W S Industries (I) Limited (WSI)
₹70.84 -0.98% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, W S's revenue was ₹20.8 Cr (-47.5% year on year, +1.3% on the previous quarter), and net profit ₹2.6 Cr (against a loss a year earlier); the operating margin was 17.4%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹20.8 | -47.5% | +1.3% |
| Operating profit | ₹3.6 | from loss | from loss |
| Net profit | ₹2.6 | from loss | from loss |
| EPS (₹) | 0.39 | from loss | from loss |
| Operating margin | 17.4% | — | — |
WSI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.88% of the WSI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 65.67%. That is close to its usual level. Turnover was only ₹86 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 78.3% · 57.5% · 53.4% · 46.1% · 64.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
W S Industries (India) Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent Integrated Registry Management Services confirms proper processing of dematerialisation requests. The filing covers the three-month period from 1st July, 2026 to 30th September, 2026. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate filed for the quarter ended 30th September, 2026
- Covers dematerialisation activities from 1st July, 2026 to 30th September, 2026
- RTA confirmed securities were mutilated, cancelled, and substituted within 15 days
- Certified by Integrated Registry Management Services Private Limited on October 03, 2026
W.S. Industries (India) Limited declared the voting results and Scrutinizer's Report for its 63rd Annual General Meeting held on September 22, 2026. Shareholders approved all tabled resolutions with the requisite majority, including special resolutions for material related-party transactions (RPTs) covering contracts, goods/services procurement, and borrowings. Item No. 3 regarding the appointment of an Independent Director was withdrawn prior to the meeting following the director's resignation on September 4, 2026.
- AGM held on September 22, 2026, with all placed resolutions approved by shareholders.
- Special resolutions for material RPT contracts, procurement, and borrowings passed with 88.99% votes in favour (13,92,479 shares).
- Resolution on remuneration for Non-executive Independent Directors passed with 99.58% approval (4,07,47,602 shares).
- Item No. 3 withdrawn following the resignation of Independent Director Ms. Rajendran Stella Isabella on September 4, 2026.
W.S. Industries (India) Limited has issued a corrigendum to the notice convening its 63rd Annual General Meeting (AGM) scheduled for September 22, 2026. The change follows the resignation of Ms. Rajendran Stella Isabella from the office of Independent Director, effective September 4, 2026. As a result, Item No. 3 relating to her appointment has been withdrawn and will not be tabled for shareholder approval. The company has instructed the e-voting agency to freeze voting on this specific resolution, while all other agenda items remain unchanged.
- Corrigendum issued for the 63rd AGM scheduled on September 22, 2026, via VC/OAVM
- Item No. 3 regarding appointment of Ms. Rajendran Stella Isabella withdrawn following her resignation on September 4, 2026
- E-voting facility for Item No. 3 blocked/frozen; any prior votes cast for this item will be disregarded
- Corrigendum disseminated to registered and unregistered shareholders on September 7, 2026
W.S. Industries (India) Limited has issued a corrigendum to the notice of its 63rd Annual General Meeting (AGM) scheduled for September 22, 2026. The resolution under Item No. 3 proposing the appointment of Ms. Rajendran Stella Isabella as an Independent Director has been withdrawn following her resignation effective September 4, 2026, due to personal reasons. Voting on this item has been disabled on the e-voting platform, while all other agenda items and numbering remain unchanged.
- 63rd AGM scheduled for September 22, 2026 at 2:30 P.M. IST via Video Conferencing.
- Item No. 3 withdrawn after Ms. Rajendran Stella Isabella resigned with effect from September 4, 2026.
- Voting disabled for Item No. 3; all other agenda items remain unchanged.
- Shareholders permitted to submit questions in advance on or before September 15, 2026.
W.S. Industries (India) Limited has announced the resignation of Ms. Rajendran Stella Isabella from her position as Additional Director (Non-Executive Independent), effective September 4, 2026, citing pre-occupation and personal reasons. Following her departure, she ceases to be a member of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees. The company has reconstituted the committees, noting that Mr. R. Karthik will chair until October 31, 2026 (completion of tenure), after which Mr. J. Sridharan will assume the chairmanship from November 1, 2026. The company confirmed that board and committee compositions continue to meet statutory compliance requirements.
