The Indian Wood Products Company Ltd (540954)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indian Wood's revenue was ₹65.2 Cr (+26.8% year on year, -4.8% on the previous quarter), and net profit ₹2.5 Cr (+118.1% year on year); the operating margin was 5.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹65.2 | +26.8% | -4.8% |
| Operating profit | ₹3.8 | -3.0% | +42.4% |
| Net profit | ₹2.5 | +118.1% | — |
| EPS (₹) | 0.39 | +116.7% | — |
| Operating margin | 5.9% | — | — |
📢 Recent Corporate Announcements
The Indian Wood Products Co. Ltd (IWP) approved an amendment to the Object Clause of its Memorandum of Association (MOA) during its 792nd Board Meeting on October 5, 2026. The new clause permits the company to diversify beyond its core Katha and Cutch business into iron and steel, mining, infrastructure construction, and engineering works. The amendment is subject to shareholder approval via postal ballot e-voting, with M/s. M Shahnawaz & Associates appointed as scrutinizer. No specific capex or project investment details have been disclosed yet.
- Approved amendment to MOA to add Clause (49) covering iron ore, steel, mining, and infrastructure activities
- Board meeting held on October 5, 2026, commencing at 12:15 P.M. and concluding at 1:45 P.M.
- Notice of Postal Ballot approved to seek requisite shareholder approval via e-voting
- Appointed M/s. M Shahnawaz & Associates, Practicing Company Secretary, as the Scrutinizer
The Indian Wood Products Co. Ltd has scheduled a Board of Directors meeting on October 5, 2026, to consider altering its Memorandum of Association (MOA). The board will also consider and approve a draft Postal Ballot Notice to seek shareholder approval via a Special Resolution. This procedural update arrives for the micro-cap forest products maker, which has a market cap of ₹220 Cr and TTM revenue of ₹242 Cr. Specific details regarding which clauses of the MOA are being modified were not disclosed in the notice.
- Board meeting scheduled for Monday, October 5, 2026, at 12:15 P.M.
- Meeting agenda includes considering alterations to the Memorandum of Association (MOA)
- Draft Postal Ballot Notice to be approved for seeking shareholder consent via Special Resolution
Promoter Bharat Mohta has acquired 91,60,200 equity shares (14.319% of total share capital) of The Indian Wood Products Company Ltd from promoter Savita Mohta via an inter-se gift transfer on August 24, 2026. Following this zero-consideration transfer, Bharat Mohta's individual shareholding increased from 11.939% (76,37,530 shares) to 26.258% (1,67,97,730 shares), while Savita Mohta's stake reduced to nil. The transaction is exempt from an open offer under SEBI SAST Regulation 10(1)(a)(ii) and causes no change in overall promoter group holding.
- Inter-se promoter transfer of 91,60,200 equity shares (14.319% of equity capital) executed on 24/08/2026
- Acquisition completed at NIL consideration as an inter-se gift transfer
- Acquirer Bharat Mohta's holding increased from 11.939% to 26.258%
- Transferor Savita Mohta's holding reduced from 14.319% to Nil
- Overall promoter group holding remains unchanged at approximately 71.25%
The Indian Wood Products Co. Ltd. disclosed shareholding changes under SEBI PIT Regulations involving promoter family members. Promoter Savita Mohta transferred her entire holding of 91,60,200 equity shares (14.319% stake) as a gift to CMD Bharat Mohta via an off-market transaction on August 24, 2026, increasing his stake to 26.258%. Separately, promoter Krishna Kumar Mohta sold 61,107 shares (0.095% stake) in the open market on August 24 and 25, 2026, for Rs 20.48 lakh, slightly reducing his stake to 3.095%.
