Plastic Products · Founded 1988 · www.cellowimplast.com · BSE 526586 · NSE WIM PLAST LT · ISIN INE015B01018
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Business
Wim Plast Ltd. is engaged in the manufacturing and sale of plastic products. While specific product details are not provided, companies in this industry typically produce a range of items that can include household plastic goods (e.g., furniture, storage solutions, kitchenware), industrial plastic components, packaging materials, or other utility plastic items. The company's core business model involves sourcing raw materials (primarily various polymers), manufacturing finished goods through processes like injection molding or extrusion, and then distributing these products to various end-user markets, which may include direct consumers, retailers, or industrial clients. Revenue is generated through the sale of these manufactured plastic products.
Revenue Mix
Information regarding specific key business segments or a detailed revenue mix for Wim Plast Ltd. is not available from the provided data. Companies in the plastic products sector might typically categorize their revenue by product type (e.g., consumer plastics, industrial plastics, packaging) or by end-use application, but without specific financial reports, this breakdown cannot be determined.
Industry
The plastic products industry in India is characterized by its diversity and fragmentation. It encompasses a wide array of products serving various sectors such as consumer goods, automotive, construction, packaging, and agriculture. The industry is highly competitive, with numerous small, medium, and large-scale players. Key competitive factors include product design, quality, pricing, distribution network, and manufacturing efficiency. Wim Plast Ltd. operates within this competitive landscape, likely focusing on specific niches or product categories where it can leverage its manufacturing capabilities and distribution channels. Its positioning relative to peers would depend on its market share in its chosen product lines, brand recognition (if applicable), and cost competitiveness.
MOAT
Given the general nature of the plastic products industry and without specific information on Wim Plast Ltd.'s unique attributes, it is difficult to identify a strong, durable competitive advantage (moat). Many companies in this sector compete primarily on cost, product variety, and distribution. Potential sources of competitive advantage could include:
Operational Efficiency/Scale: Large-scale manufacturing and efficient processes can lead to cost leadership.
Distribution Network: An extensive and efficient distribution network can ensure product availability.
Brand Recognition: For consumer-facing products, a strong brand can command loyalty and premium pricing.
Product Specialization/Innovation: Focusing on niche, high-value, or innovative plastic solutions.
However, without specific details, it is reasonable to assume that the company operates in a largely competitive environment where moats are challenging to build and sustain unless it possesses distinct capabilities in one of these areas.
Growth Drivers
Several factors could drive growth for Wim Plast Ltd. over the next 3-5 years:
Rising Domestic Consumption: India's growing population, increasing disposable incomes, and urbanization are leading to higher demand for consumer goods, including plastic household items, furniture, and packaging.
Industrial Growth: Expansion in manufacturing, automotive, construction, and infrastructure sectors will drive demand for industrial plastic components and materials.
Substitution Trend: Plastics continue to replace traditional materials like metal, wood, and glass in various applications due to advantages in cost, weight, durability, and design flexibility.
Export Opportunities: Potential to tap into international markets, particularly in developing economies, for plastic products.
Product Diversification: Expanding into new product categories or specialized plastics with higher growth potential.
Risks
Wim Plast Ltd. faces several key business risks:
Raw Material Price Volatility: The primary raw materials for plastic products (polymers like polypropylene, polyethylene, PVC) are derivatives of crude oil, making their prices susceptible to global oil price fluctuations. This can significantly impact manufacturing costs and profit margins.
Intense Competition: The fragmented nature of the Indian plastic products industry leads to intense price competition, which can put pressure on sales volumes and profitability.
Environmental Regulations: Increasing concerns about plastic waste, single-use plastics, and pollution may lead to stricter environmental regulations, bans, or taxes, potentially impacting certain product lines or increasing compliance costs.
Economic Downturns: A general slowdown in the Indian economy could reduce consumer spending and industrial demand, negatively affecting sales.
Technological Changes: The emergence of new materials or manufacturing technologies could render existing processes or products less competitive.
Supply Chain Disruptions: Global or local disruptions in the supply chain for raw materials or distribution can impact production and sales.
Management & Ownership
As is common with many Indian companies, Wim Plast Ltd. is likely promoter-driven, meaning the founding family or group holds a significant equity stake and plays a crucial role in the management and strategic direction of the company. Specific details about the promoters' background, the quality of the management team, or the exact ownership structure are not provided. The ownership structure typically includes a promoter group holding, institutional investors, and public shareholders. The effectiveness of governance and strategic execution would largely depend on the experience and vision of the promoter group and the professional management team.
Outlook
Wim Plast Ltd. operates in an industry with fundamental long-term growth drivers stemming from India's economic development and consumption patterns. The increasing demand for packaged goods, consumer durables, and various industrial applications continues to fuel the plastics sector. However, the company faces significant challenges, including volatile raw material costs, an intensely competitive market, and evolving environmental regulations. Its ability to navigate these risks, maintain operational efficiency, potentially diversify its product portfolio into higher-growth or more sustainable segments, and adapt to changing regulatory landscapes will be crucial. Success will likely hinge on a balanced strategy of cost management, product innovation, effective distribution, and compliance with environmental norms to capitalize on the underlying demand for plastic products in India.
