Walchandnagar Industries financials: balance sheet, profit and loss, cash flow

NSE: WALCHANNAGBSE: 507410Industrial ManufacturingSmall Cap

Walchandnagar Industries Limited · Face value ₹2 · Listed Jan 1942 on BSE, Sep 1996 on NSE

₹186.55₹4.27 (2.34%)BSE ₹186.85

Share price at the NSE close on 27 Oct 2026. Previous close ₹182.28.

27 Oct: open ₹184.09, high ₹191.40, low ₹182.13

52-week range of traded prices to 27 Oct 2026

₹131.15Low, 30 Mar 2026₹315.80High, 19 Jun 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹1,267 Cr1,332nd largest listed
P/E: Lossover the last 12 months
P/B: 3.53
Dividend yield: Nonein the last 12 months
ROE: −0.9%
ROE without one-offs: −0.7%
ROCE: 2.1%
Debt to equity: 0.61
Volume, NSE: 4,67,45032.2% delivered

Walchandnagar Industries' financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Walchandnagar Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹398 Cr, year to Mar 2018; lowest ₹259 Cr, year to Mar 2025A loss in 9 of the 10 years shown

Operating and net margin, per cent

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue275
Materials and goods−126
Employee costs−83
Other expenses−52
Operating profit14
Depreciation−11
Other income+21
One-off items−0.7
Finance costs−38
Profit before tax−15
Tax0.0
Net profit−15

What the company owns

Plant, investments and other assets₹582 Cr
Inventory₹138 Cr
Receivables₹86 Cr
Cash and bank₹75 Cr

What pays for it: net worth and liabilities

Net worth₹359 Cr
Other liabilities₹237 Cr
Borrowings₹219 Cr
Owed to suppliers₹67 Cr

Walchandnagar Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Walchandnagar Industries segment results by quarter

Revenue by segment

₹275 CrTotal

Heavy Engineering₹238 Cr86.5% of total
Others₹24 Cr8.6% of total
Foundry and Machine Shop₹14 Cr5.0% of total

Profit by segment

Heavy Engineering₹25.8 Cr83.0% of total
Others₹5.3 Cr17.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

