WPIL (WPIL) Share Price, Stock Quote

Summary of Latest Earnings Report from WPIL

Summary of WPIL's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook and Key Points:

Financial Performance:

Consolidated Results (9M FY25): Revenue grew 15% YoY to Rs.12,350M, EBITDA at Rs.2,127M (17.22% margin), PAT at Rs.1,503M (12.17% margin). Q3 revenue was Rs.3,816M.
Standalone Results (9M FY25): Revenue Rs.7,867M, EBITDA Rs.1,364M (17.34% margin), PAT Rs.978M (12.43% margin).

Order Book Strength:

International: Rs.5,482M.
Domestic Projects: Rs.25,900M; Domestic Products: Rs.3,988M.

Operational Highlights:

Pump Division: Robust inquiry pipeline, especially for Thailand drainage pumps.
Project Division: Slowed Q3 execution due to delayed Jal Jeevan Mission payments (Rs.400Cr receivables), but expects recovery post-Budget 2025. Revenues reached Rs.5,720M (9M FY25).

Strategic International Expansion:

Acquisitions: Eigenbau (South Africa), MISA-SRL (Italy), and Paterson Candy International (Africa) to boost turnkey project capabilities, adding Rs.3,750M+ revenue. Focus on MENA, Africa, and Europe.
Growth Drivers: Geopolitical stabilization, infrastructure investments in Thailand, and PCI Africa's expansion in sub-Saharan markets.

Domestic Recovery & Future Focus:

Jal Jeevan Mission: Payment delays impacted execution, but Budget 2025 allocations and extended scheme timeline (to 2028) signal normalization.
New Opportunities: Thermal power pumps, river-linking projects (Rajasthan, Telangana, MP), and urban water schemes (AMRUT 2.0).

Margins & Cash Position:

Consolidated EBITDA margins stable at ~17%. International margins expected to outperform India.
Cash reserves at Rs.550Cr; deploying for strategic acquisitions.

Outlook:

FY26: Improved execution with receivables clearance, project tenders revival, and international synergies. Diversification to balance domestic cyclicality.
Growth Sectors: Thermal power, drainage, and international turnkey projects.

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Q&A Session

Last updated: Feb 25

1. Question: Why was the PAT growth lower than the September 2022 quarter?
Answer: The slowdown was due to delayed fund disbursements under the Jal Jeevan Mission, increasing project outstandings and reducing execution. Recovery is expected next quarter and fiscal year.

2. Question: Why is significant cash blocked in receivables?
Answer: Payments for Jal Jeevan projects were delayed due to budget allocation gaps. Post-budget clearance, receivables (INR400 crore) are expected to resolve shortly.

3. Question: How has the payment status improved post-budget, and what are current receivables?
Answer: Budget 2025 addressed funding gaps, but delayed disbursements affected Q3. Receivables remain ~INR400 crore, expected to normalize with renewed allocations.

4. Question: What are the margin profiles and growth prospects for international turnkey projects?
Answer: Acquisitions (Eigenbau, MISA, PCI) target high-growth regions (Africa, MENA) with margins better than India. Combined revenue potential exceeds INR3,750 million, enhancing global project capabilities.

5. Question: When will project execution accelerate, and what is the order inflow outlook?
Answer: Execution slowed due to receivables but will rebound post-budget. New tenders are expected to rise, with growth anticipated from FY26.

6. Question: How are international acquisitions progressing, and what are their revenue contributions?
Answer: Eigenbau and MISA are operational; PCI acquisition concludes in Q1 FY26. These add ~INR3,750 million revenue, focusing on water infrastructure in Africa and Europe.

7. Question: What is the status of domestic project receivables and execution?
Answer: INR400 crore tied to Jal Jeevan. Post-budget clarity and state fund releases should improve cash flow and execution in Q4/FY26.

8. Question: How will the company mitigate future payment delays from government projects?
Answer: The Q3 delay was a short-term budget issue, not systemic. Diversification into international projects reduces dependency on domestic cycles.

9. Question: What is the growth outlook for the product business?
Answer: Steady demand across sectors (thermal power, oil/gas). International and domestic order books remain robust, with margins stable at 15"“20%.

