W.S. Industries (India) Limited (WSI) AI Stock Analysis

• Market Cap: ₹5.05B
• Dividend Yield: N/A
• Average Volume (3M): 6.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: -53.39%
• EPS Growth: -147.25%
• Country: IN
• Employees: 117
• Sector: Services
• Sector Strength: N/A
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.06
• Shares Outstanding: 65,918,750
• 10 Day Avg. Volume: 6,331
• 30 Day Avg. Volume: 6,750
• PEG Ratio: 0.19
• Price to Book (P/B): 2.15
• Price to Sales (P/S): 1.79
• P/FCF Ratio: -4.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: ₹80.00 ▼(-11.43% Downside)

W.S. Industries (India) Limited's overall stock score is primarily impacted by its weak financial performance, characterized by declining revenues, high leverage, and cash flow issues. Technical analysis provides a neutral outlook, with some short-term bullish signals offset by negative momentum indicators. Valuation concerns due to a negative P/E ratio and lack of dividend yield further weigh down the score.

Positive Factors

Strategic Partnerships

Strategic partnerships provide WSI with access to large-scale projects, ensuring a stable revenue base and enhancing market position.

Innovation and R&D

Investment in R&D fosters innovation, enabling WSI to offer competitive products, potentially increasing market share and revenue growth.

Improved Equity

Improved equity suggests a stronger financial foundation, providing resilience against market fluctuations and supporting long-term growth.

Negative Factors

Declining Revenues

Decreasing revenues and net income indicate challenges in sustaining sales, which could impact long-term profitability and market position.

High Leverage

High leverage increases financial risk, limiting flexibility and potentially impacting the company's ability to invest in growth opportunities.

Cash Flow Challenges

Negative cash flow impacts WSI's ability to fund operations and growth internally, increasing reliance on external financing and risk.

W.S. Industries (India) Limited Business Overview & Revenue Model

Company Description

W.S. Industries (India) Limited engages in the manufacture and sale of porcelain insulators for electrical high voltage transmission, substation, and distribution applications in India and internationally. The company operates in two segments, Electro-Porcelain Products and Turnkey Projects. It offers suspension insulators that include normal, anti-fog, aerodynamic, and super fog types for HV and UHVDC applications; and various profiles of longrod insulators for the light, medium, and heavy pollution categories. The company also offers solidcore insulators to the substation application of busbar support, isolator support, and pantograph and disconnector support; and hollow porcelain insulators for use with instrument transformers, circuit breakers, surge arresters, power transformers, condensor bushings, capacitive dividers, wall through bushings, and other applications, as well as RTV coated insulators. In addition, it provides re-distributed products, which comprise transmission line hardware; galvanized distribution materials, such as cross-arms, spindles, earth rods, etc.; dropout fuses; fiber glass stay insulators; and grading rings for solidcore insulators. Further, the company offers turnkey projects services that include design, supply, installation, testing, and commissioning of sub-stations, transmission line, and network quality regulation projects. W.S. Industries (India) Limited was incorporated in 1961 and is based in Chennai, India.

How the Company Makes Money

W.S. Industries generates revenue through multiple key streams, including the sale of electrical equipment such as transformers, switchgear, and other components used in power generation and distribution. Additionally, the company earns income from precision-engineered products that cater to industrial machinery and infrastructure projects. Strategic partnerships with government entities and private sector companies enhance their project opportunities, particularly in large-scale infrastructure projects. The company also benefits from long-term contracts and repeat business with established clients, which provide a stable revenue base. Furthermore, WSI's commitment to research and development allows for innovative product offerings, which can lead to increased sales and market share.

W.S. Industries (India) Limited Financial Statement Overview

Summary

W.S. Industries (India) Limited faces significant financial challenges, with declining revenues, high leverage, and cash flow issues. The company must improve operational efficiency and reduce dependency on external financing to enhance financial health. While there are improvements in equity, sustaining revenue and managing debt are critical for future stability.

Income Statement

The income statement shows considerable volatility with declining total revenue from 2024 to 2025 and a significant drop in net income, resulting in negative net profit margin. Gross profit margin remains strong, but revenue growth is negative, indicating potential challenges in sustaining sales levels. Negative EBIT and EBITDA margins underscore issues with profitability and operational efficiency.

Balance Sheet

The balance sheet reflects a moderate financial position with a debt-to-equity ratio that suggests a high level of leverage, creating potential risk. Stockholders' equity has improved over the years, indicating efforts to strengthen financial stability. The equity ratio is reasonable, showing a balanced asset structure, but high total liabilities remain a concern.