Heavy Engineering
Revenue, ₹ crore
280
236
281
240
246
203
200
238
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
86
36
30
40
−31
1
−61
26
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
18
18
10
18
21
24
24
24
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
2
1
3
5
6
6
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Foundry and Machine Shop
Revenue, ₹ crore
67
47
36
43
58
78
37
14
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−3
−5
−5
−2
3
−9
−3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	365	301	327	301	324	305	260	275
Company revenue, as in its results	364	298	326	299	322	302	259	275
Revenue	280	236	281	240	246	203	200	238
Revenue growth	–	−15.5%	19.0%	−14.6%	2.4%	−17.4%	−1.6%	19.2%
Profit	86	36	30	40	−31	1	−61	26
Profit growth	–	−58.0%	−16.3%	32.3%	–	–	–	–
Margin	30.8%	15.3%	10.8%	16.7%	−12.6%	0.5%	−30.4%	10.9%
Return on capital	30.5%	17.9%	20.0%	24.3%	−12.5%	0.3%	−18.6%	7.8%
Assets	1,030	934	854	834	728	768	779	789
Liabilities	748	732	703	670	480	452	454	459
Capital employed	283	202	151	165	248	316	325	330
Revenue	18	18	10	18	21	24	24	24
Revenue growth	–	−4.2%	−40.8%	73.2%	16.9%	13.8%	−2.2%	0.2%
Profit	3	2	1	3	5	6	6	5
Profit growth	–	−24.8%	−65.6%	235.5%	90.6%	21.8%	−2.4%	−8.7%
Margin	16.0%	12.6%	7.3%	14.1%	23.0%	24.6%	24.6%	22.4%
Return on capital	7.5%	5.8%	2.0%	4.5%	7.7%	13.9%	14.1%	17.7%
Assets	46	44	42	46	46	46	44	41
Liabilities	7	6	4	−11	−17	4	3	11
Capital employed	39	38	38	57	63	43	41	30
Revenue	67	47	36	43	58	78	37	14
Revenue growth	–	−29.7%	−23.9%	19.2%	35.0%	34.9%	−52.4%	−63.0%
Profit	0	−3	−5	−5	−2	3	−9	−3
Margin	0.0%	−5.8%	−13.9%	−11.2%	−3.2%	4.1%	−23.6%	−22.9%
Return on capital	–	−8.8%	−17.8%	–	–	15.8%	−43.0%	−15.9%
Assets	58	53	49	51	52	60	47	50
Liabilities	72	22	22	82	87	40	27	30
Capital employed	−14	31	28	−31	−34	20	20	20
	–	–	–	–	–	–	0	–
Profit	–	–	–	–	–	–	21	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
	–	–	–	–	–	0	–	0
Profit	–	–	–	–	–	0	–	0
Assets	–	–	–	–	–	2	–	2
Liabilities	–	–	–	–	–	19	–	23
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	105	–	–	–
Assets	–	–	–	–	0	–	–	–
Liabilities	–	–	–	–	0	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Walchandnagar Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 20 May	Jun 2026Twelve monthsFiled 11 Aug
Revenue from operations	398	398	364	298	326	299	322	302	259	275	317
	341	324	284	264	306	277	357	301	330	261	293
Materials and goods bought	187	179	130	97	163	136	186	148	138	126	152
Employee costs	–	–	84	84	81	79	77	76	85	83	86
Other expenses	–	–	69	84	61	62	94	77	107	52	55
Operating profit before depreciation	57	75	80	34	20	22	−35	1	−71	14	24
Operating margin	14.4%	18.8%	22.1%	11.3%	6.1%	7.4%	−10.7%	0.4%	−27.5%	5.2%	7.5%
Materials, % of revenue	–	–	35.6%	32.6%	50.1%	45.4%	57.8%	48.9%	53.3%	45.9%	48.0%
Employee costs, % of revenue	–	–	23.2%	28.1%	25.0%	26.5%	23.9%	25.2%	32.7%	30.0%	27.1%
Other expenses, % of revenue	–	–	19.1%	28.0%	18.8%	20.7%	29.1%	25.5%	41.5%	18.9%	17.4%
Depreciation and amortisation	18	33	27	23	23	22	19	15	11	11	11
Operating profit after depreciation	39	41	53	11	−3	0	−53	−14	−82	3	12
Other income	3	9	25	20	25	33	22	21	36	21	24
Finance costs	70	76	81	87	79	71	55	49	44	38	39
Profit before one-off items and tax	−27	−26	−2	−56	−57	−38	−86	−42	−90	−14	−2
One-off items	−12	–	0	−10	0	0	105	0	4	−1	−1
Profit before tax	−39	−26	−2	−65	−57	−38	20	−42	−86	−15	−3
Tax	25	–	0	0	0	0	0	0	0	0	0
Net profit	−64	−26	−2	−65	−57	−38	20	−42	−86	−15	−3
Other comprehensive income	–	–	−2	−1	0	3	0	1	6	−5	0
Total comprehensive income	–	–	−4	−66	−57	−35	19	−41	−80	−20	−3
Net margin	−16.1%	−6.5%	−0.6%	−22.0%	−17.6%	−12.7%	6.1%	−13.8%	−33.2%	−5.3%	−1.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Earlier years, Sep 2007 to Mar 2016

₹ crore	Sep 2007	Sep 2008	Sep 2009	Sep 2010	Sep 2011	Sep 2012	Sep 2013	Sep 2014	Mar 201618 months
Revenue from operations	634	698	524	694	963	891	727	638	802
	574	628	472	650	903	823	738	622	–
Materials and goods bought	463	495	350	511	–	608	420	315	405
Employee costs	38	50	53	62	–	94	–	–	–
Other expenses	73	83	69	77	–	122	–	–	–
Operating profit before depreciation	60	70	52	44	60	68	−11	17	–
Operating margin	9.5%	10.0%	9.9%	6.3%	6.3%	7.6%	−1.6%	2.6%	–
Materials, % of revenue	73.0%	71.0%	66.8%	73.7%	–	68.2%	–	–	–
Employee costs, % of revenue	6.1%	7.1%	10.2%	8.9%	–	10.5%	–	–	–
Other expenses, % of revenue	11.5%	11.9%	13.1%	11.1%	–	13.7%	–	–	–
Depreciation and amortisation	5	7	11	13	16	18	18	17	34
Operating profit after depreciation	55	63	42	30	45	50	−29	−1	–
Other income	3	3	1	0	1	1	6	8	5
Finance costs	3	5	7	7	19	22	41	48	90
Profit before one-off items and tax	–	–	35	23	27	29	−65	−41	–
One-off items	–	–	–	−1	−10	−12	29	22	−2
Profit before tax	55	61	35	22	17	17	−36	−19	−69
Tax	19	21	12	0	4	5	3	−6	3
Net profit	36	40	23	22	13	12	−38	−12	−72
Net margin	5.6%	5.7%	4.5%	3.2%	1.3%	1.4%	−5.3%	−1.9%	−8.9%

