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We Win Overview

1. Business Overview

We Win Ltd. operates in the BPO/ITeS (Business Process Outsourcing/IT-enabled Services) sector in India. The company's core business involves providing outsourced services to clients, typically aiming to help them reduce operational costs, improve efficiency, and focus on their core competencies. This can include a wide range of services such as customer support, technical assistance, back-office operations (e.g., data entry, claims processing, accounting), and other knowledge-based processes. The company makes money by charging clients for these services, often based on headcount, project milestones, or transactional volumes.

2. Key Segments / Revenue Mix

Without specific company data, We Win Ltd.'s revenue mix likely comprises various BPO/ITeS offerings. Common segments in this industry include:

Customer Interaction Services: Inbound/outbound call center support, email, chat support.

Back-Office Operations: Data processing, claims processing, order management, F&A (Finance & Accounting).

Technical Support: Helpdesk, IT infrastructure support.

Knowledge Process Outsourcing (KPO): Analytics, research, legal process outsourcing (LPO) – often requiring higher-end skills.

The specific contribution of each segment to We Win Ltd.'s total revenue is not available.

3. Industry & Positioning

The Indian BPO/ITeS industry is highly competitive, characterized by a large pool of skilled English-speaking talent, cost advantages, and a well-established ecosystem. It serves a global clientele, with significant demand from North America and Europe. The industry includes large, diversified players, mid-sized specialists, and numerous smaller firms. We Win Ltd. operates within this landscape, positioning itself likely by offering competitive pricing, specific service expertise, or focusing on particular client geographies or industry verticals. Its exact standing relative to major peers (e.g., market share, specialization leadership) is not specified.

4. Competitive Advantage (Moat)

For a BPO/ITeS company, potential competitive advantages, or 'moats,' can include:

Scale and Efficiency: Ability to handle large volumes of work cost-effectively due to optimized processes and infrastructure.

Specialized Expertise: Niche capabilities in specific industries (e.g., healthcare, finance) or complex processes (e.g., analytics, regulatory compliance).

Client Relationships & Switching Costs: Long-term contracts and deep integration with client systems can create high switching costs for customers.

Proprietary Technology/Platforms: Use of automation, AI, or custom platforms to deliver services more efficiently or with superior quality.

Without specific details on We Win Ltd., it's unclear which, if any, of these moats the company possesses to a significant degree.

5. Growth Drivers

Key factors that can drive growth for We Win Ltd. over the next 3-5 years include:

Global Digital Transformation: Increased demand for outsourced services as businesses globally accelerate digital adoption and seek specialized support.

Cost Optimization Imperatives: Continued pressure on global companies to reduce operational expenditures, driving outsourcing demand.

Expansion into New Geographies/Verticals: Growing client base in untapped markets or specialized industry sectors.

Service Portfolio Diversification: Adding higher-value services (e.g., KPO, consulting, automation-as-a-service) to capture more client spend.

Technological Adoption: Leveraging AI, Robotic Process Automation (RPA), and cloud solutions to enhance service delivery and create new offerings.

6. Risks

We Win Ltd. faces several risks common to the BPO/ITeS sector:

Intense Competition: Pressure on pricing and margins due to a highly competitive landscape.

Wage Inflation & Talent Attrition: Rising labor costs in India and difficulty retaining skilled employees can impact profitability.

Currency Fluctuations: Exposure to foreign exchange rate volatility, as much of the revenue is likely in foreign currency.

Technological Disruption: Rapid advancements in AI and automation could reduce the need for certain traditional BPO services.

Data Security & Privacy: Risks associated with handling sensitive client data, requiring robust cybersecurity measures.

Client Concentration: Over-reliance on a few large clients could lead to significant revenue fluctuations if a major contract is lost.

Geopolitical and Regulatory Risks: Changes in trade policies, immigration laws, or data localization regulations in client countries.

