W S Industries (India) Q4 FY23 Share Price & Earnings Call Analysis
- Market cap
- ₹515 Cr
- P/E
- 173.95
- ROE
- 0.74%
- PEG
- -3.84
- Price to sales
- 7.81
- Debt to equity
- 0.17
- 52W high / low
- ₹92.7 / ₹50.7
- EBITDA margin
- 4.86%
- Net profit margin
- 1.98%
- Promoter holding
- 52.02%
- Sales (last year)
- ₹66 Cr
Incorporated in 1961, WS Industries Ltd operates primarily in Infra segment[1]
Guidance scorecard · Q4 FY23 call
What W S Industries (India)'s management guided
and where it ranks in Construction
RevenueQ4 FY23 call
20–40%- FY24 revenue from infra and construction segment expected around Rs. 200 to Rs. 300 crores.
- FY25 revenue visibility expected to be slightly higher, projecting approximately Rs. 300 crores per year based on current Rs. 600 crore order book.
- Next quarter exploring possibility of additional Rs. 400 crore new orders in infra segment.
- Order book positioned for steady execution: Rs. 280 crore current order book with expected timelines for delivery.
- Logistics income expected to start in 2 years, creating steady annuity revenue.
- Rental income expected as stable monthly cash flow once logistics and IT parks become operational.
2 more points from W S Industries (India)'s call on revenue
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MarginsQ4 FY23 call
FlatSee what W S Industries (India) said on margins — free account, 30 seconds.
CapexQ4 FY23 call
Planned- Initial infrastructure setup for projects (e.g., Trichy project) involves upfront costs, written off within first two quarters; no further infrastructure spend once project is fully ongoing.
- The company recently acquired 254 acres in Kancheepuram (Rs. 107 crore), with 150 acres pre-approved for light engineering and warehousing; plans include logistics park and light engineering facilities.
- Capital investment for development of Kancheepuram land is flexible—can be asset-light via partnerships with international investors who fund construction in exchange for revenue share or asset-heavy if long-term tenants like Samsung sign up.
- No immediate fund raising planned; working capital is currently managed through promoter infusion via warrants.
2 more points from W S Industries (India)'s call on capex
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FundraisingQ4 FY23 call
None plannedSee what W S Industries (India) said on fundraising — free account, 30 seconds.
Order bookQ4 FY23 call
Rising- Current order book is approximately Rs. 280-284 crores.
- The company is exploring and in advanced stages of signing Rs. 400-500 crore new infrastructure orders expected to be announced in the next quarter.
- The Rs. 400 crore order being explored is purely infrastructure-related.
- Maximum single order received till date is Rs. 200 crores.
2 more points from W S Industries (India)'s call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,105 Cr | 10.9 | |
| 2 | 40%+ | Flat | ₹2,003 Cr | 8.8 | |
| 3 | 40%+ | Flat | ₹933 Cr | 7.9 | |
| 4 | 40%+ | Flat | ₹912 Cr | 7.8 | |
| 5 | 40%+ | Flat | ₹714 Cr | 13.0 | |
| 6 | 40%+ | Flat | ₹465 Cr | 15.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingFinancials of W S Industries (India)
