Western India Plywoods Ltd

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W I Plywoods Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Western India Plywoods Ltd

₹ 161 -2.31%
01 Oct - close price
wipltd.in NSE: WIPL
About

Incorporated in 1945, Western India Plywoods Ltd is a manufacturer of Wood based products including Hardboard, Plywood, and Compreg[1]

Key Points

Business Overview[1][2]
WIPL manufactures Saw Timber and Plywood related panel products viz. Block boards, Flush door, Shuttering and Marine Plywood, Aircraft Plywood, Densified Wood, etc. It has an integrated wood complex, and their integrated nature of operations enables them to use the same raw material, viz. firewood, timber logs and veneer to manufacture different end products based on market and customer requirement

Website NSE
  • Market Cap ₹ 137 Cr.
  • Current Price ₹ 161
  • High / Low ₹ 193 / 133
  • Stock P/E 62.7
  • Book Value ₹ 64.6
  • Dividend Yield 0.62 %
  • ROCE 6.48 %
  • ROE 4.48 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 30.9%
  • Promoter holding has increased by 0.82% over last quarter.

Cons

  • The company has delivered a poor sales growth of 7.11% over past five years.
  • Promoter holding is low: 37.9%
  • Company has a low return on equity of 6.09% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.13%

* 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

Consumer Discretionary Consumer Durables Consumer Durables Plywood Boards/ Laminates

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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
23.38 27.76 31.31 25.24 24.79 30.56 30.65 28.60 28.82 29.41 31.08 28.32 26.51
22.16 25.71 27.89 24.45 23.91 28.57 28.89 26.56 27.61 28.38 29.00 27.61 26.15
Operating Profit 1.22 2.05 3.42 0.79 0.88 1.99 1.76 2.04 1.21 1.03 2.08 0.71 0.36
OPM % 5.22% 7.38% 10.92% 3.13% 3.55% 6.51% 5.74% 7.13% 4.20% 3.50% 6.69% 2.51% 1.36%
0.11 0.23 0.05 0.15 0.14 0.14 0.28 0.08 0.09 0.29 0.06 0.41 0.52
Interest 0.26 0.34 0.31 0.27 0.26 0.19 0.24 0.37 0.18 0.14 0.17 0.27 0.11
Depreciation 0.33 0.36 0.37 0.41 0.40 0.39 0.42 0.41 0.42 0.42 0.42 0.42 0.41
Profit before tax 0.74 1.58 2.79 0.26 0.36 1.55 1.38 1.34 0.70 0.76 1.55 0.43 0.36
Tax % 28.38% 27.85% 29.39% 30.77% 30.56% 27.10% 31.16% 28.36% 27.14% 27.63% 30.32% 32.56% 27.78%
0.53 1.14 1.97 0.18 0.25 1.13 0.95 0.96 0.51 0.55 1.08 0.29 0.26
EPS in Rs 0.62 1.34 2.32 0.21 0.29 1.33 1.12 1.13 0.60 0.65 1.27 0.34 0.31
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
92 85 81 88 98 92 83 99 107 108 115 118 115
82 77 77 85 90 86 78 93 99 100 108 113 111
Operating Profit 10 8 4 3 8 6 5 5 8 8 7 5 4
OPM % 11% 9% 5% 3.4% 8% 7% 6% 5% 7% 7% 6% 4.3% 3.6%
0 0 3 4 1 1 0 0 1 1 1 1 1
Interest 4 3 4 4 3 2 2 1 1 1 1 1 1
Depreciation 2 2 2 2 2 2 2 2 1 1 2 2 2
Profit before tax 5 3 2 1 3 2 1 2 6 5 5 3 3
Tax % 33% 34% 36% -82% 28% 27% 22% 28% 28% 29% 29% 29%
3 2 1 2 2 2 1 1 4 4 3 2 2
EPS in Rs 3.88 2.13 1.60 2.17 2.53 1.98 1.18 1.67 4.87 4.50 3.88 2.86 2.57
Dividend Payout % 18% 33% 0% 0% 36% 0% 68% 48% 21% 27% 31% 35%
Compounded Sales Growth
10 Years: 3%
5 Years: 7%
3 Years: 3%
TTM: -3%
Compounded Profit Growth
10 Years: 2%
5 Years: 20%
3 Years: -16%
TTM: -39%
Stock Price CAGR
10 Years: %
5 Years: 22%
3 Years: 13%
1 Year: -1%
Return on Equity
10 Years: 4%
5 Years: 6%
3 Years: 6%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 8 8 8 8 8 8 8 8 8 8 8 8
Reserves 29 30 32 33 36 36 37 37 40 43 45 46
36 33 32 30 27 22 17 18 17 16 15 6
16 17 19 14 13 12 11 10 11 12 15 16
Total Liabilities 91 89 92 87 84 78 73 72 77 79 84 77
17 15 17 17 16 15 16 15 15 18 18 17
CWIP 0 3 1 1 0 0 0 1 3 0 0 1
Investments 9 11 11 11 11 11 12 12 12 12 12 12
65 60 62 58 56 51 46 45 47 48 53 46
Total Assets 91 89 92 87 84 78 73 72 77 79 84 77

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
7 13 6 4 7 7 10 2 16 3 2 7
-1 -5 -1 2 -0 -0 -2 -1 -4 -3 -1 -3
-6 -8 -4 -5 -7 -8 -7 -1 -2 -4 -3 -10
Net Cash Flow 0 1 0 0 -1 -1 1 0 10 -4 -2 -6
Free Cash Flow 7 10 4 3 6 6 8 1 13 1 1 5
CFO/OP 86% 184% 161% 148% 97% 127% 199% 55% 215% 64% 42% 160%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 69 59 61 59 62 68 76 75 50 66 75 65
Inventory Days 358 363 401 296 245 252 202 148 121 111 140 124
Days Payable 60 78 77 56 47 52 53 34 32 36 50 50
Cash Conversion Cycle 366 344 386 299 260 267 225 190 138 141 165 139
Working Capital Days 72 66 55 104 101 118 126 105 56 61 65 84
ROCE % 12% 9% 4% 5% 8% 7% 5% 5% 11% 10% 8% 6%

Insights

In beta
Nov 2017 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Hardboard Installed Capacity
TPA

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Hardboard share of total sales
% of total sales
Foreign Exchange Earned (FOB exports)
INR lakhs
Plywood share of total sales
% of total sales
Softboard share of total sales
% of total sales
Top 5 customers share of total sales
% of total sales
Softboard Installed Capacity
TPA

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
41.01% 41.00% 40.79% 40.79% 40.79% 40.79% 40.79% 40.79% 40.79% 39.37% 37.06% 37.88%
3.50% 3.08% 3.08% 3.08% 2.67% 2.67% 2.67% 2.67% 2.67% 2.67% 2.67% 2.67%
55.49% 55.92% 56.13% 56.13% 56.55% 56.55% 56.55% 56.55% 56.55% 57.96% 60.27% 59.45%
No. of Shareholders 1,9271,9392,0102,2522,5242,6132,5522,7552,8262,8982,8012,775

* 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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