7. Management & Ownership

As an Indian company, We Win Ltd. is likely promoter-driven, meaning it was founded and is controlled by a core group of individuals or families. This structure often implies a long-term vision but can also concentrate decision-making power. Professional management teams are typically in place to handle day-to-day operations and execute strategy. Specific information regarding the promoters, management quality, or detailed ownership structure (e.g., institutional holdings, public float) for We Win Ltd. is not available.

8. Outlook

We Win Ltd., as an Indian BPO/ITeS company, operates in a dynamic sector with both significant opportunities and inherent challenges.

Bull Case: The company could benefit from the sustained global demand for outsourcing, driven by cost pressures, digital transformation initiatives, and the need for specialized IT-enabled services. If We Win Ltd. can successfully leverage India's talent pool, invest in automation and higher-value services, and build strong client relationships, it has the potential for consistent growth and profitability.

Bear Case: The company faces intense competition, constant pressure on pricing, and risks from technological advancements like AI/RPA that could automate basic processes. Wage inflation, high attrition rates, and the need for continuous skill upgrades are ongoing challenges. Failure to adapt to these industry shifts, maintain data security, or diversify its client base could lead to margin erosion and slowed growth. The long-term outlook will depend on its ability to innovate, scale efficiently, and differentiate its offerings in a crowded market.

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We Win Key Financials

Market Cap ₹57 Cr.

Stock P/E 34.4

P/B 1.8

Current Price ₹55.9

Book Value ₹ 30.6

Face Value 10

52W High ₹77.5

Dividend Yield 0%

52W Low ₹ 35.2

We Win Share Price

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Volume
Price

We Win Quarterly Price

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We Win Peer Comparison

We Win Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 17 19 19 20 19 20 20 21 22 31
Other Income 0 0 0 0 0 1 0 0 0 1
Total Income 17 20 19 21 19 21 20 21 22 31
Total Expenditure 15 18 17 19 19 17 19 20 20 29
Operating Profit 2 2 2 1 1 3 2 1 2 2
Interest 0 0 0 0 0 0 0 -0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 1 1 0 -0 2 1 1 1 1
Provision for Tax 0 0 0 0 -0 1 0 -1 -0 -0
Profit After Tax 1 1 1 0 -0 1 1 2 1 1
Adjustments 0 -0 0 0 -0 -0 0 0 0 -0
Profit After Adjustments 1 1 1 0 -0 1 1 2 1 1
Adjusted Earnings Per Share 0.7 0.9 0.7 0.2 -0.3 1.1 0.6 1.8 1.2 0.9

We Win Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 18 45 40 36 42 49 66 79 94
Other Income 1 0 0 0 1 0 0 0 1
Total Income 18 45 40 36 42 49 66 79 94
Total Expenditure 15 35 34 33 37 44 59 72 88
Operating Profit 3 11 6 3 5 5 6 7 7
Interest 1 1 0 0 1 0 1 1 0
Depreciation 1 2 2 1 1 1 2 3 4
Exceptional Income / Expenses 0 -0 -0 0 0 0 0 0 0
Profit Before Tax 2 8 4 2 3 3 3 3 4
Provision for Tax 1 2 2 0 1 1 1 1 -1
Profit After Tax 1 6 2 1 2 2 2 2 5
Adjustments 0 0 0 0 0 0 0 0 0
Profit After Adjustments 1 6 2 1 2 3 3 2 5
Adjusted Earnings Per Share 1 5.6 2.2 3.7 2.3 2.6 2.7 1.8 4.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 20% 23% 15% 0%
Operating Profit CAGR 17% 12% 3% 0%
PAT CAGR 0% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 24% 11% 26% NA%
ROE Average 6% 9% 9% 14%
ROCE Average 11% 12% 13% 19%

