Western India Plywoods Ltd

WIPL

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Market Cap

₹ 132 Cr

P/E

60.54

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Western India Plywoods Ltd., established in 1945 in Kerala, is a leading manufacturer of plywood, hardboards, and related products, utilizing both domestic and international markets for its low-density fiber board.

The company boasts various pioneering developments, including UV radiation cured surface finishes, making it a unique player with one of the few pre-finishing plants globally.

Its in-house technology for Di-allyl Phthalate (DAP) Moulding powder and other resin formulations marks a significant achievement, reducing reliance on imports.

A joint venture in Malaysia strengthens its supply chain by ensuring raw material availability and supporting its procurement system.

Western India Plywoods also shows innovation in sustainability by utilizing waste sludge from currency paper mills in its fiber board production.

Sector

Plywood Boards/Laminates

Industry

Decoratives - Wood-based

Market Cap

132 Cr

Volatility

Low Risk

P/E Ratio

60.5

Industry P/E

49.1

PEG Ratio

1.9

P/B Ratio

2.9

52W High

270.00

52W Low

137.90

Sales CAGR

6.39%

5.16%

4.40%

10Y

2.29%

Profit CAGR

-16.86%

32.40%

14.43%

10Y

6.88%

ROE

TTM

4.86%

7.59%

4.85%

10Y

3.89%

ROCE

TTM

6.97%

10.80%

7.72%

10Y

8.23%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SPITZE	145.00	219 Cr	45.17	6.18	0.00	16.00	18.92	11.21
ARCHIDPLY	95.30	188 Cr	137.39	1.76	0.00	1.27	7.25	0.35
DUROPLY	168.95	183 Cr	26.07	1.20	0.00	4.62	7.10	2.39
WIPL	155.60	132 Cr	60.54	2.94	0.77	4.86	6.97	2.66
SYLVANPLY	63.00	122 Cr	17.80	0.98	0.00	5.64	10.03	2.80
OMFURN	90.45	107 Cr	16.57	1.81	0.00	8.47	12.05	5.82
PRITI	58.79	79 Cr	27.73	1.09	0.00	3.93	5.40	3.57

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	24	28	32	25	25	31	31	29	29	30
Expenses	23	26	28	25	24	29	29	27	28	29
Operating Profit	1.12	2.01	3.36	0.51	0.79	1.96	1.83	1.97	1.16	0.82
OPM %	4.74	7.10	10.57	2.02	3.16	6.30	5.93	6.78	4.00	2.74
Other Income	0.12	0.23	0.06	0.14	0.14	0.13	0.28	0.10	0.10	0.28
Interest	0.26	0.34	0.31	0.27	0.26	0.19	0.30	0.42	0.21	0.18
Depreciation	0.33	0.35	0.37	0.39	0.41	0.48	0.50	0.49	0.52	0.52
Profit Before Tax	0.65	1.55	2.74	-0.01	0.26	1.42	1.31	1.16	0.53	0.40
Tax %	32.31	28.39	29.93	-800.00	42.31	29.58	32.82	33.62	35.85	52.50
Net Profit	0.44	1.11	1.92	-0.09	0.15	1.00	0.88	0.77	0.34	0.19
EPS in Rs	0.52	1.29	2.25	-0.08	0.21	1.14	1.05	0.90	0.40	0.25

