Wheels India Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,901 Cr
- P/E
- 36.09
- ROE
- 15.79%
- PEG
- 0.88
- Price to sales
- 1.03
- Debt to equity
- 0.74
- 52W high / low
- ₹2,453 / ₹714
- Sales growth (5Y)
- 17.76%
- EBITDA margin
- 7.57%
- Net profit margin
- 2.89%
- Promoter holding
- 56.86%
- Sales (last year)
- ₹5,690 Cr
Wheels India is engaged in the Business of Manufacture of Road Wheels , Parts & Accessories for Machinery / Equipments used by construction and mining industries and Wind Turbine Parts. [1]
Guidance scorecard · Q2 FY27 call
What Wheels India Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ4 FY26 call
10–20%- Wheels India expects to grow top line through organic capex and productivity improvements, targeting capacity expansions primarily in commercial vehicles and aluminium wheels.
- Commercial vehicle wheel capacity is planned to increase from 250,000 to 300,000 units.
- Aluminium wheels capacity will increase from 42,000 currently to 60,000 soon, 80,000 by half-year, with possible further expansion to 100,000-120,000 next year.
- Medium to heavy construction wheels capacity remains stable (~16,000), focusing on productivity improvement.
- Light construction wheels capacity is about 25,000-30,000 depending on product mix.
- The company targets 15-20% growth over a 2-3 year period, riding overall industry growth.
- Export growth is expected to continue, with exports being 26% of sales.
2 more points from Wheels India Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Wheels India Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Approved capex for FY 2026-27 is about INR 280 crores.
- Capex includes investments in windmill business, aluminium wheels, industrial components, and off-road businesses.
- Windmill machining investment of INR 90 crores made; benefits to materialize in current/future years (12-15 months commissioning lag).
- Plan to add capacity in aluminium wheels: from 42,000/month to 60,000 soon, 80,000 by half year, and possibly 100,000-120,000 next year.
- Capacity expansion ongoing for steel wheels from 11-12 million units combined to about 13.5-14 million.
- Considering potential overseas expansion (greenfield or acquisitions) for medium term, not immediate.
- Plans to consolidate manufacturing facilities, reduce rentals, and improve productivity rather than adding new construction wheel capacity.
2 more points from Wheels India Ltd's call on capex
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FundraisingQ4 FY26 call
See what Wheels India Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Ask what Wheels India Ltd said on the order book →
Full Q4 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingWheels India Ltd announcements
All announcements →- Fundraise / allotmentNotableWheels India Limited completes QIP issue with allocation of 11,97,318 equity shares
- Fundraise / allotmentNotableWheels India Ltd approves QIP issue and floor price of ₹2,197.10 per share
Financials of Wheels India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Wheels India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 58.31% | 56.86% |
| FIIs + | 0.19% | 0.29% | 0.81% | 0.42% | 0.34% | 0.38% | 0.57% | 1.08% | 1.18% | 1.15% | 1.98% | 2.57% |
| DIIs + | 18.32% | 13.13% | 12.16% | 11.99% | 11.68% | 11.68% | 11.64% | 10.68% | 9.81% | 9.64% | 6.39% | 7.23% |
| Public + | 23.18% | 28.27% | 28.72% | 29.28% | 29.67% | 29.63% | 29.48% | 29.93% | 30.70% | 30.91% | 33.32% | 33.34% |
| No. of Shareholders | 16,775 | 20,434 | 21,226 | 22,686 | 23,193 | 23,657 | 22,873 | 22,558 | 22,678 | 22,677 | 29,271 | 32,503 |
Financials of Wheels India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,284 | 1,210 | 1,271 | 1,166 | 1,176 | 1,125 | 1,277 | 1,266 | 1,264 | 1,371 | 1,564 | 1,491 | 1,711 |
| Expenses + | 1,236 | 1,150 | 1,174 | 1,086 | 1,093 | 1,040 | 1,174 | 1,172 | 1,171 | 1,271 | 1,438 | 1,379 | 1,583 |
| Operating Profit | 48 | 60 | 97 | 79 | 83 | 85 | 103 | 94 | 93 | 100 | 126 | 112 | 128 |
| OPM % | 3.7% | 5.0% | 8% | 7% | 7% | 8% | 8% | 7% | 7% | 7% | 8% | 8% | 7% |
| Other Income + | 7 | 2 | 5 | 4 | 2 | 3 | 3 | 4 | 7 | 8 | 12 | 4 | 16 |
| Interest | 30 | 30 | 31 | 29 | 31 | 31 | 30 | 31 | 30 | 30 | 29 | 29 | 31 |
| Depreciation | 21 | 21 | 22 | 23 | 23 | 24 | 24 | 26 | 27 | 29 | 32 | 33 | 34 |
