Bank	6	1	2	0	0	23	3	38	33	108
	252	222	46	73	72	59	232	155	241	324
Total Assets	354	309	125	73	73	82	239	424	490	621

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	-12	-62	-12	-7	-16	-105	113	-84	-5
Cash from Investing	-0	0	316	-0	-7	142	21	-96	-12	-159
Cash from Financing	-0	7	-253	10	14	-103	62	18	84	166
	5	-5	1	-2	-0	22	-21	35	-12	3

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

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

2026-09-08

Copy of Newspaper Publication

2026-09-08 - W S Industries (I) Limited has informed the Exchange about Copy of Newspaper Publication on Corrigendum to the Notice of the 63rd Annual General Meeting (AGM).

2026-09-07

Updates

2026-09-07 - W S Industries (I) Limited has informed the Exchange regarding 'Intimation U/R 36 (1) (A) and (B) Reg. Circulation of Corrigendum to the Notice of AGM'.

2026-09-07

Shareholders meeting

2026-09-07 - W S Industries (I) Limited has informed the Exchange regarding Corrigendum to the Notice of Annual General Meeting to be held on September 22, 2026

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.

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