10. Question: How will river interlinking projects impact growth?
Answer: Active in Telangana, Rajasthan, and Madhya Pradesh. These long-gestation projects offer engineered pump opportunities, though execution depends on clearances.

11. Question: What is the cash position and acquisition strategy?
Answer: Consolidated cash is ~INR550 crore. Focus remains on international acquisitions (Europe/geographic expansion) while maintaining conservative deployment.

12. Question: Are Chinese competitors a threat in new markets?
Answer: Minimal Chinese presence in core sectors (water infrastructure). Acquisitions strengthen regional market positioning in Africa and MENA.

13. Question: How does the revenue mix (products vs. projects) look for FY25?
Answer: Product business may slightly dominate due to project delays, but international turnkey projects aim to balance growth from FY26.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	WPIL	Industrial
PE	9.71	27.41
PS	3.77	3.63
Growth	-5.5 %	7 %

Investor Care
Dividend Yield	0.59%
Dividend/Share (TTM)	4
Shares Dilution (1Y)	0.00%

Financial Health
Current Ratio	1.91
Debt/Equity	0.13
Debt/Cashflow	-0.43

Cash Flow for WPIL

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	25%	31	25	20
Change in inventories	-28.3%	-59.82	-46.4	-42.18
Depreciation	-17.1%	30	36	37
Adjustments for interest income	90%	0	-9.02	0
Net Cashflows from Operations	-118.8%	-26.77	149	163
Interest received	-406.7%	-19.61	7.72	5.88
Income taxes paid (refund)	-40%	43	71	54
Other inflows (outflows) of cash	98.6%	0	-69.98	0
Net Cashflows From Operating Activities	-703.7%	-89.55	16	115
Proceeds from sales of PPE	-98.9%	1.07	7.36	0
Purchase of property, plant and equipment	203.3%	43	-39.67	25
Proceeds from sales of investment property	-	0	0	0.9
Interest received	-	18	0	3.82
Other inflows (outflows) of cash	-	-30.89	0	0
Net Cashflows From Investing Activities	1047.8%	529	47	-20.53
Proceeds from borrowings	192.5%	11	-9.81	-51.86
Repayments of borrowings	81%	77	43	-26.25
Payments of lease liabilities	-107.1%	0	15	12
Dividends paid	333.3%	39	9.77	9.74
Interest paid	26.1%	30	24	18
Other inflows (outflows) of cash	-	56	0	0
Net Cashflows from Financing Activities	13.4%	-88.16	-102	-65.98
Effect of exchange rate on cash eq.	-72.4%	4.86	15	2.05
Net change in cash and cash eq.	1511.5%	356	-24.15	30

Standalone figures (in Rs. Crores) / View Consolidated Data

Finance costs	45.5%
Change in inventories	-204.7%
Depreciation	32.4%
Unrealised forex losses/gains	-
Adjustments for interest income	-106.2%
Net Cashflows from Operations	-86.1%
Interest received	-
Income taxes paid (refund)	8.9%
Net Cashflows From Operating Activities	-190.7%
Cashflows used in obtaining control of subsidiaries	-
Proceeds from sales of PPE	-157.1%
Purchase of property, plant and equipment	308.1%
Proceeds from sales of long-term assets	-100.5%
Cash receipts from repayment of advances and loans made to other parties	-
Interest received	91.7%
Other inflows (outflows) of cash	74.2%
Net Cashflows From Investing Activities	94.1%
Proceeds from borrowings	-
Repayments of borrowings	0%
Payments of lease liabilities	-275.5%
Dividends paid	333.3%
Interest paid	-102.1%
Other inflows (outflows) of cash	-136.2%
Net Cashflows from Financing Activities	368.1%
Net change in cash and cash eq.	98.2%

