This microcap infra company, which provides wind and solar services, is in focus after receiving an order from Suzlon and Tata Chemicals totaling worth Rs. 4.08 crore.
Price Movement
In Monday’s trading session, Winsol Engineers Limited stock was down by 7 percent to Rs.300.05 per share, from its previous close price of Rs.323.50. The stock was recently listed on the bourses in May 2024. The stock had a bumper listing of around 387 percent from its higher price band of Rs. 75 per share. From then the stock is down by 15 percent which has underperformed nifty.
What happened
The company received an order from Tata Chemicals worth Rs. 1.25 crore for the supply of 33kv Line Rail Pole cross arm channel bracing angle suitable length clamp dated October 21, 2024. They even received an order from Suzlon Global services worth Rs. 2.83 crore for the erection GI structure, 110KV Line, 66KV 0.2 ACSR Panther dated October 20, 2024.
Financial Performance
Their recent FY24 results show revenue from operations increased by 19.36 percent year on year, from Rs. 65.39 crores in FY23 to Rs. 78.05 crores in FY24. Their net profit increased by 75.82 percent year on year, from Rs. 5.17 crores in FY23 to Rs. 9.09 crores in FY24.
The return on equity in FY24 stood at 67 percent down from 84 percent a year ago. The debt to equity ratio was 0.55 times which has significantly reduced from 1.33 times in FY23. However, the return on capital employed has stayed at 82 percent which remained flat compared to 83 percent in FY23. The equity base increase has had an effect on the RoE.
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Revenue Segment
According to the company’s annual report, they considered revenue from a single source. They derive their revenue from the two business verticals which are the Balance of plant solutions (Engineering and consulting work) and Civil construction work (operation and maintenance) segment as of FY24.
Shareholding Pattern
As of September 2024, the shareholding pattern includes promoters holding a major share of 72.99 percent stake in Winsol Engineers. Foreign Institutional Investors (FIIs) hold 0.74 percent, and public holdings stood at 26.27 percent.
About the company
Winsol Engineers Limited is into procurement, integrated engineering, commissioning services, and construction. They primarily cater their services to the renewable energy sector. The company was founded in 2015. They undertake EPC work on a turnkey basis. Their BoP segment includes the Foundation work, substation civil and electrical work, right-of-way services, cabling to substation and grid, and miscellaneous work.
They do O&M services to ensure that BoP components operate to their optimal performance levels, energy production maximising and even help with additional revenue source generation for the company.
Written by Santhosh S
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