Wheels India Q2 profit rises 90% as margin reaches 8.36%

Wheels India Limited reported consolidated profit after tax of Rs 60.16 crore in Q2 FY27, up 89.8% year on year from Rs 31.69 crore. Gross revenue increased 35.8% to Rs 1,772.96 crore, while earnings before interest, tax, depreciation and amortisation, or EBITDA, margin rose by 53 basis points to 8.36%.

How did Wheels India’s consolidated Q2 FY27 earnings change?

Wheels India’s consolidated profit after tax, or PAT, rose to Rs 60.16 crore in Q2 FY27 from Rs 31.69 crore in Q2 FY26, while profit before tax, or PBT, increased 87.9% to Rs 79.31 crore from Rs 42.21 crore. Gross revenue grew 35.8% to Rs 1,772.96 crore from Rs 1,268.53 crore.

EBITDA increased 45.0% to Rs 143.98 crore from Rs 99.28 crore, outpacing gross-revenue growth. EBITDA margin therefore increased to 8.36% from 7.83%, and PBT margin rose to 4.60% from 3.33%.

Interest expense increased 4.2% to Rs 30.83 crore from Rs 29.58 crore in Q2 FY26, while depreciation rose 23.1% to Rs 33.84 crore from Rs 27.49 crore. The increases in these charges were accompanied by PBT growth of 87.9% and PAT growth of 89.8%.

Which Wheels India segment led Q2 FY27 growth?

Wheels India’s automotive components segment led Q2 FY27 growth, with revenue rising 40% to Rs 1,446 crore from Rs 1,032 crore in Q2 FY26. Industrial components revenue increased 14% to Rs 265 crore from Rs 232 crore, taking consolidated revenue from operations to Rs 1,711 crore from Rs 1,264 crore.

Automotive components earnings before interest and tax, or EBIT, increased 70% to Rs 102.80 crore from Rs 60.62 crore. Industrial components EBIT declined 34% to Rs 7.34 crore from Rs 11.17 crore, although total EBIT from operations rose 53% to Rs 110.14 crore from Rs 71.79 crore.

The automotive business accounted for Rs 1,446 crore of the Rs 1,711 crore Q2 FY27 revenue from operations and Rs 102.80 crore of total EBIT of Rs 110.14 crore. Industrial components contributed Rs 265 crore of revenue and Rs 7.34 crore of EBIT in the same quarter.

How did Wheels India perform in H1 FY27?

Wheels India reported consolidated H1 FY27 PAT of Rs 99.11 crore, up 59.1% from Rs 62.29 crore in H1 FY26. Gross revenue rose 26.7% to Rs 3,215.75 crore from Rs 2,537.14 crore, while PBT increased 61.2% to Rs 134.10 crore from Rs 83.18 crore.

H1 FY27 EBITDA grew 31.8% to Rs 260.25 crore from Rs 197.44 crore a year earlier. EBITDA margin increased to 8.09% from 7.78%, while PBT margin rose to 4.17% from 3.28%.

Interest expense declined 1.5% to Rs 59.40 crore in H1 FY27 from Rs 60.31 crore, whereas depreciation increased 23.7% to Rs 66.75 crore from Rs 53.95 crore. For the year ended March 31, 2026, Wheels India had reported consolidated PAT of Rs 157.98 crore and EBITDA of Rs 444.07 crore.

How did Wheels India’s H1 segments compare?

Wheels India’s automotive components revenue rose 28% to Rs 2,700 crore in H1 FY27 from Rs 2,109 crore in H1 FY26, exceeding the 19% increase in industrial components revenue to Rs 502 crore from Rs 420 crore. Revenue from operations grew 27% to Rs 3,202 crore from Rs 2,529 crore.

Automotive components EBIT increased 37% to Rs 178.41 crore from Rs 130.14 crore in the first half. Industrial components EBIT rose 13% to Rs 15.10 crore from Rs 13.35 crore, resulting in total EBIT from operations of Rs 193.50 crore, up from Rs 143.49 crore.

The Q2 and H1 segment trends differed for industrial components: quarterly EBIT fell 34% to Rs 7.34 crore, while H1 EBIT increased 13% to Rs 15.10 crore. Automotive components EBIT increased in both periods, by 70% in Q2 FY27 and 37% in H1 FY27.

How did Wheels India’s margins compare with FY26?

Wheels India’s Q2 FY27 consolidated EBITDA margin of 8.36% exceeded both the 7.83% recorded in Q2 FY26 and the 8.09% reported for the year ended March 31, 2026. Its Q2 PBT margin of 4.60% was also above 3.33% a year earlier and 3.81% for FY26.

The H1 FY27 EBITDA margin of 8.09% was 31 basis points above the 7.78% reported in H1 FY26 and matched the FY26 margin of 8.09%. H1 PBT margin rose to 4.17% from 3.28%, above the 3.81% reported for FY26.

Wheels India’s standalone Q2 FY27 EBITDA margin was 8.18%, below the consolidated 8.36% figure. Standalone gross revenue was Rs 1,597.60 crore and PAT was Rs 53.41 crore, compared with consolidated gross revenue of Rs 1,772.96 crore and PAT of Rs 60.16 crore.

What capital expenditure is Wheels India planning for FY27?

Wheels India has estimated FY27 capital expenditure, or capex, of Rs 400 crore to Rs 450 crore. Management said the spending is intended to expand capacity in auto steel wheels, cast alloy wheels, energy products including large machining, hydraulic cylinders, construction and mining wheels, and air suspension.

The disclosed FY27 capex range is above the Rs 261.84 crore spent in FY26 and Rs 249.03 crore in FY25. Earlier annual capex was Rs 141.53 crore in FY24, Rs 148.13 crore in FY23 and Rs 129.63 crore in FY22.

The presentation does not provide a project-level allocation, completion schedule or expected revenue contribution for the Rs 400 crore to Rs 450 crore programme. It identifies the investment areas alongside Q2 FY27 automotive components revenue of Rs 1,446 crore and industrial components revenue of Rs 265 crore.

Conclusion

Wheels India’s Q2 FY27 results showed PAT growth of 89.8% against gross-revenue growth of 35.8%, with EBITDA increasing 45.0% and margin reaching 8.36%. Automotive components supplied most of the reported operating growth, while industrial components delivered revenue growth but lower quarterly EBIT.

The next disclosed matter to watch is management’s execution of the estimated Rs 400 crore to Rs 450 crore FY27 capex programme across wheel, energy products, hydraulic-cylinder and air-suspension capacity. The presentation gives no completion dates, project allocations or output targets for that spending.