W S Inds. Q1 FY27 Results (NSE: WSI)
Signal: Revenue declined
The read
The apparent PAT recovery is not operational: consolidated operating revenue fell 98.3% YoY to ₹0.43 crore, gross margin compressed 339bps to 62.8%, and ₹1.92 crore PAT was supported by ₹6.60 crore of other income, including a one-off ₹4.37 crore land-sale gain; the construction business therefore remains unvalidated despite the profit rebound.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.43 Cr | -98.3% | -97.9% |
| Net profit | ₹1.92 Cr | +33.3% |
P&L walk
Reported PAT of ₹1.92 crore, +33.3% YoY, was supported by ₹6.60 crore of other income and a ₹4.37 crore land-sale gain, while operating revenue fell 98.3% YoY to ₹0.43 crore.
Segments
No segment table was provided because the company operates primarily in the infra segment; consolidated PAT exceeded standalone PAT by ₹0.16 crore, while subsidiaries reported combined revenue of ₹0.83 crore and combined net losses of ₹1.442 crore.
Key positives
- Consolidated PAT was ₹1.92 crore, +33.3% YoY, and standalone PAT was ₹1.76 crore, +43.1% YoY.
- Finance costs declined to ₹1.97 crore consolidated from ₹2.16 crore YoY and to ₹1.58 crore standalone from ₹1.82 crore.
- The company raised ₹76.25 crore in the first preferential issue and ₹111.93 crore in the second issue, with ₹5.63 crore and ₹79.87 crore respectively remaining unutilised as of 30 June 2026.
Key concerns
- Revenue from operations fell to ₹0.43 crore, -98.3% YoY and -97.9% QoQ, with no disclosed volume, order-book or project-execution metric to support a recovery case.
- Gross margin compressed to 62.8% from 66.2% YoY while raw-material cost increased to 37.2% of revenue from 33.8%; the driver was not disclosed.
- Finance costs of ₹1.97 crore were more than four times consolidated operating revenue of ₹0.43 crore, highlighting weak underlying operating coverage.
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