We Win Ltd

AI
We Win Ltd Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
AI

We Win Ltd

₹ 42.5 -1.23%
11 Sep - close price
wewinlimited.com BSE: 543535 NSE: WEWIN
About

Business Overview:
-We Win Limited, headquartered in Bhopal, Madhya Pradesh, was incorporated in 2007. The company
has evolved from a customer experience and citizen-services focused enterprise into a technology-led organisation with a growing presence across AI-powered software, GovTech and Global Capability Centre (GCC) enablement.
-The Company has established a presence in E-Governance and Citizen Experience, which continues to be its core revenue vertical, supported by long-
term government contracts and enterprise relationships.
-We Win Limited is also expanding its technology portfolio through its AI-powered software solutions, including the WinCX Cloud and WinOps Cloud suites. These solutions are designed to enhance customer experience, automate business processes, improve operational efficiency and provide AI-enabled enterprise solutions.
-The Company serves clients across multiple sectors, including E-Governance, Banking & Financial Services, Telecom, Healthcare & Life Sciences, IT & Professional Services, Retail, E-Commerce and Travel.
-Its operational footprint extends across 8 major states in India, with 30+ business clients and support for 10 languages.

Order Book:
The Company's government business includes
major citizen-service and grievance-management engagements such as the Madhya Pradesh CM Helpline, Chhattisgarh CM Helpline, Uttar Pradesh
CM Helpline and UP Police Helpline (112). The Company has also secured an order for the supply, installation and commissioning of Biometric Face
& Iris Engines for C-DAC, Kolkata, having an order
value of ₹27.95 crore.

Expansion:
Alongside its established GovTech business, the Company is pursuing a strategic expansion into
Global Capability Centre (GCC) enablement, AI
and data engineering services. The proposed
GCC vertical is intended to provide dedicated
retained teams, recurring revenue opportunities
and greater exposure to private enterprises,
thereby diversifying the Company's revenue
base.

Key Points

Market Leadership:
We Win Limited has established a strong position in
the GovTech, Citizen Experience and Non-Emergency Grievance Management space with an entrenched presence across 8 major states in India and
long-term government contracts that provide
revenue visibility and create meaningful entry
barriers. The Company is positioned as the
world’s largest Non-Emergency Integrated
Grievance Management provider, supported
by its experience in large-scale citizen-service programs. Its customer base also extends to enterprises across fintech, e-commerce and technology-enabled services. The company
reported a 96% customer retention ratio,
reflecting the strength and longevity of its
client relationships.

Website BSE NSE
  • Market Cap ₹ 43.1 Cr.
  • Current Price ₹ 42.5
  • High / Low ₹ 78.0 / 35.2
  • Stock P/E 9.61
  • Book Value ₹ 30.6
  • Dividend Yield 0.00 %
  • ROCE 10.9 %
  • ROE 15.1 %
  • Face Value ₹ 10.0
Edit ratios

Pros

  • Company has reduced debt.
  • Debtor days have improved from 78.3 to 60.5 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 10.4% over last 3 years.
  • Contingent liabilities of Rs.13.5 Cr.

* 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

Services Services Commercial Services & Supplies Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO)

