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 ₹436, in a confirmed uptrend and 10 weeks into that stage. That is +0.7% against its own 200-day average. It sits at 50% of a 52-week range of ₹365 to ₹507. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹436 it trades +0.7% versus its 200-day average and sits at 50% of its 52-week range (₹365–₹507).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,020% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-31) — 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.

Story check

WPIL Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.

Our read, 19 July 2026. WPIL has added a multi-year overseas project runway, but it is not yet an investable cash-led inflection until JJM collections and working capital normalize.

What is proven. WPIL has added a multi-year overseas project runway, but it is not yet an investable cash-led inflection until JJM collections and working capital normalize.

What is not proven yet. The thesis improves if operating cash flow turns positive, working-capital days fall and South African revenue begins to convert without a further rise in borrowings. It fails if receivables remain elevated, management again shifts the JJM collection date, or project growth requires more debt-funded working capital.

🚨 What would change our mind. The thesis improves if operating cash flow turns positive, working-capital days fall and South African revenue begins to convert without a further rise in borrowings. It fails if receivables remain elevated, management again shifts the JJM collection date, or project growth requires more debt-funded working capital.

🚨 Layer 1 read, 19 July 2026 — DROP. Real earnings inflection on paper, but the profit is not becoming cash — three years of negative OCF funded by debt. TTM PAT is +59.5% and the latest quarter +295.8% off a low base, but cumulative operating cash flow over three years was NEGATIVE ₹333 Cr against ₹1,011 Cr of reported PAT (ACCRUAL_HEAVY), working-capital days ballooned to 130 (+120%), and the cash gap was plugged with ₹244 Cr of new borrowings. Revenue is flat (+2.6% TTM, SUB_GDP) so the PAT growth is a low-base accounting number; management blames overdue JJM receivables but has moved the collection date repeatedly across calls. Conviction is capped — fewer than two durable, cash-backed runway drivers are nameable.

What would change Layer 1’s mind. Operating cash flow turning clearly positive with working-capital days falling AND South African revenue converting to cash without a further rise in borrowings (the thesis's own improvement condition) — that would convert the paper inflection into an investable cash-led turn and move it up the slate; a further deferral of the JJM collection date would strain the thesis toward broken.

What the company does. FY26 profit and operating profit improved, but three consecutive years of negative operating cash flow mean the earnings recovery has not converted into distributable cash. The South African order book can diversify execution and has stated advance-payment terms, while domestic product demand adds a second driver. The valuation is not compressed enough to compensate for the unresolved collection and conversion risk.

🚨 What the surface reading misses. The surface reading is: The annual result reported positive sales and profit growth. The research reads it further: The annual earnings result is not enough to establish quality because the cash-flow record diverged from profit.

🚨 What the surface reading misses. The surface reading is: Reported profit grew faster than revenue in FY26. The research reads it further: The profit growth does not settle the quality question because cash conversion was negative in the same period.

Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

WPIL Ltd reported ₹501 Cr of revenue in the Jun 26 quarter, +32.2% year on year. Over 10 years it has compounded at 9.8% a year. The last full year, FY26, came in at ₹1,855 Cr. The last four reported quarters add to ₹1,977 Cr.

FY26 revenue came in at ₹1,855 Cr (+2.7% on the year), capping 10 years at 9.8% compound. The latest quarter (Jun 26) printed ₹501 Cr, +32.2% year on year.

Pace check: the last four quarters averaged +12.4% growth against the decade's 9.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.4% over the last 4 quarters against +7.7%/yr over the last 8 — stabilising; TTM profit +114.7% vs −41.6%/yr — accelerating.

FY26-Q4. revenue ₹511 Cr and profit ₹47 Cr as reported.

FY27-Q1. revenue ₹501 Cr and profit ₹59 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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 15.0% in the Jun 26 quarter, +2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 20.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.0%, +2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–20.0%.

Why the margin moved: operating margin went +2.0 pp year on year while gross margin went +3.5 pp — the gain came mostly from the gross line: input costs and pricing.

FY26-Q4. revenue ₹511 Cr and profit ₹47 Cr as reported.

FY27-Q1. revenue ₹501 Cr and profit ₹59 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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 ₹59.0 Cr of net profit in the Jun 26 quarter, +126.9% year on year. Full-year FY26 profit was ₹200 Cr. That is 11.8% of the quarter's revenue. The same quarter a year earlier earned ₹26.0 Cr. 1 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹59.0 Cr, +126.9% year on year. On the full year, FY26 printed ₹200 Cr (+57.5%).

Why profit moved: revenue contributed +32.2% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +68.9% vs revenue +12.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹511 Cr and profit ₹47 Cr as reported.

