NSE: WIPL
THE WESTERN INDIA PLY LTD
Manufactures and sells plywood boards, laminates, and doors in India. Operates through a parent entity alongside four subsidiaries, including Mayabandar Doors Limited, which closed its Mysore factory in February 2026 citing operational and financial unviability, triggering a Rs 39.92 lakh provision for terminated employee obligations. Domestic sales contributed 87.1% of segment revenue and exports 12.9%, per disclosures for the period ended 31 March 2017. Raw materials form the largest cost line at 38.2% of revenue in FY26, followed by other operating expenses (40.3%), employee costs (15.8%), and depreciation (1.7%); the new Labour Codes effective 21 November 2025 were noted as an additional drag on employee benefit expenses. FY26 revenue was Rs 118.88 cr with net profit of Rs 0.45 cr. The board declared a final dividend of Rs 1.20 per equity share (face value Rs 10) for FY25. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic Sales (87%), Export Sales (13%). Small-scale manufacturer of plywood boards, laminates and doors, run as a parent plus four subsidiaries.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 100 | 108 | 109 | 116 | 119 |
| EBITDA (ex other income) | 4 | 7 | 7 | 7 | 4 |
| margin % | 4.2 | 6.9 | 6.4 | 5.6 | 3.0 |
| Owners' profit | 0 | 4 | 3 | 0 | 0 |
| EPS, as reported (₹) | 0.56 | 4.31 | 3.98 | 3.30 | 0.86 |
| ROE % · ROCE % | — · — | 8.5 · 12.1 | 7.8 · 10.9 | 6.2 · 9.5 | 1.0 · 4.6 |
| Debt / equity (x) | — | 0.42 | 0.44 | 0.40 | 0.21 |
| Cash from operations | 2 | 15 | 3 | 2 | 7 |
| Capex | (2) | (3) | (6) | (2) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31 | 31 | 29 | 29 | 30 | 31 | 29 | 26 |
| Profit before tax | 1 | 1 | 1 | 1 | 0 | 1 | (1) | (0) |
| Net profit | 1 | 1 | 1 | 0 | 0 | 1 | (1) | (0) |
| EPS (₹) | 1.14 | 1.05 | 0.90 | 0.40 | 0.25 | 1.03 | (0.82) | 0.29 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,622 | 50.2 | 5.56 | 24.8 | 10.2 | 11.0 | 20.4 | 12.8 |
| STYLAM INDUSTRIES LIMITED | 5,459 | 32.2 | 6.76 | 23.8 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENLAM INDUSTRIES LTD. | 5,259 | 56.5 | 4.46 | 19.1 | 4.8 | 4.5 | 20.5 | 10.8 |
| GREENPLY INDUSTRIES LTD | 3,822 | 38.6 | 4.27 | 15.6 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,879 | 13.2 | 1.43 | 7.8 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 439 | 18.9 | 0.67 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 200 | 15.3 | 1.79 | 9.0 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 163 | — | 7.25 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 214.2 | 26.0 | 10 of 10 | 0% |
| P/B | 3.1 | 3.1 | 7 of 13 | 50% |
| ROCE | 2.9 | 4.5 | 9 of 13 | 33% |
| ROE | 1.0 | 4.8 | 9 of 13 | 33% |
| Debt / Equity | 0.2 | 0.4 | 3 of 13 | 83% |
| EBITDA margin | 1.7 | 7.5 | 11 of 13 | 17% |
| Revenue growth | (8.7) | 18.2 | 11 of 13 | 17% |
| Profit growth | (188.2) | 32.2 | 11 of 13 | 17% |
| Market cap | 136 | 200 | 9 of 13 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 29 Sept 2026 · Western India Plywoods AGM: All 5 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Record date set for 21-Sep-2026 dividend and 81st AGM | corporate actions | high | — | — |
| 27 Aug 2026 · Chairman Shri P H Kurian passes away due to illness | management changes | high | — | — |
| 27 Aug 2026 · AGM notice on Sept 28, 2026 with Rs.1 dividend and MD reappointment | board shareholder meetings | low | — | — |
| 22 Aug 2026 · Record date Sep 21 2026 for FY26 dividend of Rs 1 per share | corporate actions | high | — | — |
| 21 Aug 2026 · Q1 FY27 results: revenue falls 8% YoY; consolidated swings to loss | results | high | — | — |
| 18 Aug 2026 · NSE seeks clarification from Western India Plywoods on Q1 FY27 results | regulatory legal | low | — | — |
| 12 Aug 2026 · WIPL Q1 FY27: Revenue down 8% YoY, net profit nearly halves | results | high | — | — |
| 11 Aug 2026 · Western India Plywoods appoints KSIDC nominee Mr Biju BG as Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.