| Profit before tax | 3 | 11 | 50 | 31 | 32 | 33 | 52 | 41 | 42 | 49 | 77 | 55 | 79 |
| Tax % | -12% | 19% | 24% | 25% | 25% | 24% | 25% | 25% | 25% | 24% | 24% | 29% | 24% |
| Net Profit + | 3 | 9 | 38 | 24 | 24 | 25 | 39 | 31 | 32 | 37 | 59 | 39 | 60 |
| EPS in Rs | 1.78 | 4.14 | 15.76 | 9.66 | 9.82 | 10.25 | 15.65 | 12.23 | 12.65 | 14.76 | 23.78 | 15.68 | 22.12 |
Financials of Wheels India Ltd
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,987 | 2,173 | 2,563 | 3,441 | 2,672 | 2,413 | 3,966 | 4,640 | 4,977 | 4,744 | 5,465 | 6,137 |
| Expenses + | 1,815 | 1,987 | 2,364 | 3,196 | 2,500 | 2,270 | 3,712 | 4,420 | 4,711 | 4,392 | 5,052 | 5,671 |
| Operating Profit | 172 | 186 | 199 | 245 | 172 | 143 | 255 | 221 | 266 | 352 | 413 | 467 |
| OPM % | 9% | 9% | 8% | 7% | 6% | 6% | 6% | 4.8% | 5% | 7% | 8% | 8% |
| Other Income + | 2 | 4 | 23 | 8 | 8 | 2 | 16 | 26 | 16 | 11 | 31 | 40 |
| Interest | 58 | 48 | 45 | 66 | 67 | 59 | 71 | 106 | 122 | 122 | 120 | 119 |
| Depreciation | 60 | 64 | 70 | 79 | 78 | 86 | 101 | 74 | 85 | 93 | 115 | 128 |
| Profit before tax | 56 | 78 | 106 | 108 | 36 | 1 | 98 | 66 | 75 | 149 | 209 | 260 |
| Tax % | 29% | 24% | 29% | 30% | -33% | 85% | 24% | 22% | 21% | 25% | 24% | |
| Net Profit + | 41 | 59 | 75 | 76 | 47 | 0 | 74 | 51 | 59 | 112 | 158 | 195 |
| EPS in Rs | 17.07 | 24.58 | 31.15 | 31.79 | 20.39 | 0.76 | 31.78 | 23.00 | 25.69 | 45.39 | 63.44 | 76.34 |
| Dividend Payout % | 26% | 26% | 24% | 25% | 28% | 132% | 26% | 30% | 29% | 25% | 23% |
Financials of Wheels India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 27 |
| Reserves | 402 | 457 | 575 | 616 | 640 | 637 | 710 | 731 | 815 | 898 | 1,017 | 1,484 |
| Borrowings + | 386 | 369 | 359 | 495 | 650 | 698 | 876 | 819 | 778 | 737 | 768 | 768 |
| Other Liabilities + | 495 | 532 | 718 | 880 | 674 | 1,118 | 1,364 | 1,474 | 1,487 | 1,531 | 1,705 | 1,795 |
| Total Liabilities | 1,295 | 1,369 | 1,663 | 2,015 | 1,987 | 2,476 | 2,974 | 3,048 | 3,104 | 3,189 | 3,514 | 4,073 |
| Fixed Assets + | 518 | 526 | 557 | 710 | 753 | 883 | 903 | 1,060 | 1,149 | 1,295 | 1,506 | 1,561 |
| CWIP | 17 | 22 | 65 | 65 | 198 | 114 | 126 | 114 | 77 | 50 | 69 | 88 |
| Investments | 17 | 19 | 21 | 23 | 23 | 23 | 24 | 22 | 32 | 46 | 78 | 62 |
| Other Assets + | 743 | 802 | 1,019 | 1,216 | 1,013 | 1,456 | 1,921 | 1,851 | 1,845 | 1,797 | 1,861 | 2,362 |
| Total Assets | 1,295 | 1,369 | 1,663 | 2,015 | 1,987 | 2,476 | 2,974 | 3,048 | 3,104 | 3,189 | 3,514 | 4,073 |
Financials of Wheels India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 148 | 155 | 131 | 184 | 184 | 148 | 28 | 370 | 329 | 400 | 477 |
| Cash from Investing Activity + | -69 | -75 | -135 | -230 | -242 | -118 | -120 | -152 | -150 | -213 | -292 |
| Cash from Financing Activity + | -82 | -75 | 9 | 38 | 70 | -31 | 84 | -216 | -146 | -188 | -175 |
| Net Cash Flow | -2 | 5 | 5 | -9 | 12 | -0 | -9 | 3 | 34 | -0 | 11 |
| Free Cash Flow | 74 | 78 | -64 | -50 | -60 | 29 | -94 | 217 | 179 | 192 | 203 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 92% | 94% | 81% | 84% | 114% | 96% | 22% | 173% | 134% | 117% | 124% |
Financials of Wheels India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 64 | 73 | 69 | 62 | 65 | 112 | 82 | 60 | 53 | 62 | 55 |
| Inventory Days | 84 | 71 | 78 | 66 | 81 | 119 | 101 | 95 | 89 | 85 | 73 |
| Days Payable | 104 | 108 | 103 | 97 | 99 | 195 | 136 | 124 | 121 | 135 | 131 |
| Cash Conversion Cycle | 44 | 37 | 44 | 31 | 46 | 36 | 46 | 31 | 21 | 12 | -3 |
| Working Capital Days | 15 | 10 | 17 | 9 | 2 | 5 | -3 | -13 | -8 | -11 | -18 |
| ROCE % | 15% | 15% | 16% | 8% | 4% | 11% | 11% | 12% | 16% | 19% |
Guidance history
How Wheels India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | None planned | Rising |
| Q4 FY25 call → | 0–10% | Flat | Planned | None planned | — |
| Q2 FY25 call → | Decline | Flat | Planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
95 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +135.4% | 96% |
| Last 6 months | +78.8% | 94% |
| Last 3 months | +55.6% | 97% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Wheels India Ltd: 0.4 × 96 + 0.4 × 94 + 0.2 × 97 = 95.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Wheels India Ltd's management said in earlier quarters
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