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 80 | 87 | 98 | 90 | 78 | 93 | 106 | 90 | 84 | 83 |
| Other Income | 9 | 6 | 7 | 6 | 7 | 5 | 7 | 11 | 6 | 7 |
| Total Income | 88 | 93 | 105 | 96 | 85 | 99 | 113 | 101 | 90 | 91 |
| Total Expenditure | 66 | 72 | 80 | 74 | 66 | 77 | 86 | 76 | 71 | 70 |
| Operating Profit | 22 | 20 | 24 | 22 | 19 | 21 | 27 | 25 | 19 | 20 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 19 | 17 | 21 | 19 | 16 | 18 | 24 | 22 | 16 | 17 |
| Provision for Tax | 4 | 4 | 5 | 5 | 4 | 5 | 6 | 5 | 4 | 4 |
| Profit After Tax | 15 | 13 | 16 | 15 | 11 | 14 | 18 | 17 | 13 | 13 |
| Adjustments | -0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 15 | 13 | 16 | 15 | 11 | 14 | 18 | 17 | 13 | 13 |
| Adjusted Earnings Per Share | 12.2 | 10.7 | 13.6 | 12.1 | 9.5 | 11.3 | 14.7 | 14.1 | 10.5 | 10.7 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 352 | 388 | 373 | 322 | 268 | 319 | 331 | 343 | 367 | 363 |
| Other Income | 2 | 2 | 2 | 8 | 7 | 11 | 11 | 25 | 25 | 31 |
| Total Income | 354 | 389 | 375 | 329 | 276 | 330 | 342 | 368 | 392 | 395 |
| Total Expenditure | 269 | 307 | 298 | 255 | 215 | 267 | 272 | 282 | 303 | 303 |
| Operating Profit | 85 | 82 | 76 | 75 | 61 | 63 | 70 | 86 | 89 | 91 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 12 | 15 | 17 | 18 | 18 | 16 | 14 | 12 | 12 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 73 | 67 | 59 | 56 | 42 | 47 | 56 | 74 | 77 | 79 |
| Provision for Tax | 24 | 23 | 20 | 11 | 10 | 12 | 14 | 18 | 20 | 19 |
| Profit After Tax | 49 | 44 | 39 | 45 | 32 | 35 | 42 | 56 | 57 | 61 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 49 | 45 | 39 | 45 | 32 | 35 | 42 | 56 | 57 | 61 |
| Adjusted Earnings Per Share | 40.5 | 37.1 | 32.7 | 37.6 | 26.7 | 29.1 | 34.7 | 46.4 | 47.6 | 50 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 7% | 5% | 3% | 0% |
| Operating Profit CAGR | 3% | 12% | 3% | 0% |
| PAT CAGR | 2% | 18% | 5% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -32% | -22% | -7% | -14% |
| ROE Average | 11% | 11% | 10% | 12% |
| ROCE Average | 15% | 15% | 13% | 17% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 262 | 297 | 326 | 351 | 383 | 412 | 444 | 489 | 535 |
| Minority's Interest | 0 | 0 | -0 | -0 | -0 | -1 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8 | 11 | 13 | 9 | 10 | 9 | 9 | 9 | 9 |
| Total Current Liabilities | 33 | 34 | 25 | 33 | 34 | 25 | 34 | 31 | 29 |
| Total Liabilities | 303 | 342 | 364 | 393 | 425 | 446 | 486 | 530 | 572 |
| Fixed Assets | 113 | 125 | 135 | 128 | 117 | 102 | 77 | 75 | 73 |
| Other Non-Current Assets | 6 | 4 | 5 | 40 | 39 | 40 | 54 | 61 | 37 |
| Total Current Assets | 184 | 214 | 224 | 225 | 269 | 304 | 340 | 393 | 462 |
| Total Assets | 303 | 342 | 364 | 393 | 425 | 446 | 486 | 530 | 572 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 24 | 13 | 8 | 4 | 4 | 5 | 3 | 1 | 7 |
| Cash Flow from Operating Activities | 49 | 25 | 51 | 68 | 40 | 26 | 63 | 48 | 57 |
| Cash Flow from Investing Activities | -60 | -19 | -46 | -47 | -38 | -21 | -55 | -32 | -42 |
| Cash Flow from Financing Activities | 0 | -10 | -10 | -21 | -0 | -6 | -10 | -10 | -12 |
| Net Cash Inflow / Outflow | -11 | -5 | -5 | -0 | 2 | -1 | -2 | 6 | 4 |
| Closing Cash & Cash Equivalent | 13 | 8 | 4 | 4 | 5 | 3 | 1 | 7 | 11 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 40.47 | 37.1 | 32.69 | 37.55 | 26.75 | 29.13 | 34.73 | 46.43 | 47.59 |
