---
title: "Western India Plywoods Ltd (WIPL) — Share Price, Financials & Analysis"
symbol: "WIPL"
company: "Western India Plywoods Ltd"
canonical: "https://tapetide.com/stocks/WIPL"
isin: "INE215F01023"
nse_symbol: "WIPL"
sector: "Consumer Discretionary"
industry: "Consumer Durables"
market_cap_cr: 139.96
generated_at: "2026-09-13T18:47:34.218Z"
---

# Western India Plywoods Ltd (WIPL)

Canonical page: https://tapetide.com/stocks/WIPL

## Company

- **NSE Symbol:** WIPL
- **ISIN:** INE215F01023
- **Sector:** Consumer Discretionary
- **Industry:** Consumer Durables
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2017-04-17
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** wipltd.in

## About

Incorporated in 1945, Western India Plywoods Ltd is a manufacturer of Wood based products including Hardboard, Plywood, and Compreg[1]

## Latest Price

- **Price:** ₹169.58
- **Change:** +5.03 (+3.06%)
- **Open:** ₹164.11
- **Day High:** ₹169.88
- **Day Low:** ₹164.11
- **Previous Close:** ₹164.55
- **Volume:** 145
- **As Of:** 2026-09-11T09:52:33+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:31.739123Z.

- **Market Cap:** ₹139.96 Cr
- **Classification:** Microcap
- **P/E (reported):** -748
- **EPS (TTM):** ₹-0.22
- **Book Value:** ₹52.72
- **Price to Book:** 3.12
- **Dividend Yield:** 0.73%
- **ROE:** 6.2%
- **ROCE:** 9.49%
- **Debt to Equity:** 0.2
- **Revenue (yearly):** ₹118.88 Cr
- **Net Income:** ₹0.39 Cr
- **EBITDA:** ₹3.56 Cr
- **52-Week High:** ₹193.2
- **52-Week Low:** ₹133.1
- **RSI (14):** 47.86

## Tapetide Score

- **Score:** 51 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Rising
- **Percentile:** 52 (of 4473 scored stocks)
- **Confidence:** 93%
- **Data coverage:** 86%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 60.71 | 9% |
| growth | 39.51 | 9% |
| momentum | 79.65 | 12% |
| ownership | 54.39 | 24% |
| quality | 53.76 | 22% |
| valuation | 33.51 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 85.1%
- Promoter holding has increased by 0.82% over last quarter.