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of W S Industries (India)
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 50.70 | 45.83 | 81.05 | 110.39 | 89.12 | 71.71 | 62.07 | 65.59 | 39.67 | 26.05 | 24.05 | 20.57 | 20.83 |
| Expenses + | 52.65 | 40.75 | 68.29 | 94.91 | 81.24 | 64.42 | 55.83 | 67.95 | 40.04 | 22.75 | 21.63 | 20.83 | 17.21 |
| Operating Profit | -1.95 | 5.08 | 12.76 | 15.48 | 7.88 | 7.29 | 6.24 | -2.36 | -0.37 | 3.30 | 2.42 | -0.26 | 3.62 |
| OPM % | -3.85% | 11.08% | 15.74% | 14.02% | 8.84% | 10.17% | 10.05% | -3.60% | -0.93% | 12.67% | 10.06% | -1.26% | 17.38% |
| Other Income + | 3.55 | 1.49 | 0.17 | 0.14 | 0.04 | 0.68 | 0.83 | 1.41 | 1.08 | 1.08 | 0.64 | 0.73 | 2.01 |
| Interest | 1.91 | 1.52 | 1.31 | 1.51 | 1.63 | 1.66 | 1.88 | 2.31 | 2.30 | 2.16 | 2.26 | 2.23 | 2.15 |
| Depreciation | 0.08 | 0.08 | 0.19 | 0.20 | 0.26 | 0.36 | 0.55 | 0.56 | 0.55 | 0.44 | 0.44 | 0.45 | 0.44 |
| Profit before tax | -0.39 | 4.97 | 11.43 | 13.91 | 6.03 | 5.95 | 4.64 | -3.82 | -2.14 | 1.78 | 0.36 | -2.21 | 3.04 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | -175.95% | 37.82% | 16.59% | 520.16% | -22.90% | 23.60% | 19.44% | -8.60% | 14.80% |
| Net Profit + | -0.40 | 4.97 | 11.43 | 13.91 | 16.64 | 3.70 | 3.87 | -23.69 | -1.65 | 1.36 | 0.29 | -2.02 | 2.59 |
| EPS in Rs | -0.10 | 1.11 | 2.43 | 2.96 | 3.31 | 0.61 | 0.61 | -3.73 | -0.24 | 0.23 | 0.06 | -0.29 | 0.35 |
Financials of W S Industries (India)
Profit & Loss
Annual income statement trend
| Mar 2015 6m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 13.47 | 7.07 | 1.95 | 2.25 | 0.33 | 0.21 | 0.00 | 0.00 | 79.67 | 326.38 | 239.04 | 91.50 |
| Expenses + | 29.61 | 30.28 | 21.73 | 0.71 | 219.79 | 56.74 | 6.60 | 0.53 | 79.48 | 285.09 | 227.86 | 82.43 |
| Operating Profit | -16.14 | -23.21 | -19.78 | 1.54 | -219.46 | -56.53 | -6.60 | -0.53 | 0.19 | 41.29 | 11.18 | 9.07 |
| OPM % | -119.82% | -328.29% | -1,014.36% | 68.44% | -66,503.03% | -26,919.05% | 0.24% | 12.65% | 4.68% | 9.91% | ||
| Other Income + | 0.68 | -4.08 | 23.62 | 39.54 | 9.34 | 0.00 | -1.78 | -55.38 | 23.97 | 1.83 | 3.95 | 4.46 |
| Interest | 25.30 | 5.30 | 3.88 | -0.05 | 4.87 | 0.02 | 0.00 | 3.50 | 4.31 | 6.06 | 8.46 | 8.80 |
| Depreciation | 6.35 | 11.63 | 9.19 | 9.17 | 9.23 | 4.21 | 0.00 | 0.00 | 0.21 | 0.73 | 2.02 | 1.77 |
| Profit before tax | -47.11 | -44.22 | -9.23 | 31.96 | -224.22 | -60.76 | -8.38 | -59.41 | 19.64 | 36.33 | 4.65 | 2.96 |
| Tax % | -1.53% | 1.33% | 0.98% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -29.20% | 481.72% | 25.34% |
| Net Profit + | -46.39 | -44.81 | -9.33 | 31.96 | -224.21 | -60.76 | -8.38 | -59.41 | 19.64 | 46.94 | -17.75 | 2.21 |
| EPS in Rs | -22.10 | -20.62 | -4.41 | 15.12 | -85.38 | -23.14 | -3.19 | -22.62 | 4.70 | 9.33 | -2.77 | 0.34 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials of W S Industries (India)
Balance Sheet
Capital structure and asset base
| 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 | 21.14 | 21.14 | 21.14 | 21.14 | 26.26 | 26.26 | 26.26 | 26.26 | 41.80 | 50.33 | 63.38 | 75.90 |
| Reserves | -139.59 | -183.18 | -193.61 | -161.15 | -106.79 | -111.31 | -119.69 | -49.42 | 23.15 | 87.10 | 135.08 | 319.23 |
