WHEELS
Wheels India Limited
Automotive and industrial components for vehicles and construction equipment
Consumer Discretionary›Automobile and Auto Components›Auto Components›Auto Components & Equipments
wheelsindia.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹2452.70
Market cap
6,589 Cr
Stock P/E
36.2
P/B
5.75
Dividend yield
0.5%
ROE (FY26)
15.0%
ROCE (FY26)
18.9%
Operating margin (FY26)
5.4%
Debt / equity (FY26)
0.66
OCF / EBITDA (FY26)
115.6%
OCF / EBITDA (3Y)
117.1%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Wheels India makes wheels for trucks, agricultural tractors, passenger vehicles and construction equipment, along with air suspension systems for trucks and buses and industrial components for the construction and windmill industries.
Company snapshot
34thBy market cap
Ranked among 94 companies in Auto Components & Equipments.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 82.4% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Automotive | 82.4% | 2,858 Cr | 163 Cr | — |
| Industrial | 17.6% | 610 Cr | 25 Cr | — |
What we see
Positives
- ✓117% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is very thin at 2.9% — little room for error if costs rise.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,284 Cr | 1,210 Cr | 1,271 Cr | 1,166 Cr | 1,176 Cr | 1,125 Cr | 1,277 Cr | 1,266 Cr | 1,264 Cr | 1,371 Cr | 1,564 Cr | 1,491 Cr |
| Operating expenses (approx.) | 1,236 Cr | 1,150 Cr | 1,174 Cr | 1,086 Cr | 1,093 Cr | 1,040 Cr | 1,174 Cr | 1,172 Cr | 1,171 Cr | 1,271 Cr | 1,438 Cr | 1,379 Cr |
| EBITDA | 48 Cr | 60 Cr | 97 Cr | 79 Cr | 83 Cr | 85 Cr | 103 Cr | 94 Cr | 93 Cr | 100 Cr | 126 Cr | 112 Cr |
| OPM % | 3.7% | 5.0% | 7.7% | 6.8% | 7.1% | 7.6% | 8.1% | 7.4% | 7.3% | 7.3% | 8.1% | 7.5% |
| Other income | 4 Cr | 0.83 Cr | 3 Cr | 2 Cr | 0.98 Cr | 2 Cr | 0.95 Cr | 3 Cr | 5 Cr | 6 Cr | 9 Cr | 2 Cr |
| Interest | 30 Cr | 30 Cr | 31 Cr | 29 Cr | 31 Cr | 31 Cr | 30 Cr | 31 Cr | 30 Cr | 30 Cr | 29 Cr | 29 Cr |
| Depreciation | 21 Cr | 21 Cr | 22 Cr | 23 Cr | 23 Cr | 24 Cr | 24 Cr | 26 Cr | 27 Cr | 29 Cr | 32 Cr | 33 Cr |
| Profit before tax | 3 Cr | 11 Cr | 50 Cr | 31 Cr | 32 Cr | 33 Cr | 52 Cr | 41 Cr | 42 Cr | 49 Cr | 77 Cr | 55 Cr |
| Tax % | -12.4% | 18.7% | 23.9% | 24.6% | 24.7% | 23.8% | 25.2% | 25.3% | 24.9% | 24.0% | 23.9% | 28.9% |
| Net profit | 3 Cr | 9 Cr | 38 Cr | 24 Cr | 24 Cr | 25 Cr | 39 Cr | 31 Cr | 32 Cr | 37 Cr | 59 Cr | 39 Cr |
| EPS (₹) | ₹1.78 | ₹4.14 | ₹15.76 | ₹9.66 | ₹10.00 | ₹10.25 | ₹15.77 | ₹12.23 | ₹12.68 | ₹14.76 | ₹23.78 | ₹15.68 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,343 Cr | 2,610 Cr | 3,441 Cr | 2,672 Cr | 2,413 Cr | 3,966 Cr | 4,651 Cr | 4,977 Cr | 4,744 Cr | 5,465 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 2,157 Cr | 2,412 Cr | 3,196 Cr | 2,500 Cr | 2,270 Cr | 3,712 Cr | 4,433 Cr | 4,711 Cr | 4,392 Cr | 5,052 Cr | Sign in free for the trailing twelve months |
| EBITDA | 186 Cr | 199 Cr | 245 Cr | 172 Cr | 143 Cr | 255 Cr | 218 Cr | 266 Cr | 352 Cr | 413 Cr | Sign in free for the trailing twelve months |
| OPM % | 7.9% | 7.6% | 7.1% | 6.4% | 5.9% | 6.4% | 4.7% | 5.3% | 7.4% | 7.6% | Sign in free for the trailing twelve months |
| Other income | 3 Cr | 8 Cr | 6 Cr | 8 Cr | 2 Cr | 12 Cr | 21 Cr | 8 Cr | 5 Cr | 23 Cr | Sign in free for the trailing twelve months |
| Interest | 48 Cr | 45 Cr | 66 Cr | 67 Cr | 59 Cr | 71 Cr | 103 Cr | 123 Cr | 122 Cr | 120 Cr | Sign in free for the trailing twelve months |
| Depreciation | 64 Cr | 70 Cr | 79 Cr | 78 Cr | 86 Cr | 101 Cr | 72 Cr | 85 Cr | 93 Cr | 115 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 78 Cr | 106 Cr | 108 Cr | 36 Cr | 0.80 Cr | 98 Cr | 69 Cr | 75 Cr | 149 Cr | 209 Cr | Sign in free for the trailing twelve months |