### Weaknesses

- Stock is trading at 3.22 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 6.93% over past five years.
- Promoter holding is low: 37.9%
- Company has a low return on equity of 5.04% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.1.27 Cr.
- Promoter holding has decreased over last 3 years: -3.13%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -37.54% | -87.58% | -80.4% |
| ebitda margin growth | 0.5% | -51.86% | -56.96% | -34.73% |
| net income growth | 66.67% | -86.07% | -50% | 29% |
| revenue growth | -6.57% | 1.87% | 3% | 7% |
| roce | -89.13% | -12.94% | -21.24% | 7.7% |
| roe | -67.03% | -20.92% | 7.51% | -450.28% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 28.31 | 31.79 | 25.3 | 24.99 | 31.09 | 30.88 | 29.06 | 29.01 | 29.92 | 31.45 | 28.5 | 26.49 |
| Expenses | 26.3 | 28.43 | 24.79 | 24.2 | 29.13 | 29.05 | 27.09 | 27.85 | 29.1 | 29.47 | 28.89 | 26.55 |
| Operating Profit | 2.01 | 3.36 | 0.51 | 0.79 | 1.96 | 1.83 | 1.97 | 1.16 | 0.82 | 1.98 | -0.39 | -0.06 |
| OPM % | 7.1 | 10.57 | 2.02 | 3.16 | 6.3 | 5.93 | 6.78 | 4 | 2.74 | 6.3 | -1.37 | -0.23 |
| Other Income | 0.23 | 0.06 | 0.14 | 0.14 | 0.13 | 0.28 | 0.1 | 0.1 | 0.28 | 0.06 | 0.41 | 0.52 |
| Interest | 0.34 | 0.31 | 0.27 | 0.26 | 0.19 | 0.3 | 0.42 | 0.21 | 0.18 | 0.21 | 0.31 | 0.15 |
| Depreciation | 0.35 | 0.37 | 0.39 | 0.41 | 0.48 | 0.5 | 0.49 | 0.52 | 0.52 | 0.53 | 0.48 | 0.51 |
| Profit before tax | 1.55 | 2.74 | -0.01 | 0.26 | 1.42 | 1.31 | 1.16 | 0.53 | 0.4 | 1.3 | -0.77 | -0.2 |
| Tax % | 28.39 | 29.93 | 800 | 42.31 | 29.58 | 32.82 | 33.62 | 35.85 | 52.5 | 36.15 | 18.18 | 50 |
| Net Profit | 1.11 | 1.92 | -0.09 | 0.15 | 1 | 0.88 | 0.77 | 0.34 | 0.19 | 0.83 | -0.91 | -0.3 |
| EPS in Rs | 1.31 | 2.26 | -0.11 | 0.18 | 1.18 | 1.04 | 0.91 | 0.4 | 0.22 | 0.98 | -1.07 | -0.35 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 92 | 101 | 97 | 85 | 100 | 108 | 109 | 116 | 119 | 116 |
| Expenses | 90 | 94 | 91 | 81 | 95 | 100 | 102 | 109 | 115 | 114 |
| Operating Profit | 2 | 7 | 6 | 4 | 4 | 7 | 7 | 7 | 4 | 2 |
| OPM % | 2.2 | 7 | 6 | 4.3 | 4.3 | 7 | 7 | 6 | 3 | 2 |
| Other Income | 4 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Interest | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 3 | 2 | 2 | 1 | 2 | 2 | 2 |
| Profit before tax | 0 | 2 | 2 | 0 | 1 | 5 | 5 | 4 | 1 | 1 |
| Tax % | -8600 | 46 | 34 | 71 | 73 | 31 | 31 | 32 | 69 | — |
| Net Profit | 1 | 1 | 1 | -1 | 0 | 3 | 3 | 3 | 0 | 0 |
| EPS in Rs | 1.04 | 1.45 | 1.47 | -0.31 | 0.57 | 4.31 | 3.98 | 3.3 | 0.53 | -0.22 |
| Dividend Payout % | 0 | 62 | 0 | -261 | 142 | 0 | 30 | 36 | 189 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 29 | 29 | 31 | 31 | 31 | 30 | 33 | 35 | 37 | 36 |
| Borrowings | 31 | 31 | 27 | 22 | 17 | 18 | 17 | 19 | 18 | 9 |
| Other Liabilities | 22 | 15 | 15 | 13 | 13 | 10 | 11 | 13 | 16 | 17 |
| Total Liabilities | 90 | 84 | 81 | 74 | 68 | 66 | 70 | 76 | 80 | 71 |
| Fixed Assets | 24 | 23 | 23 | 21 | 21 | 20 | 20 | 23 | 27 | 26 |
| CWIP | 1 | 1 | 0 | 0 | 0 | 1 | 3 | 4 | 0 | 1 |
| Investments | 0 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Assets | 65 | 59 | 58 | 52 | 46 | 45 | 46 | 48 | 52 | 44 |
| Total Assets | 90 | 84 | 81 | 74 | 68 | 66 | 70 | 76 | 80 | 71 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 5 | 4 | 7 | 7 | 10 | 2 | 15 | 3 | 2 | 7 |
| Cash from Investing Activity | -1 | 2 | 0 | 0 | -2 | -1 | -3 | -5 | -2 | -2 |
| Cash from Financing Activity | -4 | -5 | -7 | -8 | -7 | -1 | -2 | 0 | -3 | -11 |
| Net Cash Flow | 0 | 0 | 0 | -2 | 1 | 0 | 10 | -3 | -2 | -6 |
| Free Cash Flow | 4 | 3 | 6 | 5 | 8 | 1 | 12 | -3 | 0 | 5 |
| CFO/OP | 194 | 209 | 108 | 132 | 270 | 63 | 212 | 65 | 35 | 229 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 62 | 55 | 59 | 64 | 72 | 71 | 45 | 59 | 66 | 56 |
| Inventory Days | 387 | 295 | 253 | 254 | 204 | 150 | 123 | 117 | 145 | 125 |
| Days Payable | 70 | 50 | 48 | 49 | 56 | 37 | 27 | 40 | 51 | 55 |
| Cash Conversion Cycle | 379 | 300 | 264 | 269 | 220 | 185 | 141 | 136 | 161 | 126 |
| Working Capital Days | 58 | 102 | 100 | 114 | 120 | 99 | 53 | 54 | 56 | 59 |
| ROCE % | 3 | 4 | 7 | 6 | 2 | 4 | 11 | 10 | 9 | 4 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 41.01% | 41% | 40.79% | 40.79% | 40.79% | 40.79% | 40.79% | 40.79% | 40.79% | 39.37% | 37.06% | 37.88% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% | 2.67% | 2.67% | 2.67% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 34.07% | 33.92% | 35.05% | 36.38% | 36.39% | 36.54% | 37.15% | 37.11% | 37.13% | 38.32% | 40.86% | 40.39% |
