Wendt India Ltd

₹ 10,284 -4.40%

25 Apr - close price

About

Wendt India is a leading manufacturer of Super Abrasives, Machining Tools, and Precision Components. It is a preferred supplier for many of the automobile, auto component, engineering, aerospace, defense ceramics customers for their Super Abrasive Tooling solutions, Grinding & Honing Machines, and Precision components. ^[1] ^[2]

The company is JV between 3M (via Wendt GmbH) and Carborundum Universal (Murugappa Group). Both the companies hold 37.5% shares in the company. ^[3] ^[4]

Key Points

Business Profile^[1]
Founded in 1980 as a joint venture between Wendt GmbH and The House of Khataus, Wendt is a market leader in super abrasives and high-precision grinding solutions. Their major shareholders include Wendt GmbH (37.5%), and Carborundum Universal Ltd. (37.5%).

Website BSE NSE

Market Cap ₹ 2,057 Cr.
Current Price ₹ 10,284
High / Low ₹ 18,034 / 8,360
Stock P/E 52.1
Book Value ₹ 1,218
Dividend Yield 0.49 %
ROCE 22.4 %
ROE 17.3 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 29.9%

Cons

Stock is trading at 8.44 times its book value
The company has delivered a poor sales growth of 10.3% over past five years.
Debtor days have increased from 87.6 to 107 days.
Working capital days have increased from 113 days to 175 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Abrasives And Grinding Wheels

Part of BSE Allcap BSE Industrials BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	48	48	52	51	59	51	51	54	70	49	56	53	76
	36	36	38	38	42	39	39	41	53	39	43	42	57
Operating Profit	11	11	14	14	17	12	12	13	18	11	13	11	18
OPM %	24%	24%	27%	27%	29%	24%	24%	24%	25%	22%	23%	21%	24%
	1	1	1	2	2	2	2	2	2	2	3	2	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	3
Profit before tax	10	10	13	13	16	12	12	13	17	10	13	11	17
Tax %	27%	25%	25%	25%	22%	26%	25%	26%	22%	25%	19%	23%	25%
	7	7	10	10	13	9	9	10	13	8	11	8	13
EPS in Rs	37.35	36.15	50.00	50.35	63.95	45.10	44.75	48.00	66.90	38.40	53.45	41.10	64.45
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	110	124	135	146	147	165	143	137	179	210	227	234
	89	100	112	120	120	134	124	114	136	154	171	181
Operating Profit	21	24	23	26	27	30	19	23	42	57	56	53
OPM %	19%	19%	17%	18%	18%	18%	13%	17%	24%	27%	25%	22%
	2	2	2	2	3	2	5	4	4	5	7	9
Interest	0	0	1	1	1	0	1	1	1	0	0	0
Depreciation	5	8	9	10	10	10	9	9	9	8	9	10
Profit before tax	17	17	16	17	18	22	14	17	37	53	54	51
Tax %	30%	20%	32%	27%	27%	30%	26%	25%	27%	24%	24%	23%
	12	14	11	12	13	15	10	13	27	40	41	39
EPS in Rs	58.30	67.70	53.90	60.25	65.60	77.05	50.15	63.85	135.35	200.45	204.75	197.40
Dividend Payout %	43%	37%	46%	41%	38%	39%	50%	47%	48%	40%	24%	25%

Compounded Sales Growth
10 Years:	7%
5 Years:	10%
3 Years:	9%
TTM:	3%

Compounded Profit Growth
10 Years:	11%
5 Years:	35%
3 Years:	15%
TTM:	7%

Stock Price CAGR
10 Years:	20%
5 Years:	39%
3 Years:	18%
1 Year:	-21%

Return on Equity
10 Years:	14%
5 Years:	17%
3 Years:	19%
Last Year:	17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	90	98	105	110	120	128	136	141	160	187	210	242
	0	0	0	0	0	0	0	1	1	0	0	1
	35	35	37	33	38	50	45	41	41	40	44	56
Total Liabilities	127	135	144	145	160	180	183	185	204	229	256	301
	55	57	58	61	57	55	54	56	54	56	58	100
CWIP	3	2	6	2	2	5	4	1	1	2	2	10
Investments	19	21	14	15	22	36	36	37	64	71	73	52
	51	55	66	67	79	84	89	90	85	100	122	139
Total Assets	127	135	144	145	160	180	183	185	204	229	256	301

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	17	17	11	18	24	33	16	8	37	33	30	34
	-13	-12	-5	-13	-13	-22	-10	-2	-30	-17	-9	-26
	-6	-6	-6	-6	-6	-7	-3	-6	-8	-16	-16	-9
Net Cash Flow	-2	-2	0	-0	4	3	3	1	-1	-0	5	-1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	72	68	85	77	91	68	66	97	70	70	86	107
Inventory Days	156	154	152	145	153	165	207	181	165	175	160	162
Days Payable	166	144	154	97	139	163	162	181	135	121	112	134
Cash Conversion Cycle	61	77	83	124	105	70	111	97	100	124	134	135
Working Capital Days	49	56	74	79	71	35	44	78	54	79	85	175
ROCE %	19%	18%	16%	16%	16%	18%	10%	11%	23%	29%	25%	22%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	0.02%	0.04%	0.01%	0.01%	0.03%	0.01%	0.02%	0.05%	0.04%	0.04%	0.04%	0.09%
	6.89%	6.71%	6.72%	6.79%	6.86%	6.82%	6.82%	6.78%	6.78%	6.73%	6.72%	6.71%
	18.09%	18.25%	18.26%	18.20%	18.10%	18.17%	18.15%	18.17%	18.16%	18.23%	18.24%	18.19%
No. of Shareholders	7,782	8,063	7,993	7,949	7,967	8,815	9,216	9,323	9,404	9,589	9,625	9,645

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	79.74%	79.74%	79.74%	79.74%	75.00%	75.00%	75.00%	75.00%	75.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.05%	0.09%
	0.09%	0.13%	0.16%	0.09%	3.18%	6.68%	6.79%	6.78%	6.71%
	20.17%	20.14%	20.10%	20.17%	21.82%	18.32%	18.20%	18.17%	18.19%
No. of Shareholders	5,387	6,417	6,750	6,513	6,498	6,928	7,949	9,323	9,645

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Wendt India Ltd

Wendt India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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