WPIL
WPIL
Capital GoodsKey Fundamentals
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Key Insights
Weaknesses
2- Company has high debtors of 196 days.
- Working capital days have increased from 87.6 days to 130 days
Growth Rate
AI Analysis — Bull vs Bear
WPIL Ltd is a mid-cap capital goods company with a market cap of ₹4,356 Cr, trading at a PE of 18.3x. The company has delivered a 5-year compounded sales CAGR of 13% and profit CAGR of 13%, with a strong long-term ROE averaging 20% over 5 years, though it declined to 11% in the last year. Working capital management remains a concern with debtor days at 196 and working capital days rising to 130 days.
- Strong long-term wealth creation with 5-year stock CAGR of 34% and 10-year CAGR of 28%, outperforming the broader market
- Consistent ROE averaging 20% over both 3-year and 5-year periods, indicating efficient capital allocation historically
- Order book exceeding ₹5,270 Cr provides multi-year revenue visibility relative to annual revenues of around ₹1,178 Cr in FY25
- TTM profit growth of 47% indicates a sharp earnings recovery in recent quarters
- Low debt-to-equity ratio of approximately 0.30, giving financial flexibility for growth investments
- Reasonable valuation at PE of 18.3x for a capital goods company with 13% long-term profit CAGR
- 5-year compounded sales CAGR of 13% and profit CAGR of 13% demonstrate sustained business growth
- Operating profit margins have historically ranged between 15-21%, indicating pricing power in the pumps and infrastructure segment
- Debtor days at 196 days is extremely high, tying up significant capital in receivables and increasing collection risk
- Working capital days increased sharply from 87.6 days to 130 days, signaling deteriorating cash conversion
- Last year ROE dropped to 11% from a 5-year average of 20%, indicating declining return efficiency
- 3-year compounded profit CAGR is negative at -6%, showing earnings inconsistency despite long-term growth
- Standalone revenue declined to ₹801 Cr in FY26 from ₹1,178 Cr in FY25, a 32% drop due to lower project execution
- 1-year stock return is negative at -5%, suggesting market skepticism about near-term earnings trajectory
- 3-year compounded sales CAGR of only 5% shows a marked deceleration from the 10-year average of 10%
- Dividend yield of only 0.46% offers minimal income return to shareholders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Standalone PAT decline in FY26 Jul 14
Standalone PAT fell to Rs. 11,693.29 lacs in FY26, indicating pressure on standalone profitability despite consolidated growth.
- Consolidated revenue growth FY26 Jul 14
Consolidated revenue rose to Rs. 1,85,456.84 lacs in FY26, showing healthy top-line expansion at the group level.
- Dividend of Rs. 2 per share Jul 10
Board proposed Rs. 2/- per share dividend with record date of July 31, 2026 and book closure from Aug 1-7.
- Institutional investor engagement Jul 22
WPIL scheduled an investor meeting with SBI General Insurance on July 28, 2026, signaling active institutional interest.
- Q1FY27 earnings call scheduled Jul 20
WPIL will discuss Q1FY27 results on July 24, 2026 at 5:30 PM IST via conference call under SEBI LODR Regulation 30(6).
- BRSR and Annual Report filed Jul 14
WPIL filed its FY26 Business Responsibility & Sustainability Report and Annual Report with BSE, detailing ESG performance and financials.
TL;DR: WPIL shows solid consolidated revenue growth and maintains shareholder returns with a Rs. 2 dividend, but standalone PAT decline signals margin or cost headwinds at the parent level. Institutional engagement from SBI General Insurance is a positive signal. The upcoming Q1FY27 earnings call on July 24 will be key to assessing whether consolidated momentum is sustaining and standalone profitability is recovering.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 324 | 319 | 431 | 591 | 363 | 491 | 382 | 572 | 379 | 426 | 539 | 511 | 501 |
| Expenses | 264 | 252 | 361 | 489 | 302 | 387 | 333 | 492 | 329 | 346 | 426 | 436 | 425 |
| Operating Profit | 59 | 67 | 70 | 102 | 60 | 104 | 48 | 80 | 49 | 80 | 113 | 76 | 75 |
