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Wendt India Ltd

| Quarterly Financial Results Q3 FY 2025–26

NEUTRAL SENTIMENT

Report Source

⬤21st Jan 26

Summary : Wendt (India) Limited reported increased sales but lower profits for Q3 and 9M FY26, driven by strong domestic demand offset by weak exports and higher expenses, while declaring an interim dividend.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed, purchases of stock-in-trade, changes in inventories, employee benefits expense, finance costs, depreciation and amortisation expense, other expenses.
  2. Standalone Q3 FY26 Sales: Rs. 5341 lakhs (12% YoY increase).
  3. Domestic sales Q3 FY26: Rs. 4246 lakhs (20% YoY increase).
  4. Exports Q3 FY26: Rs. 1095 lakhs (12% YoY decrease).
  5. Consolidated Q3 FY26 Sales: Rs. 6032 lakhs (15% YoY increase).
  6. Standalone 9M FY26 Sales: Rs. 14976 lakhs (5% YoY increase).
  7. Consolidated 9M FY26 Sales: Rs. 16812 lakhs (8% YoY increase).
  8. Standalone Total Assets (31.12.2025): Rs. 27,455 lakhs.
  9. Consolidated Total Assets (31.12.2025): Rs. 29,960 lakhs.
  10. Standalone Q3 FY26 PAT: Rs. 579 lakhs (26% YoY lower).
  11. Consolidated Q3 FY26 PAT: Rs. 298 lakhs (64% YoY lower).
  12. Standalone 9M FY26 PAT: Rs. 1529 lakhs (41% YoY lower).
  13. Consolidated 9M FY26 PAT: Rs. 946 lakhs (64% YoY lower).
  14. Consolidated results include subsidiaries in Thailand and Germany.

Corporate Overview

  1. Domestic sales in India.
  2. Exports to countries and regions including Indonesia, UK, Thailand, Eastern Europe.
  3. Subsidiaries in Thailand (Wendt Grinding Technologies Ltd) and Germany (Wendt GmbH).
  4. Volatile geopolitical situation impacting export sales.
  5. Lower off-take from Indonesia, UK, Thailand, Eastern Europe contributing to export drop.
  6. Organized into three business segments: Super Abrasives, Machines and Accessories, and Precision Products.
  7. Consolidated group includes a fourth segment: Others (other trading products).
  8. Sales to industries like auto ancillaries, cutting tools, blade, and resellers.
  9. Part of the Murugappa Group, with diverse interests including abrasives, technical ceramics, electrominerals, auto components.
  10. Factual and informative, reporting financial results and dividend declaration.
  11. Industries such as auto ancillaries, cutting tools, blade manufacturers, and resellers.
  12. Super Abrasives
  13. Machines and Accessories
  14. Precision Products
  15. Others (for consolidated group, includes other trading products)

Risk Factors

  1. Significant decline in Profit After Tax.
  2. Volatile geopolitical situation impacts export sales.
  3. Lower export off-take from key regions.
  4. New Labour Codes increase employee benefit expenses.

Key Drivers

  1. Strong domestic sales growth across industries.
  2. Interim dividend declared, rewarding shareholders.
  3. Overall revenue growth, both standalone and consolidated.
  4. Part of the reputable Murugappa Group.

Auditor’s Report

  1. Limited Review Report, not an audit opinion.
  2. No material misstatement found in standalone and consolidated financial statements based on review.

Board Commentary

  1. Interim dividend of Rs. 20/- per equity share (200% on face value of Rs. 10/-) declared for the year ending 31st March 2026.
  2. Volatile geopolitical situation affecting export sales.
  3. Recognized a provision of Rs. 19 lakhs for past service cost on gratuity and compensated absences due to new Labour Codes (Code on Wages, Industrial Relations Code, Social Security Code, Occupational Safety, Health and Working Conditions Code, 2020).
  4. Company continues to monitor finalization of Central/State Rules and clarifications on Labour Codes.

Corporate Governance

  1. Unaudited financial results reviewed by the Audit Committee.
  2. Results taken on record by the Board of Directors.

Management Discussion & Analysis

Industry Overview

  1. Higher sales to domestic industries like auto ancillaries, cutting tools, blade, and resellers.

Macroeconomic Outlook

  1. Volatile geopolitical situation affecting export markets.

Performance Drivers

  1. Strong domestic sales growth, up 20% YoY for the quarter.
  2. Increased sales to auto ancillaries, cutting tools, blade, and resellers.

Critical Risks

  1. Volatile geopolitical situation impacting export performance.
  2. Lower off-take from key export regions.
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