Standalone, ₹ crore, years to September, then March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 20 May
	335	269	212	177	261	361	373	359
Share capital	8	8	8	8	9	11	13	14
Reserves	328	261	204	169	251	350	359	345
	419	381	333	448	293	241	194	219
Repayable after a year	202	159	105	170	50	0	51	33
Repayable within a year	217	221	227	278	243	241	142	186
	563	504	486	452	437	437	387	441
Trade payables	95	87	71	76	80	73	64	67
Other financial liabilities	75	63	119	40	37	37	106	98
Other liabilities	174	128	65	54	74	83	72	87
Provisions	3	4	3	3	3	3	3	4
	278	273	260	305	130	77	113	82
Other financial liabilities	26	33	42	40	3	3	–	0
Other liabilities	37	68	99	82	63	58	49	29
Provisions	12	13	14	13	14	16	13	19
	1,176	1,046	958	934	828	876	872	881
Held for sale or for a demerger	30	–	1	–	7	7	25	26
	514	461	437	408	332	321	377	378
Plant in use, after depreciation	342	331	319	299	283	270	243	262
Plant being built	5	9	4	4	2	1	8	17
Intangible assets	1	1	1	1	1	1	0	0
Goodwill	0	0	0	0	0	0	1	0
Intangible assets being developed	0	–	–	–	0	0	0	0
Property held to earn rent	2	2	2	2	2	2	2	2
Investments	1	0	0	0	0	0	0	0
Other financial assets	6	3	3	3	3	4	4	4
Deferred tax	0	13	10	–	0	0	0	0
Trade receivables	99	56	59	57	23	21	80	67
Other assets	57	46	39	43	19	23	39	25
	633	585	520	526	489	548	470	477
Inventories	195	235	153	154	132	139	124	138
Trade receivables	230	199	209	220	185	153	70	86
Cash and cash equivalents	27	3	3	3	2	56	55	20
Other bank balances	63	40	45	43	52	55	54	55
Current investments	2	0	0	0	0	0	0	0
Other financial assets	52	52	67	62	76	90	114	121
Tax paid in advance	0	–	–	2	2	1	1	2
Other assets	65	57	42	41	40	53	52	56
Net debt	327	338	285	402	239	130	85	144

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 20 May
	75	28	76	11	16	−11
	70	21	70	11	16	−7
	12	−11	65	−15	16	−31
Receivables	−24	−14	39	20	18	3
Inventories	81	−1	23	−7	15	−14
Payables	−7	6	4	−7	−10	3
Other working capital	−39	−2	−2	−21	−7	−23
Tax paid	4	7	6	0	6	2
Capital spending	7	3	2	2	35	25
Free cash flow	68	25	75	9	−19	−36
	0	26	8	4	−15	−14
Plant and property sold	2	21	17	0	0	2
Interest received	1	2	2	2	7	6
	−75	−54	−85	39	−1	−10
Borrowings raised	−6	19	0	0	72	28
Borrowings repaid	–	0	−81	−34	−119	−3
Interest paid	−69	−73	−51	−47	−44	−37
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	47	120	90	2
Net change in cash	0	0	−1	54	−1	−35

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Borrowings repaid is left blank for the year to Mar 2021: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Standalone, ₹ per share, years to March.Walchandnagar Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 20 May
Earnings per share	−₹16.88	−₹6.78	−₹0.56	−₹17.20	−₹15.04	–	₹4.26	−₹9.04	−₹14.73	−₹2.17
Diluted earnings per share	−₹16.88	−₹6.78	−₹0.56	−₹17.20	−₹15.04	–	₹4.26	−₹9.04	−₹14.73	−₹2.17
Book value per share	–	–	₹88.13	₹70.72	₹55.64	₹46.49	₹56.71	₹65.21	₹55.28	₹52.88
Shareholder yield	–	–	–	–	0.0%	0.0%	−19.6%	−10.7%	−8.6%	−0.3%
Market cap at the year end (₹ crore)	542	652	340	97	239	191	242	1,121	1,045	893

Earnings per share is left blank for the year to Mar 2022: the earnings per share stated has the opposite sign to the profit stated beside it, so it is not shown.

