WSI - W S Inds.

📊 NSE: WSI 🏢 Construction 📅 Last Updated: 12/14/2025 15:13

💰 Financial Performance

Revenue Growth by Segment

Total income for FY 2024-25 was INR 240.91 Cr, representing a 26.7% decrease compared to INR 328.70 Cr in the previous year. The company operates in a single segment (Infrastructure Projects), and the decline was primarily due to changes and delays initiated by the main customer.

Geographic Revenue Split

Not explicitly disclosed as a percentage, but operations are concentrated in Chennai, Tamil Nadu, specifically at the Santhavellore industrial hub and the Porur registered office.

Profitability Margins

Profit Before Tax (PBT) was INR 7.13 Cr, yielding a PBT margin of approximately 2.96% on total income of INR 240.91 Cr. Profitability was adversely impacted by a 26.7% revenue decline and increased interest and depreciation costs.

EBITDA Margin

EBIDTA decreased YoY due to operational delays and changes by the main customer, though the exact percentage was not disclosed. The company reported a PBT of INR 7.13 Cr despite these challenges.

Capital Expenditure

In Q4 FY 2024-25, the company utilized INR 20.25 Cr for real estate investments, including warehousing and logistics projects. An additional INR 4.92 Cr was deployed for working capital during the same period.

Credit Rating & Borrowing

The company carries a secondary liability acquired from Edelweiss. It also approved an interest-free advance of up to INR 100 Cr to its subsidiary, WSI-P&C Verticals Private Limited, for land acquisition.

⚙️ Operational Drivers

Raw Materials

Construction materials (implied for infrastructure) and quality contract labor. Specific material names like steel or cement were not listed, but 'increased costs' of these inputs were cited as a margin threat.

Capacity Expansion

The company is expanding by acquiring land adjoining its existing project site to develop an integrated township. It utilized INR 20.25 Cr in Q4 FY25 specifically for real estate and industrial park acquisitions.

Raw Material Costs

Raw material and input costs are noted as increasing, which reduces margins. Specific percentage of revenue for raw materials was not disclosed.

Manufacturing Efficiency

Not applicable as the company does not have manufacturing activities; however, it targets a spending of INR 1,800 per square foot for high-quality warehousing infrastructure.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth will be achieved through the development of an integrated township and logistics hub at Santhavellore, Chennai. This includes a strategic partnership with Prestige Exora Business Parks Limited (which holds 49% of WSI Falcon) and an approved INR 100 Cr advance for land acquisition to expand industrial infrastructure.

Products & Services

Infrastructure development projects, warehousing, logistics parks, industrial infrastructure, and integrated townships.

Brand Portfolio

W.S. Industries (India) Limited, WSI Falcon, WSI-P&C.

New Products/Services

Development of light engineering and electronic factories within its industrial park projects, expected to contribute to future revenue streams.

Market Expansion

Focusing on the Chennai region by acquiring adjoining land for integrated township development to leverage existing infrastructure projects.

Strategic Alliances

Strategic alliance with M/s. Prestige Exora Business Parks Limited, which acquired a 49% stake in the subsidiary WSI Falcon Infra Projects Private Limited.

🌍 External Factors

Industry Trends

The industry is benefiting from heavy government investment in the second-largest road network globally. There is a shift toward integrated logistics and industrial parks to support expanding transportation infrastructure.

Competitive Landscape

The infrastructure industry is characterized by 'acute competition' and widespread changes in projections due to cost fluctuations.

Competitive Moat

Competitive advantage is derived from strategic land holdings in Chennai and a partnership with a major real estate player (Prestige). Sustainability is supported by an in-house ERP system that ensures operational transparency.

Macro Economic Sensitivity

Highly sensitive to government infrastructure initiatives such as the Bharat Mala project (highways) and Sagarmala program (ports/waterways).

⚖️ Regulatory & Governance

Industry Regulations

Compliant with the Companies Act 2013, SEBI (LODR) Regulations 2015, and Secretarial Standards issued by ICSI.

Environmental Compliance

The company participates in the Green Initiative for corporate communications to promote sustainability.

Taxation Policy Impact

No provision for taxation was made for subsidiaries (Falcon and P&C) as they reported losses of INR 6.84 Cr and INR 0.37 Cr respectively.

Legal Contingencies

Paid a GST penalty to DGGI Madurai and an SOP fine to BSE Limited during the year. No proceedings were pending under the Insolvency and Bankruptcy Code (IBC) 2016.

⚠️ Risk Analysis

Key Uncertainties

Main customer dependency (high impact on revenue stability), volatility in construction material costs, and the availability of quality contract labor.