FY27-Q1. revenue ₹501 Cr and profit ₹59 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

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 −33% of WPIL Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−93.0 Cr of operating cash against ₹200 Cr of profit. After ₹185 Cr of capital spending, ₹−278 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

Why this happened. The receivable explanation is concrete, so timely collections could reduce financing pressure and make reported earnings more credible. A further delay would have the reverse effect.

FY26: operating cash of ₹−93.0 Cr against reported profit of ₹200 Cr, leaving free cash of ₹−278 Cr after ₹185 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −33% 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 −33%: the cash cycle stretched 126 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 126 days — the next section's job is to find where the cash is stuck.

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 246 days in FY26, up from 120 days in FY21. Capital spending ran ₹284 Cr over the last 3 years. At FY26 sales of ₹1,855 Cr each day of that cycle holds about ₹5.1 Cr, so roughly ₹1,250 Cr sits inside the business at any moment.

FY26: debtors at 196 days, inventory at 285 days — roughly 9.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 246 days, looser than FY21's 120.

The full loop: cash goes out to suppliers and production on day 0; stock waits 285 days to sell; customers pay about 196 days after that; and suppliers themselves are paid at 236 days — netting out to the 246-day cycle.

In money terms: at FY26 sales of ₹1,855 Cr, each day of the cycle holds about ₹5.1 Cr — so the 246-day loop keeps roughly ₹1,250 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹284 Cr over the last 3 fiscal years against ₹104 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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 15% in FY26. 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 10.8% net margin on 0.57× asset turns.

FY26 ROCE is 15%, 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 (FY26): 10.8% net margin × 0.57× asset turns × 2.05× balance-sheet leverage ≈ 12.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 24% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

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 ₹502 Cr of borrowings against ₹1,591 Cr of equity in FY26, a debt-to-equity of 0.32. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹312 Cr to ₹502 Cr. Capital spending ran ₹284 Cr across the last 3 of those years.

Why this happened. The latest call describes a large overseas project order book with advances and rapid payment terms. Revenue conversion still needs to appear in reported results before the benefit can be capitalized.

FY26: borrowings of ₹502 Cr against equity of ₹1,591 Cr — a debt-to-equity of 0.32. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹312 Cr to ₹502 Cr while capital spending ran ₹284 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 24% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

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 2.8%. 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 2.8%; Promoters: +0.0 points over 8 quarters to 70.8%.

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.

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 25.1× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 19.3×, measured across 10.4 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 25.1× is at the pricey end of its own range (70th percentile), against a long-run median of 19.3× measured over 10.4 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 +19.7% against a −0.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +34.0%/yr price move, ~+15.1%/yr came from earnings growth and ~+18.9 pp from the multiple (expanding); over 10y, of the +27.8%/yr price move, ~+24.8%/yr came from earnings growth and ~+3.0 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.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 24% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

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.

Solved at its 20 July 2026 price, WPIL Ltd was paying for profit growth of about 14.4% a year. Today the market pays 25.1× P/E, the 70th percentile of its own 10-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.

How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. 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.

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 −84.1% at the trough to +114.7%, a 3-quarter improving streak, ROCE slipping at 15.0%. The read is built from 8 quarters across 4 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.

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.

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.

Said versus delivered

What WPIL Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

🚨 Jal Jeevan Mission Recovery Timing Moved Back · 24 July 2026. In May 2026, management expected Jal Jeevan Mission momentum by the second quarter and fund release within the next few months. In July 2026, management pushed expected domestic water-sector improvement to the second half of the year, creating a material timing shift for a major domestic project driver that was not reconciled with the earlier expectation.

Total Order Book Declined Without an Execution Bridge · 24 July 2026. Management reported a company-wide order book of about INR6,000 crores in May 2026, but reported only INR5,270 crores at the end of Q1 in July 2026, a decline of roughly 12%. The latest call did not explain whether the reduction reflected execution, cancellations, or insufficient new order intake, which weakens the previously stated revenue-visibility narrative.

Revenue Outlook Confidence Softened · 24 July 2026. The February and May 2026 calls described the outlook as very bright and management as confident of growth. In July 2026, management characterized revenue as dependent on the current quarter and otherwise more or less in line, while acknowledging that domestic revenues were very low; this is a notable softening in confidence that was not quantified or fully explained.

🚨 Shifting Jal Jeevan Fund Recovery Timeline · 19 May 2026. Management assured investors in the Nov 2025 and Feb 2026 calls that overdue Jal Jeevan Mission (JJM) funds would be recovered surely by March 2026 and very quickly following state MOUs. In the May 2026 call, management admitted they still have not received the majority of those funds and pushed the expected recovery window again to the current quarter.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions