The Western India Plywoods share price & results
- Jun 2026
- Jun 2026
Kerala-based manufacturer of plywood, densified wood, fibreboard, hardboard and engineered flooring/panel products for construction, furniture, transportation and electrical-insulation uses.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 26.5 | −8.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 1.4 | −2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 0.26 | −49.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | -0.43 | −6.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 4.34 | +4.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -3.07 | −3.8 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +2.1% 1Y
1Y: ₹160 on 24 Oct 2025 → ₹163.29. High ₹177.05 (2 Jul 2026), low ₹141.83 (20 May 2026).
- Previous close
- ₹153
- Market cap
- ₹136 Cr
- 52-week range
- ₹141.83 – ₹177.05
- One year
- +2.70%
- Return on equity (TTM to Jun 2026)
- -0.43%
Overview
- Symbol
- NSE:WIPL
- Sector
- Consumer Durables
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What The Western India Plywoods Limited does
Based on the company's own presentations, annual report and earnings calls.
The Western India Plywoods Limited is an 80-year-old, Kerala-based wood-panel manufacturer producing plywood, densified plywood, fibreboard, hardboard, blockboard, flush doors and pre-finished/engineered flooring, sold under lines such as Wiplac, the Kohinoor Luxury Veneer Collection and Ultra-Click flooring. It operates a single integrated manufacturing unit at Baliapattam, Kannur, Kerala, organised into three core divisions - Plywood & Densified Wood, Fibreboard, and Pre-finished Board & Flooring - serving construction, interiors, furniture, transportation (bus/truck body building) and electrical insulation applications. The company sells across southern India (Kerala, Tamil Nadu, Karnataka, Telangana) and internationally, holding 'One Star Export House' and Authorised Economic Operator (AEO Tier I) status, and has a Malaysia-based JV, Mayabandar Timber JV Sdn Bhd, for door manufacturing.
Segments
- Plywood & Densified Wood
- Fibreboard
- Pre-finished Board & Flooring
- Manufacturing base
- Single integrated wood-products unit at Baliapattam, Kannur, Kerala, with multiple production lines (e.g., No.2 & No.3 fibreboard/hardboard lines)
- Permanent employees
- 226 (FY2024-25, down from 250 in FY2023-24)
- Core business divisions
- 3 (Plywood & Densified Wood, Fibreboard, Pre-finished Board & Flooring)
- ISO 9001:2015-certified product categories
- 8 (Hardboard, Wiplac, Pre-finished Boards, Plywood, Blockboard, Flush Doors, Densified Wood products, Pre-compressed Press Boards)
- Subsidiaries / JV
- 1 wholly owned subsidiary + 3 fellow subsidiaries, incl. Malaysia-based Mayabandar Timber JV Sdn Bhd
- Steam boiler capacity (Hardboard section)
- 10 tons/hour (Thermax multi-fuel-fired boiler)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −49% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 31 | 31 | 29 | 29 | 29 | 31 | 28 | 27 |
| Expenses | 29 | 29 | 27 | 28 | 28 | 29 | 28 | 26 |
| Operating profit | 2 | 2 | 2 | 1 | 1 | 2 | 1 | 0 |
| Operating margin | 6.5% | 5.7% | 7.1% | 4.2% | 3.5% | 6.7% | 2.5% | 1.4% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | 1 | 1 | 1 | 1 | 2 | 0 | 0 |
| Tax rate | 27.1% | 31.2% | 28.4% | 27.1% | 27.6% | 30.3% | 32.6% | 27.8% |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| EPS (₹ per share) | 1.33 | 1.12 | 1.13 | 0.60 | 0.65 | 1.27 | 0.34 | 0.31 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 108 | 115 | 118 |
| Expenses | 100 | 108 | 113 |
| Operating profit | 7 | 7 | 5 |
| Other income | 1 | 1 | 1 |
| Interest | 1 | 1 | 1 |
| Depreciation | 1 | 2 | 2 |
| Profit before tax | 5 | 5 | 3 |
| Net profit | 4 | 3 | 2 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 37 | 40 | 43 | 45 | 36 | 46 |
| Borrowings | 18 | 17 | 16 | 15 | 20 | 6 |
| Other liabilities | 10 | 11 | 12 | 15 | 17 | 16 |
| Total liabilities | 72 | 77 | 79 | 84 | 82 | 77 |
| Fixed assets | 15 | 15 | 18 | 18 | 26 | 17 |
| Capital work in progress | 1 | 3 | 0 | 0 | 0 | 1 |
| Investments | 12 | 12 | 12 | 12 | 1 | 12 |
| Other assets | 45 | 47 | 48 | 53 | 54 | 46 |
| Total assets | 72 | 77 | 79 | 84 | 82 | 77 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 10 | 2 | 16 | 3 | 2 | 7 |
| Cash from investing | -2 | -1 | -4 | -3 | -1 | -3 |
| Cash from financing | -7 | -1 | -2 | -4 | -3 | -10 |
| Net cash flow | 1 | 0 | 10 | -4 | -2 | -6 |
| Free cash flow | 8 | 1 | 13 | 1 | 1 | 5 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 76 | 75 | 50 | 66 | 75 | 65 |
| Inventory days | 202 | 148 | 121 | 111 | 140 | 124 |
| Days payable | 53 | 34 | 32 | 36 | 50 | 50 |
| Cash conversion cycle | 225 | 190 | 138 | 141 | 165 | 139 |
| Working capital days | 126 | 105 | 56 | 61 | 65 | 84 |
| Return on capital employed | 5.0% | 5.0% | 11.0% | 10.0% | 8.0% | 6.0% |
| Dividend payout | 68.0% | 48.0% | 21.0% | 27.0% | 31.0% | 35.0% |
What the price assumes
Growth trapTo justify its price of ₹163, this stock must grow earnings at 44% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹6 — downside of 96%.
- Growth the price implies
- 43.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -20.2% a year
- net profit, FY24–FY26 · EPS -20.2%
- The gap
- 0.6 pp
- -96% downside if it only repeats history
Ownership
Who owns it
Public hold 59.45% as of Jun 2026; institutions added 0.00 pts since Mar 2026.
- Promoters 37.88%
- Domestic institutions 2.67%
- Government 0.00%
- Public 59.45%
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 7.51% held
- Insurer newly disclosed 2.40% held
- +0.82 pp 1.49% held
- +0.43 pp 1.97% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The Western India Plywoods Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 7.51% | unchanged | |
| 7.51% | newly disclosed | |
| 5.39% | unchanged | |
| 5.07% | unchanged | |
| 4.18% | unchanged | |
| 3.81% | unchanged | |
| 3.72% | unchanged | |
| Insurer | 2.40% | newly disclosed |
| 2.39% | unchanged | |
| 1.97% | +0.43 pp | |
| 1.79% | unchanged | |
| 1.56% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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