WAVES Waves Corporation Limited

Waves Corporation Limited (WAVES) financial ratios

Waves Corporation Limited earned a net margin of 11.1% in FY2025 against a five-year average of 9.8% (Cable & Electrical Goods median 5.2%). Return on equity was 4.3%, compared with a sector median of 2.4%. The current ratio stood at 1.70× and debt was 55.2% of equity. Cash took about 359 days to cycle through receivables, inventory and payables.

FY2025 vs the Cable & Electrical Goods median

Gross margin: 28.1%; Sector median 18.7%
Operating margin: 7.3%; Sector median 10.8%
Net margin: 11.1%; Sector median 5.2%
Return on equity (ROE): 4.3%; Sector median 2.4%
Return on assets (ROA): 2.1%; Sector median 1.1%
Current ratio: 1.70×; Sector median 1.36×
Debt to equity: 55.2%; Sector median 55.5%
Asset turnover: 0.19×; Sector median 0.76×
Dividend payout ratio: 0.0%; Sector median 0.0%

Median of the 7 companies in the sector with the figure for their latest fiscal year.

WAVES financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 * Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 Jan – Dec 2011	FY2010 Jan – Dec 2010	FY2009 Jan – Dec 2009	FY2008 Jan – Dec 2008	FY2007 Jan – Dec 2007	FY2006 Jan – Dec 2006
Profitability
Gross margin	28.1%	30.9%	26.9%	19.5%	21.9%	21.6%	27.7%	28.1%	29.8%	35.0%	24.5%	23.7%	25.3%	25.5%	23.1%	23.2%	22.0%	23.3%	22.6%	21.8%
EBITDA margin	15.1%	39.9%	17.6%	10.9%	12.0%	15.3%	17.6%	11.5%	5.7%	2.5%	0.2%	(10.8%)	11.7%	3.6%	11.8%	10.9%	10.6%	11.2%	10.3%	9.9%
Operating margin	7.3%	31.7%	10.3%	7.0%	8.0%	10.3%	13.7%	8.8%	1.5%	(2.6%)	(3.1%)	(13.4%)	10.2%	—	10.4%	9.7%	9.4%	10.1%	9.4%	9.0%
Pre-tax margin	9.9%	27.6%	5.8%	3.2%	4.9%	3.2%	6.6%	6.0%	9.1%	8.9%	(12.2%)	(24.4%)	2.5%	2.3%	2.0%	1.9%	1.0%	3.6%	3.9%	3.4%
Net margin	11.1%	27.6%	4.9%	2.4%	3.1%	1.5%	4.0%	4.5%	8.5%	6.8%	(9.6%)	(17.1%)	1.6%	—	1.3%	0.7%	0.5%	1.9%	1.4%	1.6%
Effective tax rate	(12.3%)	0.2%	14.7%	24.2%	36.3%	52.7%	39.1%	25.2%	7.0%	23.5%	—	—	34.3%	29.7%	32.0%	60.2%	50.3%	47.2%	65.2%	53.5%
Returns
Return on equity (ROE)	4.3%	10.6%	2.4%	2.6%	3.7%	1.5%	4.5%	4.6%	6.5%	7.9%	(15.7%)	(31.4%)	—	—	3.7%	2.5%	2.2%	8.7%	6.7%	8.6%
Return on assets (ROA)	2.1%	4.7%	1.2%	1.1%	1.7%	0.7%	2.4%	2.7%	3.6%	2.7%	(4.8%)	(9.2%)	—	—	1.2%	0.7%	0.6%	2.1%	1.5%	1.8%
Return on invested capital (ROIC)	4.9%	8.8%	2.5%	3.2%	4.5%	3.5%	6.7%	5.6%	7.7%	7.1%	—	—	—	—	7.8%	8.8%	11.7%	12.7%	7.7%	6.4%
Liquidity
Current ratio	1.70×	1.69×	1.14×	1.30×	1.32×	1.37×	1.28×	1.34×	1.34×	1.12×	0.97×	1.05×	1.25×	—	1.36×	1.37×	1.39×	1.39×	1.48×	1.36×
Quick ratio	1.24×	1.22×	0.52×	0.68×	0.84×	0.93×	0.72×	0.74×	0.70×	0.82×	0.81×	0.82×	0.92×	—	0.98×	0.98×	0.99×	0.95×	1.05×	0.98×
Leverage
Debt to equity	55.2%	54.3%	56.1%	61.6%	73.3%	84.7%	76.9%	48.6%	42.3%	124.0%	142.9%	163.8%	161.0%	—	165.8%	146.4%	217.8%	229.9%	203.1%	251.2%
Debt to capital	35.6%	35.2%	35.9%	38.1%	42.3%	45.9%	43.5%	32.7%	29.7%	55.4%	58.8%	62.1%	61.7%	—	62.4%	59.4%	68.5%	69.7%	67.0%	71.5%
Debt to assets	30.1%	29.1%	28.4%	30.6%	36.2%	40.1%	37.3%	27.7%	26.2%	44.3%	46.3%	47.7%	47.5%	—	50.1%	46.3%	55.0%	54.6%	50.6%	51.9%
Assets to equity	1.85×	1.92×	2.00×	2.02×	2.06×	2.09×	1.91×	1.69×	1.79×	2.92×	3.25×	3.41×	—	—	3.24×	3.46×	4.08×	4.12×	4.34×	4.76×
Efficiency
Asset turnover	0.19×	0.17×	0.24×	0.47×	0.54×	0.49×	0.59×	0.61×	0.43×	0.40×	0.50×	0.54×	—	—	0.86×	0.98×	1.07×	1.13×	1.13×	1.13×
Receivable days days	458	482	370	241	231	227	156	131	185	335	323	324	—	—	185	176	174	167	176	185
Inventory days days	268	578	584	234	162	183	182	172	221	164	113	154	—	—	114	108	114	112	106	99
Payable days days	367	480	341	134	73	78	97	89	118	178	140	141	—	—	56	61	64	69	76	73
Cash conversion cycle days	359	578	612	341	319	332	240	213	288	321	297	337	—	—	243	223	223	210	205	211
Dividends
Dividend payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	53.9%	46.4%	0.0%	0.0%	—	—	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings retention rate	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×	0.46×	0.54×	1.00×	1.00×	—	—	1.00×	—	1.00×	1.00×	1.00×	1.00×	1.00×	1.00×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

WAVES: frequently asked questions

What is WAVES's EPS?

Waves Corporation Limited reported basic earnings per share of Rs 1.55 for FY2025 (Jan – Dec 2025).

What is WAVES's P/E ratio?

At the closing price of Rs 8.91 on 16 Oct 2026, WAVES trades at a P/E of 5.7× based on EPS of Rs 1.55 (FY2025).

Does WAVES pay dividends?

Waves Corporation Limited did not declare a cash dividend for FY2025.

What was WAVES's revenue and profit in FY2025?

Waves Corporation Limited reported revenue of Rs 4.8 bn and profit attributable to shareholders of Rs 436.6 mn for FY2025 (Jan – Dec 2025).

What is WAVES's book value per share?

Waves Corporation Limited's book value per share was Rs 36.27 at the end of FY2025. The shares trade at 0.25× book value.

Information only, not investment advice.