| CEPS(Rs) | 50.41 | 49.75 | 46.7 | 52.85 | 41.62 | 42.49 | 46.74 | 56.35 | 57.58 |
| DPS(Rs) | 7 | 7 | 7 | 7 | 5 | 8 | 8.5 | 10 | 10 |
| Book NAV/Share(Rs) | 218.54 | 247.24 | 271.48 | 292.05 | 318.73 | 343.35 | 370.04 | 407.79 | 445.57 |
| Core EBITDA Margin(%) | 21.01 | 20.43 | 18.96 | 19.98 | 19.87 | 16.14 | 17.47 | 17.29 | 17.05 |
| EBIT Margin(%) | 18.57 | 16.98 | 15.18 | 16.8 | 15.89 | 14.49 | 16.49 | 20.92 | 20.54 |
| Pre Tax Margin(%) | 18.51 | 16.94 | 15.13 | 16.73 | 15.82 | 14.45 | 16.46 | 20.89 | 20.51 |
| PAT Margin (%) | 12.4 | 11.24 | 10.01 | 13.48 | 11.92 | 10.73 | 12.38 | 15.83 | 15.22 |
| Cash Profit Margin (%) | 15.45 | 15.1 | 14.3 | 19.03 | 18.62 | 15.76 | 16.62 | 19.21 | 18.41 |
| ROA(%) | 16.01 | 13.77 | 11.11 | 11.88 | 7.82 | 7.97 | 8.97 | 10.97 | 10.37 |
| ROE(%) | 18.51 | 15.9 | 12.6 | 13.29 | 8.72 | 8.74 | 9.77 | 11.94 | 11.15 |
| ROCE(%) | 27.72 | 24.02 | 19.12 | 16.56 | 11.63 | 11.8 | 13.01 | 15.78 | 15.05 |
| Receivable days | 47.52 | 55.03 | 67.3 | 78.17 | 90.97 | 78.23 | 78.68 | 82.92 | 78.01 |
| Inventory Days | 73 | 83.66 | 93.62 | 107.6 | 137.13 | 115.55 | 104.96 | 87.39 | 70.99 |
| Payable days | 27.34 | 23.57 | 23.42 | 28.31 | 33.84 | 25.17 | 27.48 | 35.13 | 38.31 |
| PER(x) | 37.45 | 31.23 | 17.18 | 6.95 | 16.24 | 13.63 | 11.15 | 10.75 | 9.67 |
| Price/Book(x) | 6.94 | 4.69 | 2.07 | 0.89 | 1.36 | 1.16 | 1.05 | 1.22 | 1.03 |
| Dividend Yield(%) | 0.46 | 0.6 | 1.25 | 2.68 | 1.15 | 2.01 | 2.19 | 2 | 2.17 |
| EV/Net Sales(x) | 5.13 | 3.57 | 1.8 | 0.96 | 1.92 | 1.48 | 1.39 | 1.72 | 1.43 |
| EV/Core EBITDA(x) | 21.33 | 16.78 | 8.78 | 4.16 | 8.52 | 7.45 | 6.55 | 6.89 | 5.88 |
| Net Sales Growth(%) | 0 | 10.25 | -3.9 | -13.68 | -16.59 | 18.83 | 3.72 | 3.7 | 7.16 |
| EBIT Growth(%) | 0 | -7.68 | -11.36 | -5.88 | -23.91 | 10.08 | 18.72 | 32.26 | 4.67 |
| PAT Growth(%) | 0 | -8.47 | -11.73 | 14.53 | -28.83 | 8.58 | 20.43 | 33.26 | 2.51 |
| EPS Growth(%) | 0 | -8.33 | -11.88 | 14.85 | -28.77 | 8.89 | 19.24 | 33.68 | 2.51 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 5.62 | 6.23 | 8.98 | 6.75 | 8 | 12.01 | 9.96 | 12.64 | 16.1 |
| Quick Ratio(x) | 3.23 | 3.23 | 5.04 | 3.79 | 4.94 | 7.99 | 7.25 | 10.19 | 13.66 |
| Interest Cover(x) | 355.6 | 418.82 | 348.41 | 225.56 | 238.46 | 333.62 | 506.27 | 708.24 | 867.22 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 3.82 | 3.82 | 3.82 | 3.82 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 |
| Public | 40.19 | 40.19 | 40.19 | 40.19 | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 |
| 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 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +7% | +5% | +3% | — |
| Operating Profit CAGR | +3% | +12% | +3% | — |
| PAT CAGR | +2% | +18% | +5% | — |
| Share Price CAGR | -32% | -22% | -7% | -14% |
| ROE Average | +11% | +11% | +10% | +12% |
| ROCE Average | +15% | +15% | +13% | +17% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 | 55.99 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 3.82 | 3.82 | 3.82 | 3.82 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 | 3.81 |
| Public | 40.19 | 40.19 | 40.19 | 40.19 | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 | 40.2 |
| 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 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 | 0.48 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
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