W.S. Industries (India) Limited

WSI.NS

Electrical Equipment & Parts · Industrials

Price

₹61.02

+0.55 (+0.91%)

Market Cap

₹4.63B

Exchange

National Stock Exchange of India

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Weak

Valuation

Weak

Dividends

Mixed

Track this stock — start free trial

Share count rising — dilution

+219.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 26.3M (2022) → 83.9M (2026)

Winston Score History

The full picture

W.S. Industries (India) Limited makes electrical insulation products, primarily high-voltage insulators used in power transmission and distribution systems. Its core products include porcelain and polymer insulators sold to electricity utilities, power grid operators, and infrastructure companies across India. The company is one of India's established manufacturers in the electrical equipment space, supplying components that are essential for keeping electricity networks running safely.

The company earns revenue by selling insulators and related electrical components directly to customers, including state electricity boards and large engineering contractors. It operates mainly within India, serving the domestic power sector, which has been expanding steadily due to government investment in grid infrastructure. With a gross margin above 40% but a very thin operating margin of around 2%, the business struggles to convert sales into profit efficiently, and its near-zero return on invested capital signals that cost control and operational efficiency remain significant challenges going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-47.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+256.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

57.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹3.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

W.S. Industries (India) Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-186.0%

Thin — -186.0% gross margin

Profit after running costs

Operating Margin

-676.7%

Losing money on operations — -676.7%

Return on the money invested

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-65.9%

Shrinking sales (-65.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

381%

Turns 381% of profit into real cash

Spare cash per sale

FCF Margin

-43.2%

Burning cash (-43.2%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.18x

Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

151.0x

Expensive — P/E 151.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

3.31%

Moderate income — 3.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial