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1. At a Glance
Walchandnagar Industries builds heavy engineering equipment and runs project work, a trade it entered in 1908.
Revenue for the three months to June 2026 came to ₹90.83 crore. The same quarter a year earlier brought ₹49.43 crore, a sales variation of 83.8 per cent. Operating profit was ₹7.34 crore, against a negative ₹2.37 crore in the base quarter. Net profit was ₹1.18 crore, against a loss of ₹10.39 crore. Earnings per share, the profit attached to each single share, came to ₹0.17.
That was the third quarter in a row with a positive profit before tax. It follows five straight quarters of losses, a run that ended in March 2025. One of those quarters turned ₹53.08 crore of sales into a negative operating profit of ₹47.10 crore. An operating margin of minus 88.73 per cent is the sort of figure that makes a spreadsheet ask twice.
The rest of the quarter was busy in the way 118-year-old engineering firms are busy. An arbitration was settled on 27 August 2026, with ₹2.12 crore recovered. VSSC ordered HS200 motorcase segments for the Gaganyaan programme, worth ₹30.53 crore plus GST. That work is spread over four years. The 117th annual general meeting passed all five resolutions on 11 August. Most companies are still ordering a cake for the tenth.
Acuité, a credit-rating agency, reaffirmed its long-term rating at ACUITE BB on 7 August 2026. It held the short-term rating at ACUITE A4+ and moved the outlook from Negative to Stable. Acuité also withdrew a proposed ₹120.49 crore facility, at the company’s own request. Market capitalisation, the stock market value of all the shares, stands at ₹1,429 crore. Inventory stood at 451 days of sales in the year to March 2026.
2. Introduction
Walchandnagar Industries was incorporated in 1908. Acuité, a credit-rating agency, records that the late Seth Walchand Hirachand Doshi founded it. The company is registered in Kothrud, Pune, and holds an ISO 9001:2008 quality certification. It describes itself as a heavy engineering and project execution business. The work is split across Hi-Tech Manufacturing, Engineering Products and Engineering Services.
Acuité’s press release records equipment supplied to Chandrayaan-I, Chandrayaan-II and the Akash Missile programme. The same official business description also lists a Foundry and Machine Shop. The catalogue therefore runs from lunar missions at one end to castings at the other.
The recent record is eventful. A lockout was declared at the Satara plant in April 2025 after worker unrest. The company reported ₹27 crore lost, called the lockout off on 24 November 2025, and resumed production from 20 December 2025.
In March 2025 the board approved an investment of up to ₹16 crore in Aicitta Intelligent Technology Private Limited. That would have bought roughly 60.3 per cent, counting shares that could still be issued later. By May 2025 Walchandnagar had filed an arbitration petition over the same investment. The arbitration was settled on 27 August 2026, with ₹2.12 crore recovered.
The share register has moved as well. In the year to March 2025 the company issued 51,935 equity shares under its employee stock option scheme. It also allotted 2,17,28,023 fully convertible warrants for ₹247.58 crore, each warrant being a right to take up a share later. Those warrants went to selected buyers rather than to all shareholders. The share count has climbed from 3.81 crore through the year to March 2022 to 6.78 crore by March 2026.
Chirag C. Doshi was re-appointed Managing Director and Chief Executive for three years from 1 April 2026. A postal ballot in March 2026 approved the shift of the office to Pune and a land sale at Dharwad. Nishant Saigal was appointed Chief Financial Officer in April 2025. That resignation, as Chief Financial Officer and as a key managerial person, takes effect from 19 October 2026.
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3. Business Model: WTF Do They Even Do?
Walchandnagar makes very large metal things, very slowly, for customers who cannot accept mistakes.
The three months to June 2026 split across three reported segments. Heavy Engineering brought ₹70.11 crore of segment revenue and Foundry and Machine Shop ₹15.34 crore. Others added ₹6.11 crore, with ₹0.73 crore taken off as sales between the divisions themselves. That is one division billing another, with everyone agreeing to leave it out of the total.
Acuité, a credit-rating agency, groups the strategic work as Defence, Nuclear, Missiles and Aerospace. Acuité puts that grouping at about 31 per cent of revenue in the year to March 2026. The Product segment is placed at 55 per cent and Foundry and Instrumentation at 14 per cent. The product side, on Acuité’s account, covers gears, centrifugals, castings and gauges.
Order intake in the
