Western India Plywoods Ltd
Incorporated in 1945, Western India Plywoods Ltd is a manufacturer of Wood based products including Hardboard, Plywood, and Compreg[1]
- Market Cap ₹ 144 Cr.
- Current Price ₹ 170
- High / Low ₹ 270 / 138
- Stock P/E 48.3
- Book Value ₹ 53.4
- Dividend Yield 0.70 %
- ROCE 8.47 %
- ROE 6.32 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 3.19 times its book value
- The company has delivered a poor sales growth of 3.62% over past five years.
- Company has a low return on equity of 7.79% over last 3 years.
- Company might be capitalizing the interest cost
* 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
95 | 96 | 89 | 86 | 92 | 101 | 97 | 85 | 100 | 108 | 109 | 116 | 120 | |
85 | 86 | 80 | 82 | 90 | 94 | 91 | 81 | 95 | 100 | 102 | 109 | 113 | |
Operating Profit | 10 | 11 | 9 | 3 | 2 | 7 | 6 | 4 | 4 | 7 | 7 | 7 | 7 |
OPM % | 10% | 11% | 10% | 4% | 2% | 7% | 6% | 4% | 4% | 7% | 7% | 6% | 6% |
0 | 0 | 0 | 4 | 4 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | |
Interest | 4 | 4 | 3 | 4 | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 |
Depreciation | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 1 | 2 | 2 |
Profit before tax | 0 | 5 | 3 | 1 | -0 | 2 | 2 | -0 | 1 | 5 | 5 | 4 | 4 |
Tax % | -138% | 33% | 28% | 91% | -8,600% | 46% | 34% | 71% | 73% | 31% | 31% | 33% | |
1 | 3 | 2 | 0 | 1 | 1 | 1 | -1 | 0 | 3 | 3 | 3 | 3 | |
EPS in Rs | 1.34 | 3.84 | 2.47 | 0.29 | 1.04 | 1.45 | 1.47 | -0.31 | 0.57 | 4.31 | 3.98 | 3.30 | 3.53 |
Dividend Payout % | 45% | 18% | 28% | 0% | 0% | 62% | 0% | -261% | 142% | 0% | 0% | 36% |
Compounded Sales Growth | |
---|---|
10 Years: | 2% |
5 Years: | 4% |
3 Years: | 5% |
TTM: | 9% |
Compounded Profit Growth | |
---|---|
10 Years: | -2% |
5 Years: | 19% |
3 Years: | 80% |
TTM: | -3% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 28% |
3 Years: | 44% |
1 Year: | -20% |
Return on Equity | |
---|---|
10 Years: | 3% |
5 Years: | 5% |
3 Years: | 8% |
Last Year: | 6% |
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 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
Reserves | 25 | 27 | 28 | 29 | 29 | 31 | 31 | 31 | 30 | 33 | 35 | 37 |
39 | 33 | 34 | 31 | 31 | 27 | 22 | 17 | 18 | 17 | 19 | 18 | |
18 | 22 | 17 | 22 | 15 | 15 | 13 | 13 | 10 | 11 | 13 | 16 | |
Total Liabilities | 90 | 91 | 88 | 90 | 84 | 81 | 74 | 68 | 66 | 70 | 76 | 80 |
26 | 24 | 23 | 24 | 23 | 23 | 21 | 21 | 20 | 20 | 23 | 27 | |
CWIP | 0 | 0 | 3 | 1 | 1 | 0 | 0 | 0 | 1 | 3 | 4 | 0 |
Investments | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
63 | 67 | 62 | 65 | 59 | 58 | 52 | 46 | 45 | 46 | 48 | 52 | |
Total Assets | 90 | 91 | 88 | 90 | 84 | 81 | 74 | 68 | 66 | 70 | 76 | 80 |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4 | 8 | 12 | 5 | 4 | 7 | 7 | 10 | 2 | 15 | 3 | 2 | |
-2 | -0 | -4 | -1 | 2 | -0 | -0 | -2 | -1 | -3 | -5 | -2 | |
-7 | -7 | -7 | -4 | -5 | -7 | -8 | -7 | -1 | -2 | -0 | -3 | |
Net Cash Flow | -5 | 0 | 1 | 0 | 0 | -0 | -2 | 1 | 0 | 10 | -3 | -2 |
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 | 56 | 67 | 60 | 62 | 55 | 59 | 64 | 72 | 71 | 45 | 59 | 66 |
Inventory Days | 351 | 372 | 373 | 387 | 295 | 253 | 254 | 204 | 150 | 123 | 117 | 145 |
Days Payable | 58 | 64 | 63 | 70 | 50 | 48 | 49 | 56 | 37 | 27 | 40 | 51 |
Cash Conversion Cycle | 349 | 375 | 369 | 379 | 300 | 264 | 269 | 220 | 185 | 141 | 136 | 161 |
Working Capital Days | 54 | 70 | 71 | 58 | 102 | 100 | 114 | 120 | 99 | 53 | 54 | 56 |
ROCE % | 6% | 12% | 10% | 3% | 4% | 7% | 6% | 2% | 4% | 11% | 10% | 8% |
Documents
Announcements
-
Shareholders meeting
1 September 2025 - AGM on 25 Sep 2025; FY2025 financials adoption; final dividend Rs1.20/share; director reappointment; secretarial auditor appointment.
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Record Date
20 August 2025 - Record date for the purpose of Dividend & Meeting is 18-Sep-2025.
-
Outcome of Board Meeting
13 August 2025 - India Plywoods Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
-
Trading Window
1 July 2025 - India Plywoods Limited has informed regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
-
Trading Window-XBRL
1 July 2025 - WESTERN INDIA PLYWOODS LIMITED has informed about Closure of Trading Window
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