NSE: WHEELS · BSE: 590073
WHEELS INDIA LTD
Manufactures wheels and related components for the automotive and industrial sectors, with FY26 revenue of ₹5,464.94 crore and EBITDA margin of 7.97%. Its Automotive segment, the larger line, supplies wheels for cars, trucks, agri tractors and construction equipment to vehicle OEMs. The smaller Industrial segment covers other specialized component lines, recording ₹938.52 crore in FY26 revenue. A 50:50 joint venture with Bosch and Brakes India is targeting electronically controlled air system products for commercial vehicles (trucks and buses), including air compression, air processing, air suspension and air parking brake modules for global OEMs. Both segments posted growth in Q1 FY27, with consolidated revenue of ₹1,491 crore and exports of ₹380 crore. Raw materials, chiefly steel, form the largest input cost at 68.4% of revenue, while capex runs at 5.1% of revenue, reflecting an asset-heavy manufacturing base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive, Industrial. Asset-heavy auto components manufacturer with cyclical exposure to commercial vehicle, tractor and construction equipment demand
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 4,651 | 4,977 | 4,744 | 5,465 |
| EBITDA (ex other income) | 218 | 266 | 352 | 413 |
| margin % | 4.7 | 5.3 | 7.4 | 7.6 |
| Owners' profit | 58 | 63 | 0 | 0 |
| EPS, as reported (₹) | 24.13 | 25.69 | 45.39 | 63.44 |
| ROE % · ROCE % | 7.0 · 16.0 | 6.9 · 15.7 | 12.0 · 20.2 | 15.0 · 21.9 |
| Debt / equity (x) | 1.01 | 0.91 | 0.78 | 0.65 |
| Cash from operations | 373 | 329 | 400 | 477 |
| Capex | (151) | (150) | (209) | (277) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,176 | 1,125 | 1,277 | 1,266 | 1,264 | 1,371 | 1,564 | 1,491 |
| Profit before tax | 31 | 32 | 50 | 40 | 40 | 47 | 74 | 52 |
| Net profit | 24 | 25 | 39 | 31 | 32 | 37 | 59 | 39 |
| EPS (₹) | 10.00 | 10.25 | 15.77 | 12.23 | 12.68 | 14.76 | 23.78 | 15.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive | 4,526 | 82.8 |
| Industrial | 939 | 17.2 |
| Total, before eliminations | 5,465 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.5 | 25.3 | 74 of 119 | 38% |
| P/B | 5.2 | 3.2 | 87 of 117 | 26% |
| ROCE | 13.7 | 12.6 | 58 of 125 | 54% |
| ROE | 15.0 | 11.7 | 35 of 117 | 71% |
| Debt / Equity | 0.7 | 0.3 | 91 of 117 | 22% |
| EBITDA margin | 7.6 | 12.2 | 100 of 118 | 15% |
| Revenue growth | 17.8 | 20.2 | 66 of 113 | 42% |
| Profit growth | 27.3 | 24.4 | 56 of 115 | 52% |
| Market cap | 5472 | 1460 | 35 of 126 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · ICRA upgrades Wheels India's credit ratings | credit debt | medium | — | — |
| 23 Oct 2026 · Wheels India schedules investor call for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Wheels India files quarterly dematerialisation certificate for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closure from Oct 1, 2026 till Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Wheels India allots QIP shares worth about Rs 250 crores at Rs 2088 each | fund raising | high | — | — |
| 25 Sept 2026 · Wheels India QIP closes at Rs 2,088 per share, 4.97% discount to floor price | fund raising | high | — | — |
| 24 Sept 2026 · Wheels India opens QIP at Rs 2,197.10 floor price per share | fund raising | high | — | — |
| 23 Sept 2026 · Promoter TSF Investments raises stake in Wheels India to 27.81% | ownership changes | high | — | — |
| 21 Sept 2026 · Wheels India allots 12.32 lakh shares at Rs 1461 via preferential issue | fund raising | high | — | — |
| 21 Sept 2026 · Board approves allotment of 12.32 lakh shares via preferential issue | fund raising | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.