- Savita Mohta gifted 91,60,200 shares (14.319%) off-market to son Bharat Mohta on August 24, 2026
- Bharat Mohta's total shareholding increased from 11.939% (76,37,530 shares) to 26.258% (1,67,97,730 shares)
- Krishna Kumar Mohta sold 61,107 shares (0.095%) via open market for Rs 20,48,214, reducing holding to 3.095%
- Overall aggregate promoter group holding remains broadly unchanged aside from the minor 0.095% market sale
Promoter Bharat Mohta acquired 91,60,200 equity shares (14.319% stake) in The Indian Wood Products Company Ltd via a gift from his mother, Savita Mohta, through an off-market transaction on August 24, 2026. Following this transfer, Bharat Mohta's direct holding increased from 11.939% (76,37,530 shares) to 26.258% (1,67,97,730 shares), while Savita Mohta's direct holding reduced to nil. The transaction represents an internal promoter family reorganization with no change in overall management control or cash outflow for the company.
- 91,60,200 equity shares (14.319%) gifted off-market to Bharat Mohta on August 24, 2026
- Bharat Mohta's direct holding rose from 11.939% (76,37,530 shares) to 26.258% (1,67,97,730 shares)
- Savita Mohta's direct holding declined from 14.319% to 0.00%
- Total voting share capital remains unchanged at 6,39,72,720 shares (Rs 12.79 cr)
Promoter Krishna Kumar Mohta disclosed the sale of 61,107 equity shares, representing a 0.095% stake in The Indian Wood Products Company Ltd, through open market transactions. The disposal took place across two tranches: 12,747 shares (0.020%) on August 24, 2026, and 48,360 shares (0.075%) on August 25, 2026. Following the transaction, his personal shareholding decreased from 3.190% (20,40,909 shares) to 3.095% (19,79,802 shares). Overall promoter group holding marginally reduced from 71.216% to 71.122%.
- Promoter Krishna Kumar Mohta sold 61,107 equity shares (0.095% of total share capital) in the open market
- Sales occurred on 24-08-2026 (12,747 shares) and 25-08-2026 (48,360 shares)
- Seller's individual holding reduced from 3.190% (20,40,909 shares) to 3.095% (19,79,802 shares)
- Total promoter group holding stands at 71.122% (4,55,46,018 shares) post-disposal
- Total paid-up share capital remains unchanged at Rs 12,79,45,440 (6,39,72,720 shares of Rs 2 each)
Promoter Krishna Kumar Mohta disposed of 61,107 equity shares (0.095% stake) of The Indian Wood Products Company Ltd via open market transactions on August 24 and August 25, 2026. Following this sale, his individual holding decreased from 3.190% (2,040,909 shares) to 3.095% (1,979,802 shares). Total promoter group holding marginally shifted from 71.216% to 71.122%, keeping promoter control firmly intact.
- Sold 61,107 shares (0.095% stake) in the open market (12,747 shares on 24-08-2026 and 48,360 shares on 25-08-2026)
- Individual holding reduced from 2,040,909 shares (3.190%) to 1,979,802 shares (3.095%)
- Total promoter group stake stands at 71.122% post-transaction (45,546,018 shares)
- Total voting share capital unchanged at 63,972,720 equity shares of Rs 2 each (Rs 12.79 cr)
The Indian Wood Products Company Ltd has announced its 106th Annual General Meeting (AGM) to be held virtually on September 22, 2026. The record date for determining shareholder eligibility for e-voting and a final dividend of Re 0.20 per equity share has been fixed as September 15, 2026. The share transfer books will remain closed from September 16, 2026, to September 22, 2026. Other business includes the regularisation of Mrs. Puja Somani as an Independent Director through 2030.
- 106th AGM scheduled for Tuesday, September 22, 2026, via Video Conferencing
- Record date / cut-off date fixed as Tuesday, September 15, 2026, for dividend and e-voting
- Final dividend of Re 0.20 per equity share recommended for the financial year ended March 31, 2026
- Book closure set from September 16, 2026, to September 22, 2026
- Remote e-voting period runs from September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)
The Indian Wood Products Company has submitted its 106th Annual Report for FY2025-26 along with the AGM notice. On a consolidated basis, revenue from operations stood at Rs 229.18 crore compared to Rs 226.47 crore in FY25, while consolidated PAT came in at Rs 4.56 crore versus Rs 5.29 crore in the previous year. The Board has recommended a dividend of Re 0.20 per share (10% on face value of Rs 2), amounting to a total payout of Rs 1.28 crore. The 106th AGM is scheduled for September 22, 2026, with a record date of September 15, 2026 for dividend entitlement.