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	94	94	101	97	85	100	108	109	116	120
Expenses	82	90	94	91	81	96	100	102	109	113
Operating Profit	12	3.98	6.82	5.66	3.63	4.23	7.41	7.02	6.55	6.92
OPM %	12.57	4.22	6.73	5.82	4.27	4.24	6.87	6.43	5.64	5.76
Other Income	3.64	4.02	0.52	0.79	0.29	0.33	0.70	0.55	0.65	0.61
Interest	3.46	3.53	2.94	2.22	1.61	1.31	1.40	1.18	1.17	1.12
Depreciation	2.48	2.46	2.49	2.44	2.71	2.47	1.64	1.44	1.88	1.99
Profit Before Tax	0.86	-0.01	1.90	1.78	-0.41	0.77	5.07	4.94	4.15	4.42
Tax %	90.56	15,470.69	46.12	33.81	-69.85	73.16	31.17	31.46	32.40	32.35
Net Profit	0.08	0.85	1.02	1.18	-0.70	0.21	3.49	3.38	2.81	2.99
EPS in Rs	—	—	1.20	1.47	-0.31	0.56	4.31	3.98	3.30	2.60
Dividend Payout %	0.00	0.00	62.50	0.00	-258.06	142.86	0.00	0.00	36.36	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49
Reserves	28	29	29	31	31	31	30	33	35	37
Borrowings	30	29	28	25	20	17	18	17	19	18
Other Liabilities	21	24	17	17	16	13	10	11	13	16
Total Liabilities	88	90	84	81	75	68	66	70	76	80
Fixed Assets	23	24	23	23	21	21	20	20	23	27
CWIP	3.07	0.66	0.96	0.07	0.24	0.28	0.79	2.94	4.11	0.04
Investments	0.05	0.46	0.53	0.63	0.48	0.79	0.78	0.85	0.77	0.96
Other Assets	62	65	59	58	52	46	45	46	48	52
Total Assets	88	90	84	81	75	68	66	70	76	80

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6.76	6.61	9.59	2.18	15	3.01	1.88
Cash from Investing Activity	-0.43	-0.50	-1.84	-1.08	-2.93	-5.12	-1.77
Cash from Financing Activity	-6.66	-7.96	-6.97	-1.18	-2.40	-0.37	-2.52
Net Cash Flow	-0.33	-1.85	0.78	-0.08	9.81	-2.49	-2.41

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	40.98%	40.98%	40.96%	41.01%	41.00%	40.79%	40.79%	40.79%	40.79%	40.79%	40.79%	40.79%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	4.49%	4.22%	3.51%	3.50%	3.08%	3.08%	3.08%	2.67%	2.67%	2.67%	2.67%	2.67%
Public	54.53%	54.80%	55.52%	55.49%	55.92%	56.13%	56.13%	56.55%	56.55%	56.55%	56.55%	56.55%
Total Shareholders	2,126	2,090	2,029	1,927	1,939	2,010	2,252	2,524	2,613	2,552	2,755	2,826

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SPITZE	145.00	219 Cr	45.17	6.18	0.00	16.00	18.92	11.21
ARCHIDPLY	95.30	188 Cr	137.39	1.76	0.00	1.27	7.25	0.35
DUROPLY	168.95	183 Cr	26.07	1.20	0.00	4.62	7.10	2.39
WIPL	155.60	132 Cr	60.54	2.94	0.77	4.86	6.97	2.66
SYLVANPLY	63.00	122 Cr	17.80	0.98	0.00	5.64	10.03	2.80
OMFURN	90.45	107 Cr	16.57	1.81	0.00	8.47	12.05	5.82
PRITI	58.79	79 Cr	27.73	1.09	0.00	3.93	5.40	3.57

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	24	28	32	25	25	31	31	29	29	30
Expenses	23	26	28	25	24	29	29	27	28	29
Operating Profit	1.12	2.01	3.36	0.51	0.79	1.96	1.83	1.97	1.16	0.82
OPM %	4.74	7.10	10.57	2.02	3.16	6.30	5.93	6.78	4.00	2.74
Other Income	0.12	0.23	0.06	0.14	0.14	0.13	0.28	0.10	0.10	0.28
Interest	0.26	0.34	0.31	0.27	0.26	0.19	0.30	0.42	0.21	0.18
Depreciation	0.33	0.35	0.37	0.39	0.41	0.48	0.50	0.49	0.52	0.52
Profit Before Tax	0.65	1.55	2.74	-0.01	0.26	1.42	1.31	1.16	0.53	0.40
Tax %	32.31	28.39	29.93	-800.00	42.31	29.58	32.82	33.62	35.85	52.50
Net Profit	0.44	1.11	1.92	-0.09	0.15	1.00	0.88	0.77	0.34	0.19
EPS in Rs	0.52	1.29	2.25	-0.08	0.21	1.14	1.05	0.90	0.40	0.25

