WIPL
The Western India Plywoods financials
- Market cap
- ₹140 Cr
- Sector
- Consumer Durables
What The Western India Plywoods Limited does
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)
Quarterly results
Q1 FY27: revenue down 8.0%, net profit down 49.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31 | 31 | 29 | 29 | 29 −4% | 31 +1% | 28 −1% | 27 −8% |
| EBITDA | 2 | 2 | 2 | 1 | 1 −48% | 2 +18% | 1 −65% | 0 −70% |
| Net profit | 1 | 1 | 1 | 1 | 1 −51% | 1 +14% | 0 −70% | 0 −49% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −1.2% 1Y
1Y: ₹171.67 on 10 Sept 2025 → ₹169.58. High ₹177.05 (2 Jul 2026), low ₹141.83 (20 May 2026).
Financials, as filed
Revenue grew 4.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.3%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹108 Cr | ₹115 Cr | ₹118 Cr |
| Operating profit | ₹7 Cr | ₹7 Cr | ₹5 Cr |
| Operating margin | 6.9% | 5.8% | 4.3% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹4 Cr | ₹3 Cr | ₹2 Cr |
| Net margin | 3.5% | 2.9% | 2.1% |
| Cash from operations | ₹3 Cr | ₹2 Cr | ₹7 Cr |
| Free cash flow | ₹1 Cr | ₹1 Cr | ₹5 Cr |
| ROCE | 10.0% | 8.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr |
| Reserves | ₹37 Cr | ₹37 Cr | ₹40 Cr | ₹43 Cr | ₹36 Cr | ₹46 Cr |
| Borrowings | ₹17 Cr | ₹18 Cr | ₹17 Cr | ₹16 Cr | ₹20 Cr | ₹6 Cr |
| Other liabilities | ₹11 Cr | ₹10 Cr | ₹11 Cr | ₹12 Cr | ₹17 Cr | ₹16 Cr |
| Total liabilities | ₹73 Cr | ₹72 Cr | ₹77 Cr | ₹79 Cr | ₹82 Cr | ₹77 Cr |
| Fixed assets | ₹16 Cr | ₹15 Cr | ₹15 Cr | ₹18 Cr | ₹26 Cr | ₹17 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹1 Cr | ₹12 Cr |
| Other assets | ₹46 Cr | ₹45 Cr | ₹47 Cr | ₹48 Cr | ₹54 Cr | ₹46 Cr |
| Total assets | ₹73 Cr | ₹72 Cr | ₹77 Cr | ₹79 Cr | ₹82 Cr | ₹77 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −2.91 pp while the public added +2.90 pp.
- Promoters
- 37.9%
- DIIs
- 2.7%
- Public
- 59.5%
Since Jun 2025
- Promoters −2.91 pp
- Public +2.90 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window the public went from 55.5% to 59.5% — +4.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 41.0%, DIIs 3.5%, Public 55.5%.Dec '23: Promoters 41.0%, DIIs 3.1%, Public 55.9%.Mar '24: Promoters 40.8%, DIIs 3.1%, Public 56.1%.Jun '24: Promoters 40.8%, DIIs 3.1%, Public 56.1%.Sep '24: Promoters 40.8%, DIIs 2.7%, Public 56.5%.Dec '24: Promoters 40.8%, DIIs 2.7%, Public 56.5%.Mar '25: Promoters 40.8%, DIIs 2.7%, Public 56.5%.Jun '25: Promoters 40.8%, DIIs 2.7%, Public 56.5%.Sep '25: Promoters 40.8%, DIIs 2.7%, Public 56.5%.Dec '25: Promoters 39.4%, DIIs 2.7%, Public 58.0%.Mar '26: Promoters 37.1%, DIIs 2.7%, Public 60.3%.Jun '26: Promoters 37.9%, DIIs 2.7%, Public 59.5%.
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.
- Investor Education And Protection Fund Authority Authority Ministry Of Corporate Affairs newly disclosed 7.51% held
- LICI Asm Non Insurer newly disclosed 2.40% held
- R.Muthatha +0.82 pp 1.49% held
- Mitali Anuj Turakhia +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 |
|---|---|---|
| Investor Education and Protection Fund (IEPF) | 7.51% | unchanged |
| Investor Education And Protection Fund Authority Authority Ministry Of Corporate Affairs | 7.51% | newly disclosed |
| Puthiya Kottal Jameela | 5.39% | unchanged |
| Yogesh Rasiklal Doshi | 5.07% | unchanged |
| Gulrukh Sam Irani | 4.18% | unchanged |
| P K Rafia | 3.81% | unchanged |
| Mohamed P K | 3.72% | unchanged |
| LICI Asm Non Insurer | 2.40% | newly disclosed |
| Ranjith Elanjickal Kuruvilla | 2.39% | unchanged |
| Mitali Anuj Turakhia | 1.97% | +0.43 pp |
| Suprapti Finvest Pvt Ltd | 1.79% | unchanged |
| Kaderkutty P K M | 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.
What the price assumes
Growth trapTo justify its price of ₹170, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹6 — downside of 97%.
- Growth the price implies
- 44.7% 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
- -97% downside if it only repeats history
Learn to analyse The Western India Plywoods Limited
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