- Board recommended a dividend of Re 0.20 per equity share (10% on Rs 2 FV), up from Re 0.15 in FY25, totalling Rs 127.95 Lakhs
- Consolidated FY26 revenue reached Rs 22,918.46 Lakhs compared to Rs 22,646.54 Lakhs in FY25
- Consolidated PAT for FY26 was Rs 456.18 Lakhs versus Rs 529.15 Lakhs in FY25
- Record date for dividend fixed as September 15, 2026; 106th AGM scheduled on September 22, 2026
Promoter Krishna Kumar Mohta disclosed the open market sale of 25,000 equity shares (0.039% stake) of The Indian Wood Products Company Ltd on August 21, 2026, for a total value of ₹8,52,508. Following the sale, his individual shareholding decreased from 3.229% (2,065,909 shares) to 3.190% (2,040,909 shares). The transaction is minor compared to the company's total market capitalization of ₹219 crore and overall promoter group holding of ~71.2%.
- Promoter Krishna Kumar Mohta sold 25,000 equity shares (0.039% stake) on August 21, 2026.
- Total transaction consideration stood at ₹8,52,508 executed via open market on the BSE.
- Promoter's individual holding reduced from 2,065,909 shares (3.229%) to 2,040,909 shares (3.190%).
Promoter Krishna Kumar Mohta sold 25,000 equity shares (representing 0.039% of total paid-up equity) of The Indian Wood Products Company Ltd on August 21, 2026, through open market transactions. Following the transaction, his personal shareholding decreased from 3.229% (2,065,909 shares) to 3.190% (2,040,909 shares). Overall promoter group shareholding in the company remains high at 71.215%.
- Sold 25,000 equity shares (0.039% of total capital) via open market on August 21, 2026
- Individual promoter stake reduced from 3.229% (2,065,909 shares) to 3.190% (2,040,909 shares)
- Total promoter group holding marginally down to 71.215% post-disposal
- Total paid-up capital remains unchanged at Rs 12.79 Cr across 6,39,72,720 shares of Rs 2 each
The Indian Wood Products Company Ltd disclosed an upcoming inter-se transfer within its promoter group. Promoter Bharat Mohta intends to acquire 91,60,200 equity shares (14.32% stake) from Savita Mohta via gift without monetary consideration. Post-transaction, Bharat Mohta's holding will increase from 11.94% (76,37,530 shares) to 26.26% (1,67,97,730 shares), while Savita Mohta's holding will become nil. The aggregate holding of the Promoter and Promoter Group remains unchanged at ~71.25%.
- Proposed off-market transfer of 91,60,200 equity shares (14.32% of total share capital) by way of gift.
- Bharat Mohta's direct holding will increase from 11.94% to 26.26% (1,67,97,730 shares).
- Savita Mohta's holding will drop from 14.32% to 0.00% post-transfer.
- Transaction is exempt under Regulation 10(1)(a)(ii) of SEBI SAST Regulations with aggregate promoter stake unchanged.
- Proposed execution date is on or after August 22, 2026.
The Indian Wood Products Company Ltd (IWP) has appointed Mrs. Puja Somani as an Additional Independent Director effective August 14, 2026. Mrs. Somani is a Chartered Accountant with over 10 years of experience in financial reporting, data analytics, and MIS. This appointment, subject to shareholder approval at the 106th AGM, comes as the company manages a small market cap of ₹210 Cr and a low ROCE of 3.0%. The board also approved the unaudited financial results for the quarter ended June 30, 2026, during the same meeting.