Balance Sheet for WPIL

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	23.1%	17	14	16	0.94	30	-
Current investments	-	0	0	0	0	47	-
Total current financial assets	120.1%	965	439	662	500	436	-
Inventories	45.3%	139	96	80	70	61	-
Current tax assets	-	-	114	-	-	0	-
Total current assets	63.9%	1,104	674	743	570	524	-
Property, plant and equipment	14.9%	86	75	74	30	34	-
Capital work-in-progress	-	2.23	-	0.08	0.07	0	-
Goodwill	0%	14	14	14	14	14	-
Non-current investments	0%	49	49	49	49	49	-
Loans, non-current	-48%	103	197	185	169	174	-
Total non-current financial assets	-16.5%	289	346	322	297	277	-
Total non-current assets	-12.3%	399	455	419	399	375	-
Total assets	33.2%	1,504	1,129	1,162	969	899	-
Borrowings, non-current	1119%	7.42	0.37	0.37	0.46	0.55	-
Total non-current financial liabilities	1119%	7.42	0.37	0.54	0.46	4	-
Provisions, non-current	-8%	6.6	7.09	6.73	4.08	4.08	-
Total non-current liabilities	101.2%	14	7.46	26	6.47	8.29	-
Borrowings, current	37.2%	130	95	41	58	36	-
Total current financial liabilities	69.1%	713	422	471	401	355	-
Provisions, current	32.6%	6.49	5.14	4.65	3.57	4.87	-
Current tax liabilities	56%	10	6.77	3.02	7.54	3.25	-
Total current liabilities	66.2%	729	439	478	413	366	-
Total liabilities	66.6%	744	447	504	419	375	-
Equity share capital	0%	9.77	9.77	9.77	9.77	9.77	-
Total equity	11.3%	760	683	657	550	524	-
Total equity and liabilities	33.2%	1,504	1,129	1,162	969	899	-

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	281.6%	436	115	97	85	121	106
Current investments	-	0	0	377	0	0	0
Loans, current	0%	0.05	0.05	0.05	0.05	0.06	0.99
Total current financial assets	102.2%	1,497	741	1,165	983	897	449
Inventories	3.4%	370	358	342	298	296	257
Current tax assets	-63.7%	2.56	5.3	9.2	3.46	4.54	1.74
Total current assets	43.5%	1,926	1,342	1,574	1,348	1,250	1,025
Property, plant and equipment	-5%	342	360	365	294	316	322
Capital work-in-progress	49.9%	14	9.67	9	5.53	9.15	0.57
Investment property	115100%	24	0.98	19	-	16	15
Goodwill	7.7%	57	53	55	53	62	61
Non-current investments	-	0.98	0	0.98	0.87	0.87	0
Loans, non-current	0%	14	14	13	14	0	0
Total non-current financial assets	53.2%	214	140	107	103	58	45
Total non-current assets	11.1%	702	632	608	564	558	566
Total assets	33.1%	2,628	1,974	2,182	1,912	1,807	1,591
Borrowings, non-current	-66.2%	27	78	91	80	122	132
Total non-current financial liabilities	-66.2%	27	78	112	80	147	158
Provisions, non-current	-26.1%	18	24	24	24	27	36
Total non-current liabilities	-53.5%	61	130	146	124	175	196
Borrowings, current	-5.8%	180	191	135	162	157	84
Total current financial liabilities	37.8%	661	480	1,044	980	861	676
Provisions, current	18.2%	14	12	12	10	12	12
Current tax liabilities	-14.3%	43	50	38	44	37	68
Total current liabilities	16.4%	1,010	868	1,123	1,062	926	773
Total liabilities	7.3%	1,072	999	1,269	1,185	1,102	970
Equity share capital	0%	9.77	9.77	9.77	9.77	9.77	9.77
Non controlling interest	164.1%	310	118	103	71	71	55
Total equity	59.7%	1,556	975	913	726	706	622
Total equity and liabilities	33.1%	2,628	1,974	2,182	1,912	1,807	1,591

