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Williamson Magor &Co Overview

1. Business Overview

Williamson Magor & Company Ltd. (WMCL) is primarily an investment holding company operating in India. While registered as a Non-Banking Financial Company (NBFC), its core business model revolves around holding strategic investments in various listed and unlisted entities rather than engaging in large-scale traditional lending or deposit-taking activities. The company generates revenue mainly from dividend income on its equity investments, interest income from debt instruments or inter-corporate deposits, and potential gains/losses from the sale or fair value changes of its investment portfolio. Historically, WMCL was a holding company for significant tea businesses (like McLeod Russel) and engineering ventures, but it has transitioned towards being an investment-focused entity following divestments.

2. Key Segments / Revenue Mix

The company's primary segment is its "Investments." Its revenue is predominantly composed of:

Dividend income from its equity holdings.

Interest income from financial assets such as inter-corporate deposits, debt instruments, or other lending activities conducted as an NBFC.

Other income may include gains/losses on the sale of investments or fair value changes.

Specific percentage contributions are not publicly detailed in a segment-wise manner, but dividend and interest income form the bulk of its operational revenue.

3. Industry & Positioning

WMCL operates within the diverse and highly regulated Indian financial services sector, specifically as an NBFC with an investment company focus. The NBFC sector in India is characterized by a wide range of players offering specialized financial services. WMCL occupies a niche within this sector, distinct from large retail or wholesale lending NBFCs. Its positioning is more akin to other investment holding companies or Core Investment Companies (CICs), rather than direct competitors of major lending institutions. It does not hold a significant market share in any broad NBFC lending category.

4. Competitive Advantage (Moat)

Williamson Magor & Company Ltd. does not possess strong conventional competitive advantages typically found in operational NBFCs, such as extensive distribution networks, brand recall in lending, or significant economies of scale. Its "moat," if any, is less about operational prowess and more about its existing long-term investment portfolio, potential historical relationships, and the capital allocation expertise of its management. These are less tangible and less robust moats compared to those of established, large-scale financial institutions. Its success is heavily dependent on the performance of its underlying investments rather than proprietary operational advantages.

5. Growth Drivers

Value Appreciation of Existing Portfolio: Growth in the value and performance of its current investments, leading to higher dividend income and potential capital gains.

Strategic New Investments: Identification and investment in promising new companies or sectors that can deliver significant returns over time.

Capital Allocation Decisions: Effective management and redeployment of capital through judicious divestments and reinvestments.

Economic Growth: A robust Indian economy generally benefits investment values and corporate earnings, thus positively impacting WMCL's investee companies and dividend streams.

Value Unlocking: Successful restructuring or sale of non-core/underperforming assets to unlock shareholder value.

6. Risks

Market Volatility: The value of the company's investment portfolio is highly susceptible to fluctuations in equity and debt markets.

Concentration Risk: Potential over-reliance on a few key investments for overall performance, amplifying impact if those investments underperform.

Liquidity Risk: Some of its investments, particularly in unlisted entities, may be illiquid, making it difficult to realize value quickly.

Capital Allocation Risk: Poor investment decisions or ineffective capital management can lead to erosion of shareholder value.

Regulatory Changes: Changes in NBFC regulations, especially those pertaining to investment companies or holding structures, could impact operations.

Corporate Governance Concerns: Historical governance issues or debt-related challenges within the broader promoter group could create investor apprehension, even if not directly impacting WMCL's current specific operations.

7. Management & Ownership

Williamson Magor & Company Ltd. is promoted by the Williamson Magor Group, which has been historically associated with the Khaitan family. As a publicly listed entity, it has a diversified ownership structure comprising promoter holdings and public shareholding. The management's quality is often assessed based on its capital allocation strategies, transparency, and ability to navigate market conditions and unlock value from its investment portfolio. The broader promoter group has faced scrutiny in the past regarding debt management and governance, which may influence perception, though WMCL's specific management context needs to be considered.

