WEBSITE BSE:519224 NSE: WILLIAM.MAGO Inc. Year: 1949 Industry: Finance - NBFC My Bucket: Add Stock
Last updated: 15:59
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
* The pros and cons are machine generated.
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