General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Walchandnagar Industries reported revenue of ₹90.83 crore for the quarter ended June 2026, against ₹49.43 crore a year earlier — a quarterly sales variation of 83.8%. Operating profit came in at ₹7.34 crore versus a negative ₹2.37 crore in the base quarter, and net profit at ₹1.18 crore against a loss of ₹10.39 crore. EPS: ₹0.17.
For a company incorporated in 1908, this is the third consecutive quarter of positive profit before tax — a streak that arrives after a five-quarter run of losses ending March 2025, when a single quarter managed a negative ₹47.10 crore operating profit on ₹53.08 crore of sales, which is the sort of OPM percentage (-88.73%) that makes the spreadsheet ask if you’re sure.
Around it, the quarter was busy in the way 118-year-old engineering companies are busy: an arbitration settled with ₹2.12 crore recovered on 27 August 2026, a VSSC order for HS200 motorcase segments for Gaganyaan worth ₹3,053 lakh plus GST spread over four years, and the 117th AGM passing all five resolutions on 11 August. The 117th. Most companies celebrate their tenth AGM by ordering a cake.
Acuité reaffirmed its long-term rating at ACUITE BB and short-term at ACUITE A4+ on 7 August 2026, revising the outlook from Negative to Stable, and simultaneously withdrew a proposed ₹120.49 crore facility at the issuer’s own request. Market capitalisation stands at ₹1,429 crore. Inventory days for FY26: 451.
2. Introduction
Walchandnagar Industries was incorporated in 1908, founded — per Acuité’s report — by the late Seth Walchand Hirachand Doshi. The company is registered in Kothrud, Pune, and describes itself as a heavy engineering and project execution business, ISO 9001:2008 certified, spanning Hi-Tech Manufacturing, Engineering Products and Engineering Services.
Acuité’s press release records that the company has contributed equipment to Chandrayaan-I and Chandrayaan-II and the Akash Missile programme. A company that helped kit out two lunar missions and still lists “Foundry & Machine Shop” in its official business description is running the widest possible range in Indian engineering: the moon on one end, castings on the other.
The recent record is eventful in a way that the Announcements section documents dryly. A lockout was declared at the Satara plant in April 2025 following worker unrest; the lockout was called off on 24 November 2025, with ₹27 crore reported lost and production resuming from 20 December 2025. In March 2025 the board approved an investment of up to ₹16 crore in Aicitta Intelligent Technology Private Limited for roughly 60.3% ownership on a fully diluted basis; by May 2025 the company had filed an arbitration petition over that investment, and by 27 August 2026 the arbitration was settled with ₹2.12 crore recovered.
On the capital side, FY25 saw 51,935 equity shares issued under the ESOP scheme and 2,17,28,023 fully convertible warrants allotted for ₹247.58 crore on a preferential basis. Share count has climbed from 3.81 crore shares through FY22 to 6.78 crore by March 2026 — the balance sheet has been busier than the order book.
Chirag C. Doshi was re-appointed Managing Director and CEO for three years from 1 April 2026, and a postal ballot in March 2026 approved the office shift to Pune and a Dharwad land sale. Nishant Saigal, appointed CFO in April 2025, resigned as CFO and KMP effective 19 October 2026.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Walchandnagar makes very large metal things, very slowly, for people who cannot accept mistakes.
The June 2026 quarter splits across three reported segments: Heavy Engineering at ₹70.11 crore of segment revenue, Foundry and Machine Shop at ₹15.34 crore, and Others at ₹6.11 crore, with ₹0.73 crore knocked off as inter-segment revenue — the accounting equivalent of one division billing another and everyone agreeing to pretend it didn’t happen.
Acuité records the strategic sector grouping as Defence, Nuclear, Missiles and Aerospace (DNAM), contributing around 31% of FY2026 revenues, with the Product segment at 55% and Foundry & Instrumentation at 14%. The product side, per Acuité, covers Gears, Centrifugal, Castings and Gauges — four words that between them describe a substantial fraction of everything that spins in Indian industry.
The FY25 order intake gives a flavour of the catalogue: ₹55.46 crore from Crushing & Grinding, roughly ₹42 crore from Aerospace, ₹41 crore from Gears, ₹41 crore from Centrifugal, and a ₹46.47 crore order in Q3FY25 for a 64-metre HF Kiln described as the longest in the world. The company’s product range therefore includes both missile hardware and a kiln that would not fit on most cricket pitches lengthwise.
Screener’s extracted data records a domestic centrifugal machines market share of 62% and
