Synopsis:- W.S. Industries (India) Limited’s FY26 consolidated results tell a story of operational contraction masking a meaningful financial recovery revenue fell 62 percent to Rs.91.50 crore from Rs.239.04 crore in FY25, yet the company swung from a consolidated loss of Rs.17.58 crore attributable to shareholders in FY25 to a profit of Rs.2.60 crore in FY26, primarily because FY25’s bottom line was devastated by an anomalous Rs.17.37 crore prior-year tax reversal; investors will now watch whether the two rounds of preferential capital raised in FY26 totalling approximately Rs.188 crore translate into order book replenishment and revenue recovery in FY27.
Shares of an infrastructure development and EPC company listed on both exchanges came into focus on May 14, 2026, after its board approved consolidated and standalone audited results for the quarter and year ended March 31, 2026. The board also re-appointed internal auditors and appointed tax auditors for FY2026-27 at the same meeting.
With a market capitalisation of approximately Rs. 533.24 crore, the shares of W.S. Industries (India) Limited were trading at Rs.70.26 per share, up 0.06 percent from its previous close of Rs.70.22. The stock trades at a P/E of 240.06 times.
On a consolidated basis, revenue from operations for FY26 was Rs.91.50 crore against Rs.239.04 crore in FY25, a decline of 62 percent. This follows a prior contraction from Rs.326 crore in FY24, marking three consecutive years of revenue compression for the group. The company operates in a single business segment infrastructure and does not present segment-wise breakdowns, so the top-line contraction reflects the overall state of project execution rather than any one vertical.
Total expenses fell proportionately to Rs.92.99 crore from Rs.238.39 crore, leaving pre-exceptional consolidated PBT at Rs.2.64 crore. An exceptional item of Rs.0.32 crore representing the recovery of a bad debt previously written off in the turnkey business pushed PBT to Rs.2.96 crore.
After accounting for deferred tax of Rs.0.72 crore and a prior-year tax charge of Rs.0.03 crore, consolidated PAT from continuing operations was Rs.2.21 crore. After adjusting for the non-controlling interest share of -Rs.0.38 crore (related to subsidiary WSI Falcon Infra Projects Private Limited, in which external investor Prestige Exora Business Park Limited holds a 49 percent stake), consolidated PAT attributable to equity shareholders was Rs.2.60 crore. Consolidated basic EPS for FY26 was Rs.0.33.
The comparison with FY25’s Rs.17.58 crore loss is striking, but context matters. FY25’s loss was largely manufactured by a Rs.17.37 crore prior-year tax reversal strip that out and the operating picture was modestly positive in both years. Q4 FY26 alone contributed Rs.2.66 crore of PAT attributable to shareholders, against a Q4 FY25 loss of Rs.1.60 crore, on revenue of Rs.20.83 crore versus Rs.39.67 crore.
FY26 was marked by two rounds of preferential equity and warrant issuance. The first issue, commenced October 2024, raised Rs.76.25 crore (equity: Rs.20 crore; warrants: Rs.56.25 crore, of which Rs.13.94 crore remains unutilised). The second issue, commenced December 2025, raised Rs.111.93 crore (equity: Rs.99.43 crore; warrants: Rs.12.50 crore). Combined, the two rounds brought in approximately Rs.188 crore in fresh capital, a substantial infusion relative to the company’s current revenue run-rate.
Proceeds have been deployed across land acquisition and development (the dominant use), repayment of outstanding security deposits, redemption of Rs.9.25 crore of preference shares and Rs.9 crore of NCDs, and working capital. Consolidated investment properties grew to Rs.201.66 crore from Rs.147.65 crore, reflecting the land bank build-up. On the financing side, this aggressive capital activity drove equity share capital up from Rs.63.38 crore (FY25) to Rs.75.90 crore, a material dilution that is reflected in the weighted average share count used for EPS computation.
FII shareholding rose sharply from 1.08 percent in March 2025 to 13.67 percent by March 2026, suggesting institutional participation in the preferential rounds or secondary market accumulation. Promoter holding, correspondingly, fell from 60.69 percent to 51.64 percent.
Business Overview
W.S. Industries (India) Limited, incorporated in 1961, operates primarily in the infrastructure development, EPC, and electrical project execution space covering government infrastructure, commercial buildings, and electrical substation and transmission projects. The group includes wholly owned subsidiary WSI-P&C Verticals Private Limited and 51 percent-owned WSI Falcon Infra Projects Private Limited. For FY26, consolidated revenue from operations was Rs.91.50 crore (down 62 percent YoY) and consolidated PAT attributable to equity shareholders was Rs.2.60 crore, against a loss of Rs.17.58 crore in FY25.
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