WS INDUSTRIES (INDIA) LTD (WSI): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹67.43 latest close · +1.9% over the last 90 sessions

₹67.43 month-end · −11.8% over 12 months

₹67.43 month-end · −42.1% over 3 years

₹67.43 month-end · +3036.3% since Feb '19

52-week range ₹50.10 to ₹95.00 · 1-year volatility 44.9%

How rough has the ride been?

Maximum drawdown-78.7%recovered 2020-09

1-year volatility44.9%annualised

Beta vs sector index0.953-year daily, correlation 0.38

Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-78.7% (2019-02 peak to 2019-08 low, recovered 2020-09)

-72.1% (2024-07 peak to 2026-10 low, not yet recovered)

-48.1% (2021-06 peak to 2021-08 low, recovered 2021-08)

Most recent volume spikes

2026-10-15: 18.1x the 50-day median, price +12.0% that day

2026-10-13: 5.6x the 50-day median, price +12.3% that day

2026-07-28: 6.2x the 50-day median, price +0.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

182.2xP/E todayNear its historic high

Against its own history93rd percentile

CheapestMedian 26.1xDearest

Usual range 13.9x to 176.3x since 2019-02.

Against Producer Manufacturing182.2x vs 29.6x

This company

182.2x

Sector median

29.6x

516% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE8th▼ 7 pts vs a year ago
Op. margin0th▼ 55 pts vs a year ago
Revenue growth1stflat vs a year ago
EPS growth3rd▼ 3 pts vs a year ago
Debt/equity ↓57th▲ 23 pts vs a year ago
Cash cycle ↓54th▼ 16 pts vs a year ago
P/E ↓4th
12M momentum42nd▲ 29 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~44%annual earnings growth implied by the price

At a P/E of 182.2x, the price would imply about 43.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹67.43
P/E: 182.2x
ROCE: 3.1%
Market Cap: ₹511 cr
Revenue (TTM): ₹66 cr
P/S: 7.8x
P/B: 1.3x
ROE: 0.7%
Operating Margin: -600.0%
Debt / Equity: 0.2x
Promoter Holding: 51.7%
12M Momentum: -11.8%

52-week range

₹50.10₹95.00

39% of the way from its 52-week low to its high

Price risk

1Y volatility

44.9%

Beta vs sector

1-year daily

0.68

Balance sheet & cash

Interest cover

operating profit ÷ interest

1.4x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.79x

Share count, 1Y

+19.8%

Are profits backed by cash?

2 of 7checks within range3 beyond a threshold

Other income reliance300%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 300.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate16%Within range

Median quarterly effective tax rate over about 2.5 years: 15.7%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.79xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.79x (cash from operations ₹24.7 cr, net profit ₹31.4 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+120 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 120 days (233 vs 113). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+53 days / 2 yrsNear threshold

Days payable changed by +53 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs added 13.5 pts; promoters trimmed 6.0 pts.
The number of shareholders rose from 8,329 to 17,906 (+115%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters57.7%51.7%-6.0 pts

FIIs0.0%13.5%+13.5 pts

DIIs0.1%0.1%-0.1 pts

Public and others42.2%34.7%-7.4 pts

Number of shareholders

17,906shareholders+115% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−0.6%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like WS INDUSTRIES (INDIA) LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −36% to +27% vs the market, against 0% for all non-financial companies in the same months.
The gap against the base rate (−0.8%, 80% range −8.8% to +3.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

−0.6%

All companies' median

+0.2%

Beat the market

48% vs 50%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
COMPUSOFT Technology Services	Aug 2020	169x	1%	−2%	−24%	+1%
INVENTURE Finance	Feb 2021	—	1%	+71%	−17%	+51%
KCK Process Industries	Jun 2025	391x	4%	+2%	−39%	−69%
RAJTV Consumer Services	Aug 2022	221x	3%	+26%	−25%	−8%
SUNTECK Finance	Nov 2022	237x	3%	−7%	−29%	+8%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ASTRAMICRO Electronic Technology	Mar 2020	46x	3%	−48%	−50%	+39%
DUGLOBAL Commercial Services	Jan 2025	415x	9%	−3%	−33%	−53%
SEMAC Industrial Services	Jul 2022	100x	1%	+5%	−19%	+90%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, drawdown from 12-month high and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to WS INDUSTRIES (INDIA) LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MAX INDIAMAXIND