Cash Flow

The cash flow statement reveals significant cash flow challenges, with negative free cash flow growth and operating cash flow. The company struggles to convert income into cash, as evidenced by negative free cash flow to net income ratio. Financing activities provide some relief but highlight a reliance on external funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.93B	2.39B	3.26B	795.85M	0.00	0.00
Gross Profit	961.51M	169.90M	1.61B	95.76M	-10.00K	-10.00K
EBITDA	112.26M	148.20M	408.93M	76.99M	-4.37M	-66.00M
Net Income	-198.41M	-175.80M	469.50M	196.40M	-594.14M	-83.78M
Balance Sheet
Total Assets	0.00	4.09B	3.49B	2.39B	815.54M	726.20M
Cash, Cash Equivalents and Short-Term Investments	332.70M	542.90M	385.79M	27.96M	225.76M	2.46M
Total Debt	0.00	871.20M	736.64M	642.50M	873.64M	1.15B
Total Liabilities	-1.98B	2.10B	2.12B	1.74B	1.05B	1.66B
Stockholders Equity	1.98B	1.98B	1.37B	649.54M	-231.56M	-934.28M
Cash Flow
Free Cash Flow	0.00	-907.40M	-140.23M	-1.05B	-162.26M	-142.25M
Operating Cash Flow	0.00	-825.90M	1.13B	-1.05B	-162.13M	-70.59M
Investing Cash Flow	0.00	-135.10M	-1.27B	213.51M	1.42B	-71.66M
Financing Cash Flow	0.00	841.70M	496.90M	619.92M	-1.03B	141.90M

W.S. Industries (India) Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 90.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:WSI, the sentiment is Negative. The current price of 90.32 is above the 20-day moving average (MA) of 82.14, above the 50-day MA of 82.48, and above the 200-day MA of 80.06, indicating a bearish trend. The MACD of -2.36 indicates Positive momentum. The RSI at 38.92 is Neutral, neither overbought nor oversold. The STOCH value of 28.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:WSI.

W.S. Industries (India) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RPPINFRA	60 Neutral	₹4.21B	6.85	―	0.47%	-7.32%	-26.92%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
MBLINFRA	49 Neutral	₹3.98B	-3.64	―	―	12.96%	-132.20%
WSI	44 Neutral	₹5.05B	-21.05	―	―	-53.39%	-147.25%
IL&FSENGG	40 Underperform	₹2.94B	-168.52	―	―	-6.13%	98.35%

W.S. Industries (India) Limited Corporate Events

W.S. Industries Raises Over ₹99 Crore via Preferential Share Allotment, Clears ₹50 Crore Warrant Issue

W.S. Industries (India) Limited has approved the allotment of 9,943,125 fully paid equity shares with a face value of ₹10 each at an issue price of ₹100 per share, raising approximately ₹99.43 crore from identified non-promoter investors, including foreign portfolio investors, through a preferential issue. The board committee also cleared the issuance of 5,000,000 convertible warrants at ₹100 each, potentially adding a further ₹50 crore on conversion, while noting that any unsubscribed portion of the earlier approved offer has lapsed in line with Companies Act and SEBI regulations, resulting in a meaningful capital infusion that could strengthen the company’s balance sheet and broaden its institutional shareholder base.

W.S. Industries Raises ₹149 Crore via Preferential Equity and Warrant Allotment

W.S. Industries (India) Limited has approved a significant capital raise via a preferential allotment of 9,943,125 fully paid equity shares at ₹100 per share to non-promoter investors, including Foreign Portfolio Investors, for a total consideration of about ₹99.43 crore. In addition, the board’s Allotment Committee sanctioned the issuance of 5,000,000 convertible warrants, each priced at ₹100 and convertible into one equity share, raising a further ₹50 crore, while unsubscribed portions of earlier offers have been allowed to lapse, resulting in a strengthened equity base and diversified non-promoter shareholding that could enhance liquidity and support future growth initiatives.

W.S. Industries Confirms SEBI Compliance on Dematerialisation for December Quarter

W.S. Industries (India) Limited has reported that, for the quarter ended 31 December 2025, it has obtained the mandatory compliance certificate from its Registrar and Share Transfer Agent under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The registrar, Integrated Registry Management Services, confirmed that all securities submitted for dematerialisation during the quarter were duly processed, listed on stock exchanges, and that corresponding physical share certificates were cancelled and replaced in the company’s register of members within the prescribed timelines, underscoring the company’s adherence to regulatory requirements for share custody and investor record-keeping.

W.S. Industries Successfully Concludes Second EGM with All Resolutions Passed

W.S. Industries (India) Limited held its second Extraordinary General Meeting (EGM) for the financial year 2025-26 on December 12, 2025, via video conferencing. During the meeting, shareholders were provided with the opportunity to vote on various resolutions through remote e-voting and electronic voting during the meeting itself. The scrutinizer, M/s. Lakshmmi Subramanian & Associates, confirmed that all resolutions were passed with the required majority. This development indicates a smooth decision-making process within the company, potentially strengthening its governance and stakeholder confidence.

W.S. Industries Conducts Second EGM for FY 2025-2026

W.S. Industries (India) Limited held its second Extraordinary General Meeting (EGM) for the financial year 2025-2026 on December 12, 2025. The meeting was conducted via video conferencing, adhering to the relevant regulations and guidelines. The EGM was attended by key directors, including the Executive Chairman and Independent Directors, as well as representatives from the company’s financial and registry management teams. The meeting facilitated discussions and decisions pertinent to the company’s operations and strategic direction, reflecting its compliance with regulatory requirements.