The Western India Plywoods Limited (WIPL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3.5%

₹149.44

vs ₹154.90 price

Levered DCF

₹184.53

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	168.06×	52.49×	39.01×	19.87×	102.86×	-193.55×	29.05×	63.19×
P/B	1.69×	3.2×	3.05×	1.76×	1.28×	1.3×	0.93×	1.96×
P/S	0.64×	1.25×	1.21×	0.67×	0.49×	0.6×	0.38×	0.77×
EV / EBITDA	18.58×	21.47×	18.99×	9.5×	14.15×	16.25×	8.6×	13.94×
Gross margin	41.6%	46.5%	55.6%	60.1%	54.9%	53.8%	56.3%	53.0%
Operating margin	1.3%	4.0%	5.2%	5.3%	1.8%	1.1%	3.4%	4.5%
Net margin	0.4%	2.4%	3.1%	3.2%	0.5%	-0.3%	1.3%	1.2%
Current ratio	2.11×	2.13×	2.37×	2.79×	3.32×	3.41×	2.91×	2.41×
Debt / equity	0.21×	0.4×	0.44×	0.42×	0.46×	0.43×	0.56×	0.69×
Interest coverage	1.67×	3.99×	4.48×	3.98×	1.29×	0.56×	1.4×	1.61×
Dividend yield	0.9%	0.5%	0.6%	1.0%	1.4%	0.2%	2.6%	0.1%
Payout ratio	151.1%	27.9%	24.9%	20.3%	142.8%	-30.6%	75.9%	4.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.0%	6.2%	7.8%	8.5%	1.2%	-0.7%	3.2%	3.1%
Return on invested capital	0.8%	4.8%	6.1%	6.6%	0.8%	1.6%	3.4%	3.6%
Return on assets	0.6%	3.5%	4.5%	5.0%	0.7%	-0.4%	1.7%	1.5%
Free cash flow yield	5.4%	-0.6%	-2.1%	16.5%	1.3%	14.9%	13.9%	7.9%
Earnings yield	0.6%	1.9%	2.6%	4.8%	1.0%	-0.5%	3.4%	1.6%
Enterprise value	₹819.2M	₹1.5B	₹1.4B	₹770.8M	₹634.9M	₹648M	₹562.7M	₹1B
Net debt / EBITDA	1.43×	1.31×	1.17×	0.54×	3.25×	3.48×	3.02×	3.24×
Cash conversion cycle (days)	105	131	136	150	192	228	260	269