Revenue collapse leaves W S Industries with a Rs 2.02 cr loss
Consolidated revenue fell 93.02% sequentially, while expenses declined only 38.54%, pushing operating margin to -6066.67%.
Filed 12 Nov 2026, 18:46 IST · after market close · W S Industries (India) Ltd (WSI)
Key takeaways
- Consolidated revenue fell 93.02% sequentially to Rs 0.03 cr, leaving W S Industries with a Rs 2.02 cr net loss.
- Operating margin worsened by 5,466.67 percentage points to -6066.67% as expenses fell only 38.54% against the revenue decline.
- Other income of Rs 1.71 cr partly offset the operating loss, but interest of Rs 1.90 cr still left profit before tax at a Rs 2.35 cr loss.
Price around the results
Revenue drop drives a sharp sequential reversal
W S Industries reported consolidated revenue of Rs 0.03 cr in Q2FY27, down 93.02% from Q1FY27. The quarter moved from a Rs 1.79 cr net profit to a Rs 2.02 cr net loss, with EPS falling from Rs 0.24 to -Rs 0.27. The results were filed after market close on 12 Nov 2026.
Fixed costs magnified the operating loss
Expenses fell 38.54% sequentially, far less than the 93.02% revenue decline, so operating margin worsened by 5,466.67 percentage points to -6066.67%. Other income fell 74.70% to Rs 1.71 cr and partly offset the operating loss, but interest remained high at Rs 1.90 cr. Other income represented -72.77% of profit before tax because the quarter ended with a loss, while the tax rate rose 9.25 percentage points to 14.04%.
WSI ranked last among 230 reported Industrials peers
The company's operating margin was 6,078.18 percentage points below the Industrials peer median of 11.51% across 230 companies that had reported the same quarter. Sequentially, the margin deteriorated from -600.00% in Q1FY27 to -6066.67% in Q2FY27. The available quarter trend therefore points to a sharp worsening rather than a sustained recovery.
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 | ₹0 cr | ₹0 cr | -93.02% |
| Other income | ₹2 cr | ₹7 cr | -74.70% |
| Expenses | ₹2 cr | ₹3 cr | -38.54% |
| Operating profit | ₹-2 cr | ₹-3 cr | +29.46% |
| Operating margin (%) | -6066.67% | -600.00% | — |
| Interest | ₹2 cr | ₹2 cr | -3.55% |
| Depreciation | ₹0 cr | ₹0 cr | +3.03% |
| Profit before tax | ₹-2 cr | ₹2 cr | — |
| Tax | ₹-0 cr | ₹0 cr | — |
| Net profit | ₹-2 cr | ₹2 cr | — |
| EPS (₹) | ₹-0.27 | ₹0.24 | — |
Operating margin of -6066.67% compares with a Industrials sector median of 11.51% across 230 peers that have reported Q2FY27.
What to watch
- Whether consolidated revenue improves from Rs 0.03 cr next quarter.
- Whether operating margin moves up from -6066.67%.
- Whether other income remains sufficient to offset the Rs 1.90 cr interest burden.