NSE: WIMPLAST · BSE: 526586
WIM PLAST LTD
Manufactures and sells plastic furniture and allied products, with a small moulds business and unallocated investment income. FY25 revenue was Rs 367.38 crore with a 24.25% EBITDA margin, and the operating segment 'Plastics, Furniture and allied products' accounts for the entirety of segment revenue per the latest disclosure. The moulds activity has consistently posted operating losses across recent quarters and contributes negligible revenue. Materials are the largest cost at 46.7% of FY25 revenue, followed by other operating expenses at 18.8%, employee costs at 7.9%, depreciation at 3.3% and capex at 2.6%. The company has one wholly-owned subsidiary. Under a Composite Scheme of Arrangement that became effective on 27 May 2026 with an appointed date of 1 April 2025, the demerged undertaking will transfer to Cello Consumer Products Private Limited and the remaining business will amalgamate into Cello World Limited, with WIM PLAST LTD to be dissolved without being wound up. WPL shareholders will receive equity shares of Cello World Limited pursuant to the scheme. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastics, Furniture and allied products (100%), Others (Moulds), Unallocated (Investment income). Single-segment consumer plastics maker in the process of being dissolved under a Composite Scheme of Arrangement with the Cello group.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 268 | 319 | 331 | 343 | 367 |
| EBITDA (ex other income) | 53 | 52 | 59 | 61 | 64 |
| margin % | 19.9 | 16.4 | 17.8 | 17.8 | 17.4 |
| Owners' profit | 32 | 0 | 42 | 0 | 0 |
| EPS, as reported (₹) | 26.64 | 29.13 | 34.73 | 46.43 | 47.59 |
| ROE % · ROCE % | 8.4 · 10.9 | 8.4 · 11.2 | 9.4 · 12.3 | 11.4 · 14.8 | 10.7 · 14.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 42 | 38 | 63 | 46 | 57 |
| Capex | (6) | (2) | (6) | (10) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 90 | 78 | 93 | 106 | 90 | 84 | 83 |
| Profit before tax | 21 | 19 | 16 | 18 | 24 | 22 | 16 | 17 |
| Net profit | 16 | 15 | 11 | 14 | 18 | 17 | 13 | 13 |
| EPS (₹) | 13.57 | 12.09 | 9.51 | 11.27 | 14.72 | 14.10 | 10.47 | 10.66 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plastics,Furniture & allied products | 106 | 28.7 |
| Others (Moulds) | 14 | 3.9 |
| Plastics, Furniture and allied products | 91 | 24.8 |
| Others (moulds) | 2 | 0.6 |
| Plastics, furniture and allied products | 71 | 19.3 |
| Plastics, furniture & allied products | 84 | 22.8 |
| Total, before eliminations | 367 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SHAILY ENG PLASTICS LTD | 14,951 | 84.5 | 20.86 | 52.5 | 23.7 | 28.3 | — | 29.7 |
| SAFARI IND (INDIA) LTD | 7,285 | 44.1 | 6.54 | 24.6 | 15.1 | 17.9 | 44.2 | 14.0 |
| VIP INDUSTRIES LTD | 4,198 | — | 14.50 | — | (116.8) | (59.1) | 24.6 | (1.2) |
| NILKAMAL LIMITED | 2,828 | 20.2 | 1.79 | 9.2 | 7.4 | 7.3 | 12.5 | 9.7 |
| BAI-KAKAJI POLYMERS LIMITED | 636 | 36.6 | — | — | — | 19.3 | — | — |
| PRIMA PLASTICS LTD. | 157 | 7.9 | 0.81 | 5.3 | 11.0 | 10.4 | 6.1 | 21.3 |
| AVRO INDIA LIMITED | 107 | 2.9 | 1.19 | 9.8 | 5.1 | 6.5 | — | 8.5 |
| NIRAJ ISPAT IND LTD | 17 | 10.9 | 1.04 | — | 10.2 | 10.8 | — | 50.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 6.8 | 8.9 | 7 of 10 | 33% |
| ROE | 5.3 | 8.8 | 6 of 8 | 29% |
| Debt / Equity | 0.0 | 0.2 | 1 of 8 | 86% |
| EBITDA margin | 23.5 | 17.7 | 3 of 8 | 71% |
| Revenue growth | (10.6) | (6.8) | 7 of 9 | 25% |
| Profit growth | (5.5) | (5.5) | 5 of 8 | 43% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 27 May 2026 · Annual Secretarial Compliance Report for the financial year ended 31st March, 2026. | compliance | minimal | — | — |
| 27 May 2026 · The Board has fixed 9th June as the Record date for determining the shareholders eligible to receive consideration pursuant to the Scheme. | strategic transactions | high | — | — |
| 27 May 2026 · Enclosed h/w is the disclosure under Regulation 30 regarding effective date of the Scheme. | strategic transactions | high | — | — |
| 27 May 2026 · Enclosed h/w is the Outcome of the Board Meeting held on 27th May, 2026. | strategic transactions | high | — | — |
| 22 May 2026 · Wim Plast Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/05/2026 ,inter alia, to consider and approve the Effective Date and fix the Record .... | strategic transactions | high | — | — |
| 15 May 2026 · Enclosed h/w is the copy of Order received from Hon''ble NCLT, sanctioning the Composite Scheme of Arrangement. | regulatory legal | critical | — | — |
| 14 May 2026 · Enclosed h/w is the submission of Newspaper Advertisement regarding Notice of the 1st Extra-Ordinary General Meeting of the Company. | compliance | minimal | — | — |
| 27 Apr 2026 · Initial Disclosure by Entity Identified as Large Corporate | compliance | minimal | — | — |
| 10 Apr 2026 · Enclosed h/w is the certificate confirming compliance under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31st March, 2026. | compliance | minimal | — | — |
| 25 Mar 2026 · Intimation of Closure of Trading Window w.e.f. April 1, 2026 | compliance | minimal | — | — |
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 |
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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.