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
13.60 14.00 14.96 16.71 19.38 18.83 20.40 19.27 20.29 20.34 20.76 21.78 30.77
11.89 12.66 14.03 15.18 17.53 17.24 19.06 18.61 17.49 18.75 19.90 19.86 29.32
Operating Profit 1.71 1.34 0.93 1.53 1.85 1.59 1.34 0.66 2.80 1.59 0.86 1.92 1.45
OPM % 12.57% 9.57% 6.22% 9.16% 9.55% 8.44% 6.57% 3.43% 13.80% 7.82% 4.14% 8.82% 4.71%
0.14 0.07 0.15 0.35 0.16 0.07 0.12 0.22 0.52 0.14 0.12 0.12 0.51
Interest 0.17 0.19 0.46 0.35 0.25 0.23 0.38 0.34 0.46 0.35 -0.36 0.19 0.29
Depreciation 0.47 0.34 0.40 0.68 0.54 0.53 0.82 0.86 0.86 0.56 0.63 0.69 0.73
Profit before tax 1.21 0.88 0.22 0.85 1.22 0.90 0.26 -0.32 2.00 0.82 0.71 1.16 0.94
Tax % 27.27% 26.14% 59.09% 12.94% 21.31% 26.67% 26.92% -9.38% 45.50% 26.83% -150.70% -0.86% -1.06%
0.87 0.65 0.10 0.76 0.92 0.67 0.19 -0.29 1.08 0.59 1.79 1.17 0.91
EPS in Rs 0.86 0.64 0.10 0.75 0.91 0.66 0.19 -0.29 1.06 0.58 1.76 1.15 0.90
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
17.71 45.07 40.03 36.14 41.61 48.79 65.04 78.49 93.65
14.51 34.67 34.43 33.17 37.42 44.03 59.40 72.09 87.83
Operating Profit 3.20 10.40 5.60 2.97 4.19 4.76 5.64 6.40 5.82
OPM % 18.07% 23.08% 13.99% 8.22% 10.07% 9.76% 8.67% 8.15% 6.21%
0.08 0.31 0.28 0.36 0.66 0.32 0.75 0.92 0.89
Interest 0.62 0.55 0.48 0.49 0.56 0.33 1.24 1.41 0.47
Depreciation 1.00 2.27 1.69 1.21 1.06 1.34 1.95 3.06 2.61
Profit before tax 1.66 7.89 3.71 1.63 3.23 3.41 3.20 2.85 3.63
Tax % 36.14% 28.77% 41.78% 29.45% 34.98% 29.62% 22.81% 42.11% -23.97%
1.06 5.62 2.23 1.12 2.14 2.40 2.44 1.65 4.49
EPS in Rs 1.04 5.51 2.19 1.10 2.11 2.36 2.40 1.62 4.42
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: 21%
3 Years: 24%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 32%
3 Years: 23%
TTM: 172%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: -18%
1 Year: -15%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 10%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 3.39 3.39 3.39 3.39 10.16 10.16 10.16 10.16 10.16
Reserves 6.16 11.79 14.21 15.44 10.96 13.57 16.29 18.17 20.97
5.98 2.62 3.84 3.40 0.68 8.09 12.38 12.40 3.37
4.89 8.08 5.29 6.45 5.81 6.54 12.58 11.20 19.02
Total Liabilities 20.42 25.88 26.73 28.68 27.61 38.36 51.41 51.93 53.52
4.29 3.38 2.80 2.28 2.06 3.02 4.16 11.44 11.10
CWIP 0.00 0.00 0.00 0.14 0.82 3.19 7.60 0.81 4.49
Investments 0.02 0.04 0.10 0.07 0.11 0.10 0.07 0.07 0.00
16.11 22.46 23.83 26.19 24.62 32.05 39.58 39.61 37.93
Total Assets 20.42 25.88 26.73 28.68 27.61 38.36 51.41 51.93 53.52

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.89 4.02 4.40 2.44 0.63 1.48 14.32 2.68 4.86
-4.73 -1.57 -1.27 -0.55 -1.24 -5.18 -9.51 -5.64 -1.47
6.13 -0.69 -2.13 -0.46 -0.61 1.57 2.02 -3.60 -0.30
Net Cash Flow 3.29 1.75 1.00 1.43 -1.23 -2.13 6.84 -6.56 3.09
Free Cash Flow -2.12 2.71 3.58 1.84 -0.13 -0.59 11.60 -7.40 2.70
CFO/OP 73% 62% 99% 99% 35% 51% 271% 55% 84%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 127.37 59.61 72.31 103.12 86.58 137.13 88.44 85.94 60.49
Inventory Days
Days Payable
Cash Conversion Cycle 127.37 59.61 72.31 103.12 86.58 137.13 88.44 85.94 60.49
Working Capital Days 62.24 50.78 63.37 73.53 89.21 93.74 17.73 28.97 27.71
ROCE % 50.89% 21.66% 9.71% 17.22% 13.95% 12.57% 10.71% 10.90%

Insights

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Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Capital Work in Progress (Closing Balance)
INR lakhs ・Standalone data
Operating Locations (Cities with Leased Offices)
count ・Standalone data
Permanent Employees
count ・Standalone data
Revenue per Employee
INR lakhs per employee ・Standalone data

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
70.80% 70.80% 70.80% 70.80% 70.80% 70.80% 70.90% 70.90% 70.90% 70.90% 70.96% 70.96%
29.20% 29.20% 29.20% 29.21% 29.20% 29.20% 29.10% 29.11% 29.11% 29.10% 29.05% 29.05%
No. of Shareholders 2,3023,5293,5403,3803,2473,3003,3053,4513,3243,7293,5793,784

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