Western India Plywoods Ltd

₹ 166 0.67%

24 Aug 1:41 p.m.

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 ₹ 141 Cr.
Current Price ₹ 166
High / Low ₹ 193 / 133
Stock P/E
Book Value ₹ 52.7
Dividend Yield 0.72 %
ROCE 4.04 %
ROE 1.00 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has been maintaining a healthy dividend payout of 85.1%
Promoter holding has increased by 0.82% over last quarter.

Cons

Stock is trading at 3.15 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 6.93% over past five years.
Promoter holding is low: 37.9%
Company has a low return on equity of 5.04% over last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.1.27 Cr.
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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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	23.64	28.31	31.79	25.30	24.99	31.09	30.88	29.06	29.01	29.92	31.45	28.50	26.49
	22.52	26.30	28.43	24.79	24.20	29.13	29.05	27.09	27.85	29.10	29.47	28.89	26.55
Operating Profit	1.12	2.01	3.36	0.51	0.79	1.96	1.83	1.97	1.16	0.82	1.98	-0.39	-0.06
OPM %	4.74%	7.10%	10.57%	2.02%	3.16%	6.30%	5.93%	6.78%	4.00%	2.74%	6.30%	-1.37%	-0.23%
	0.12	0.23	0.06	0.14	0.14	0.13	0.28	0.10	0.10	0.28	0.06	0.41	0.52
Interest	0.26	0.34	0.31	0.27	0.26	0.19	0.30	0.42	0.21	0.18	0.21	0.31	0.15
Depreciation	0.33	0.35	0.37	0.39	0.41	0.48	0.50	0.49	0.52	0.52	0.53	0.48	0.51
Profit before tax	0.65	1.55	2.74	-0.01	0.26	1.42	1.31	1.16	0.53	0.40	1.30	-0.77	-0.20
Tax %	32.31%	28.39%	29.93%	800.00%	42.31%	29.58%	32.82%	33.62%	35.85%	52.50%	36.15%	18.18%	50.00%
	0.44	1.11	1.92	-0.09	0.15	1.00	0.88	0.77	0.34	0.19	0.83	-0.91	-0.30
EPS in Rs	0.61	1.31	2.26	-0.11	0.18	1.18	1.04	0.91	0.40	0.22	0.98	-1.07	-0.35
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	96	89	86	92	101	97	85	100	108	109	116	119	116
	86	80	82	90	94	91	81	95	100	102	109	115	114
Operating Profit	11	9	3	2	7	6	4	4	7	7	7	4	2
OPM %	11%	10%	3.8%	2.2%	7%	6%	4.3%	4.3%	7%	7%	6%	3.0%	2.0%
	0	0	4	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	3	2	2	1	2	2	2
Profit before tax	5	3	1	-0	2	2	-0	1	5	5	4	1	1
Tax %	33%	28%	91%	-8,600%	46%	34%	71%	73%	31%	31%	32%	69%
	3	2	0	1	1	1	-1	0	3	3	3	0	-0
EPS in Rs	3.84	2.47	0.29	1.04	1.45	1.47	-0.31	0.57	4.31	3.98	3.30	0.53	-0.22
Dividend Payout %	18%	28%	0%	0%	62%	0%	-261%	142%	0%	30%	36%	189%

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

Compounded Profit Growth
10 Years:	-15%
5 Years:	29%
3 Years:	-50%
TTM:	-106%

Stock Price CAGR
10 Years:	%
5 Years:	22%
3 Years:	7%
1 Year:	8%

Return on Equity
10 Years:	3%
5 Years:	5%
3 Years:	5%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	27	28	29	29	31	31	31	30	33	35	37	36
	33	34	31	31	27	22	17	18	17	19	18	9
	22	17	22	15	15	13	13	10	11	13	16	17
Total Liabilities	91	88	90	84	81	74	68	66	70	76	80	71
	24	23	24	23	23	21	21	20	20	23	27	26
CWIP	0	3	1	1	0	0	0	1	3	4	0	1
Investments	0	0	0	1	1	0	1	1	1	1	1	1
	67	62	65	59	58	52	46	45	46	48	52	44
Total Assets	91	88	90	84	81	74	68	66	70	76	80	71

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8	12	5	4	7	7	10	2	15	3	2	7
	-0	-4	-1	2	-0	-0	-2	-1	-3	-5	-2	-2
	-7	-7	-4	-5	-7	-8	-7	-1	-2	-0	-3	-11
Net Cash Flow	0	1	0	0	-0	-2	1	0	10	-3	-2	-6
Free Cash Flow	7	8	4	3	6	5	8	1	12	-3	0	5
CFO/OP	85%	145%	194%	209%	108%	132%	270%	63%	212%	65%	35%	229%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	67	60	62	55	59	64	72	71	45	59	66	56
Inventory Days	372	373	387	295	253	254	204	150	123	117	145	125
Days Payable	64	63	70	50	48	49	56	37	27	40	51	55
Cash Conversion Cycle	375	369	379	300	264	269	220	185	141	136	161	126
Working Capital Days	70	71	58	102	100	114	120	99	53	54	56	59
ROCE %	12%	10%	3%	4%	7%	6%	2%	4%	11%	10%	9%	4%

Insights

In beta

Nov 2017

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Hardboard Installed Capacity
TPA ・Standalone data

xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
				x.xx	xx.xx	xx.xx	xx.xx
						x,xxx	xx,xxx

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Hardboard share of total sales
% of total sales ・Standalone data

Foreign Exchange Earned (FOB exports)
INR lakhs ・Standalone data

Plywood share of total sales
% of total sales ・Standalone data

Softboard share of total sales
% of total sales ・Standalone data

Top 5 customers share of total sales
% of total sales ・Standalone data

Softboard Installed Capacity
TPA ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 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	1,927	1,939	2,010	2,252	2,524	2,613	2,552	2,755	2,826	2,898	2,801	2,775

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	42.05%	41.35%	41.08%	40.78%	41.01%	40.96%	40.98%	40.79%	40.79%	37.06%	37.88%
	10.80%	12.14%	11.65%	11.34%	8.64%	6.12%	4.22%	3.08%	2.67%	2.67%	2.67%
	0.00%	0.05%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	47.15%	46.45%	47.24%	47.87%	50.35%	52.91%	54.80%	56.13%	56.55%	60.27%	59.45%
No. of Shareholders	1,611	1,511	1,408	1,379	1,421	1,821	2,090	2,010	2,552	2,801	2,775

* 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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Western India Plywoods Ltd

Western India Plywoods Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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