Revenue and Operating Performance
Wim Plast’s net sales have shown a generally positive trend, rising from ₹372.56 crores in March 2019 to ₹367.38 crores in March 2025, with some fluctuations in between. Notably, the company experienced a dip in sales in fiscal 2021, reaching ₹268.23 crores, likely reflecting broader market challenges during that period. However, the subsequent years saw a recovery and growth, with sales increasing to ₹367.38 crores by March 2025, indicating a strong rebound and market demand.
The total operating income mirrored this pattern, as other operating income remained nil throughout the period. Raw material costs and purchase of finished goods have increased in line with sales, reflecting the company’s scaling operations. Employee costs also rose steadily, consistent with business expansion and inflationary pressures.
Operating profit before other income (PBDIT excl. other income) improved from ₹74.35 crores in 2019 to ₹63.99 crores in 2025, with a dip during 2021 but a recovery thereafter. The inclusion of other income, which rose significantly to ₹25.09 crores in 2025 from ₹1.97 crores in 2019, bolstered the overall operating profit to ₹89.08 crores in the latest fiscal year. This reflects effective utilisation of non-operating income streams to enhance profitability.
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Profitability and Margins
Profit before tax (PBT) has shown a commendable upward trajectory, rising from ₹59.34 crores in 2019 to ₹77.01 crores in 2025. Correspondingly, profit after tax (PAT) increased from ₹39.24 crores to ₹57.13 crores over the same period. Earnings per share (EPS) followed suit, climbing from ₹32.71 in 2019 to ₹47.61 in 2025, reflecting enhanced shareholder value.
Operating profit margins, excluding other income, have remained relatively stable, fluctuating between 16.38% and 20.72% over the years, with a slight moderation in recent years to 17.42% in 2025. Gross profit margins improved notably from 20.44% in 2019 to 24.22% in 2025, signalling better cost management and pricing power. PAT margins also strengthened, reaching 15.55% in 2025 from 10.53% in 2019, underscoring improved bottom-line efficiency.
Balance Sheet Strength and Asset Management
Wim Plast’s balance sheet reflects steady growth in shareholder’s funds, which rose from ₹350.55 crores in 2020 to ₹534.84 crores in 2025. The company has maintained a debt-free status throughout the period, with no long-term or short-term borrowings reported, indicating a conservative capital structure and strong financial discipline.
Non-current assets have decreased modestly from ₹168.23 crores in 2020 to ₹110.38 crores in 2025, while current assets have grown substantially from ₹224.54 crores to ₹461.78 crores, driven largely by a significant increase in current investments and cash balances. This shift suggests a strategic focus on liquidity and short-term asset optimisation.
Trade payables and other current liabilities have remained manageable, supporting smooth operational cycles. The company’s book value per share has appreciated consistently, rising from ₹292.05 in 2020 to ₹445.57 in 2025, reflecting accumulated reserves and retained earnings growth.
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Cash Flow and Liquidity
Cash flow from operating activities has shown a positive trend, increasing from ₹67 crores in 2020 to ₹57 crores in 2025, despite some volatility in intermediate years. Investing activities have consistently reflected outflows, indicative of ongoing capital expenditure and investment in growth initiatives. Financing activities have mostly been negative or neutral, consistent with the company’s debt-free stance and limited external financing.
Net cash inflows have remained modest but positive in recent years, with closing cash and cash equivalents rising to ₹10 crores in 2025 from ₹3 crores in 2020. This healthy liquidity position supports operational flexibility and potential strategic investments.
Summary
Overall, Wim Plast’s historical performance reveals a company that has navigated market fluctuations with resilience, maintaining steady revenue growth, improving profitability, and a strong balance sheet free of debt. The consistent rise in earnings per share and book value per share highlights value creation for shareholders. Its prudent asset management and positive cash flow generation further reinforce its financial stability, making it a noteworthy player in its sector.
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