Walchandnagar Industries Ltd(WALCHANNAG)

NSE: WALCHANNAGBSE: 507410

₹ 188.9+0.61%refreshed 26 Oct, 10:27 am ISTMarket cap: ₹ 1,283 crNext results: 2 Nov 2026Website: www.walchand.comUpdated: 24 Oct 2026

About

Walchandnagar Industries Ltd is an Indian heavy engineering manufacturer focused on Defence, Nuclear, and Aerospace sectors, operating three plants in Maharashtra and Karnataka. In FY26 the company reported revenue of Rs 275.19 Cr, with Heavy Engineering contributing 86.5% of segment revenue. It claims over 50% domestic market share in centrifugal machines and has supplied Calandria assemblies to 14 nuclear reactors cumulatively.^[1][2][3][4]

Business segments

Heavy Engineering: 86.5% of FY26 segment revenue (Rs 238.01 Cr), EBIT margin 10.9%. Share grew 9.9 percentage points since FY19.^[2]
Others: 8.6% of FY26 segment revenue (Rs 23.55 Cr), EBIT margin 22.4%. Share grew 3.6 percentage points since FY19.^[2]
Foundry and Machine Shop: 5.0% of FY26 segment revenue (Rs 13.67 Cr), EBIT margin -22.9%. Share declined 13.3 percentage points since FY19.^[2]

Core sectors and products

The company focuses on Defence, Nuclear, and Aerospace as its three core sectors.^[3]
In FY24, segment revenue of Rs 302 Cr was split: Nuclear 40.3%, Defence 25.2%, Gearboxes 26.5%, Others 7.9%.^[5]
Nuclear products include Calandria, End Shield, Moderator Heat Exchanger, and Hairpin Heat Exchanger for PHWR plants; 14 reactors supplied cumulatively.^[4]
Centrifugal machines: over 4,500 units supplied globally (cumulative); gearboxes: over 6,500 installed (cumulative).^[4]

Manufacturing operations

Three plants: Walchandnagar (District Pune, Maharashtra), Satara Road (District Satara, Maharashtra), and Attikola Dharwad (Karnataka).^[3]
The company has no subsidiaries.^[3]

Key operating numbers

Centrifugal machines domestic market share: over 50% in India as of Q3 FY25.^[4]
Aerospace production capacity: 12 PSLV flights per year and 4 GSLV Mk III flights per year.^[5]
Four missile programmes (VLSRSAM, QRSAM, Pralay, ITCM among others) at production stage as of Q4 FY25; more expected within two years.^[5]
Defence and Nuclear & Aerospace (DNA) segments together constitute a minimum 25% of total orders as of Q4 FY25.^[5]

Customers and distribution

Key nuclear customer is NPCIL, with sustained order execution reflected in Nuclear being the largest DNA revenue contributor in FY24 at 40.3%.^[5]
Aerospace customers include ISRO; WIL contributed to India's first 1.2-metre Trisonic Wind Tunnel for NAL.^[5]
Centrifugal machine exports targeted at Russia (assembly line being set up), Thailand, and Indonesia to capture better margins.^[5]

Addressable opportunity and expansion

GoI announced 50 Bharat Small Reactors (BSRs) of 220 MWe; total equipment investment ~Rs 2,00,000 Cr; WIL qualifies for ~Rs 700 Cr per plant.^[5]
WIL qualifies for ~Rs 1,000 Cr of equipment per 700 MW PHWR plant.^[5]
India's nuclear installed capacity is expected to reach ~19,680 MW by 2031-32 vs ~7,430 MW as of August 2024, expanding WIL's addressable nuclear market nearly 3x.^[4]
Total addressable opportunity in WIL's defence focus segments (missiles, naval, aircraft sub-assemblies) exceeds Rs 1,00,000 Cr with EBITDA margins of 25-40%.^[5]

Recent developments

WIL acquired a 60% stake in Aicitta Technologies to strengthen its defence product portfolio and move towards Tier-II supplier status.^[4]
WIL joined the SSLV privatisation consortium with Agnikul and Alpha Design (Adani holds 26% stake), positioning it to own launch vehicle IP.^[5]
A new ~Rs 400 Cr opportunity with NAL related to Trisonic Wind Tunnel work was cited in Q4 FY25 for execution within 6-7 months.^[5]

Market Cap

₹1,283 Cr

High / Low

₹316 / 131

Stock P/E

-408.1

Price / Book

3.5

Book Value

₹53

EPS

₹-2.2

No. of Shares

6.78 Cr

ROCE

4.3%

ROE

-4.0%

OPM

8.3%

Debt / Equity

0.61

Sales

₹275 Cr

Net Profit

₹-15 Cr

Promoter holding

31.6%

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Walchandnagar Industries Ltd(WALCHANNAG)

About

Business segments

Core sectors and products

Manufacturing operations

Key operating numbers

Customers and distribution

Addressable opportunity and expansion

Recent developments

Signal history

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