Western India Plywoods Ltd. (WIPL) AI Stock Analysis

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Western India Plywoods Ltd.

(NSE:WIPL)

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Rating:49Neutral

Price Target:INR 167.00▲(7.51% Upside)

Action:reiterated

Date:08/27/26

The score is held back primarily by deteriorating profitability and volatile cash generation, alongside a very expensive valuation (extremely high P/E and low yield). These negatives are only partly offset by a healthier balance sheet with improving leverage and largely neutral technical indicators.

Positive Factors

Improving balance sheetLower leverage gives WIPL greater financial flexibility and reduces debt-servicing risk. A more conservative capital structure can help the company withstand cyclical wood-product demand and margin pressure over the medium term.

Negative Factors

Severe margin compressionThe sustained decline in gross and net margins indicates weaker pricing power, higher input costs, or poorer operating leverage. With profitability now very thin, even modest pressure on timber, resin, energy, or demand could materially affect earnings.

Western India Plywoods Ltd. (WIPL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 1.32B
Dividend Yield: 0.64%
Average Volume (3M): 2,145
Price to Earnings (P/E): 970.8
Beta (1Y): 0.45
Revenue Growth: -3.07%
EPS Growth: -103.41%
Country: India
Employees: 191
Sector: General
Sector Strength: 55
Industry: Paper, Lumber & Forest Products

Western India Plywoods Ltd. Business Overview & Revenue Model

Company Description

The Western India Plywoods Limited manufactures and sells hardboard, plywood, and compreg wood products in India and internationally. The company offers fire retardant and resin surfaced shuttering plywood for applications in industrial filters, and...

How the Company Makes Money

WIPL makes money primarily by manufacturing wood-based products and selling them to customers through trade (dealer/distributor) channels and, where applicable, institutional/project buyers. Its revenue model is product-sales driven: (1) Sales of ply...

Western India Plywoods Ltd. Financial Statement Overview

Summary

Financials are mixed: the balance sheet is a positive with improving leverage (debt-to-equity down to ~0.21 in FY2026), but operating performance is weakening. Revenue growth has slowed to low single digits and profitability has deteriorated sharply (gross margin ~60% in FY2023 to ~42% in FY2026; net margin ~3% to ~0.4%). Cash flow is also inconsistent, with negative free cash flow in FY2024–FY2025 despite a rebound in FY2026.

Income Statement

50Neutral

Balance Sheet

68Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.16B	1.19B	1.16B	1.09B	1.08B	992.50M
Gross Profit	543.10M	494.40M	539.50M	603.69M	648.00M	544.97M
EBITDA	31.00M	44.10M	72.00M	73.96M	81.12M	44.88M
Net Income	-1.00M	4.50M	28.00M	33.78M	34.90M	4.77M
Balance Sheet
Total Assets	0	711.20M	796.90M	756.20M	698.60M	663.12M
Cash, Cash Equivalents and Short-Term Investments	29.70M	29.70M	88.80M	102.06M	128.42M	29.29M
Total Debt	0	92.60M	183.20M	188.80M	172.30M	175.33M
Total Liabilities	-444.40M	266.80M	344.00M	324.60M	287.10M	279.02M
Stockholders Equity	444.40M	447.50M	453.40M	432.67M	412.00M	383.30M
Cash Flow
Free Cash Flow	35.30M	40.60M	-8.10M	-27.46M	119.70M	6.34M
Operating Cash Flow	41.80M	59.20M	8.40M	30.10M	151.30M	21.76M
Investing Cash Flow	-16.80M	-25.70M	-17.71M	-51.23M	-29.30M	-10.77M
Financing Cash Flow	10.70M	-97.60M	-25.24M	-3.70M	-24.00M	-11.79M

Western India Plywoods Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price155.33

Price Trends

50DMA162.60Negative

100DMA165.02Negative

200DMA157.54Negative

Market Momentum

MACD-1.37Positive

RSI43.36Neutral

STOCH37.42Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WIPL, the sentiment is Negative. The current price of 155.33 is below the 20-day moving average (MA) of 159.83, below the 50-day MA of 162.60, and below the 200-day MA of 157.54, indicating a bearish trend. The MACD of -1.37 indicates Positive momentum. The RSI at 43.36 is Neutral, neither overbought nor oversold. The STOCH value of 37.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WIPL.

Western India Plywoods Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:WIPL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:ARCHIDPLY	61Neutral	INR 1.85B	11.09	―	―	15.36%	1115.41%
IN:GREENPLY	58Neutral	INR 33.29B	26.52	―	0.19%	16.52%	46.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:WIPL	49Neutral	INR 1.36B	970.81	―	0.64%	-3.07%	-103.41%
IN:CENTURYPLY	48Neutral	INR 144.32B	44.15	―	0.16%	26.36%	39.42%
IN:MAGNUM	48Neutral	INR 1.26B	-93.36	―	―	12.14%	-129.35%
IN:GREENPANEL	45Neutral	INR 17.35B	258.87	―	0.35%	11.58%	-69.11%

* General Sector Average

Performance Comparison

IN:WIPL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:WIPL	Western India Plywoods Ltd.	155.33	-12.86	-7.65%
IN:ARCHIDPLY	Archidply Industries Limited	91.76	-4.16	-4.34%
IN:CENTURYPLY	Century Plyboards (India) Ltd.	641.70	-106.59	-14.24%
IN:GREENPANEL	Greenpanel Industries Ltd	142.65	-135.03	-48.63%
IN:GREENPLY	Greenply Industries Ltd	265.40	-27.09	-9.26%
IN:MAGNUM	Magnum Ventures Limited.	18.90	-5.56	-22.73%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 27, 2026

Western India Plywoods Ltd. AI Stock Analysis