- Resignation of Ms. Rajendran Stella Isabella (DIN: 06871120) effective September 4, 2026
- Cessation of committee memberships across Audit, NRC, and Stakeholders Relationship Committees
- Committee chairmanship transition planned: Mr. R. Karthik completes tenure on October 31, 2026; Mr. J. Sridharan takes over w.e.f. November 1, 2026
- No material reasons cited other than pre-occupation and personal reasons
W.S. Industries (India) Limited announced the resignation of Ms. Rajendran Stella Isabella from her position as Additional Director (Non-Executive Independent) with effect from September 4, 2026, citing pre-occupation and personal reasons. Following her resignation, she ceases to be a member of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees. The company has reconstituted these committees, confirming continued statutory compliance. Additionally, current Audit and NRC Chairman Mr. R. Karthik will complete his tenure on October 31, 2026, with Mr. J. Sridharan taking over as Chairman from November 1, 2026.
- Ms. Rajendran Stella Isabella resigned as Non-Executive Independent Director effective September 4, 2026
- Confirmation provided that there are no other material reasons for the resignation
- Audit Committee and NRC reconstituted; Mr. J. Sridharan to assume chairmanship w.e.f. November 1, 2026 following Mr. R. Karthik's tenure completion on October 31, 2026
- Company confirmed board committee compositions remain compliant with Companies Act and SEBI LODR regulations
W S Industries (India) Limited announced the resignation of Ms. Rajendran Stella Isabella as Additional Director (Non-Executive Independent) effective September 4, 2026. The director cited preoccupation and personal reasons, confirming there are no other material reasons. Consequently, she ceases to be a member of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees. The company has reconstituted its board committees accordingly, maintaining regulatory compliance.
- Resignation of Non-Executive Independent Director effective September 4, 2026
- Ceased membership across 3 board committees: Audit, NRC, and Stakeholders Relationship
- Audit Committee and NRC leadership transition noted: Mr. J. Sridharan to take over as Chairman w.e.f. November 1, 2026 following Mr. R. Karthik's tenure completion on October 31, 2026
W.S. Industries (India) Limited announced the resignation of Ms. Rajendran Stella Isabella as Additional Director (Non-Executive Independent) effective September 4, 2026, citing personal reasons and pre-occupation. Following her departure, she ceases to be a member of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees. The company has reconstituted its board committees to maintain compliance with SEBI LODR regulations and the Companies Act, 2013. Additionally, Mr. J. Sridharan will assume the chairmanship of the Audit and NRC committees effective November 1, 2026, following the tenure completion of Mr. R. Karthik.
- Resignation of Ms. Rajendran Stella Isabella (DIN: 06871120) effective 4th September, 2026.
- Ceases membership across Audit, Nomination and Remuneration, and Stakeholders Relationship committees.
- Mr. J. Sridharan designated as Chairman for Audit and NRC committees effective 1st November, 2026.
- The resigning director confirmed no other material reasons for leaving.
The Central Government Industrial Tribunal-cum-Labour Court, Chennai, has partly allowed W.S. Industries' appeal concerning legacy PF defaults from November 1990 to March 2012. The Tribunal granted a 50% waiver on damages assessed under Section 14B (a relief of ~₹5.96 Lakhs), directing payment of the remaining 50% within three months. An appeal against Section 7Q interest of ₹9,92,639 was held not maintainable. With the net remaining liability around ₹0.16 Cr against a market cap of ₹546 Cr and TTM revenue of ₹92 Cr, the financial impact is negligible.
- Tribunal waived 50% of assessed Section 14B damages, granting ~₹5.96 Lakhs relief
- Remaining 50% of Section 14B damages must be paid within 3 months
- Original demand comprised ₹11,91,943 in Section 14B damages and ₹9,92,639 in Section 7Q interest
- Proceedings relate to legacy PF defaults spanning November 1990 to March 2012 prior to current management takeover
W S Industries (India) Limited has completed the dispatch of its 63rd Annual Report for FY2025-26 on August 27, 2026, to eligible shareholders as of the August 21, 2026 cut-off date. The filing is a standard statutory compliance disclosure under Regulation 36(1) of SEBI LODR. The company closed FY26 with a revenue of Rs 91.5 Cr and a net profit of Rs 2.22 Cr.
- 63rd Annual Report for FY 2025-26 dispatched on 27th August, 2026
- Shareholder list determined as per cut-off date of 21st August, 2026
- Filing made under SEBI LODR Regulation 36(1)(a) and (b)
W.S. Industries (India) Limited has scheduled its 63rd Annual General Meeting (AGM) for Tuesday, September 22, 2026, via video conferencing. The cut-off date to determine shareholder voting eligibility has been set as September 15, 2026. Share transfer books and the register of members will remain closed from September 16 to September 22, 2026. Remote e-voting is scheduled to open on September 19 and close on September 21, 2026.