- Appointment of Mrs. Puja Somani as Additional Independent Director effective August 14, 2026
- Appointee brings over 10 years of professional experience in Financial Reporting and Data Analytics
- Shareholder approval for the appointment will be sought at the upcoming 106th Annual General Meeting
- Board meeting concluded in 75 minutes, covering both management changes and Q1 FY27 results approval
- Company maintains a high promoter holding of 71.25% as of June 2026
The Indian Wood Products Company (IWP) reported a strong start to FY27, with consolidated revenue growing 26.7% YoY to ₹65.19 Cr. Net profit more than doubled to ₹2.50 Cr from ₹1.15 Cr in the year-ago period, primarily driven by a significant turnaround in its Singapore-based Joint Venture. The JV contributed ₹1.40 Cr to the bottom line this quarter, compared to a loss in the preceding quarter. Standalone operations also showed resilience with revenue reaching ₹65.10 Cr.
- Consolidated Revenue grew to ₹65.19 Cr in Q1 FY27 from ₹51.43 Cr in Q1 FY26.
- Consolidated Net Profit surged 117% YoY to ₹2.50 Cr, representing 50% of the total FY26 annual profit in just one quarter.
- Joint Venture (Agro & Spice Trading Pte Ltd) contributed a profit of ₹1.40 Cr versus a loss of ₹0.27 Cr in the March 2026 quarter.
- Finance costs reduced to ₹1.28 Cr from ₹1.91 Cr YoY, indicating improved debt servicing or lower utilization.
- Consolidated EPS improved significantly to ₹0.39 from ₹0.18 in the same quarter last year.
The Indian Wood Products Company (IWP) reported a strong start to FY27 with consolidated revenue of Rs 65.19 Cr, a 26.7% increase over the Rs 51.43 Cr reported in Q1 FY26. Consolidated Net Profit more than doubled to Rs 2.50 Cr from Rs 1.15 Cr YoY, significantly bolstered by a Rs 1.39 Cr profit share from its Joint Venture. Standalone operations showed moderate improvement with Profit Before Tax rising to Rs 1.53 Cr from Rs 1.04 Cr. The company also strengthened its board by appointing Mrs. Puja Somani as an Independent Director.
- Consolidated Revenue from Operations grew 26.7% YoY to Rs 65.19 Cr.
- Consolidated Net Profit jumped 117.4% YoY to Rs 2.50 Cr from Rs 1.15 Cr.
- Joint Venture (Agro and Spice Trading Pte Ltd) contributed Rs 1.39 Cr to the consolidated profit.
- Standalone Profit Before Tax (PBT) increased 47% YoY to Rs 1.53 Cr.
- Earnings Per Share (EPS) for the quarter improved to Rs 0.39 from Rs 0.18 YoY.
Financial Performance
Revenue Growth by Segment
Total Operating Income grew by 17.77% YoY, reaching INR 225.81 Cr in FY25 compared to INR 191.74 Cr in FY24. Segment-specific growth for Katha and Cutch is not explicitly broken down, but overall growth was driven by improved operational performance and scale.
Geographic Revenue Split
Not explicitly disclosed in percentage terms, but the company operates manufacturing plants in Bareilly (UP), Baroda (Gujarat), Jammu (J&K), and Daman (Contractual), serving the pan-India Paan Masala industry.
Profitability Margins
PAT Margin improved to 1.63% in FY25 from 1.35% in FY24. Gross profitability was impacted by flat average realizations for Katha at INR 5.44 lakh per metric ton against rising production costs.
EBITDA Margin
EBITDA Margin stood at 6.98% in FY25, a decrease of 43 bps from 7.41% in FY24. This slight compression was primarily due to stagnant realization prices for Katha and increased raw material costs.
Capital Expenditure
The company is not foreseeing any major debt-funded capex in the medium term. Historical capex is reflected in the maintenance of its 4,000 MTPA Katha and 1,350 MTPA Cutch capacity.
Credit Rating & Borrowing
Infomerics reaffirmed the long-term rating at IVR BBB-/Stable in December 2025. Total debt stood at INR 76.40 Cr in FY25. Interest coverage improved to 1.99x in FY25 from 1.69x in FY24.
