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Swing Capital

WPIL Ltd

NSE: WPIL BSE: 505872Energy

Incorporated in 1952 by Johnston Pump Company Inc., USA, WPIL is engaged in the entire value chain of Pumps & Pumping Systems from concept to commissioning and execution of water supply projects on a turnkey basis for industrial units, power utilities, irrigation departments, etc. Clients include irrigation departments of various states like Telangana, Madhya Pradesh, central utilities, large PSUs, and various private sector entities. In 2002, Mr. Prakash Agarwal acquired a controlling stake in the company from the B. M. Khaitan group. [1] [2]

₹443
52W: ₹342 — ₹524
PE 35.4 · Book ₹93 · +376% vs book
Market Cap₹4,343 Cr
Stock P/E35.4Price to Earnings
ROCE21.4%Return on Capital
ROE17.4%Return on Equity
Div. Yield0.45%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 19.2% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 18.2%

Weaknesses

  • −Company has high debtors of 214 days.
  • −Working capital days have increased from 70.0 days to 115 days

Shareholding Pattern

Promoters70.79%
FIIs5.62%
DIIs2.59%
Public20.99%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.79%70.79%70.79%70.79%70.79%70.79%70.79%70.79%
FIIs5.81%5.68%▼0.15.67%▼0.05.57%▼0.15.54%▼0.05.6%▲0.15.61%▲0.05.62%▲0.0
DIIs2.62%2.61%▼0.02.58%▼0.02.56%▼0.02.56%2.56%2.57%▲0.02.59%▲0.0
Public20.78%20.92%▲0.120.96%▲0.021.08%▲0.121.11%▲0.021.05%▼0.121.01%▼0.020.99%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales185274435239330218361181176204
Expenses154222355199266185297153141156
Operating Profit31528040633364283549
OPM %17%19%18%17%19%15%18%16%20%24%
Net Profit23415631472046192533
EPS ₹2.44.155.733.164.772.084.721.942.563.35

AI Insights

Revenue Trend

TTM revenue at ₹923Cr, down 19.6% YoY. OPM at 19%.

Debt Position

Borrowings at ₹452Cr. Debt-to-equity ratio: 0.50x. Moderate leverage.

Capex Cycle

CWIP at ₹5Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.59% (-0.25pp change). FIIs: 5.62% (-0.19pp change). Promoters hold 70.79%.

Margin & Efficiency

ROCE improving from 21% (Mar 2014) to 21% (Mar 2025). Working capital days: 115.

Valuation

PE 35.4x with 21.4% ROCE. Price is 376% above book value of ₹93. Dividend yield: 0.45%.

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