W S Industries (India) 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.

W S Industries (India) Ltd trades at ₹62.4, in a downtrend and 88 weeks into that stage. That is −16.1% against its own 200-day average. It sits at 0% of a 52-week range of ₹62 to ₹93. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 88 of stage 4, confirmed. At ₹62.4 it trades −16.1% versus its 200-day average and sits at 0% of its 52-week range (₹62–₹93).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +614% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — 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.

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.

W S Industries (India) Ltd trades at 201.0× P/E, at the pricey end of its own range (82nd percentile). Its long-run median P/E is 24.6×, measured across 7.8 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 201.0× is at the pricey end of its own range (82nd percentile), against a long-run median of 24.6× measured over 7.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 3y, of the −13.5%/yr price move, ~−11.7%/yr came from earnings growth and ~−1.8 pp from the multiple (compressing). 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, W S Industries (India) Ltd was priced for profit growth of about 59.6% a year. The market pays that at 201.0× P/E, the 82nd percentile of its own 8-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read 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).

W S Industries (India) Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

38.7/100 — rank 1 of 1 in General - Electric Equipement · 63% evidence confidence

W S Industries (India) Ltd scores 38.7 out of 100 against the 1 companies it is compared with in General - Electric Equipement, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 13.9 + 7.3 + 10 + 7.5 = 38.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

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

W S Industries (India) Ltd reported ₹20.8 Cr of revenue in the Mar 26 quarter, −47.5% year on year. Over 10 years it has compounded at 29.2% a year. The last full year, FY26, came in at ₹91.5 Cr. The last four reported quarters add to ₹91.5 Cr.

FY26 revenue came in at ₹91.5 Cr (−61.7% on the year), capping 10 years at 29.2% compound. The latest quarter (Mar 26) printed ₹20.8 Cr, −47.5% year on year.

Pace check: the last four quarters averaged −60.3% growth against the decade's 29.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −61.7% over the last 4 quarters against −47.1%/yr over the last 8 — rolling over.

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.

W S Industries (India) Ltd's operating margin is 17.4% in the Mar 26 quarter, +18.3 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −66,503.0% to 68.4%. The current quarter sits inside that band.

The latest quarter's operating margin is 17.4%, +18.3 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged −66,503.0%–68.4%.

Why the margin moved: operating margin went +18.3 pp year on year while gross margin went +27.6 pp — the gain came mostly from the gross line: input costs and pricing.

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

W S Industries (India) Ltd earned ₹2.6 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹2.2 Cr. That is 12.4% of the quarter's revenue. The same quarter a year earlier lost ₹1.6 Cr. 3 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹2.6 Cr, null year on year. On the full year, FY26 printed ₹2.2 Cr (null).

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 4% of W S Industries (India) Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−6.0 Cr of operating cash against ₹2.2 Cr of profit. After ₹53.0 Cr of capital spending, ₹−59.0 Cr was left as free cash.

FY26: operating cash of ₹−6.0 Cr against reported profit of ₹2.2 Cr, leaving free cash of ₹−59.0 Cr after ₹53.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 4% 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 4%: the cash cycle tightened 9,198 days between FY19 and FY26 — 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 37.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

W S Industries (India) Ltd's cash conversion cycle runs 170 days in FY26, down from 9,368 days in FY19. Capital spending ran ₹188 Cr over the last 3 years. At FY26 sales of ₹91.5 Cr each day of that cycle holds about ₹0.3 Cr, so roughly ₹43.0 Cr sits inside the business at any moment.

FY26: debtors at 233 days, inventory at 10 days — roughly 0.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 170 days, tighter than FY19's 9,368.

The full loop: cash goes out to suppliers and production on day 0; stock waits 10 days to sell; customers pay about 233 days after that; and suppliers themselves are paid at 73 days — netting out to the 170-day cycle.

In money terms: at FY26 sales of ₹91.5 Cr, each day of the cycle holds about ₹0.3 Cr — so the 170-day loop keeps roughly ₹43.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹188 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.3 Cr (FY26) — 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.

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.

W S Industries (India) Ltd earns a ROCE of 3% in FY26. That is up from a trough of −75% in FY19. Return on invested capital clears the cost of that capital by −10.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.4% net margin on 0.17× asset turns.

FY26 ROCE is 3%, recovered from a FY19 trough of −75% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 2.4% net margin × 0.17× asset turns × 1.37× balance-sheet leverage ≈ 0.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 1.7% − 12.0% = a −10.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

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.

W S Industries (India) Ltd carries ₹68.5 Cr of borrowings against ₹395 Cr of equity in FY26, a debt-to-equity of 0.17. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹128 Cr to ₹68.5 Cr. Capital spending ran ₹188 Cr across the last 3 of those years.

FY26: borrowings of ₹68.5 Cr against equity of ₹395 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹128 Cr to ₹68.5 Cr while capital spending ran ₹188 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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.

Foreign institutions added 12.5 points of W S Industries (India) Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 13.5% of the company. Promoters moved −8.7 points over the same window, to 51.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +12.5 points over 8 quarters to 13.5%; Promoters: −8.7 points over 8 quarters to 51.7%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

Why the register moved: foreign institutions drove it (+12.5 points), absorbed on the other side by promoters (−8.7 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

W S Industries (India) 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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