8. Outlook

Williamson Magor & Company Ltd. presents a balanced outlook centered on its investment portfolio. The bullish perspective relies on the potential for significant value unlocking from its existing investments, combined with a strong capital allocation strategy for future opportunities, potentially benefiting from India's overall economic growth. This could lead to increased dividend streams and capital appreciation. Conversely, the bearish view highlights the inherent risks of an investment company: susceptibility to market volatility impacting asset values, potential illiquidity of certain investments, and the critical importance of astute capital allocation. Furthermore, any lingering concerns regarding corporate governance or past financial challenges associated with the broader promoter group could temper investor confidence. The company's future performance will largely depend on the success of its underlying investee companies and the strategic acumen of its management in navigating financial markets and managing its asset base, rather than growth from traditional operational business expansion.

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Williamson Magor &Co Key Financials

Market Cap ₹31 Cr.

Stock P/E -0.2

P/B -0.2

Current Price ₹28

Book Value ₹ -185.3

Face Value 10

52W High ₹42.7

Dividend Yield 0%

52W Low ₹ 21

Williamson Magor &Co Share Price

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Volume
Price

Williamson Magor &Co Quarterly Price

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Williamson Magor &Co Peer Comparison

Williamson Magor &Co Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Dec 2025
Operating Revenue 1 1 1 1 1 1 0 0 0 1
Other Income 0 0 0 2 0 0 0 45 1 0
Total Income 1 1 1 4 1 1 0 45 1 1
Total Expenditure 0 0 11 30 272 -5 -7 16 0 0
Operating Profit 0 1 -10 -27 -271 6 7 29 1 1
Interest Expense 0 0 1 2 0 0 1 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 0 1 -11 -29 -271 6 7 29 1 1
Provision for Tax 0 -1 -3 3 -65 1 1 14 -1 -22
Profit After Tax -0 1 -8 -32 -207 4 6 15 2 23
Adjustments -0 -0 0 0 -0 -0 -0 -0 -0 -0
Profit After Adjustments -0 1 -8 -32 -207 4 6 15 2 23
Adjusted Earnings Per Share -0 1 -7.4 -29.2 -188.9 4 5.2 14.1 1.6 20.7

Williamson Magor &Co Profit & Loss

#(Fig in Cr.) Mar 2012 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Operating Revenue 28 33 49 48 49 31 20 26 3 3 3 1
Other Income 0 1 15 4 4 57 79 1 54 3 45 46
Total Income 28 34 64 51 53 88 99 27 57 6 48 47
Total Expenditure 18 7 10 9 6 139 44 2 33 42 276 9
Operating Profit 10 27 54 42 47 -51 54 25 23 -36 -229 38
Interest Expense 28 44 70 92 110 59 11 34 10 3 1 1
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 9 -20 -16 -50 -63 -109 44 -10 13 -39 -230 38
Provision for Tax 3 -1 0 0 -34 22 -7 5 -4 -1 -48 -8
Profit After Tax 6 -18 -16 -50 -30 -131 51 -15 17 -38 -181 46
Adjustments -32 10 2 0 13 -4 -0 0 0 0 0 0
Profit After Adjustments -26 -8 -14 -50 -16 -135 51 -15 17 -38 -181 46
Adjusted Earnings Per Share -23.9 -7.5 -12.8 -45.6 -15 -123.1 46.1 -13.2 15.6 -34.6 -165.6 41.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 0% -51% -37% -20%
Operating Profit CAGR 0% NAN% 0% NAN%
PAT CAGR 0% 0% 0% NAN%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -10% 13% 10% -7%
ROE Average 0% 0% 0% -16%
ROCE Average -54% -19% -8% -1%

Williamson Magor &Co Balance Sheet

#(Fig in Cr.) Mar 2012 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 209 153 139 89 -34 -268 -113 -158 -127 -69 -228
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 44 20 263 330 330 389 242 239 225 0 0
Current Liability 143 389 269 308 557 534 533 428 426 662 618
Other Liabilities & Provisions 1 1 1 1 -87 -93 -100 -98 -101 -90 -140
Total Liabilities 397 562 671 727 765 562 563 411 423 503 251
Loans 0 0 0 0 0 0 0 0 0 274 0
Investments 234 332 452 479 336 116 70 35 49 158 179
Fixed Assets 55 2 2 2 2 1 0 0 0 0 0
Other Loans 3 1 0 31 19 19 1 1 1 1 1
Other Non Current Assets 0 0 1 1 1 1 0 0 0 1 0
Current Assets 105 227 216 215 408 425 492 374 373 69 71
Total Assets 397 562 671 727 765 562 563 411 423 503 251

