We Win's Full-Year Profit Surge Masks a Sharp Q4 Margin Squeeze
The IT services firm posted robust annual profit growth, but its final quarter saw profitability erode sharply despite a surge in revenue.
We Win's full-year profit jumped over 51%, yet its Q4 performance reveals a divergence: revenue soared while net profit margin fell to 2.9%, signaling cost pressures.
We Win Limited concluded its fiscal year with a powerful revenue surge in the final quarter, but a sharp decline in profitability highlights emerging cost pressures. The company's full-year results show a strong 51.6% jump in profit, yet the fourth quarter tells a more complex story of top-line growth outpacing the bottom line.
The quarter ended March 2026 saw revenue leap 51.7% year-on-year to ₹30.77 crore. However, profit fell 15.7% to ₹0.91 crore, causing the net profit margin to contract by 240 basis points to just 2.9%. Sequentially, revenue grew 41.3% from Q3, but profit declined 22.2%, continuing a trend of margin compression over recent quarters.
Revenue & profit
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ4 FY26 | PreviousQ3 FY26 | Same quarter LYQ4 FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 30.77YoY +52% | 21.78 | 20.29 |
| Profit (₹ Cr) | 0.91YoY -16% | 1.17 | 1.08 |
| Net Profit Margin (%) | 2.9YoY -45% | 5.4 | 5.3 |
For the full financial year FY26, the picture is brighter. Revenue reached ₹93.65 crore, up 19.3% from the prior year, while annual profit of ₹2.84 crore represents a significant 51.6% increase. This strong annual performance is supported by a five-year revenue CAGR of 22.5%, though profit growth over the same period has been more modest at 5.5%.
Key Points
- The company maintains a robust balance sheet with low leverage, evidenced by a debt-to-equity ratio of 0.11.
- Return on Equity (ROE) for the year stands at a healthy 15.14%.
- The stock has delivered strong returns, gaining 47.3% over the past year and trades at a P/E of 13.1, a discount to the industry average.
The key question for the coming year is whether We Win can translate its impressive revenue momentum into sustained, higher-margin profitability.
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