WTiCabs ends FY26 with 51% revenue growth and improving EBITDA margin

Wise Travel India Limited, operating as WTiCabs, closed FY26 with consolidated revenue of INR 8,265.3 million, up 50.7 percent year on year from INR 5,485.9 million. Profitability improved at the operating level, with EBITDA rising to INR 936.0 million from INR 536.0 million, taking the EBITDA margin to 11.3 percent from 9.8 percent. The bottom line grew more moderately. FY26 PAT stood at INR 294.7 million versus INR 233.5 million in FY25, while PAT margin moved down to 3.6 percent from 4.3 percent.

The company positions itself as a B2B mobility platform delivering end to end transportation solutions for enterprises, using a technology enabled and asset light model. Operationally, the presentation highlights a 14,500+ vehicle network in H2 FY26, with 13 percent company owned and 83 percent vendor operated vehicles, supported by a 24 by 7 call centre and a stated client base of 800+.

What the revenue mix shows

WTiCabs discloses FY26 revenue split by business segments and by geographies. By segment, Employee Transportation Services is the largest at 26 percent, followed by CRD at 20 percent, MSP at 18 percent, and LTR at 17 percent. Fleet Pro contributes 12 percent, while Airport and Dubai account for 5 percent and 3 percent respectively. By geography, NCR Region leads at 31 percent, Maharashtra at 25 percent, Karnataka at 16 percent, Tamilnadu at 7 percent, and Others at 21 percent.

This mix aligns with the company narrative of being a corporate mobility operator with a heavy enterprise orientation. It also suggests a relatively diversified regional footprint within India, with the top two regions contributing 56 percent of revenue.

Margins improved, but profit conversion tightened

The FY26 income statement shows a clear step up in scale, with total expenditure rising broadly in line with revenue. EBITDA grew faster than revenue, indicating better operating leverage or improved unit economics. However, the jump in depreciation and interest costs is notable. Depreciation rose to INR 472.6 million from INR 215.6 million, while interest expense doubled to INR 135.9 million from INR 67.4 million.

This dynamic helps explain why PAT margin declined even as EBITDA margin expanded. The presentation also reports an increase in debt to equity to 0.73 in FY26, up from 0.61 in FY25 and 0.18 in FY24. On the balance sheet, total equity increased to INR 2,014.4 million, and total borrowings rose with long term borrowings at INR 1,068.1 million and short term borrowings at INR 404.0 million.

Working capital indicators also moved. Trade receivables increased to INR 2,129.9 million from INR 1,422.3 million, while cash and cash equivalents declined to INR 682.0 million from INR 769.8 million. The presentation does not provide cash flow details, so the precise drivers cannot be validated here, but the year on year receivables build is visible from the balance sheet.

Strategy: scale, technology, and the push toward sustainability

The company frames its operating model around SLA governed services, governance and compliance, and cost optimization through routing and fleet intelligence. The deck cites technology enablers such as GPS, IoT, real time tracking, app based booking, automated billing, and route optimization. It also cites that route optimization can deliver 10 to 20 percent fuel efficiency gains, and highlights predictive maintenance as a way to reduce downtime.

On sustainability, the presentation discusses the broader EV transition, referencing a policy driven target of 30 percent EV penetration by 2030. It connects EV adoption to lower operating cost per km and corporate ESG alignment. The company also references that its shift toward a sustainable vision with electric vehicles began in 2018, and highlights initiatives around women drivers and women safety protocols as part of customer experience and safety.

Internationally, the company notes that WTi Rent a Car LLC, a wholly owned subsidiary, started in Dubai, and that WTi Mobility UK Ltd. was incorporated in the UK. It also states that WTi Fleet Providers Private Limited was incorporated as a wholly owned subsidiary. While financial contributions by subsidiary are not disclosed in the deck, Dubai is listed as a business segment contributing 3 percent of FY26 revenue.

What the company is signaling for the way ahead

In its investment highlights, WTiCabs states an aspiration to achieve a revenue CAGR of 35 to 40 percent through strategic investments, with emphasis on Employee Transportation Services, Car Rental Services, and consolidation of operations across 250+ cities, alongside building a significant global presence. The presentation also includes industry sizing and growth projections, stating that India’s corporate car rental industry is projected to grow from INR 375 billion to INR 700 billion by 2030 at 11 percent annual growth, while the employee transportation industry is expected to grow from INR 3000 billion to INR 3600 billion by 2030 at a 5.34 percent CAGR.

For investors, the FY26 picture is two sided but readable. Operating profitability improved materially, supported by scale and better EBITDA margin. At the same time, higher depreciation, higher finance costs, and rising leverage reduced the rate at which operating gains converted into net profit. The next phase of execution will likely be judged on whether the company can sustain operating improvements while managing balance sheet intensity and working capital discipline as it scales in India and builds out international operations.