| Others | 24.66% | 24.82% | 23.9% | 22.57% | 22.56% | 22.41% | 21.81% | 21.84% | 21.82% | 19.64% | 19.41% | 19.07% |
| No. of Shareholders | 1927 | 1939 | 2010 | 2252 | 2524 | 2613 | 2552 | 2755 | 2826 | 2898 | 2801 | 2775 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 5 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 165.88 | Buy |
| EMA (10) | 166.8 | Buy |
| SMA (20) | 165.97 | Buy |
| EMA (20) | 166.6 | Buy |
| SMA (50) | 167.69 | Buy |
| EMA (50) | 165.89 | Buy |
| SMA (100) | 162.09 | Buy |
| EMA (100) | 163.2 | Buy |
| SMA (200) | 156.82 | Buy |
| EMA (200) | 160.98 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.01 | Neutral |
| MACD (12,26,9) | 0.09 | Buy |
| Stochastic (14,3,3) | 64.4 | Neutral |
| ADX (14) | 19.63 | Neutral |
| Williams %R (14) | -18.39 | Sell |
| ATR (14) | 5.68 | High Volatility |
| ROC (12) | 0.95 | Buy |
| Stoch RSI (14) | 93.79 | Sell |
| UO (7,14,28) | 54.12 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-27 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/WIPL_27082026113235_wiplnoticeofagm.pdf) |
| 2026-08-27 | [Demise](https://nsearchives.nseindia.com/corporate/WIPL_27082026153242_letterofdemise.pdf) |
| 2026-08-22 | [Record Date](https://nsearchives.nseindia.com/corporate/WIPL_22082026121435_intiamtionofbookclosuredate.pdf) |
| 2026-08-21 | [Updates](https://nsearchives.nseindia.com/corporate/WIPL_21082026144245_firstquarterfinancialrsults.pdf) |
| 2026-08-11 | [Appointment](https://nsearchives.nseindia.com/corporate/WIPL_11082026163700_copyofresulutionandappointmentltter.pdf) |
| 2026-07-01 | [Trading Window](https://nsearchives.nseindia.com/corporate/WIPL_01072026155929_tradingwindowclosrue.pdf) |
| 2026-04-01 | [Trading Window](https://nsearchives.nseindia.com/corporate/WIPL_01042026113743_closureoftdwindow.pdf) |
| 2026-02-13 | [Updates](https://nsearchives.nseindia.com/corporate/WIPL_13022026124359_outcomeofbmthird.pdf) |
| 2026-01-01 | [Trading Window](https://nsearchives.nseindia.com/corporate/WIPL_01012026111412_tradingwindwclosurethirdquarter.pdf) |
| 2025-12-02 | [Updates](https://nsearchives.nseindia.com/corporate/WIPL_02122025103302_outcomeofsecondquarterboardmeeting.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 18 Aug - Exchange has sought clarification from The Western India Plywoods Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (LODR) Regulations, … | [Clarification - Financial Results 18 Aug - Exchange has sought clarification from The Western India Plywoods Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (LODR) Regulations, …](https://www.nseindia.com/get-quotes/equity?symbol=WIPL) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-12 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/WIPL_12082026132524_firstquarterfinancialrsults.pdf) |
| 2026-05-25 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/WIPL_25052026140921_auditedfinancilaresultsfourthquarter.pdf) |
| 2026-02-05 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/WIPL_05022026135722_outcomeofbmthird.pdf) |
| 2025-11-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/WIPL_13112025141915_outcomeofsecondquarterboardmeeting.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_30692_WIPL_2025_2026_A_17780929_27082026112803.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_27947_WIPL_2024_2025_A_5906912_30082025152020.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25275_WIPL_2023_2024_29082024162140.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_22884_WIPL_2022_2023_23082023142722_08232023150001.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_20958_WIPL_2021_2022_30082022132228_08302022140004.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_18442_WIPL_2020_2021_17072021183931_17072021190003.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/AR_17482_WIPL_2019_2020_07092020120024_07092020130008.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/AR_15413_WIPL_2018_2019_28082019110549_28082019120003.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/AR_14274_WIPL_2017_2018_13102018142943.zip) |
| from nse | [Annual Report 2017 from nse](https://archives.nseindia.com/annual_reports/AR_11401_WIPL_2016_2017_14092017131309.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:47:34.218Z.