Health Services

78%similar

volatilityoperating margin

ONMOBILE GLOBALONMOBILE

Communications

69%similar

market capoperating margin

GEM AROMATICSGEMAROMA

Process Industries

68%similar

ROCEvolatility

ZIM LABORATORIESZIMLAB

Health Technology

68%similar

P/EEPS growth

MAAN ALUMINIUMMAANALU

Non-Energy Minerals

64%similar

revenueP/E

KABRA EXTRUSION TECHNIKKABRAEXTRU

Producer Manufacturing

53%similar

EPS growthrevenue growth

DCX SYSTEMSDCXINDIA

Producer Manufacturing

47%similar

promoter holdingoperating margin

KIRLOSKAR ELECTRIC COMPANYKECL

Producer Manufacturing

47%similar

EPS growthoperating margin

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

2026
OctPriceFell 72% from the Jul 2024 peak to the Oct 2026 low.
OctPriceVolume reached 18.1x its 50-day median on 2026-10-15; price +12.0% that day.
SepPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the top quartile).
SepSharesShare count is up 19.8% over 12 months.
JulPriceVolume reached 6.2x its 50-day median on 2026-07-28; price +0.4% that day.
JunPromoterPromoter holding fell 7.7 pts to 51.6% (largest drop in the history since 2019-01).
JunResultsEPS (TTM) turned positive.
JunInstitutionsFII + DII holding rose 12.9 pts over 1 quarter to 13.8%.

