Walchandnagar Industries Ltd (WIL) is a prominent Indian heavy engineering and project execution company with a rich legacy spanning over a century, established in November 1908. It has diversified business offerings across core sectors, focusing on Engineering, Procurement, and Construction (EPC) / Turnkey Projects, Hi-Tech Manufacturing, Engineering Products, and Engineering Services. The company is a publicly listed entity trading on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
WIL has established itself as a significant player both in India and internationally, contributing to critical infrastructure and strategic sectors.
The company's operations are broadly categorized into:
- Heavy Engineering: Undertaking projects and supplying machinery/equipment for nuclear power, aerospace, missile, defence, oil & gas, steam generation plants, and independent power projects.
- Foundry and Machine Shop: Manufacturing specialized components.
- Others: Encompassing various engineering products and services.
WALCHANNAG covers diverse core sectors such as steam generation, power projects, aerospace and nuclear power programs, cement projects, industrial and marine gearboxes, and sugar projects. The company operates three manufacturing plants located at Walchandnagar, Satara Road, and Attikola Dharwad. Notable achievements include the first set of 15,000 H.P. marine gearbox for the Indian Navy and being the first to execute a power project using non-conventional fuel.
Walchandnagar Industries operates a Walchand Technology Group, which provides a comprehensive range of consulting engineering services. Over the years, the company has forged strategic technical collaborations with international partners, including:
- Hitachieiki Co Ltd of Japan
- Maag Gear Wheel Co Ltd of Switzerland
- Polysins GmbH of West Germany
- Foster Wheeler North America Corporation of USA
These partnerships enhance its manufacturing capabilities and technological expertise across its diversified business segments.
Walchandnagar Industries Ltd has a market capitalization of ₹1,434 crore (as per recent data), with a reported market cap of ₹1644.83 crore as of June 18, 2025. The company's stock codes are 507410 (BSE Ltd.) and WALCHANNAG (National Stock Exchange of India Limited).
The company has faced operational and financial challenges, reporting significant losses in recent periods.
- Sales: Declined 14.28% to ₹259.18 crore in the year ended March 2025, compared to ₹302.35 crore in FY24.
- Net Loss: Reported ₹86.03 crore in FY25, significantly higher than the net loss of ₹41.83 crore in FY24.
- Quarterly Net Loss (Q4 FY25): ₹56.12 crore, as against a net loss of ₹3.60 crore in Q4 FY24.
- Revenue from Operations: ₹7,917 lakh, compared to ₹9,138 lakh in Q4FY24 and ₹6,719 lakh in Q1FY24.
- EBITDA Margin: Improved to 14.48%, up from 10.40% in Q4FY24 and 7.60% in Q1FY24.
- 52-Week High: ₹438.70
- 52-Week Low: ₹142.79
- P/E (Price-to-Earnings) Ratio: -19.12 (reflecting current losses)
- P/B (Price-to-Book) Ratio: 4.55
Over the last three months, Walchandnagar Industries Ltd's share price moved up by 48.39% on BSE. However, over the last 12 months, the share price moved down by 5.61% on BSE.
- Promoter Holding: Increased to 31.77% as of March 2025 from 31.54% as of September 2024.
- Pledged Holdings: Promoters have pledged or encumbered 49.2% of their holding.
- Credit Rating: Acuite reaffirms Walchandnagar's BB rating; however, the outlook has been revised to negative due to FY25 losses and weak debt metrics, indicating a low interest coverage ratio.
Walchandnagar Industries is actively pursuing strategic initiatives to enhance its business.
- Acquisition: Approved the acquisition of a 60.3% stake in Aicitta Intelligent Technology for ₹16 crore, a move aimed at bolstering its defense capabilities, particularly in unmanned systems.
- Leadership Change: Sandeep Kumar Jain stepped down as CFO due to health issues, with Nishant Saigal succeeding him from April 14, 2025.
- Operational Challenges: The company withdrew its earlier suspension of operations order and instead declared a lockout at its Satara manufacturing plant, effective April 12, 2025, citing violent collective acts by workmen. The plant had initially suspended operations on March 20, 2025.
Walchandnagar Industries faces several challenges:
- Poor Sales Growth: The company has delivered a poor sales growth of -2.76% over the past five years.
- Low Return on Equity (ROE): A low ROE of -25.2% over the last three years.
- Contingent Liabilities: Significant contingent liabilities of ₹439 crore remain a concern.
Despite these challenges, there have been some improvements in operational metrics:
- Debtor Days: Improved from 164 days to 98.5 days, indicating better working capital management.
Walchandnagar Industries continues to navigate complex challenges in the heavy engineering sector. Leveraging its extensive experience and diversified business model, the company aims to serve critical infrastructure sectors across India and internationally, while also strategically expanding into high-growth areas like defense.
