Revenue and Profitability Trends
Over the seven-year period ending March 2025, W I Plywoods’ net sales have shown a consistent upward trend, rising from ₹101.31 crores in 2019 to ₹116.02 crores in 2025. This growth reflects the company’s ability to expand its market presence and sales volume steadily. Total operating income mirrored this pattern, with no other operating income reported, indicating reliance on core business activities.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income peaked at ₹7.41 crores in 2023 before moderating slightly to ₹6.55 crores in 2025. The operating profit margin, excluding other income, has fluctuated between 4.23% and 6.87%, with the latest figure at 5.65%, suggesting moderate operational efficiency amid varying cost pressures.
Profit after tax (PAT) has experienced volatility, with a notable dip into negative territory in 2021, reflecting a challenging year. However, the company rebounded strongly, posting a PAT of ₹2.80 crores in 2025. Correspondingly, the PAT margin improved to 2.41% in 2025 from a low of -0.82% in 2021, signalling recovery and better cost management.
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Cost Structure and Margins
Raw material costs have increased from ₹40.60 crores in 2019 to ₹44.87 crores in 2025, reflecting rising input prices or increased production volumes. Employee costs also rose steadily, reaching ₹18.66 crores in 2025. Other expenses have grown from ₹36.37 crores in 2019 to ₹49.28 crores in 2025, indicating higher overheads or operational expenses. Despite these cost increases, the company has maintained a positive gross profit margin, which stood at 5.2% in 2025, up from a low of 2.7% in 2021.
Balance Sheet and Financial Position
W I Plywoods’ shareholder funds have strengthened over the years, rising from ₹39.06 crores in 2021 to ₹45.33 crores in 2025. The company’s total reserves have also increased steadily, reaching ₹36.84 crores in 2025. Total liabilities have grown moderately to ₹79.69 crores in 2025, with total debt standing at ₹18.32 crores, slightly down from previous years, indicating some deleveraging efforts.
Net block of fixed assets has increased from ₹21.30 crores in 2021 to ₹26.99 crores in 2025, suggesting ongoing capital investments. Current assets have also expanded, with inventories and sundry debtors rising, which may reflect higher sales activity or stockpiling. Cash and bank balances improved to ₹8.89 crores in 2025, supporting liquidity.
Cash Flow Analysis
Operating cash flows have been positive in recent years, with ₹3 crores generated in 2024 and a strong ₹15 crores in 2023, indicating effective cash management. Investing activities have generally been cash outflows, consistent with capital expenditure, while financing activities have seen net outflows, reflecting debt repayments or reduced borrowings. The company’s closing cash balance has improved from ₹2 crores in 2022 to ₹8.89 crores in 2025, enhancing its liquidity position.
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Summary and Outlook
W I Plywoods has shown resilience and gradual improvement in its financial performance over the past several years. Despite a challenging period around 2021, the company has managed to restore profitability and maintain steady revenue growth. Its balance sheet reflects a stable capital structure with manageable debt levels and growing reserves. Operational margins have been somewhat volatile but remain positive, supported by consistent sales expansion and controlled costs.
Investors looking at W I Plywoods should note the company’s recovery trajectory and improving liquidity, which bode well for future stability. However, the moderate profit margins and rising expenses suggest that operational efficiency will remain a key focus area. Overall, the historical performance indicates a company on a steady growth path with cautious optimism for sustained progress.
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