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HDFC Securities Retail Research
WPIL Ltd. has been able to sustain its Ebitda margins above ~15% in last two years.
With no major capex/acquisition plans and healthy cash generation from its Indian and overseas operations, the capital structure is expected to improve.
WPIL has steady flow of orders and timely execution of order book resulting in increase in scale of operations. We expect the company to be a beneficiary of an improvement in demand due to Government focus on water supply and the Jal Jeevan Mission and hence going forward the order book could remain robust especially in the project division where the company recently received some large orders from Madhya Pradesh Jal Nigam.
A major positive is the steady improvement in order backlog which provides sustained visibility for the medium term.
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