- 63rd Annual General Meeting scheduled for 22nd September, 2026 at 2:30 PM IST via VC/OAVM
- Cut-off date fixed as 15th September, 2026 for remote e-voting and AGM participation
- Book closure period set from 16th September, 2026 to 22nd September, 2026 (both days inclusive)
- Remote e-voting window active from 19th September (9:00 AM IST) to 21st September, 2026 (5:00 PM IST)
W.S. Industries (India) Limited has issued the notice for its 63rd Annual General Meeting scheduled for September 22, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and the appointment of Ms. Rajendran Stella Isabella and Mr. Joyjeet Bose as Independent Directors for a two-year term (Aug 2026–Aug 2028) at a consolidated quarterly remuneration of ₹1.50 lakh each. Additionally, shareholders will vote on remuneration terms for executive leadership (Executive Chairman, MD, and Joint MD), who will receive no cash remuneration, continuing only with non-cash car perks through July 21, 2027.
- 63rd Annual General Meeting scheduled for Tuesday, September 22, 2026, at 2:30 PM IST via VC/OAVM
- Appointment of two Independent Directors (Ms. Rajendran Stella Isabella and Mr. Joyjeet Bose) for a 2-year tenure ending August 9, 2028
- Consolidated quarterly remuneration of ₹1,50,000 each proposed for the two Independent Directors
- Executive leadership (Executive Chairman, MD, Joint MD) to draw no cash remuneration until July 21, 2027
W S Industries (I) Limited has reported a violation of SEBI (Prohibition of Insider Trading) Regulations by an immediate relative of a promoter group member. The individual, Mr. Deepak Krishnamoorthy Manjunath, purchased 260 shares across multiple dates in 2024 and sold them in April 2026, with several trades occurring during prohibited trading window closures. The Audit Committee concluded the violation was inadvertent, as no unpublished price sensitive information (UPSI) was accessed, and the trades actually resulted in a net financial loss of ₹18,717.72 for the individual. The company has since strengthened its internal compliance and reconciliation framework to prevent future occurrences.
- Violation involved the purchase and subsequent sale of 260 equity shares by a promoter's relative.
- Trades occurred during four separate trading window closures related to financial result declarations in 2024 and 2026.
- The individual incurred a net financial loss of ₹18,717.72, with a total purchase cost of ₹36,920 and sale proceeds of ₹18,202.28.
- Average purchase price was ₹144.32 per share, while the sale price on 26-Apr-2026 was ₹70.01 per share.
- Audit Committee confirmed no material evidence of trading while in possession of UPSI.
W S Industries has reported a violation of SEBI Prohibition of Insider Trading (PIT) Regulations by a relative of a promoter-group designated person. The individual purchased 260 shares across 2024 and sold them in April 2026, with several trades occurring during prohibited trading window closures. The company's Audit Committee concluded the violations were inadvertent and not based on Unpublished Price Sensitive Information (UPSI). The transactions resulted in a net financial loss of ₹18,717.72 for the individual, and the company has since strengthened its compliance monitoring framework.
- A total of 260 equity shares were traded in violation of trading window closure periods
- The individual incurred a net financial loss of ₹18,717.72 from the transactions
- Trades occurred on five separate dates between April 5, 2024, and April 24, 2026
- Audit Committee confirmed no material evidence of trading while in possession of UPSI
- The company has implemented enhanced reconciliation of Beneficiary Position reports to prevent recurrence
W S Industries (WSI) has appointed Ms. Rajendran Stella Isabella and Mr. Joyjeet Bose as Independent Directors for two-year terms effective August 10, 2026. The company reported a gain of Rs 4.37 Cr from the sale of land in Bangalore for a total consideration of Rs 6.04 Cr during the June 2026 quarter. Q1 FY27 results show a turnaround with a basic EPS of Rs 0.24 compared to a loss of Rs 0.19 in the year-ago period. The company also disclosed that Rs 79.87 Cr remains unutilized from its second preferential issue, intended primarily for land acquisition and development.
- Recognized a gain of Rs 4.37 Cr from the sale of Bangalore land for Rs 6.04 Cr
- Appointed two new Independent Directors with 30+ and 35+ years of experience in banking and telecom respectively
- Reported Q1 FY27 Basic EPS of Rs 0.24, improving from Rs -0.19 in Q1 FY26
- Disclosed Rs 79.87 Cr in unutilized funds from the second preferential issue as of June 30, 2026
- Utilized Rs 70.62 Cr from the first preferential issue, primarily for land acquisition and debt repayment
Financial Performance
Revenue Growth by Segment
Total income for FY 2024-25 was INR 240.91 Cr, representing a 26.7% decrease compared to INR 328.70 Cr in the previous year. The company operates in a single segment (Infrastructure Projects), and the decline was primarily due to changes and delays initiated by the main customer.
