Wendt India Ltd

₹ 10,050 -2.74%

28 Apr 10:52 a.m.

About

Wendt India is a leading manufacturer of Super Abrasives, Machining Tools, and Precision Components. It is a preferred supplier for many of the automobile, auto component, engineering, aerospace, defense ceramics customers for their Super Abrasive Tooling solutions, Grinding & Honing Machines, and Precision components. ^[1] ^[2]

The company is JV between 3M (via Wendt GmbH) and Carborundum Universal (Murugappa Group). Both the companies hold 37.5% shares in the company. ^[3] ^[4]

Key Points

Business Profile^[1]
Founded in 1980 as a joint venture between Wendt GmbH and The House of Khataus, Wendt is a market leader in super abrasives and high-precision grinding solutions. Their major shareholders include Wendt GmbH (37.5%), and Carborundum Universal Ltd. (37.5%).

Website BSE NSE

Market Cap ₹ 2,010 Cr.
Current Price ₹ 10,050
High / Low ₹ 18,034 / 8,360
Stock P/E 52.5
Book Value ₹ 1,099
Dividend Yield 0.50 %
ROCE 24.1 %
ROE 18.6 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 30.4%

Cons

Stock is trading at 9.36 times its book value
The company has delivered a poor sales growth of 11.8% over past five years.
Debtor days have increased from 91.0 to 112 days.
Working capital days have increased from 115 days to 175 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Abrasives And Grinding Wheels

Part of BSE Allcap BSE Industrials BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	44	43	48	47	56	46	47	50	66	44	51	49	70
	34	32	34	34	39	35	35	37	48	34	39	38	53
Operating Profit	11	11	13	13	16	12	12	13	17	10	12	11	18
OPM %	25%	25%	28%	28%	30%	26%	26%	25%	26%	23%	24%	22%	25%
	2	0	1	4	2	2	2	2	2	2	3	2	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	3
Profit before tax	11	9	13	15	16	12	12	12	17	10	13	10	17
Tax %	25%	25%	26%	22%	22%	26%	26%	26%	22%	25%	19%	23%	25%
	8	7	9	11	12	9	9	9	13	7	10	8	12
EPS in Rs	39.85	34.70	46.40	57.25	62.25	43.40	42.90	45.75	65.45	37.25	52.50	39.35	62.35
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	96	107	118	130	130	143	123	121	160	194	209	215
	79	88	99	107	106	118	109	101	121	140	154	164
Operating Profit	17	19	19	22	23	25	14	20	39	54	54	51
OPM %	17%	18%	16%	17%	18%	18%	11%	16%	24%	28%	26%	24%
	5	7	5	4	4	4	8	6	6	7	7	8
Interest	0	0	1	1	1	0	1	1	1	0	0	0
Depreciation	5	8	8	10	10	10	9	8	8	8	8	10
Profit before tax	16	18	15	16	17	19	12	17	36	52	52	50
Tax %	28%	16%	31%	25%	26%	29%	21%	22%	25%	24%	25%	23%
	12	15	10	12	12	13	9	13	27	40	40	38
EPS in Rs	59.35	74.25	52.05	58.45	61.50	67.35	46.70	64.55	135.50	200.60	197.50	191.45
Dividend Payout %	42%	34%	48%	43%	41%	45%	54%	46%	48%	40%	25%	26%

Compounded Sales Growth
10 Years:	7%
5 Years:	12%
3 Years:	10%
TTM:	3%

Compounded Profit Growth
10 Years:	10%
5 Years:	36%
3 Years:	13%
TTM:	0%

Stock Price CAGR
10 Years:	20%
5 Years:	39%
3 Years:	18%
1 Year:	-21%

Return on Equity
10 Years:	16%
5 Years:	19%
3 Years:	21%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	80	88	95	100	107	113	118	124	142	167	190	218
	0	0	0	0	0	0	0	1	1	0	0	1
	32	32	34	31	37	49	43	37	39	38	42	53
Total Liabilities	114	122	132	134	146	163	163	164	184	208	234	275
	52	54	55	59	54	52	51	54	52	55	57	98
CWIP	3	2	6	2	2	5	4	1	1	2	2	10
Investments	17	19	14	15	22	36	35	37	62	68	71	49
	42	47	57	58	67	70	72	72	69	83	104	118
Total Assets	114	122	132	134	146	163	163	164	184	208	234	275

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	13	14	9	16	21	29	10	6	34	31	27	33
	-8	-8	-4	-11	-12	-21	-8	1	-26	-16	-8	-25
	-6	-6	-6	-6	-6	-7	-3	-6	-8	-16	-16	-9
Net Cash Flow	-0	0	-1	-1	3	1	-1	0	0	-1	3	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	77	72	90	81	95	70	69	99	75	71	90	112
Inventory Days	164	170	165	155	166	193	249	197	186	191	179	178
Days Payable	169	159	169	105	154	199	193	193	156	135	125	150
Cash Conversion Cycle	73	82	86	132	107	64	125	104	105	127	144	140
Working Capital Days	56	62	77	79	71	30	45	81	55	80	89	175
ROCE %	21%	21%	17%	16%	16%	17%	9%	14%	26%	33%	28%	24%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
	0.02%	0.04%	0.01%	0.01%	0.03%	0.01%	0.02%	0.05%	0.04%	0.04%	0.04%	0.09%
	6.89%	6.71%	6.72%	6.79%	6.86%	6.82%	6.82%	6.78%	6.78%	6.73%	6.72%	6.71%
	18.09%	18.25%	18.26%	18.20%	18.10%	18.17%	18.15%	18.17%	18.16%	18.23%	18.24%	18.19%
No. of Shareholders	7,782	8,063	7,993	7,949	7,967	8,815	9,216	9,323	9,404	9,589	9,625	9,645

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	79.74%	79.74%	79.74%	79.74%	75.00%	75.00%	75.00%	75.00%	75.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.05%	0.09%
	0.09%	0.13%	0.16%	0.09%	3.18%	6.68%	6.79%	6.78%	6.71%
	20.17%	20.14%	20.10%	20.17%	21.82%	18.32%	18.20%	18.17%	18.19%
No. of Shareholders	5,387	6,417	6,750	6,513	6,498	6,928	7,949	9,323	9,645

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Wendt India Ltd

Wendt India Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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