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W.S. Industries (India) Limited (WSI) Fair Value & Analysis

Industrials · IN · Market cap ₹5.0B

WS W.S. Industries (India) Limited WSI · NSE
Price₹60.48
Fair Value₹13.28
Upside-78.1%
Quality19/100
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Expensive Growth
Thin margins · 2.8% net margin
Low debt · negative free cash flow
Trails peers (1/12)
Narrow moat 30/100
Evidence: High Range ₹7.11 – ₹14.00 Share as image

Fair value as of: Aug 8, 2026

From 16 valuation models · updated 2 days ago

Share price −8.5% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹14.00). The favourable scenario is already priced in.
  • Weak quality (19/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (₹7.11 to ₹14.00) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹181.54 ₹0.8000 Fair Value ₹13.28 Jan 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ₹0.8000 – ₹181.54 · fair‑value band ₹7.11 – ₹14.00 · the ₹60.48 price screens above the ₹13.28 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

W.S. Industries (India) Limited (WSI) currently trades at ₹60.48, while our model-based Fair Value estimate is ₹13.28, implying the stock looks roughly 78.1% overvalued today. The Quality Score stands at 19/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, W.S. Industries (India) Limited generated revenue of ₹915M at a net margin of 2.8%. Revenue declined 47.5% year over year. It earns a return on equity of 0.8%. The balance sheet holds a net cash position of ₹397M. Fundamentals as of Aug 8, 2026

Our scenario range runs from ₹7.11 (bear case) to ₹14.00 (bull case); at ₹60.48, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 39% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -78%, WSI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹34.49 ₹31.18 ₹21.74 76
ROIC Compounder ₹15.55 ₹16.79 ₹17.86 72
Gordon GGM ₹0.1100 ₹0.2100 ₹0.3200 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹2.32 ₹16.18 ₹22.71 54
Lynch FV ₹8.36 ₹11.94 ₹15.53 50
PEG = 1.0 ₹8.36 ₹11.94 ₹15.53 46
EPV ₹15.55 ₹16.79 ₹17.86 59
Dividend Discount
Gordon GGM ₹0.1100 ₹0.2100 ₹0.3200 70
DDM Multi-Stage ₹0.1100 ₹0.1800 ₹0.2200 61
Multiples
P/E Multiple ₹5.37 ₹7.17 ₹8.96 63
P/S Multiple ₹4.35 ₹5.80 ₹7.25 58
P/B Multiple ₹4.35 ₹5.80 ₹7.25 55
EV/EBIT ₹19.98 ₹24.07 ₹28.16 53
EV/EBITDA ₹19.36 ₹23.25 ₹27.14 54
EV/Revenue ₹16.46 ₹20.22 ₹23.97 43
Asset-Based
NCAV (Graham) ₹26.03 ₹34.88 ₹52.06 50
Economic Profit
Residual Income ₹34.49 ₹31.18 ₹21.74 76
ROIC Compounder ₹15.55 ₹16.79 ₹17.86 72
Growth Earnings
Growth-Adj P/E ₹10.94 ₹15.62 ₹20.31 68

Widest divergence: Asset-Based (₹34.88) versus Dividend Discount (₹0.1800). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹915M
Revenue growth (YoY) -47.5%
Net margin 2.8%
Return on equity 0.8%
Free cash flow −₹1.0B FY2026
P/E ratio 200.9
More key figures
Operating margin 15.3%
EPS (TTM) ₹0.3300
EPS growth (YoY) -93.1%
Net cash ₹397M FY2026

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 19/100

Of which business quality 22 · Market factors (momentum, volatility) 27

Profitability 13
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

W.S. Industries (India) Limited operates as infrastructure development and electrical project handling company in India and internationally.

Full company description

W.S. Industries (India) Limited operates as infrastructure development and electrical project handling company in India and internationally. The company undertakes various infra projects, including hospitals, medical colleges, urban housings, large-scale industrials, electrical substation, transmission, commercial buildings, educational institutions, and roads and bridges; civil infrastructure, such as drainage systems and integrated bus terminal and multi utility facility centers; and turnkey projects comprising design, supply, installation, testing, and commissioning of HV and EHV substations and transmission lines, network quality regulation, eBOP, rural electrifications, R APDRP, renewables, RDSS, and electrical packages. W.S. Industries (India) Limited was incorporated in 1961 and is based in Chennai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

W.S. Industries (India) Limited reported revenue of ₹915M in FY2026 versus ₹2.2M in FY2022, a compound +353.9%/yr. Reported net income was ₹25.9M in FY2026.

Growth Quality 46/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹915M
Latest YoY
−61.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+237.8%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.3%
Revenue +353.9%/yr
FY22 ₹2.2M
FY23 ₹796M
FY24 ₹3.3B
FY25 ₹2.4B
FY26 ₹915M
Net income
FY22 −₹594M
FY23 ₹196M
FY24 ₹470M
FY25 −₹176M
FY26 ₹25.9M

WSI screens 78% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "W.S. Industries (India) Limited Fair Value". https://www.fairvalue-calculator.com/stock/WSI

Peer Group

Engineering & Construction · 839 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 19 · Bottom 25%
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 15% · Top 25%
Revenue growth -48% · Bottom 25%
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 200.9× · Pricier than 75% of peers
P/B 1.27× · Pricier than median
P/S (TTM) 5.50× · Pricier than 75% of peers
EV/EBITDA 49.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 16
FUTURE 0 · sector 17
PAST 3 · sector 26
HEALTH 94 · sector 94
DIVIDEND 0 · sector 33

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is W.S. Industries (India) Limited (WSI) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ₹13.28 versus a price of ₹60.48, about −78% (overvalued).
What is the fair value of WSI?
Our model-based fair value for W.S. Industries (India) Limited is ₹13.28 (as of Aug 8, 2026), built from audited fundamentals. The current price is ₹60.48.
What is the quality score of WSI?
W.S. Industries (India) Limited has a Quality Score of 19/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of W.S. Industries (India) Limited (WSI)?
W.S. Industries (India) Limited reported trailing-twelve-month revenue of about ₹915M (latest available figure, as of Aug 8, 2026).
What is the net profit margin of WSI?
The net profit margin of W.S. Industries (India) Limited is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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