WIPL swings to operating profit as revenue rises 16.61% QoQ
Faster revenue growth than expense growth lifted margins, but operating margin remained below the sector median and other income formed a material share of pre-tax profit.
Filed 11 Nov 2026, 16:56 IST · after market close · Western India Plywoods Ltd (WIPL)
Key takeaways
- Consolidated operating profit recovered to Rs 1.50 cr from a Rs 0.06 cr loss as revenue grew +16.61% QoQ while expenses grew +10.70%.
- Net profit swung to Rs 0.69 cr from a Rs 0.30 cr loss, with other income contributing 25.00% of pre-tax profit.
- Operating margin improved 5.09 percentage points to 4.86%, but remained 6.39 percentage points below the 11.25% median for 299 Consumer Discretionary peers.
Price around the results
Revenue growth restored operating profit
In the consolidated results, revenue rose +16.61% QoQ to Rs 30.89 cr, while expenses increased +10.70% to Rs 29.39 cr. The slower cost growth drove a 5.09 percentage-point improvement in operating margin, reversing the Rs 0.06 cr operating loss reported in Q1FY27.
Other income remained material to pre-tax profit
Other income contributed 25.00% of the Rs 1.04 cr pre-tax profit, so the earnings recovery was not entirely operational. Interest costs rose +6.67% QoQ and depreciation increased +9.80%, while the tax rate moved up 83.65 percentage points to 33.65% as the company moved from a pre-tax loss to a profit.
Margin recovery still trails consumer discretionary peers
The available sequential trend shows a swing from a -0.23% operating margin in Q1FY27 to 4.86% in Q2FY27, alongside a return to positive net profit. Even after that improvement, Western India Plywoods' margin was 6.39 percentage points below the 11.25% median among 299 reported Consumer Discretionary peers.
Results were filed after market close
The company filed these consolidated results at 16:56 IST on 11 November 2026, after market close. A same-day stock reaction is therefore not assessed here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹31 cr | ₹26 cr | +16.61% |
| Other income | ₹0 cr | ₹1 cr | -50.00% |
| Expenses | ₹29 cr | ₹27 cr | +10.70% |
| Operating profit | ₹2 cr | ₹-0 cr | — |
| Operating margin (%) | 4.86% | -0.23% | — |
| Interest | ₹0 cr | ₹0 cr | +6.67% |
| Depreciation | ₹1 cr | ₹1 cr | +9.80% |
| Profit before tax | ₹1 cr | ₹-0 cr | — |
| Tax | ₹0 cr | ₹0 cr | +250.00% |
| Net profit | ₹1 cr | ₹-0 cr | — |
| EPS (₹) | ₹0.82 | ₹0.29 | +182.76% |
Operating margin of 4.86% compares with a Consumer Discretionary sector median of 11.25% across 299 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 4.86% in the next reported quarter.
- Whether other income remains a material contributor near its 25.00% share of pre-tax profit.
- Whether revenue continues to grow faster than expenses after the +16.61% versus +10.70% sequential gap.