| Tax % | 23.8% | 28.7% | 29.7% | -33.2% | 85.0% | 24.2% | 21.8% | 21.3% | 24.7% | 24.4% | Sign in free for the trailing twelve months |
| Net profit | 59 Cr | 75 Cr | 76 Cr | 47 Cr | 0.12 Cr | 74 Cr | 54 Cr | 59 Cr | 112 Cr | 158 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹49.23 | ₹62.41 | ₹31.79 | ₹20.39 | ₹0.76 | ₹31.78 | ₹24.13 | ₹25.69 | ₹45.39 | ₹63.44 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 5341.7% | 3.3% | 50.1% | 16.3% | 25.8% | 19.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 12 Cr | 12 Cr | 24 Cr | 24 Cr | 24 Cr | 24 Cr | 24 Cr | 24 Cr | 24 Cr | 24 Cr |
| Reserves | 457 Cr | 575 Cr | 616 Cr | 640 Cr | 637 Cr | 710 Cr | 740 Cr | 815 Cr | 898 Cr | 1,017 Cr |
| Borrowings | 273 Cr | 292 Cr | 422 Cr | 510 Cr | 677 Cr | 849 Cr | 785 Cr | 770 Cr | 725 Cr | 690 Cr |
| Other liabilities | 628 Cr | 759 Cr | 930 Cr | 792 Cr | 1,119 Cr | 1,374 Cr | 1,447 Cr | 1,485 Cr | 1,531 Cr | 1,782 Cr |
| Total liabilities | 1,369 Cr | 1,661 Cr | 2,015 Cr | 1,987 Cr | 2,476 Cr | 2,974 Cr | 3,010 Cr | 3,104 Cr | 3,188 Cr | 3,527 Cr |
| Fixed assets (net) | 525 Cr | 555 Cr | 704 Cr | 739 Cr | 861 Cr | 875 Cr | 998 Cr | 1,114 Cr | 1,260 Cr | 1,469 Cr |
| CWIP | 22 Cr | 65 Cr | 65 Cr | 198 Cr | 114 Cr | 126 Cr | 114 Cr | 77 Cr | 50 Cr | 69 Cr |
| Investments | 19 Cr | 21 Cr | 23 Cr | 23 Cr | 23 Cr | 25 Cr | 28 Cr | 32 Cr | 46 Cr | 78 Cr |
| Inventories | 279 Cr | 374 Cr | 435 Cr | 412 Cr | 548 Cr | 800 Cr | 844 Cr | 883 Cr | 769 Cr | 746 Cr |
| Trade receivables | 436 Cr | 483 Cr | 586 Cr | 472 Cr | 741 Cr | 891 Cr | 829 Cr | 726 Cr | 801 Cr | 818 Cr |
| Cash & bank | 3 Cr | 5 Cr | 3 Cr | 4 Cr | 2 Cr | 4 Cr | 4 Cr | 5 Cr | 4 Cr | 4 Cr |
| Other assets | 85 Cr | 158 Cr | 197 Cr | 139 Cr | 187 Cr | 254 Cr | 193 Cr | 267 Cr | 258 Cr | 343 Cr |
| Total assets | 1,369 Cr | 1,661 Cr | 2,015 Cr | 1,987 Cr | 2,476 Cr | 2,974 Cr | 3,010 Cr | 3,104 Cr | 3,188 Cr | 3,527 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 155 Cr | 131 Cr | 184 Cr | 184 Cr | 148 Cr | 28 Cr | 373 Cr | 329 Cr | 400 Cr | 477 Cr |
| Cash from investing | -75 Cr | -135 Cr | -230 Cr | -242 Cr | -118 Cr | -120 Cr | -148 Cr | -150 Cr | -213 Cr | -292 Cr |
| Cash from financing | -75 Cr | 9 Cr | 38 Cr | 70 Cr | -31 Cr | 84 Cr | -211 Cr | -146 Cr | -188 Cr | -175 Cr |
| Net cash flow | 5 Cr | 5 Cr | -9 Cr | 12 Cr | -0.49 Cr | -9 Cr | 14 Cr | 34 Cr | -0.29 Cr | 11 Cr |
| Free cash flow (OCF − Capex) | 76 Cr | -81 Cr | -57 Cr | -60 Cr | 28 Cr | -108 Cr | 221 Cr | 179 Cr | 191 Cr | 201 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 17.0% | 16.7% | 16.0% | 8.5% | 4.4% | 10.6% | 11.0% | 12.2% | 16.3% | 18.9% |
| ROE % | 12.6% | 12.4% | 11.5% | 6.9% | 0.0% | 9.9% | 7.5% | 7.4% | 12.0% | 15.0% |
| Debtor days | 68 | 67 | 62 | 65 | 112 | 82 | 65 | 53 | 61 | 54 |
| Inventory days | 71 | 77 | 64 | 83 | 117 | 96 | 88 | 90 | 86 | 73 |
| Days payable | 108 | 101 | 94 | 101 | 192 | 130 | 122 | 122 | 136 | 130 |
| Cash conversion cycle | 31 | 44 | 31 | 46 | 37 | 48 | 31 | 21 | 11 | -3 |
| OCF / EBITDA % | 83.6% | 66.0% | 74.8% | 106.9% | 103.6% | 10.8% | 170.6% | 123.9% | 113.6% | 115.6% |
| OCF / EBITDA % (3 years) | — | — | 74.6% | 80.9% | 92.0% | 63.1% | 89.0% | 98.7% | 131.7% | 117.1% |
| Debt / equity | 0.58 | 0.50 | 0.66 | 0.77 | 1.02 | 1.16 | 1.03 | 0.92 | 0.79 | 0.66 |
| Current ratio | 1.10 | 1.16 | 1.09 | 1.02 | 1.03 | 0.99 | 0.93 | 0.94 | 0.93 | 0.87 |
| Net debt / EBITDA | 1.45 | — | 1.71 | — | — | — | 3.58 | 2.88 | 2.04 | 1.66 |