Williamson Magor &Co Cash Flow

#(Fig in Cr.) Mar 2012 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 20 3 2 6 2 -3 0 2 1 1 0
Cash Flow from Operating Activities -36 -135 2 -54 -198 -7 -131 2 -29 10 45
Cash Flow from Investing Activities -2 -48 -121 -28 -5 -0 219 4 53 0 0
Cash Flow from Financing Activities 20 182 122 79 198 10 -87 -7 -23 -11 -45
Net Cash Inflow / Outflow -19 -1 3 -3 -5 3 1 -2 -0 -1 -0
Closing Cash & Cash Equivalent 1 2 6 2 -3 0 2 0 1 0 0

Williamson Magor &Co Ratios

# Mar 2012 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -23.92 -7.51 -12.77 -45.58 -14.98 -123.12 46.11 -13.24 15.61 -34.61 -165.56
CEPS(Rs) 5.19 -16.48 -14.87 -45.55 -26.89 -119.69 46.15 -13.23 15.62 -34.61 -165.56
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 163.69 139.36 126.58 81 -31.13 -244.72 -102.68 -144.25 -116.35 -62.61 -207.65
Net Profit Margin 19.98 -55.12 -33.22 -104.83 -60.81 -426.86 250.2 -55.87 559.53 -1312.34 -6353.7
Operating Margin 134.49 73.89 109.37 87.8 96.05 -164.95 269.32 94.6 764.48 -1258.71 -8006.65
PBT Margin 31.43 -59.66 -33.22 -104.83 -130.69 -355.84 216.89 -36.91 431.37 -1363.4 -8051.83
ROA(%) 1.38 -3.79 -2.66 -7.15 -3.96 -19.77 8.99 -2.98 4.11 -8.2 -48.15
ROE(%) 2.9 -10.95 -11.24 -43.95 -108.1 0 0 0 0 0 0
ROCE(%) 10.65 5.55 9.22 6.4 6.77 -8.46 11.11 5.28 5.28 -7.48 -53.61
Price/Earnings(x) 0 0 0 0 0 0 0.4 0 1.15 0 0
Price/Book(x) 0.26 0.43 0.5 1.05 -1.61 -0.06 -0.18 -0.14 -0.15 -0.53 -0.13
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 7.72 13.41 11.45 14.05 16.43 25.04 30.8 23.84 193.87 218.25 204.85
EV/Core EBITDA(x) 20.85 16.37 10.46 15.97 17.09 -15.19 11.43 25.17 25.33 -17.34 -2.56
Interest Earned Growth(%) 42.01 19.56 49.54 -3.32 1.85 -36.71 -34.29 28.61 -88.23 -5.46 -1.21
Net Profit Growth 208.15 -429.78 9.86 -205.08 40.91 -344.24 138.51 -128.72 217.98 -321.73 -378.29
EPS Growth(%) -352.97 68.61 -70.1 -256.89 67.13 -721.76 137.45 -128.72 217.88 -321.73 -378.29
Interest Coverage(x) % 1.3 0.55 0.77 0.46 0.42 -0.86 5.14 0.72 2.3 -12.02 -177.24

Williamson Magor &Co Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 62.01 62.01 62.01 62.01 62.01 62.01 62.01 62.01 62.01 62.01
FII 0 0 0 0 0 0 0 0 0 0
DII 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Public 37.92 37.92 37.92 37.92 37.92 37.92 37.92 37.92 37.92 37.92
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Williamson Magor &Co News

Williamson Magor &Co Pros & Cons

Pros

  • Stock is trading at -0.2 times its book value
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 0% over the last 3 years.
  • Earnings include an other income of Rs. 45 Cr.
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