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Wheels India Q2 FY27 results: net profit up 89.3% to ₹60.16 crore, revenue up 35.4%
Wheels India Ltd reported consolidated revenue of ₹1,711 crore and net profit of ₹60.16 crore for Q2 FY27. Revenue rose 35.4% from the year-ago quarter, while EBITDA increased 38.5% to ₹128.21 crore and EBITDA margin edged up 0.2 percentage points to 7.5%.
Key points
- Consolidated revenue was ₹1,711 crore, up 35.4% from ₹1,264 crore in Q2 FY26 and 14.8% from ₹1,491 crore in Q1 FY27.
- EBITDA was ₹128.21 crore in Q2 FY27, compared with ₹92.60 crore in Q2 FY26 and ₹111.82 crore in Q1 FY27.
- Net profit was ₹60.16 crore, up 89.3% from ₹31.78 crore a year earlier and 54.5% from ₹38.94 crore in the previous quarter.
- Basic EPS was ₹24.21, compared with ₹12.68 in Q2 FY26 and ₹15.68 in Q1 FY27.
- H1 FY27 revenue was ₹3,201.95 crore and net profit was ₹99.11 crore, compared with ₹2,529.47 crore and ₹62.37 crore in H1 FY26.
How did Wheels India perform in Q2 FY27?
Wheels India’s consolidated revenue for Q2 FY27 was ₹1,711 crore, up 35.4% from ₹1,264 crore in Q2 FY26. EBITDA rose 38.5% to ₹128.21 crore from ₹92.60 crore, while the margin increased 0.2 percentage points to 7.5%. Net profit was ₹60.16 crore against ₹31.78 crore a year earlier, and basic EPS was ₹24.21 against ₹12.68.
Against Q1 FY27, revenue increased 14.8% to ₹1,711 crore from ₹1,491 crore and EBITDA rose 14.7% to ₹128.21 crore from ₹111.82 crore. The EBITDA margin remained 7.5%. Net profit increased 54.5% to ₹60.16 crore from ₹38.94 crore, while basic EPS rose from ₹15.68 to ₹24.21.
The board filing also reported standalone results. Standalone revenue was ₹1,585.03 crore and net profit was ₹53.41 crore in Q2 FY27, against revenue growth of 35.1% and profit before tax of ₹27.77 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,711 | 1,491 | 1,264 | +35.4% | +14.8% |
| Other income | 12.01 | 1.79 | 4.56 | +163.4% | +570.9% |
| Total expenses | 1,647 | 1,441 | 1,228 | +34.1% | +14.4% |
| EBITDA | 128.21 | 111.82 | 92.60 | +38.5% | +14.7% |
| EBITDA margin | 7.5% | 7.5% | 7.3% | +0.2 pp | +0.0 pp |
| Profit before tax | 75.55 | 52.13 | 40.09 | +88.5% | +44.9% |
| Tax | 19.15 | 15.84 | 10.52 | +82.0% | +20.9% |
| Net profit | 60.16 | 38.94 | 31.78 | +89.3% | +54.5% |
| EPS (₹) | 24.21 | 15.68 | 12.68 | +90.9% | +54.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Wheels India's costs and profit?
Total expenses rose 34.1% to ₹1,647 crore from ₹1,228 crore in Q2 FY26. Cost of materials increased 32.1% by ₹300.83 crore to ₹1,239 crore, employee cost rose 21.8% by ₹31.94 crore to ₹178.62 crore, and other expenses increased 30.8% by ₹50.46 crore to ₹214.18 crore.
Finance costs rose 4.2% by ₹1.25 crore to ₹30.83 crore, while depreciation increased 23.1% by ₹6.35 crore to ₹33.84 crore. Other income increased 163.4% by ₹7.45 crore to ₹12.01 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26.
Tax expense rose 82.0% by ₹8.63 crore to ₹19.15 crore. Profit before tax increased 88.5% by ₹35.46 crore to ₹75.55 crore, and net profit increased 89.3% by ₹28.38 crore to ₹60.16 crore. Sequentially, other income rose by ₹10.22 crore, while other expenses fell by ₹0.93 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,239 | 938.47 | +300.83 | +32.1% |
| Employee cost | 178.62 | 146.68 | +31.94 | +21.8% |
| Finance costs | 30.83 | 29.58 | +1.25 | +4.2% |
| Depreciation | 33.84 | 27.49 | +6.35 | +23.1% |
| Other expenses | 214.18 | 163.72 | +50.46 | +30.8% |
| Total expenses | 1,647 | 1,228 | +418.97 | +34.1% |
| Other income | 12.01 | 4.56 | +7.45 | +163.4% |
| Tax | 19.15 | 10.52 | +8.63 | +82.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹3,201.95 crore, up 26.6% from ₹2,529.47 crore in H1 FY26. Total income increased 26.7% to ₹3,215.75 crore from ₹2,537.14 crore. Profit before tax rose 60.3% to ₹127.68 crore from ₹79.66 crore.
Net profit for the first half increased 58.9% to ₹99.11 crore from ₹62.37 crore. Basic EPS rose from ₹24.91 to ₹39.83, while total expenses increased to ₹3,088.07 crore from ₹2,457.48 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,202 | 2,529 | +26.6% |
| Profit before tax | 127.68 | 79.66 | +60.3% |
| Net profit | 99.11 | 62.37 | +58.9% |
| EPS (₹) | 39.83 | 24.91 | +59.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,073.4 crore, compared with ₹3,526.93 crore at 31 March 2026. Total equity rose to ₹1,525.23 crore from ₹1,054.93 crore, and borrowings increased to ₹692.78 crore from ₹689.66 crore.