Operational Drivers
Raw Materials
Key raw materials include Khair wood (timber) and Gambier. Gambier is a critical input, representing approximately 50% of the final Katha product composition.
Import Sources
Gambier is primarily imported (source countries not specified, but typically Southeast Asia). Khair wood is sourced domestically, often subject to seasonal availability pre/post-monsoon.
Key Suppliers
Not specifically named in the documents; however, procurement involves a mix of timber contractors for Khair wood and international vendors for Gambier.
Capacity Expansion
Current installed capacity is 4,000 MTPA for Katha and 1,350 MTPA for Cutch. No immediate expansion plans were disclosed for the medium term.
Raw Material Costs
Raw material costs are volatile due to the natural produce nature of Khair wood and Gambier. Gambier imports expose the company to forex risk, which can squeeze margins if not passed on to customers.
Manufacturing Efficiency
The company utilizes a mix of owned plants and contractual manufacturing (e.g., Nanhemal Agro in Daman) to optimize production across regions.
Logistics & Distribution
The company utilizes a robust marketing network to distribute products to major Paan Masala hubs, though specific costs as a % of revenue are not provided.
Strategic Growth
Expected Growth Rate
17.77%
Growth Strategy
Growth is driven by leveraging a 100-year track record and established relationships with top-tier Paan Masala brands. The strategy focuses on maintaining a leading position in the Katha industry and improving the operating cycle (reduced from 192 to 171 days) to free up working capital.
Products & Services
Katha (primary product used in Paan Masala) and Cutch (by-product used in tanning and additives).
Brand Portfolio
IWP
Market Expansion
The company is focusing on deepening its presence in the Indian Katha market, which has a matured demand profile.
Market Share & Ranking
The company holds a leading position in the organized Katha industry in India.
Strategic Alliances
Maintains a 50% ownership in Agro and Spice Trading Pte Ltd., accounted for via the equity method.
External Factors
Industry Trends
The Katha industry is growing but faces intense competition from unorganized players. Future outlook is stable due to steady demand from the Paan Masala sector, though it remains under strict government regulatory scrutiny.
Competitive Landscape
Intensely competitive with many unorganized players who impact pricing flexibility.
Competitive Moat
Durable moat based on a long track record (since 1919), established brand 'IWP', and deep-rooted relationships with major Paan Masala manufacturers. This is sustainable due to the high barriers to entry in sourcing and the specialized 45-day manufacturing process.
Macro Economic Sensitivity
Sensitive to agricultural cycles (for Khair wood) and consumer spending on FMCG/Paan Masala products.
Consumer Behavior
Demand is tied to the consumption of Paan Masala, which is a traditional and matured habit in the Indian market.
Geopolitical Risks
Import dependencies for Gambier make the company vulnerable to trade disruptions or changes in import duties.
Regulatory & Governance
Industry Regulations
The business is highly exposed to government regulations concerning the Paan Masala industry. Any restrictive policies on the sale or composition of Paan Masala directly impact Katha demand.
Taxation Policy Impact
Financial statements are prepared under IndAS; specific effective tax rate % not provided in the summary.
Legal Contingencies
BSE imposed a fine of INR 59,000 for non-compliance with Regulation 19 (paid). A further fine of INR 2,17,120 was levied for Regulation 20(2)/(2A) non-compliance; the company has filed a waiver application which is currently pending.
Risk Analysis
Key Uncertainties
Regulatory risk regarding end-user products (Paan Masala) and raw material price volatility (Khair wood/Gambier) are the primary uncertainties.
Geographic Concentration Risk
Manufacturing is concentrated in Northern and Western India (UP, Gujarat, J&K).
Third Party Dependencies
Significant dependency on the Paan Masala industry as the primary customer base.
Technology Obsolescence Risk
Low risk as Katha manufacturing is a traditional process, but efficiency improvements in the 45-day cycle are critical.
Credit & Counterparty Risk
Receivable days are a key component of the 171-day operating cycle; however, the company deals with reputed brands like Rajnigandha, mitigating default risk.
