W S Industries (India) Ltd (WSI)

Construction · Infrastructure Developers & Operators · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹61.25 ↓ 20.41% (1Y)

🎯 Key Takeaways

W S Industries (India) Ltd is a financially distressed infrastructure developer operating in the construction sector, currently in a fragile financial phase marked by persistent losses, negligible revenue generation, and minimal operational activity. The company reported zero revenue in the June 2026 quarter and sustained negative operating margins, with cumulative losses eroding equity over time.
Revenue declined 97.9% QoQ to ₹0 in Q1FY27.
⚠️ Key risks include the company's near-zero revenue base and chronic unprofitability, which undermine its core business viability. The proposed ₹100 cro

Market Cap

₹465

P/E Ratio

204.2

P/B Ratio

2.35

ROE

1.3%

ROCE

4.1%

Debt/Equity

0.43

Promoter

51.7%

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📖 The Story

W S Industries (India) Ltd is a financially distressed infrastructure developer operating in the construction sector, currently in a fragile financial phase marked by persistent losses, negligible revenue generation, and minimal operational activity. The company reported zero revenue in the June 2026 quarter and sustained negative operating margins, with cumulative losses eroding equity over time. Despite promoter accumulation of shares, institutional interest remains low and ROE stands at a near-zero 1.3%, reflecting severe capital inefficiency and limited growth prospects.

📰 What's Happening

Recent regulatory filings indicate procedural updates ahead of the 63rd AGM scheduled for 22 September 2026, including e-voting arrangements and shareholder eligibility requirements. The board is seeking shareholder approval for director remuneration and significant related party transactions totaling up to ₹100 crores across infrastructure projects, which require special resolution due to exceeding 104.55% of consolidated turnover. Additionally, promoter Mamatha P acquired 7,900 shares in August 2026, increasing her stake to 1.371% of voting capital, signaling minor accumulation but no strategic shift.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	24	21	21	0
Operating Profit	2	-1	3	-3
OPM %	8.2%	-3.5%	15.3%	-676.7%
Net Profit	0	-2	3	2
EPS	₹0.01	₹-0.34	₹0.39	₹0.24

The company's financial trajectory remains severely negative, with revenue collapsing from ₹24 crores in September 2025 to ₹0 in June 2026, accompanied by widening operating losses and deteriorating profitability. Despite brief profitability in early 2026 quarters, the June 2026 results reveal a return to operational stagnation with zero revenue and a -676.7% operating margin, indicating no sustainable business model or demand recovery. This trend aligns with management's lack of disclosed growth initiatives or capital deployment plans to revive operations.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue recovery, margin improvement, or operational revival in the reviewed filings. The upcoming 63rd AGM will focus on routine governance matters, including director reappointments and remuneration, with no announced strategic roadmap or capital allocation priorities beyond standard regulatory compliance. The absence of growth projections or business expansion commentary suggests limited confidence in near-term turnaround prospects.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	63	63	64	76
Reserves	160	134	142	319
Borrowings	94	84	90	69
Total Liabilities	444	409	407	540
Fixed Assets	156	7	194	207
Investments	0	148	0	0
Total Assets	444	409	407	540

The balance sheet shows a gradual improvement in equity and asset base over the past three fiscal years, with total assets rising from ₹407 crores in March 2025 to ₹540 crores in March 2026, driven by reserve accumulation. However, borrowings remain elevated at ₹69 crores, and the equity base is still fragile, having declined from ₹76 crores to ₹64 crores in the latest filing. Capital structure reflects modest deleveraging efforts but lacks significant reinvestment or buffer for operational losses.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-83
Investing	-14
Financing	+84
Net Cash Flow	-12

👥 Shareholding Pattern

Category	Q3FY26	Q4FY26	Q1FY27
Promoters	59.4%	51.6%	51.7%
FII	0.8%	13.7%	13.5%
DII	0.1%	0.1%	0.1%
Public	30.8%	26.8%	27.0%
# Shareholders	18,592	18,307	17,906

Shareholding patterns reveal a sharp decline in promoter stake from 59.35% in Q3FY26 to 51.67% in Q1FY27, indicating ongoing dilution or share buybacks not disclosed in recent filings. Institutional (FII) holding remains low at 13.53%, while public shareholding has increased to 27.04%, suggesting retail interest but limited institutional confidence. The drop in total shareholders from 18,592 to 17,906 may reflect consolidation but raises concerns about liquidity and broad-based investor engagement.

⚖️ Peer Comparison — Infrastructure Developers & Operators

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LT	5.49 L Cr	33.1	17.8%	18.1%	0.90
RVNL	43,441	48.3	11.2%	9.1%	0.49
ACMESOLAR	28,547	41.3	13.8%	13.4%	2.31
KPIL	24,080	21.2	17.7%	14.5%	0.43
IRB	23,311	21.4	7.6%	4.5%	0.96
CEMPRO	21,404	35.6	31.4%	25.1%	0.40
ENGINERSIN	15,743	20.1	32.7%	25.7%	0.00
JNPR	14,888	—	—	—	3.77
WABAG	12,562	29.2	21.2%	15.3%	0.09
TECHNOE	11,347	26.3	15.3%	11.5%	0.01

🔗 Peer Stock Analyses

LT RVNL ACMESOLAR KPIL IRB

⚠️ Risk Factors

Key risks include the company's near-zero revenue base and chronic unprofitability, which undermine its core business viability. The proposed ₹100 crore related party transactions require shareholder approval and could expose the company to governance concerns if not managed transparently. Additionally, the continued reliance on promoter-held equity and low institutional interest may limit access to capital markets or strategic partnerships needed for recovery.

📋 Recent Filings

🧠 Analyst's Read

W S Industries remains a high-risk entity with no visible path to operational or financial recovery, characterized by stagnant revenue, persistent losses, and governance-linked capital decisions. Investors should monitor shareholder response to the AGM agenda, particularly regarding related party transactions and director remuneration, as these could influence sentiment or trigger further disclosures. The absence of strategic updates or market activity suggests the company is in a dormant phase with limited upside potential in the near term.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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