W.S. Industries (India) Ltd.

•

wsindustries.inBSE: 504220NSE: WSI

Market Cap₹ 457 Cr.

Current Price

High / Low₹ 95 / 54

Stock P/E195.4

Book Value₹ 67

Price to Book1.41

Dividend Yield0.00 %

ROCE4.0 %

ROE-5.4 %

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 35.5%
Company has a healthy return on capital (ROCE) of 29.6%
Latest quarter profit grew 43.1% 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
Promoter holding has decreased over last 2 years: -11.2pp
A large part of profit comes from other income (26.2% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.50x)
Interest coverage is weak at 2.0x - 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

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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	4	1	2	0	0	0	0	80	326	239	66
	34	19	2	1	1	7	0	80	284	225	64
Operating Profit	-30	-17	1	-1	-1	-7	-0	0	43	14	2
OPM %	-675.21%	-1189.07%	24.62%	-297.85%	-356.73%	—	—	0.18%	13.03%	6.03%	2.61%
	1	2	2	9	0	0	0	8	117	2	8
Interest	1	0	0	5	0	0	3	4	6	7	7
Depreciation	12	9	9	9	4	0	0	0	1	2	2
Profit before Tax	-42	-25	-6	-6	-5	-7	-4	3	153	7	3
Tax %	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	0.00%	-6.95%	314.17%	15.52%
Net Profit	-42	-25	-6	-6	-5	-7	-4	3	163	-15	2
EPS	-20.41	-1.97	14.54	-85.83	-23.47	-3.58	-22.99	5.60	32.45	-2.41	—
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:: 37%
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:: 11%
5 Years:: 21%
3 Years:: 36%
Last Year:: -5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	-134	-137	-105	-51	-111	-120	-49	18	201	253
	8	8	18	5	16	30	36	65	62	74
Trade Payables	51	49	28	29	30	30	10	27	45	25
	418	412	347	115	113	107	59	87	64	74
Total Liabilities	365	354	309	125	73	73	82	239	424	490
	170	93	84	75	0	0	0	1	6	7
Capital Work in Progress	1	1	1	1	0	0	0	0	0	2
	0	0	0	0	0	0	0	0	122	123
	25	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	38	33
	168	252	222	46	73	72	59	232	155	241
Total Assets	365	354	309	125	73	73	82	239	424	490

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-4	6	-12	-62	-12	-7	-16	-105	113	-84
Cash from Investing	-0	-0	0	316	-0	-7	142	21	-96	-12
Cash from Financing	4	-0	7	-253	10	14	-103	62	18	84
	-0	5	-5	1	-2	-0	22	-21	35	-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-19.82	-11.74	-3.02	-2.18	-1.89	-2.51	-1.46	0.77	32.45	-2.41
Book Value (₹)	-85.13	-86.17	-71.04	-20.27	-43.35	-46.53	-16.43	9.62	49.96	49.99
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 (₹)	-14.34	-7.42	1.31	1.34	-0.28	-2.51	-1.46	0.82	32.60	-2.09
PROFITABILITY
Operating Margin %	-642.66%	-1057.41%	124.98%	2577.61%	-354.33%	0.00%	0.00%	4.19%	13.03%	6.03%
Net Margin %	-927.61%	-1694.81%	-283.54%	-1752.15%	-2380.29%	0.00%	0.00%	4.02%	50.05%	-6.39%
ROE %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	112.01%	-5.37%
ROCE %	-27.83%	-19.77%	-4.55%	-0.85%	-42.27%	0.00%	-1.86%	9.79%	74.91%	4.04%
	-11.31%	-6.90%	-1.93%	-2.63%	-4.99%	-9.01%	-4.97%	2.00%	49.30%	-3.34%
EFFICIENCY
Debtor Days	3253	8421	2780	6324	0	0	0	193	94	121
Inventory Days	2074	3354	220	1284	0	0	0	16	12	23
Payable Days	0	1236	0	0	0	0	0	134	80	115
	5327	10539	3000	7608	0	0	0	76	27	29
FINANCIAL HEALTH
Debt to Equity (x)	-1.75x	-1.73x	-2.13x	-1.91x	-0.87x	-0.93x	-2.45x	1.60x	0.24x	0.23x
Interest Coverage (x)	-31.41x	-122.53x	-154.88x	-0.17x	-1649.33x	0.00x	-0.10x	1.74x	26.33x	2.00x
	0.41x	0.42x	0.41x	0.14x	0.13x	0.08x	0.65x	0.73x	1.19x	1.75x
GROWTH
Revenue Growth %	-55.72%	-67.20%	55.88%	-85.54%	-36.20%	-100.00%	0.00%	0.00%	309.65%	-26.76%
Operating Profit Growth %	-56.45%	46.64%	118.18%	198.30%	-108.77%	-792.67%	94.88%	1091.10%	1242.81%	-63.70%
Net Profit Growth %	10.75%	40.74%	74.26%	10.62%	13.32%	-32.90%	41.75%	183.51%	5002.78%	-109.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4137.90%	-107.42%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.59x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.98x	1.41x
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	17.23x	29.85x