We Win Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 10 15 18 19 21 24 26 28
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 3 2 1 1 1 2 5 3
Other Non-Current Liabilities -0 -0 -0 0 0 0 0 0
Total Current Liabilities 7 8 7 8 5 11 19 20
Total Liabilities 20 25 26 28 27 38 51 51
Fixed Assets 4 3 3 2 2 3 4 11
Other Non-Current Assets 2 2 2 2 3 6 13 8
Total Current Assets 14 20 21 24 22 29 34 32
Total Assets 20 25 26 28 27 38 51 51

We Win Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1 4 6 7 8 7 5 12
Cash Flow from Operating Activities 2 4 4 2 1 1 14 3
Cash Flow from Investing Activities -5 -2 -1 -1 -1 -5 -10 -6
Cash Flow from Financing Activities 6 -1 -2 -0 -1 2 2 -4
Net Cash Inflow / Outflow 3 2 1 1 -1 -2 7 -7
Closing Cash & Cash Equivalent 4 6 7 8 7 5 12 5

We Win Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 1.05 5.56 2.19 3.65 2.26 2.56 2.69 1.85
CEPS(Rs) 1.98 7.76 3.8 6.96 3.1 3.69 4.35 4.64
DPS(Rs) 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 9.4 14.93 17.32 55.6 20.79 23.35 26.04 27.88
Core EBITDA Margin(%) 15.21 23.07 13.97 8.21 10.05 9.77 9.71 9.2
EBIT Margin(%) 12.91 18.72 10.47 5.85 9.1 7.67 6.75 5.36
Pre Tax Margin(%) 9.39 17.51 9.28 4.49 7.77 6.99 4.86 3.59
PAT Margin (%) 6 12.46 5.42 3.17 5.05 4.93 3.75 2.08
Cash Profit Margin (%) 11.37 17.5 9.64 6.53 7.58 7.68 6.71 5.93
ROA(%) 5.29 24.7 8.41 4.21 7.6 7.41 5.57 3.23
ROE(%) 11.13 45.44 13.25 6.29 10.51 10.72 9.84 6.02
ROCE(%) 14.72 49.3 20.41 9.49 17.2 13.95 12.58 10.7
Receivable days 127.41 54.83 69.72 91.63 88.06 105.48 94.57 78.71
Inventory Days 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0
PER(x) 24.23 6.12 8.95 3.73 22.31 15.22 25.08 20.88
Price/Book(x) 2.7 2.28 1.13 0.24 2.42 1.67 2.59 1.38
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.56 0.71 0.45 0.25 1.08 0.88 1.05 0.58
EV/Core EBITDA(x) 8.53 3 3 2.69 9.25 8.42 10.81 6.33
Net Sales Growth(%) 0 154.43 -11.18 -9.71 15.14 17.25 34.86 20.66
EBIT Growth(%) 0 268.98 -50.33 -49.52 79.09 -1.25 18.8 -4.16
PAT Growth(%) 0 428.71 -61.36 -47.25 83.36 14.5 2.67 -33.2
EPS Growth(%) 0 431.33 -60.58 66.71 -38.18 13.51 4.82 -31.25
Debt/Equity(x) 0.63 0.23 0.27 0.18 0.03 0.34 0.47 0.44
Current Ratio(x) 2.01 2.51 2.91 2.94 4.44 2.53 1.78 1.57
Quick Ratio(x) 2.01 2.51 2.91 2.94 4.44 2.53 1.78 1.57
Interest Cover(x) 3.67 15.45 8.81 4.3 6.82 11.4 3.58 3.02
Total Debt/Mcap(x) 0.23 0.1 0.24 0.25 0.01 0.2 0.18 0.32

We Win Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 70.8 70.8 70.8 70.8 70.8 70.9 70.9 70.9 70.9 70.96
FII 0 0 0 0 0 0 0 0 0 0
DII 0 0 0 0 0 0 0 0 0 0
Public 29.2 29.2 29.2 29.2 29.2 29.1 29.1 29.1 29.1 29.04
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

We Win News

We Win Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
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