Income Statement for WPIL

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023	Mar-2023
Revenue From Operations	-45.2%	239	435	274	185	182	351
Other Income	46.2%	8.4	6.06	12	6.19	6.42	5.61
Total Income	-43.9%	248	441	287	192	189	357
Cost of Materials	271.1%	168	46	33	32	19	251
Purchases of stock-in-trade	-100.4%	0	267	163	87	84	0
Employee Expense	-7.1%	14	15	14	15	12	12
Finance costs	31.9%	5.55	4.45	4.54	4.04	4.19	3.8
Depreciation and Amortization	-21.8%	1.61	1.78	1.76	1.74	1.68	1.31
Other expenses	-37%	18	28	16	25	33	23
Total Expenses	-42.8%	207	361	228	160	159	281
Profit Before exceptional items and Tax	-49.4%	41	80	58	32	30	76
Total profit before tax	-49.4%	41	80	58	32	30	76
Current tax	-54.5%	11	23	18	8.12	7.63	18
Deferred tax	-108.5%	-0.23	0.41	0.02	0.05	-0.06	-0.42
Total tax	-60.9%	10	24	18	8.17	7.57	17
Total profit (loss) for period	-45.5%	31	56	41	23	22	59
Other comp. income net of taxes	-53.1%	0.02	0.36	-0.1	-0.1	-0.1	-0.18
Total Comprehensive Income	-45.5%	31	56	40	23	22	58
Earnings Per Share, Basic	-114.5%	0.316	5.728	4.156	2.399	2.259	63
Earnings Per Share, Diluted	-114.5%	0.316	5.728	4.156	2.399	2.259	63
Debt equity ratio	-	018	0	0	0	038	0
Debt service coverage ratio	-	011	0	0	0	024	0
Interest service coverage ratio	-	01	0	0	0	007	0

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	7.5%	1,077	1,002	530	-	-	533
Other Income	-6.5%	30	32	16	-	-	9.45
Total Income	7.1%	1,107	1,034	546	-	-	543
Cost of Materials	-81.4%	130	695	321	-	-	287
Purchases of stock-in-trade	-	600	0	0	-	-	0
Employee Expense	37.5%	56	41	34	-	-	35
Finance costs	45.5%	17	12	8.9	-	-	6.61
Depreciation and Amortization	32.4%	6.97	5.51	5.63	-	-	3.2
Other expenses	3.1%	101	98	94	-	-	98
Total Expenses	7.6%	908	844	460	-	-	427
Profit Before exceptional items and Tax	4.8%	199	190	86	-	-	116
Total profit before tax	4.8%	199	190	86	-	-	116
Current tax	21.7%	57	47	23	-	-	42
Deferred tax	58.3%	0.42	-0.39	-1.04	-	-	0.41
Total tax	21.7%	57	47	22	-	-	43
Total profit (loss) for period	-0.7%	142	143	64	-	-	73
Other comp. income net of taxes	30.7%	0.05	-0.37	0.01	-	-	-0.08
Total Comprehensive Income	-0.7%	142	143	64	-	-	73
Earnings Per Share, Basic	-0.7%	14.542	14.644	6.54	-	-	7.519
Earnings Per Share, Diluted	-0.7%	14.542	14.644	6.54	-	-	7.519
Debt equity ratio	0.2%	098	077	0.0412	-	-	075
Debt service coverage ratio	0.8%	097	022	0.0235	-	-	041
Interest service coverage ratio	0%	008	004	004	-	-	009

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023	Mar-2023
Revenue From Operations	-38.6%	363	591	431	348	358	574
Other Income	10%	12	11	9	5.53	4.71	5.03
Total Income	-37.9%	374	602	440	354	362	579
Cost of Materials	49.3%	204	137	72	76	74	96
Purchases of stock-in-trade	-100.4%	0	267	163	89	86	229
Employee Expense	12.5%	55	49	56	61	61	65
Finance costs	9.7%	7.54	6.96	9.33	7.48	7.74	7.97
Depreciation and Amortization	-4.6%	7.67	7.99	7.66	9.6	9.21	8.97
Other expenses	-33.3%	45	67	45	56	67	70
Total Expenses	-37.2%	317	504	378	294	308	472
Profit Before exceptional items and Tax	-42.3%	57	98	62	59	54	107
Exceptional items before tax	-	0	0	490	0	0	0
Total profit before tax	-42.3%	57	98	552	59	54	107
Current tax	-42.3%	16	27	23	17	14	22
Deferred tax	44.9%	-0.4	-1.54	0.24	-0.12	0.11	7.03
Total tax	-44%	15	26	23	17	14	29
Total profit (loss) for period	-35.4%	43	66	535	43	40	79
Other comp. income net of taxes	76.9%	-3.45	-18.23	27	-7.19	8.27	-9.82
Total Comprehensive Income	-17%	40	48	562	36	49	70
Earnings Per Share, Basic	-110.9%	0.396	6.531	35.315	3.535	3.254	7.317
Earnings Per Share, Diluted	-110.9%	0.396	6.531	35.315	3.535	3.254	7.317
Debt equity ratio	-	063	0	0	0	04	0
Debt service coverage ratio	-	011	0	0	0	02	0
Interest service coverage ratio	-	009	0	0	0	008	0