| Borrowings + | 330.84 | 329.72 | 305.74 | 305.74 | 496.93 | 113.64 | 127.70 | 87.36 | 64.25 | 73.66 | 87.12 | 68.52 |
| Other Liabilities + | 180.65 | 187.24 | 168.26 | 91.46 | 59.24 | 44.81 | 38.35 | 17.36 | 109.83 | 138.15 | 123.17 | 76.57 |
| Total Liabilities | 393.04 | 354.92 | 301.53 | 257.19 | 475.64 | 73.40 | 72.62 | 81.56 | 239.03 | 349.24 | 408.75 | 540.22 |
| Fixed Assets + | 186.22 | 170.38 | 93.28 | 84.10 | 425.63 | 0.02 | 0.02 | 0.02 | 24.52 | 151.07 | 154.26 | 206.88 |
| CWIP | 0.68 | 0.79 | 0.70 | 0.70 | 0.70 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.88 | 1.26 |
| Investments | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets + | 206.14 | 183.75 | 207.53 | 172.39 | 49.31 | 73.38 | 72.60 | 81.54 | 214.51 | 198.17 | 251.61 | 332.08 |
| Total Assets | 393.04 | 354.92 | 301.53 | 257.19 | 475.64 | 73.40 | 72.62 | 81.56 | 239.03 | 349.24 | 408.75 | 540.22 |
Financials of W S Industries (India)
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -24.01 | -6.41 | 6.37 | -14.61 | -118.14 | -12.29 | -7.06 | -16.21 | -104.59 | 113.24 | -82.59 | -5.97 |
| Cash from Investing Activity + | -0.03 | 0.63 | 2.70 | 0.09 | -34.75 | 0.12 | -7.17 | 141.91 | 21.20 | -127.26 | -13.51 | -159.42 |
| Cash from Financing Activity + | 23.97 | -4.37 | -3.73 | 9.54 | 153.49 | 10.37 | 14.19 | -103.37 | 61.99 | 49.70 | 84.17 | 168.00 |
| Net Cash Flow | -0.06 | -10.15 | 5.34 | -4.98 | 0.59 | -1.80 | -0.04 | 22.33 | -21.40 | 35.68 | -11.93 | 2.61 |
| Free Cash Flow | -24.37 | -7.00 | 6.08 | -14.61 | -152.92 | -12.31 | -14.23 | 125.58 | -103.23 | -14.03 | -90.74 | -94.39 |
| CFO/OP | 142% | 28% | -18% | -949% | 54% | 22% | 107% | 3,058% | -55,047% | 274% | -739% | -91% |
Financials of W S Industries (India)
Ratios
Working capital efficiency and return ratios
| 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 | 1,203.93 | 1,862.69 | 5,898.03 | 459.09 | 9,368.33 | 14,930.24 | 386.21 | 94.72 | 112.73 | 232.84 | ||
| Inventory Days | 1,567.23 | 12,707.84 | 38.59 | 3,228.85 | 25.19 | 41.35 | 35.03 | 10.25 | ||||
| Days Payable | 1,894.24 | 14,903.68 | 1,216.42 | 79,064.62 | 192.17 | 100.19 | 82.91 | 73.20 | ||||
| Cash Conversion Cycle | 876.92 | -333.15 | 4,720.19 | -75,376.68 | 9,368.33 | 14,930.24 | 219.23 | 35.88 | 64.85 | 169.89 | ||
| Working Capital Days | -4,491.10 | -14,485.39 | -61,484.72 | -45,548.76 | -131,543.79 | -220,546.90 | -181.88 | -15.12 | 55.98 | 217.52 | ||
| ROCE % | -8.02% | -16.21% | -3.33% | 21.34% | -75.35% | -27.30% | -21.00% | -0.87% | 1.22% | 25.24% | 5.30% | 3.06% |
Momentum score · price trend
26 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −14.5% | 43% |
| Last 6 months | −6.0% | 44% |
| Last 3 months | +13.8% | 85% |
The price is 61% below its all-time high of ₹176.6 (9 Feb 2024). Stocks more than 20% below their peak have their score halved, so 52 became 26.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For W S Industries (India): 0.4 × 43 + 0.4 × 44 + 0.2 × 85 = 52, halved to 26 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What W S Industries (India)'s management said in earlier quarters
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