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

-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%

115

Interest

Depreciation

Profit before Tax

122

-4

-2

Tax %

0.00%

-8.67%

27.24%

17.04%

-513.44%

27.53%

25.45%

23.33%

8.37%

15.92%

4.86%

Net Profit

133

-24

-1

-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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

326

239

284

225

Operating Profit

-30

-17

-1

-7

-0

OPM %

-675.21%

-1189.07%

24.62%

-297.85%

-356.73%

—

0.18%

13.03%

6.03%

2.61%

117

Interest

Depreciation

Profit before Tax

-42

-25

-6

-5

-7

-4

153

Tax %

-0.00%

0.00%

-6.95%

314.17%

15.52%

Net Profit

-42

-25

-6

-5

-7

-4

163

-15

EPS

-20.41

-1.97

14.54

-85.83

-23.47

-3.58

-22.99

5.60

32.45

-2.41

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-134

-137

-105

-51

-111

-120

-49

201

253

Trade Payables

418

412

347

115

113

107

Total Liabilities

365

354

309

125

239

424

490

170

Capital Work in Progress

122

123

Cash & Bank

168

252

222

232

155

241

Total Assets

365

354

309

125

239

424

490

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-4

-12

-62

-12

-7

-16

-105

113

-84

Cash from Investing

-0

316

-0

-7

142

-96

-12

Cash from Financing

-0

-253

-103

-0

-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 (₹)

-19.82

-11.74

-3.02

-2.18

-1.89

-2.51

-1.46

0.77

32.45

-2.41

Book Value (₹)

-85.13

-86.17

-71.04

-20.27

-43.35

-46.53

-16.43

9.62

49.96

49.99

Dividend per Share (₹)

0.00

Cash EPS (₹)

-14.34

-7.42

1.31

1.34

-0.28

-2.51

-1.46

0.82

32.60

-2.09

PROFITABILITY

Operating Margin %

-642.66%

-1057.41%

124.98%

2577.61%

-354.33%

0.00%

4.19%

13.03%

6.03%

Net Margin %

-927.61%

-1694.81%

-283.54%

-1752.15%

-2380.29%

0.00%

4.02%

50.05%

-6.39%

ROE %

0.00%

112.01%

-5.37%

ROCE %

-27.83%

-19.77%

-4.55%

-0.85%

-42.27%

0.00%

-1.86%

9.79%

74.91%

4.04%

-11.31%

-6.90%

-1.93%

-2.63%

-4.99%

-9.01%

-4.97%

2.00%

49.30%

-3.34%

EFFICIENCY

Debtor Days

3253

8421

2780

6324

193

121

Inventory Days

2074

3354

220

1284

Payable Days

1236

134

115

5327

10539

3000

7608

FINANCIAL HEALTH

Debt to Equity (x)

-1.75x

-1.73x

-2.13x

-1.91x

-0.87x

-0.93x

-2.45x

1.60x

0.24x

0.23x

Interest Coverage (x)

-31.41x

-122.53x

-154.88x

-0.17x

-1649.33x

0.00x

-0.10x

1.74x

26.33x

2.00x

0.41x

0.42x

0.41x

0.14x

0.13x

0.08x

0.65x

0.73x

1.19x

1.75x

GROWTH

Revenue Growth %

-55.72%

-67.20%

55.88%

-85.54%

-36.20%

-100.00%

0.00%

309.65%

-26.76%

Operating Profit Growth %

-56.45%

46.64%

118.18%

198.30%

-108.77%

-792.67%

94.88%

1091.10%

1242.81%

-63.70%

Net Profit Growth %

10.75%

40.74%

74.26%

10.62%

13.32%

-32.90%

41.75%

183.51%

5002.78%

-109.35%

0.00%

4137.90%

-107.42%

VALUATION

P/E (x)

0.00x

4.59x

0.00x

P/B (x)

0.00x

2.98x

1.41x

Dividend Yield %

0.00%

0.00x

17.23x

29.85x

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

Documents

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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