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-6.8%	1,664	1,785	1,181	995	909	-
Other Income	0%	28	28	8.59	15	16	-
Total Income	-6.6%	1,693	1,813	1,190	1,010	925	-
Cost of Materials	-8.8%	355	389	540	403	400	-
Purchases of stock-in-trade	-9%	600	659	0	0	0	-
Employee Expense	-7.3%	203	219	205	193	182	-
Finance costs	25%	31	25	20	22	21	-
Depreciation and Amortization	-17.1%	30	36	37	37	38	-
Other expenses	-3.6%	215	223	250	226	215	-
Total Expenses	-6.2%	1,427	1,521	1,028	904	849	-
Profit Before exceptional items and Tax	-8.9%	266	292	162	107	76	-
Total profit before tax	-8.9%	266	292	162	107	76	-
Current tax	16.4%	79	68	39	32	30	-
Deferred tax	-137.9%	-1.44	7.43	6.37	-1.49	-6.25	-
Total tax	4.1%	78	75	45	30	23	-
Total profit (loss) for period	211.9%	684	220	118	99	54	-
Other comp. income net of taxes	165.9%	9.92	-12.53	7.29	14	-3.25	-
Total Comprehensive Income	236.4%	694	207	126	113	51	-
Earnings Per Share, Basic	159.3%	48.635	19.368	9.965	8.618	5.756	-
Earnings Per Share, Diluted	159.3%	48.635	19.368	9.965	8.618	5.756	-
Debt equity ratio	-0.5%	086	0.0139	0.0156	0.0157	0.0193	-
Debt service coverage ratio	-0.2%	031	048	074	025	0.0311	-
Interest service coverage ratio	0%	002	004	005	025	0.0798	-

Valuation
Market Cap	6.66 kCr
Price/Earnings (Trailing)	9.71
Price/Sales (Trailing)	3.77
EV/EBITDA	8.03
Price/Free Cashflow	-41.02
MarketCap/EBT	8.7

Fundamentals
Revenue (TTM)	1.77 kCr
Earnings (TTM)	686.39 Cr

Profitability
Operating Margin	15.6%
EBT Margin	43.29%
Return on Equity	44.1%
Return on Assets	26.12%
Free Cashflow Yield	-2.44%

Shareholder Name	Holding %
Hindusthan Udyog Limited	41.33%
Asutosh Enterprises Limited	19.77%
V.N.Enterprises Limited	6.55%
MassachusettsInstituteof Technology	5.06%
Kotak Infrastructure Economic Fund	2.43%
Jhilik Promoters & Fincon (P) Limited	2.19%
Prakash Agarwal	1.96%
Mukul Mahavir Agarwal	1.43%
Premlata Agarwal	0.35%
Ritu Agarwal	0.22%
Rohan Agarwal	0.2%
Aanya Aharwal	0.2%
Prakash Agarwal & Son HUF	0.12%
Vishnath Agarwal	0.1%

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
VOLTAS	VoltasHousehold Appliances	41.24 kCr	15.15 kCr	-14.55%	-14.32%	58.15	2.72	+31.94%	+152.66%
THERMAX	ThermaxHeavy Electrical Equipment	40.64 kCr	10.3 kCr	-6.66%	-21.91%	66.76	3.95	+13.10%	-0.51%
KIRLOSBROS	Kirloskar BrothersCompressors, Pumps & Diesel Engines	13.89 kCr	4.52 kCr	+2.11%	+34.62%	32.03	3.07	+14.73%	+45.70%
IONEXCHANG	Ion Exchange (India)Water Supply & Management	7.59 kCr	2.73 kCr	+10.75%	-5.54%	34.89	2.77	+21.77%	+6.55%

WPIL - WPIL Ltd Share Price

Summary of Latest Earnings Report from WPIL

Sector Comparison: WPIL vs Industrial Manufacturing

Comparative Metrics

Performance Comparison

Investor Care

Financial Health

Cash Flow for WPIL

Balance Sheet for WPIL

Income Statement for WPIL

Valuation

Fundamentals

Profitability

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is WPIL Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)