WPIL Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

WPIL Ltd trades at ₹388, in a downtrend and 54 weeks into that stage. That is −6.6% against its own 200-day average. It sits at 16% of a 52-week range of ₹365 to ₹505. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.

Today the stock is in a downtrend — week 54 of stage 4, confirmed. At ₹388 it trades −6.6% versus its 200-day average and sits at 16% of its 52-week range (₹365–₹505).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +868% while the NIFTY 500 moved +228% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 80th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

WPIL Ltd trades at 31.8× P/E, at the pricey end of its own range (80th percentile). Its long-run median P/E is 18.4×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 31.8× is at the pricey end of its own range (80th percentile), against a long-run median of 18.4× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −72.2% against a −9.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +45.7%/yr price move, ~+10.9%/yr came from earnings growth and ~+34.8 pp from the multiple (expanding); over 10y, of the +25.5%/yr price move, ~+20.5%/yr came from earnings growth and ~+5.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

WPIL Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −93.1% at the trough to +105.4%, a 3-quarter improving streak (single-quarter readings), ROCE slipping at 16.0%. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — WPIL Ltd is not present in the sector comparison for Pumps.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

WPIL Ltd reported ₹539 Cr of revenue in the Dec 25 quarter, +41.1% year on year. Over 10 years it has compounded at 14.1% a year. The last full year, FY25, came in at ₹1,807 Cr. The last four reported quarters add to ₹1,916 Cr.

WPIL Ltd reported ₹539 Cr of revenue in the Dec 25 quarter, +41.1% year on year. Over 10 years it has compounded at 14.1% a year. The last full year, FY25, came in at ₹1,807 Cr. The last four reported quarters add to ₹1,916 Cr.

FY25 revenue came in at ₹1,807 Cr (+8.6% on the year), capping 10 years at 14.1% compound. The latest quarter (Dec 25) printed ₹539 Cr, +41.1% year on year.

Pace check: the last four quarters averaged +7.3% growth against the decade's 14.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.9% over the last 4 quarters against +9.6%/yr over the last 8 — rolling over; TTM profit −39.8% vs −56.8%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (+8.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

WPIL Ltd's operating margin is 21.0% in the Dec 25 quarter, +8.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 7.0% to 20.0%. The current quarter is running above every full year in that window.

WPIL Ltd's operating margin is 21.0% in the Dec 25 quarter, +8.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 7.0% to 20.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 21.0%, +8.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 7.0%–20.0%.

Why the margin moved: operating margin went +8.3 pp year on year while gross margin went +2.2 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +105.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

WPIL Ltd earned ₹76.0 Cr of net profit in the Dec 25 quarter, +105.4% year on year. Full-year FY25 profit was ₹127 Cr. The 10-year compound rate is 20.9%. That is 14.1% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr. 1 of the last 12 reported quarters were loss-making.

WPIL Ltd earned ₹76.0 Cr of net profit in the Dec 25 quarter, +105.4% year on year. Full-year FY25 profit was ₹127 Cr. The 10-year compound rate is 20.9%. That is 14.1% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr. 1 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹76.0 Cr, +105.4% year on year. On the full year, FY25 printed ₹127 Cr (−81.4%), and the 10-year compound rate is 20.9%.

Why profit moved: revenue contributed +41.1% and the margin +8.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −24.0% vs revenue +7.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: −5% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −5% of WPIL Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−150 Cr of operating cash against ₹127 Cr of profit. After ₹86.0 Cr of capital spending, ₹−236 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹−150 Cr against reported profit of ₹127 Cr, leaving free cash of ₹−236 Cr after ₹86.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −5% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −5%: the cash cycle tightened 27 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹167 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

WPIL Ltd's cash conversion cycle runs 133 days in FY25, down from 160 days in FY20. Capital spending ran ₹167 Cr over the last 3 years. At FY25 sales of ₹1,807 Cr each day of that cycle holds about ₹5.0 Cr, so roughly ₹658 Cr sits inside the business at any moment.

FY25: debtors at 168 days, inventory at 313 days — roughly 10.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 133 days, tighter than FY20's 160.

The full loop: cash goes out to suppliers and production on day 0; stock waits 313 days to sell; customers pay about 168 days after that; and suppliers themselves are paid at 348 days — netting out to the 133-day cycle.

In money terms: at FY25 sales of ₹1,807 Cr, each day of the cycle holds about ₹5.0 Cr — so the 133-day loop keeps roughly ₹658 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹167 Cr over the last 3 fiscal years against ₹91.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 16%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

WPIL Ltd earns a ROCE of 16% in FY25. That is up from a trough of 7% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.0% net margin on 0.62× asset turns.

FY25 ROCE is 16%, recovered from a FY16 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 7.0% net margin × 0.62× asset turns × 2.14× balance-sheet leverage ≈ 9.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.34.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

WPIL Ltd carries ₹465 Cr of borrowings against ₹1,372 Cr of equity in FY25, a debt-to-equity of 0.34. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹377 Cr to ₹465 Cr. Capital spending ran ₹167 Cr across the last 3 of those years.

FY25: borrowings of ₹465 Cr against equity of ₹1,372 Cr — a debt-to-equity of 0.34. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹377 Cr to ₹465 Cr while capital spending ran ₹167 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of WPIL Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.1 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.2 points over 8 quarters to 5.6%; Domestic institutions: −0.1 points over 8 quarters to 2.6%; Promoters: +0.0 points over 8 quarters to 70.8%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

WPIL Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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