Walchandnagar Industries Limited
Current Price
₹238.65
As of 20 May 2026
Market Cap
₹1.59K Cr
As of 20 May 2026
117-Year-Old Heavy Engineering: One Profitable Quarter, Bet on Nuclear/Defence/Aerospace
Report updated: 2026-05-16
Walchandnagar Industries Limited
117-year-old heavy engineering company in turnaround mode — four-segment mix of OEM machinery for sugar/cement/mineral plants (40%), Defence-Nuclear-Aerospace (27%), Foundry (25%) and Other (8%). Q3 FY26 delivered the first profitable quarter in five (Rs.81 Cr sales, +Rs.4.66 Cr PAT) as loans were halved Rs.448 Cr to Rs.194 Cr through equity raises.
Rs.237
Share price (16 May 2026)
+88% Mar-Apr 2026 on nuclear-policy news
Rs.850 Cr
Market cap (Micro Cap)
Rs.256 Cr
FY25 revenue
Falling from FY22 Rs.296 Cr
-Rs.86 Cr
FY25 PAT
Worst year in 4; Q4 FY25 included clean-slate provisions
Rs.800+ Cr
Order book (company-stated)
Unverified; 2-4 year delivery cycle for nuclear/defence
Rs.194 Cr
Total loans (FY25)
Halved from Rs.448 Cr (FY22) via equity, not earnings
Stock Funda Summary
- 117-year-old heavy engineering company (NSE WALCHANNAG / BSE 507410).
- Four segments per FY24 sales: OEM 40% (sugar/cement/mineral plant machinery), DNA 27% (Defence/Nuclear/Aerospace), Foundry 25% (metal casting), Other 8%.
- The whole bull thesis rests on the DNA segment scaling as the government opens India's nuclear power sector.
- Sales trajectory FY22-FY25: Rs.296 → Rs.319 → Rs.299 → Rs.256 Cr (FALLING).
- Three of last four years loss-making (FY25 worst at -Rs.86 Cr PAT).
- Loans halved Rs.448 → Rs.194 Cr in 3 years — BUT via equity raises + promoter loan-to-share conversion, NOT cash earnings.
- Q3 FY26 (Feb-26) was the first profitable quarter in 5: sales Rs.81 Cr (+56% QoQ), PAT +Rs.4.66 Cr — single data point holding the entire turnaround thesis.
- Stock jumped +88% Mar-Apr 2026 on nuclear-policy news (NOT delivered earnings).
- Capex plan: Rs.100-150 Cr to triple capacity by Dec 2026.
- Order book Rs.800+ Cr (company-stated, unverified).
- Live event timeline tracks every BSE filing, order win, quarterly result, and capex update — especially the imminent Q4 FY26 result which is make-or-break for the turnaround narrative.