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	94	94	101	97	85	100	108	109	116	120
Expenses	82	90	94	91	81	96	100	102	109	113
Operating Profit	12	3.98	6.82	5.66	3.63	4.23	7.41	7.02	6.55	6.92
OPM %	12.57	4.22	6.73	5.82	4.27	4.24	6.87	6.43	5.64	5.76
Other Income	3.64	4.02	0.52	0.79	0.29	0.33	0.70	0.55	0.65	0.61
Interest	3.46	3.53	2.94	2.22	1.61	1.31	1.40	1.18	1.17	1.12
Depreciation	2.48	2.46	2.49	2.44	2.71	2.47	1.64	1.44	1.88	1.99
Profit Before Tax	0.86	-0.01	1.90	1.78	-0.41	0.77	5.07	4.94	4.15	4.42
Tax %	90.56	15,470.69	46.12	33.81	-69.85	73.16	31.17	31.46	32.40	32.35
Net Profit	0.08	0.85	1.02	1.18	-0.70	0.21	3.49	3.38	2.81	2.99
EPS in Rs	—	—	1.20	1.47	-0.31	0.56	4.31	3.98	3.30	2.60
Dividend Payout %	0.00	0.00	62.50	0.00	-258.06	142.86	0.00	0.00	36.36	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49
Reserves	28	29	29	31	31	31	30	33	35	37
Borrowings	30	29	28	25	20	17	18	17	19	18
Other Liabilities	21	24	17	17	16	13	10	11	13	16
Total Liabilities	88	90	84	81	75	68	66	70	76	80
Fixed Assets	23	24	23	23	21	21	20	20	23	27
CWIP	3.07	0.66	0.96	0.07	0.24	0.28	0.79	2.94	4.11	0.04
Investments	0.05	0.46	0.53	0.63	0.48	0.79	0.78	0.85	0.77	0.96
Other Assets	62	65	59	58	52	46	45	46	48	52
Total Assets	88	90	84	81	75	68	66	70	76	80

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	6.76	6.61	9.59	2.18	15	3.01	1.88
Cash from Investing Activity	-0.43	-0.50	-1.84	-1.08	-2.93	-5.12	-1.77
Cash from Financing Activity	-6.66	-7.96	-6.97	-1.18	-2.40	-0.37	-2.52
Net Cash Flow	-0.33	-1.85	0.78	-0.08	9.81	-2.49	-2.41

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company boasts various pioneering developments, including UV radiation cured surface finishes, making it a unique player with one of the few pre-finishing plants globally.

Its in-house technology for Di-allyl Phthalate (DAP) Moulding powder and other resin formulations marks a significant achievement, reducing reliance on imports.

A joint venture in Malaysia strengthens its supply chain by ensuring raw material availability and supporting its procurement system.

Western India Plywoods also shows innovation in sustainability by utilizing waste sludge from currency paper mills in its fiber board production.

Sector

Plywood Boards/Laminates

Industry

Decoratives - Wood-based

Market Cap

132 Cr

Volatility

Low Risk

P/E Ratio

60.5

Industry P/E

49.1

PEG Ratio

1.9

P/B Ratio

2.9

52W High

270.00

52W Low

137.90

Sales CAGR

6.39%

5.16%

4.40%

10Y

2.29%

Profit CAGR

-16.86%

32.40%

14.43%

10Y

6.88%

ROE

TTM

4.86%

7.59%

4.85%

10Y

3.89%

ROCE

TTM

6.97%

10.80%

7.72%

10Y

8.23%