| OPM % | 18% | 21% | 16% | 17% | 17% | 21% | 13% | 14% | 13% | 19% | 21% | 15% | 15% |
| Other Income | 8 | 7 | 504 | 4 | 13 | 10 | 17 | 6 | 12 | 14 | 18 | 14 | 23 |
| Interest | 7 | 7 | 9 | 7 | 8 | 9 | 11 | 12 | 11 | 13 | 11 | 12 | 9 |
| Depreciation | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 10 | 10 | 11 | 11 |
| PBT | 53 | 59 | 557 | 92 | 59 | 98 | 46 | 65 | 40 | 71 | 109 | 67 | 79 |
| Tax % | 24% | 28% | 4% | 28% | 26% | 28% | 19% | 136% | 36% | 28% | 31% | 30% | 26% |
| Net Profit | 40 | 43 | 535 | 66 | 43 | 70 | 37 | -24 | 26 | 52 | 76 | 47 | 59 |
| EPS in Rs | 3.25 | 3.53 | 35.3 | 6.53 | 3.96 | 6.17 | 3.21 | 0.18 | 2.29 | 4.2 | 5.56 | 4.14 | 3.47 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 482 | 730 | 708 | 845 | 1,156 | 909 | 995 | 1,181 | 1,605 | 1,664 | 1,807 | 1,855 | 1,977 |
| Expenses | 417 | 680 | 658 | 748 | 922 | 790 | 838 | 971 | 1,337 | 1,366 | 1,514 | 1,536 | 1,633 |
| Operating Profit | 65 | 49 | 50 | 97 | 234 | 119 | 157 | 210 | 268 | 298 | 293 | 318 | 344 |
| OPM % | 13% | 7% | 7% | 11% | 20% | 13% | 16% | 18% | 17% | 18% | 16% | 17% | 17% |
| Other Income | 2 | 10 | 9 | 17 | 21 | 16 | 32 | 10 | 68 | 524 | 47 | 58 | 70 |
| Interest | 29 | 27 | 27 | 22 | 13 | 21 | 22 | 20 | 24 | 31 | 39 | 48 | 45 |
| Depreciation | 7 | 27 | 22 | 22 | 19 | 37 | 37 | 37 | 28 | 30 | 33 | 41 | 42 |
| PBT | 31 | 5 | 10 | 69 | 223 | 77 | 129 | 163 | 284 | 762 | 267 | 288 | 327 |
| Tax % | 40% | 174% | 118% | 48% | 29% | 30% | 24% | 28% | 23% | 10% | 53% | 31% | — |
| Net Profit | 19 | -4 | -2 | 36 | 157 | 54 | 99 | 118 | 220 | 684 | 127 | 200 | 233 |
| EPS in Rs | 1.89 | 0.1 | 0.73 | 4.1 | 12.87 | 5.75 | 8.62 | 9.96 | 19.36 | 48.62 | 13.52 | 16.19 | 17.37 |
| Div. Payout % | 11% | 193% | 28% | 10% | 6% | 13% | 12% | 10% | 10% | 8% | 15% | 12% | — |
Balance Sheet
| Particulars | 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 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 238 | 236 | 249 | 284 | 397 | 444 | 533 | 625 | 800 | 1,236 | 1,362 | 1,581 |
| Borrowings | 103 | 268 | 273 | 173 | 138 | 377 | 312 | 317 | 258 | 220 | 467 | 502 |
| Other Liabilities | 136 | 306 | 268 | 521 | 498 | 572 | 660 | 855 | 1,134 | 1,162 | 1,093 | 1,166 |
| Total Liabilities | 487 | 819 | 799 | 988 | 1,044 | 1,403 | 1,514 | 1,806 | 2,202 | 2,628 | 2,932 | 3,259 |
| Fixed Assets | 141 | 207 | 180 | 182 | 176 | 449 | 429 | 421 | 467 | 439 | 503 | 654 |
| CWIP | 1 | 1 | 2 | 0 | 1 | 1 | 1 | 9 | 9 | 14 | 9 | 2 |
| Investments | 0 | 0 | 14 | 13 | 14 | 13 | 16 | 17 | 20 | 25 | 32 | 42 |
| Other Assets | 345 | 611 | 603 | 792 | 853 | 939 | 1,070 | 1,359 | 1,706 | 2,150 | 2,388 | 2,561 |
| Total Assets | 487 | 819 | 799 | 988 | 1,044 | 1,403 | 1,514 | 1,806 | 2,202 | 2,628 | 2,932 | 3,259 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 26 | -97 | 63 | 182 | 141 | 55 | 230 | 115 | 187 | -90 | -150 | -93 |
| Investing | -4 | -91 | 3 | -50 | -34 | -296 | -38 | -49 | -109 | 517 | -318 | 290 |
| Financing | -10 | 193 | -72 | -124 | -53 | 199 | -143 | -35 | -102 | -88 | 151 | -46 |
| Net Cash Flow | 12 | 5 | -7 | 7 | 53 | -42 | 49 | 30 | -24 | 339 | -316 | 151 |
| Free Cash Flow | 21 | -189 | 64 | 172 | 130 | -63 | 244 | 90 | 155 | -131 | -187 | -147 |
| CFO/OP | 56 | -162 | 154 | 221 | 82 | 72 | 157 | 80 | 92 | -16 | -43 | 14 |
Ratios
| Particulars | 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 | 171 | 165 | 156 | 153 | 92 | 129 | 120 | 132 | 124 | 160 | 168 | 196 |
| Inventory Days | 70 | 241 | 209 | 177 | 138 | 240 | 218 | 383 | 360 | 389 | 307 | 285 |
| Days Payable | 97 | 144 | 161 | 176 | 151 | 208 | 217 | 501 | 497 | 482 | 348 | 236 |
| Cash Conversion Cycle | 143 | 261 | 204 | 154 | 79 | 160 | 120 | 14 | -12 | 67 | 127 | 246 |
| Working Capital Days | 106 | 81 | 58 | 10 | 21 | 37 | 38 | 34 | 44 | 63 | 70 | 130 |
| ROCE % | 16% | 7% | 7% | 18% | 45% | 14% | 17% | 19% | 24% | 20% | 16% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about WPIL
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Company Information
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]
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