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Swing Capital

Western India Plywoods Ltd

NSE: WIPL

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

₹145
52W: ₹133 — ₹193
PE 39.6 · Book ₹63.4 · +129% vs book
Market Cap₹123 Cr
Stock P/E39.6Price to Earnings
ROCE8.46%Return on Capital
ROE6.27%Return on Equity
Div. Yield0.84%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 26.1%

Weaknesses

  • −Promoter holding has decreased over last quarter: -2.31%
  • −The company has delivered a poor sales growth of 4.40% over past five years.
  • −Promoter holding is low: 37.1%
  • −Company has a low return on equity of 7.53% over last 3 years.

Shareholding Pattern

Promoters37.06%
FIIs0%
DIIs2.67%
Public60.27%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters40.79%40.79%40.79%40.79%40.79%40.79%39.37%▼1.437.06%▼2.3
FIIs0%0%0%0%0%0%0%0%
DIIs3.08%2.67%▼0.42.67%2.67%2.67%2.67%2.67%2.67%
Public56.13%56.55%▲0.456.55%56.55%56.55%56.55%57.96%▲1.460.27%▲2.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales27.7631.3125.2424.7930.5630.6528.628.8229.4131.08
Expenses25.7127.8924.4523.9128.5728.8926.5627.6128.3829
Operating Profit2.053.420.790.881.991.762.041.211.032.08
OPM %7.38%10.92%3.13%3.55%6.51%5.74%7.13%4.2%3.5%6.69%
Net Profit1.141.970.180.251.130.950.960.510.551.08
EPS ₹1.342.320.210.291.331.121.130.60.651.27

AI Insights

Revenue Trend

TTM revenue at ₹118Cr, up 2.6% YoY. OPM at 5%.

Debt Position

Borrowings at ₹16Cr. Debt-to-equity ratio: 0.36x. Healthy balance sheet.

Institutional Flow

DIIs: 2.67% (-0.84pp change). FIIs: 0% (+0.00pp change). Promoters hold 37.06%.

Margin & Efficiency

ROCE improving from 7% (Mar 2014) to 8% (Mar 2025). Working capital days: 65.

Valuation

PE 39.6x with 8.46% ROCE. Price is 129% above book value of ₹63.4. Dividend yield: 0.84%.

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