Show 22 earlier events

2026
JunValuationP/E crossed above the 90th percentile of its own history to date (189.4x).
JunPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the bottom quartile).
JunDebtDebt / equity halved over 12 months to 0.17x.
MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
2025
DecPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
OctPriceVolume reached 15.2x its 50-day median on 2025-10-28; price +0.5% that day.
SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
AugSharesShare count is up 25.9% over 12 months.
AugPriceVolume reached 45.2x its 50-day median on 2025-08-13; price +4.6% that day.
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the top quartile).
MarResultsYear-on-year EPS growth turned negative.
MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
FebPriceVolume reached 12.5x its 50-day median on 2025-02-17; price -12.5% that day.
2024
DecPromoterPromoter holding fell 2.5 pts to 60.4%.
DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
NovPriceVolume reached 5.8x its 50-day median on 2024-11-28; price +5.8% that day.
SepPromoterPromoter holding rose 4.4 pts to 62.9%.
JulPriceRegained the 2024-02 peak, 1 month after the low.
JulSharesShare count is up 20.4% over 12 months.
JulPriceVolume reached 21.0x its 50-day median on 2024-07-01; price +17.8% that day.
JunResultsRevenue (TTM) reached a new high of ₹326 cr.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history94 months · 2019-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	182.2x	₹66 cr	0.7%	3.1%	0.2x
2026-10	184.5x	₹66 cr	0.7%	3.1%	0.2x
2026-09	146.1x	₹66 cr	0.7%	3.1%	0.2x
2026-08	175.6x	₹92 cr	0.7%	3.1%	0.2x
2026-07	174.0x	₹92 cr	0.7%	3.1%	0.2x
2026-06	189.4x	₹92 cr	0.7%	3.1%	0.2x
2026-05	—	₹110 cr	-0.8%	5.3%	0.4x
2026-04	—	₹110 cr	-0.8%	5.3%	0.4x
2026-03	—	₹110 cr	-0.8%	5.3%	0.4x
2026-02	—	₹155 cr	-14.1%	5.3%	0.4x
2026-01	—	₹155 cr	-14.1%	5.3%	0.4x
2025-12	—	₹155 cr	-14.1%	5.3%	0.4x
2025-11	—	₹193 cr	-11.9%	5.3%	0.4x
2025-10	—	₹193 cr	-11.9%	5.3%	0.4x
2025-09	—	₹193 cr	-11.9%	5.3%	0.4x
2025-08	—	₹239 cr	-10.5%	5.3%	0.4x
2025-07	—	₹239 cr	-10.5%	5.3%	0.4x
2025-06	—	₹239 cr	-10.5%	5.3%	0.4x
2025-05	85.9x	₹288 cr	2.9%	25.2%	0.5x
2025-04	88.1x	₹288 cr	2.9%	25.2%	0.5x
2025-03	87.9x	₹288 cr	2.9%	25.2%	0.5x
2025-02	10.1x	₹333 cr	32.7%	25.2%	0.5x
2025-01	13.6x	₹333 cr	32.7%	25.2%	0.5x
2024-12	15.6x	₹333 cr	32.7%	25.2%	0.5x
2024-11	13.9x	₹352 cr	39.2%	25.2%	0.5x
2024-10	13.9x	₹352 cr	39.2%	25.2%	0.5x
2024-09	15.8x	₹352 cr	39.2%	25.2%	0.5x
2024-08	16.0x	₹326 cr	40.2%	25.2%	0.5x
2024-07	17.5x	₹326 cr	40.2%	25.2%	0.5x
2024-06	14.6x	₹326 cr	40.2%	25.2%	0.5x
2024-05	29.2x	₹80 cr	35.6%	1.2%	1.0x
2024-04	33.1x	₹80 cr	35.6%	1.2%	1.0x
2024-03	31.9x	₹80 cr	35.6%	1.2%	1.0x
2024-02	31.9x	₹80 cr	35.6%	1.2%	1.0x
2024-01	28.5x	₹80 cr	35.6%	1.2%	1.0x
2023-12	24.2x	₹80 cr	35.6%	1.2%	1.0x
2023-11	24.8x	₹80 cr	35.6%	1.2%	1.0x
2023-10	21.1x	₹80 cr	35.6%	1.2%	1.0x
2023-09	22.6x	₹80 cr	35.6%	1.2%	1.0x
2023-08	22.8x	₹80 cr	35.6%	1.2%	1.0x
2023-07	27.5x	₹80 cr	35.6%	1.2%	1.0x
2023-06	21.5x	₹80 cr	35.6%	1.2%	1.0x
2023-05	—	₹0 cr	—	-0.9%	—
2023-04	—	₹0 cr	—	-0.9%	—
2023-03	—	₹0 cr	—	-0.9%	—
2023-02	—	₹0 cr	—	-0.9%	—
2023-01	—	₹0 cr	—	-0.9%	—
2022-12	—	₹0 cr	—	-0.9%	—
2022-11	—	₹0 cr	—	-0.9%	—
2022-10	—	₹0 cr	—	-0.9%	—
2022-09	—	₹0 cr	—	-0.9%	—
2022-08	—	₹0 cr	—	-0.9%	—
2022-07	—	₹0 cr	—	-0.9%	—
2022-06	—	₹0 cr	—	-0.9%	—
2022-05	—	₹0 cr	—	-21.0%	—
2022-04	—	₹0 cr	—	-21.0%	—
2022-03	—	₹0 cr	—	-21.0%	—
2022-02	—	₹0 cr	—	-21.0%	—
2022-01	—	₹0 cr	—	-21.0%	—
2021-12	—	₹0 cr	—	-21.0%	—
2021-11	—	₹0 cr	—	-21.0%	—
2021-10	—	₹0 cr	—	-21.0%	—
2021-09	—	₹0 cr	—	-21.0%	—
2021-08	—	₹0 cr	—	-21.0%	—
2021-07	—	₹0 cr	—	-21.0%	—
2021-06	—	₹0 cr	—	-21.0%	—
2021-05	—	₹0 cr	—	-27.3%	—
2021-04	—	₹0 cr	—	-27.3%	—
2021-03	—	₹0 cr	—	-27.3%	—
2021-02	—	₹0 cr	—	-27.3%	—
2021-01	—	₹0 cr	—	-27.3%	—
2020-12	—	₹0 cr	—	-27.3%	—
2020-11	—	₹0 cr	—	-27.3%	—
2020-10	—	₹0 cr	—	-27.3%	—
2020-09	—	₹0 cr	—	-27.3%	—
2020-08	—	₹0 cr	—	-27.3%	—
2020-07	—	₹0 cr	—	-27.3%	—
2020-06	—	₹0 cr	—	-27.3%	—
2020-05	—	₹0 cr	—	-75.3%	—
2020-04	—	₹0 cr	—	-75.3%	—
2020-03	—	₹0 cr	—	-75.3%	—
2020-02	—	₹0 cr	—	-75.3%	—
2020-01	—	₹0 cr	—	-75.3%	—
2019-12	—	₹0 cr	—	-75.3%	—
2019-11	—	₹0 cr	—	-75.3%	—
2019-10	—	₹0 cr	—	-75.3%	—
2019-09	—	₹0 cr	—	-75.3%	—
2019-08	—	₹0 cr	—	-75.3%	—
2019-07	—	₹0 cr	—	-75.3%	—
2019-06	—	₹0 cr	—	-75.3%	—
2019-05	—	₹2 cr	—	21.3%	—
2019-04	—	₹2 cr	—	21.3%	—
2019-03	—	₹2 cr	—	21.3%	—
2019-02	—	₹2 cr	—	21.3%	—

Methodology and data notes