NSE: WSI · BSE: 504220
W.S.INDUSTRIES (I) LTD.
Operates in construction and infrastructure through its Infra Division, while developing real estate on owned land. Most recent activity is a senior living and care project at Poonamalee, ORR, Chennai, where it acts as Developer on about 4 acres with FSI 3.25 and 5,66,280 sq ft of built-up area, in return for 7.5 percent of project topline as a fixed return. The Infra Division had revenue of ₹28.97 crore as of period ending 2022-12-31, and Electro-porcelain products — contributing ₹22.03 crore in the same period — are now classified as Discontinued Operations. The company is investing heavily, with capex running at 96.7 percent of FY26 revenue of ₹91.5 crore. Materials are the largest operating cost line at 38.1 percent of revenue, followed by other opex at 46.8 percent. It has also sold approximately 2,365 sq metres of vacant industrial land near Bengaluru to Aarnav Business Park for not less than ₹6.04 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infra Division (57%), Electro-porcelain products (43%), Real estate development, Investment Property (0%), Turnkey Projects (0%). Asset-heavy civil construction and real estate development, with a discontinued electro-porcelain manufacturing legacy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 80 | 326 | 239 | 92 |
| EBITDA (ex other income) | (1) | 4 | 41 | 11 | 9 |
| margin % | — | 5.6 | 12.5 | 4.5 | 10.3 |
| Owners' profit | (59) | 20 | 47 | (18) | 3 |
| EPS, as reported (₹) | (22.98) | 4.45 | 10.00 | (3.08) | 0.33 |
| ROE % · ROCE % | 256.6 · (1.7) | 30.2 · 7.3 | 34.2 · 20.5 | (8.9) · 4.6 | 0.6 · 2.5 |
| Debt / equity (x) | (3.22) | 0.99 | 0.52 | 0.43 | 0.17 |
| Cash from operations | (16) | (105) | 113 | (83) | (6) |
| Capex | (0) | (1) | (127) | (8) | (88) |
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 | 62 | 66 | 40 | 26 | 24 | 21 | 21 | 0 |
| Profit before tax | 5 | (4) | (2) | 2 | 0 | (2) | 3 | 2 |
| Net profit | 4 | (24) | (2) | 1 | 0 | (2) | 3 | 2 |
| EPS (₹) | 0.64 | (4.04) | (0.34) | 0.19 | 0.01 | (0.34) | 0.39 | 0.24 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 230.0 | 13.5 | 98 of 101 | 3% |
| P/B | 1.3 | 1.3 | 44 of 85 | 49% |
| ROCE | 0.6 | 10.0 | 94 of 107 | 12% |
| ROE | 0.6 | 9.1 | 73 of 87 | 16% |
| Debt / Equity | 0.2 | 0.4 | 23 of 87 | 74% |
| EBITDA margin | 972.1 | 12.4 | 1 of 88 | 100% |
| Revenue growth | (98.3) | 6.2 | 85 of 86 | 1% |
| Profit growth | 31.6 | 2.7 | 23 of 84 | 74% |
| Market cap | 524 | 456 | 50 of 107 | 54% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Company responds to NSE/BSE query on price movement, says no undisclosed info | compliance | low | — | — |
| 14 Oct 2026 · NSE queries price movement; company response awaited | regulatory legal | high | — | — |
| 9 Oct 2026 · Promoter S. Aravindan buys 9,000 shares via open market | ownership changes | medium | — | — |
| 7 Oct 2026 · 5th newspaper ad on SEBI special window for physical shares | compliance | minimal | — | — |
| 6 Oct 2026 · Routine compliance certificate from share registrar for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2/H1 results | compliance | minimal | — | — |
| 23 Sept 2026 · 63rd AGM: All resolutions passed, one withdrawn after director resignation | compliance | minimal | — | — |
| 22 Sept 2026 · 63rd AGM held via video conferencing; 10 resolutions considered | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Promoter S. Aravindan buys 15,341 shares of W.S. Industries in open market | ownership changes | medium | — | — |
| 18 Sept 2026 · Promoter Mamatha P buys 20,400 shares, releases pledged shares | ownership changes | high | — | — |
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.