Ratios

Standalone, years to March.Walchandnagar Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 22 May	Mar 2026Filed 20 May
Revenue growth	–	0.1%	−8.6%	−18.1%	9.3%	−8.1%	7.7%	−6.1%	−14.3%	6.2%
Operating profit growth	–	30.9%	7.5%	−58.2%	−41.4%	11.9%	–	–	–	–
	–	–	−0.6%	−21.7%	−23.8%	−19.6%	8.9%	−13.5%	−23.4%	−4.0%
	–	–	–	−21.0 pts	−2.2 pts	4.2 pts	28.5 pts	−22.4 pts	−10.0 pts	19.4 pts
From the net margin	–	–	–	−23.2 pts	4.3 pts	6.6 pts	28.9 pts	−29.3 pts	−18.8 pts	19.7 pts
From asset turnover	–	–	–	3.2 pts	−3.7 pts	0.5 pts	1.5 pts	0.6 pts	5.3 pts	−0.2 pts
From borrowing	–	–	–	−1.0 pts	−2.8 pts	−2.8 pts	−1.9 pts	6.3 pts	3.5 pts	0.0 pts
Return on capital employed	–	–	7.1%	1.6%	−0.6%	0.0%	−9.6%	−2.3%	−14.5%	0.6%
Cash conversion	–	–	–	–	–	–	388.8%	–	–	–
Interest cover	0.6	0.5	0.7	0.1	–	–	–	–	–	0.1
Debt to equity	–	–	1.25	1.41	1.57	2.53	1.12	0.67	0.52	0.61
Receivable days	–	–	231	243	235	269	210	185	99	114
Inventory days	–	–	548	882	343	415	258	343	326	398
Payable days	–	–	267	328	158	205	158	181	168	194
Cash conversion cycle, days	–	–	512	798	420	479	311	346	257	318
Working capital days	–	–	195	319	239	373	273	291	164	194
Asset turnover	–	–	0.31	0.27	0.33	0.32	0.37	0.35	0.30	0.31
Assets per rupee of net worth	–	–	3.51	3.68	4.17	4.87	4.03	2.74	2.38	2.40
Sales per rupee of plant	–	–	1.06	0.90	1.02	1.00	1.14	1.12	1.07	1.05
Capital spending to depreciation	–	–	–	–	0.29	0.14	0.08	0.12	3.26	2.28
Plant being built, % of plant in use	–	–	1.4%	2.6%	1.2%	1.5%	0.6%	0.3%	3.3%	6.5%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: −1.7%
Cash from operations against operating profit: −76.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−3.3%	−5.1%
Return on equity, average	–	−10.3%	−13.6%
Return on capital employed, average	–	−5.2%	−5.4%
Operating margin, average	4.7%	−5.1%	−7.3%
Net margin, average	−12.2%	−11.8%	−17.5%
Asset turnover, average	–	0.33	0.32
Cash conversion cycle, days, average	–	342	307
Debt to equity, average	–	1.09	0.60

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	120	15	−11
Cash from investing	8	−26	−14
Cash from financing	−111	29	−10
Capital spending	66	61	25
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	260	213	2
Borrowings raised	119	99	28
Borrowings repaid	237	156	3

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	7	6	6	2	5
Altman Z-scorePublished threshold 1.81	1.23	0.87	0.95	0.94	1.44	2.39	2.09	2.02
Beneish M-scorePublished threshold −1.78	–	–	−2.86	−2.88	−2.93	−2.97	−2.82	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−13.19	−9.72	−7.34	−6.63	−9.86	1.19
Receivables growth less revenue growthOur threshold 0 percentage points	–	4.35	−3.92	13.35	−23.47	−11.32	−40.02	17.07
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	45.70	−102.71	17.35	−51.68	26.03	−4.46	20.09
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−2.54	0.22	−1.48	4.04	9.03	8.62	3.67
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.71	0.36	1.97	0.59	0.36	–	0.56
Effective tax ratePublished threshold 17.16 per cent	–	–	–	–	0.00	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−31.10	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Aug 2026	Acuite Ratings & Research Limited	Bank Loan Ratings	ACUITE BBReview, Re-affirm	Stable	129.89
7 Aug 2026	Acuite Ratings & Research Limited	Bank Loan Ratings	ACUITE A4+Review, Re-affirm		384.62
7 Aug 2026	Acuite Ratings & Research Limited	Bank Loan Ratings	Not ApplicableReview, Other		120.49

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.