Cash and cash equivalents stood at ₹28.03 crore at 30 September 2026, compared with ₹3.64 crore at 31 March 2026. Inventories increased to ₹950.8 crore from ₹746.43 crore, trade receivables rose to ₹973.92 crore from ₹817.69 crore, and trade payables were ₹1,334.36 crore against ₹1,338.18 crore.
H1 FY27 operating cash flow was negative ₹179.33 crore, compared with positive ₹252.83 crore in H1 FY26. Investing cash flow was negative ₹159.04 crore against negative ₹133.91 crore, financing cash flow was positive ₹301.24 crore against negative ₹91.37 crore, and capital expenditure was ₹161.09 crore against ₹114.52 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,073 | 3,527 |
| Total equity | 1,525 | 1,055 |
| Borrowings | 692.78 | 689.66 |
| Cash and equivalents | 28.03 | 3.64 |
| Inventories | 950.80 | 746.43 |
| Trade receivables | 973.92 | 817.69 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −179.33 | 252.83 |
| Cash from investing | −159.04 | −133.91 |
| Cash from financing | 301.24 | −91.37 |
| Capital expenditure | 161.09 | 114.52 |
Source: Company's results filing (XBRL).
How has Wheels India done over the last 8 quarters?
Revenue increased in each of the last seven quarters on a year-on-year basis, while profit increased in each of the last eight quarters on a year-on-year basis. Q2 FY27 revenue of ₹1,711 crore was the highest in the reported series, above ₹1,564 crore in Q4 FY26.
Net profit reached ₹60.16 crore in Q2 FY27, compared with ₹58.81 crore in Q4 FY26 and ₹38.94 crore in Q1 FY27. The earlier low in the series was ₹25.47 crore in Q3 FY25. EBITDA margin was 7.5% in Q2 FY27, below the 8.1% recorded in Q4 FY26 and Q4 FY25.
Which businesses drove the quarter?
Automotive Components reported revenue of ₹1,446.02 crore in Q2 FY27, up 40.2% from ₹1,031.57 crore in Q2 FY26. Segment EBIT rose to ₹102.8 crore from ₹60.71 crore, with an EBIT margin of 7.1%.
Industrial Components reported revenue of ₹264.93 crore, up 14.0% from ₹232.4 crore in the year-ago quarter. Segment EBIT fell to ₹7.34 crore from ₹11.17 crore, while the EBIT margin was 2.8%. Total segment EBIT for Q2 FY27 was ₹110.14 crore, against ₹71.79 crore in Q2 FY26.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Automotive | 1,446 | +40.2% | 102.80 | 7.1% |
| Industrial | 264.93 | +14.0% | 7.34 | 2.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review report. It also approved a proposed investment of Rs. 20 Crores in a joint venture company formed with Brakes India Private Limited and Bosch Limited for the commercial vehicle air systems segment.
The company filed its Q2 FY27 investor presentation on 29 October 2026 for the conference call with fund managers, analysts and investors. The same-day board filing did not announce a dividend, fund raise or appointment.
What did Wheels India's management say?
Management did not provide a recorded guidance statement in the earnings call materials available for Q2 FY27. The company filed a link to the 29 October 2026 conference call transcript with the NSE on 4 November 2026, but the excerpt provided does not set out management’s responses on priorities, risks or analyst questions.
How did Wheels India shares react?
| After the filing | Stock | Auto Components & Equipments median |
|---|---|---|
| 5 minutes | +8.0% | |
| 15 minutes | +2.3% | |
| 30 minutes | −2.4% | |
| Reaction day | −3.0% | −0.3% |
| Next day | −9.4% | −1.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 July 2026 | −5.2% |
| 15 May 2026 | +10.0% |
| 29 January 2026 | +2.6% |
| 31 October 2025 | −4.3% |
| 5 August 2025 | −1.5% |
| 20 May 2025 | −4.7% |
| 27 January 2025 | −1.5% |
| 28 October 2024 | +4.4% |
Source: MarketPing price-reaction measurement.
How did other Auto Components & Equipments companies do?
Among 46 other Auto Components & Equipments companies compared for the quarter, the median revenue growth was 33.6%. Of the 29 peers with slower growth, 17 grew faster than Wheels India, while 37 of 47 peers reported higher profit.
| Wheels India revenue growth (YoY) | +35.4% |
|---|---|
| Median of 46 other Auto Components & Equipments companies | +33.6% |
| Companies with slower revenue growth than Wheels India | 29 of 46 |
| Companies with faster revenue growth than Wheels India | 17 of 46 |
| Companies whose net profit rose | 37 of 47 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Wheels India's revenue in Q2 FY27?
Revenue from operations was ₹1,711 crore, up 35.4% from ₹1,264 crore in Q2 FY26 (consolidated).
Did Wheels India make a profit in Q2 FY27?
Yes. Net profit was ₹60.16 crore, against a net profit of ₹31.78 crore in Q2 FY26.
What was Wheels India's EPS in Q2 FY27?
Basic earnings per share were ₹24.21, against ₹12.68 in Q2 FY26.
How did Wheels India shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.0% from the previous close; the median Auto Components & Equipments stock moved −0.3%.
When did Wheels India announce its Q2 FY27 results?
On 29 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 29 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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