The Western India Plywoods Limited

: WIPL · Plywood Boards/ Laminates

52W Range₹133 ₹193

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Snapshot

Unlock The Western India Plywoods Limited's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Western India Plywoods Ltd is a long-standing manufacturer of wood-based products, including hardboard, plywood, and compreg. The company operates an integrated wood complex that processes timber logs and veneer into a diverse range of panel products such as block boards, flush doors, and specialised aircraft plywood.

Business Model

The company leverages an integrated manufacturing model to convert raw materials like timber logs and firewood into various value-added wood products. By maintaining an integrated facility, WIPL optimises raw material utilisation across its diverse product portfolio to meet specific market and customer requirements.

  • Incorporation Year:1945

Growth Outlook

Growth is driven by the company's ability to cater to specialised industrial and construction sectors through its diverse range of densified and marine-grade plywood products. The integrated nature of their operations provides a competitive advantage in managing production costs and product versatility.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the cost and availability of timber and logs can significantly impact manufacturing margins.
  • Regulatory and Environmental Compliance. The wood-based industry is subject to stringent environmental regulations and forest conservation policies that may restrict raw material sourcing.
  • Cyclical Demand. Demand for plywood and panel products is highly correlated with the cyclical nature of the real estate and construction sectors.
  • Competitive Intensity. The company faces stiff competition from both organised players and the unorganised sector, which may exert pressure on pricing power.

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Key Metrics

REVENUE

₹119 Cr

TTM · consolidated

+2.5%YoY

NET PROFIT

₹0.45 Cr

TTM · consolidated

-83.9%YoY

EPS

₹0.86

TTM · consolidated

-73.9%YoY

RETURN ON EQUITY

1.0%

TTM · consolidated

-5.4 ppYoY

RETURN ON CAPITAL EMPLOYED

4.3%

TTM · consolidated

-5.2 ppYoY

P/E

189.3x

Q4 FY26 · consolidated

189.3 vs 15.7x5Y avg

EV/EBITDA

30.0x

Q4 FY26 · consolidated

30.0 vs 18.5x5Y avg

EBITDA MARGIN

3.7%

TTM · consolidated

-2.5 ppYoY

NET PROFIT MARGIN

-3.2%

Q4 FY26 · consolidated

-5.8 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

-0.19xYoY

Peers · Plywood Boards/ Laminates

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
The Western India Plywoods LimitedWIPL
₹142 Cr195.2233.982.5%3.7%1.0%4.3%+8.3%
Greenlam Industries LimitedGREENLAM
₹6,286 Cr67.4919.5120.1%11.8%8.1%11.3%+3.1%
Stylam Industries LimitedSTYLAMIND
₹5,945 Cr35.0624.2310.1%20.8%23.2%29.9%+108.1%
Greenply Industries LimitedGREENPLY
₹3,575 Cr36.1413.7114.3%10.3%11.6%16.7%-7.3%
Greenpanel Industries LimitedGREENPANEL
₹1,975 Cr298.2616.6811.6%8.9%0.5%2.1%-40.4%
Rushil DecorRUSHIL
₹493 Cr21.257.797.1%10.6%3.5%7.3%-38.4%

As of Q4 FY26

Financials