Geographic Revenue Split
Not explicitly disclosed as a percentage, but operations are concentrated in Chennai, Tamil Nadu, specifically at the Santhavellore industrial hub and the Porur registered office.
Profitability Margins
Profit Before Tax (PBT) was INR 7.13 Cr, yielding a PBT margin of approximately 2.96% on total income of INR 240.91 Cr. Profitability was adversely impacted by a 26.7% revenue decline and increased interest and depreciation costs.
EBITDA Margin
EBIDTA decreased YoY due to operational delays and changes by the main customer, though the exact percentage was not disclosed. The company reported a PBT of INR 7.13 Cr despite these challenges.
Capital Expenditure
In Q4 FY 2024-25, the company utilized INR 20.25 Cr for real estate investments, including warehousing and logistics projects. An additional INR 4.92 Cr was deployed for working capital during the same period.
Credit Rating & Borrowing
The company carries a secondary liability acquired from Edelweiss. It also approved an interest-free advance of up to INR 100 Cr to its subsidiary, WSI-P&C Verticals Private Limited, for land acquisition.
Operational Drivers
Raw Materials
Construction materials (implied for infrastructure) and quality contract labor. Specific material names like steel or cement were not listed, but 'increased costs' of these inputs were cited as a margin threat.
Capacity Expansion
The company is expanding by acquiring land adjoining its existing project site to develop an integrated township. It utilized INR 20.25 Cr in Q4 FY25 specifically for real estate and industrial park acquisitions.
Raw Material Costs
Raw material and input costs are noted as increasing, which reduces margins. Specific percentage of revenue for raw materials was not disclosed.
Manufacturing Efficiency
Not applicable as the company does not have manufacturing activities; however, it targets a spending of INR 1,800 per square foot for high-quality warehousing infrastructure.
Strategic Growth
Growth Strategy
Growth will be achieved through the development of an integrated township and logistics hub at Santhavellore, Chennai. This includes a strategic partnership with Prestige Exora Business Parks Limited (which holds 49% of WSI Falcon) and an approved INR 100 Cr advance for land acquisition to expand industrial infrastructure.
Products & Services
Infrastructure development projects, warehousing, logistics parks, industrial infrastructure, and integrated townships.
Brand Portfolio
W.S. Industries (India) Limited, WSI Falcon, WSI-P&C.
New Products/Services
Development of light engineering and electronic factories within its industrial park projects, expected to contribute to future revenue streams.
Market Expansion
Focusing on the Chennai region by acquiring adjoining land for integrated township development to leverage existing infrastructure projects.
Strategic Alliances
Strategic alliance with M/s. Prestige Exora Business Parks Limited, which acquired a 49% stake in the subsidiary WSI Falcon Infra Projects Private Limited.
External Factors
Industry Trends
The industry is benefiting from heavy government investment in the second-largest road network globally. There is a shift toward integrated logistics and industrial parks to support expanding transportation infrastructure.
Competitive Landscape
The infrastructure industry is characterized by 'acute competition' and widespread changes in projections due to cost fluctuations.
Competitive Moat
Competitive advantage is derived from strategic land holdings in Chennai and a partnership with a major real estate player (Prestige). Sustainability is supported by an in-house ERP system that ensures operational transparency.
Macro Economic Sensitivity
Highly sensitive to government infrastructure initiatives such as the Bharat Mala project (highways) and Sagarmala program (ports/waterways).
Regulatory & Governance
Industry Regulations
Compliant with the Companies Act 2013, SEBI (LODR) Regulations 2015, and Secretarial Standards issued by ICSI.
Environmental Compliance
The company participates in the Green Initiative for corporate communications to promote sustainability.
Taxation Policy Impact
No provision for taxation was made for subsidiaries (Falcon and P&C) as they reported losses of INR 6.84 Cr and INR 0.37 Cr respectively.
Legal Contingencies
Paid a GST penalty to DGGI Madurai and an SOP fine to BSE Limited during the year. No proceedings were pending under the Insolvency and Bankruptcy Code (IBC) 2016.
Risk Analysis
Key Uncertainties
Main customer dependency (high impact on revenue stability), volatility in construction material costs, and the availability of quality contract labor.
Geographic Concentration Risk
100% of identified projects and land acquisitions are located in the Chennai/Tamil Nadu region.
Third Party Dependencies
High dependency on the 'Main Customer' for project execution timelines and revenue realization.
Technology Obsolescence Risk
Low risk as the company uses an in-house developed ERP system for majority approvals and accounting records.
Credit & Counterparty Risk
The company has provided an interest-free advance of up to INR 100 Cr to its subsidiary, WSI-P&C Verticals Private Limited.
