Wheels India Limited is a TSF Group–promoted manufacturer of steel, aluminium and wire wheels, supplying passenger cars, commercial vehicles, tractors, construction equipment and wind-turbine components; it is a preferred OEM supplier with around ten manufacturing units and a workforce of approximately 8,700 people.

The company reported Q3 FY26 gross revenues of Rs 1,287 crore (GOLY +21.7%) and YTD Dec'25 revenues of Rs 3,653 crore, driven by a 21% quarterly growth in automotive components and sustained export mix around 25% of sales, reflecting resilient demand across domestic and international OEMs.

Wheels India posted Q3 FY26 PAT of Rs 32.05 crore (GOLY +42%) and YTD PAT of Rs 86.26 crore (GOLY +23.5%), while maintaining EBITDA margins near 7.6% and improving ROCE to 16.19% in Q3 FY26, indicating operating leverage from volume growth and cost initiatives.

The company is deliberately diversifying away from pure wheel manufacturing by scaling wind-turbine component machining, fabricated structural parts including offshore WEGs, hydraulic cylinders and cast aluminium wheels, supported by significant FY26 capex and targeted ramp-ups aimed at improving ROCE and RONW.

Balance-sheet metrics show disciplined leverage: total debt roughly stable at Rs 697 crore in Q3 FY26, debt-equity down to 0.77 and debt/EBITDA improving to 1.89x (Q3 FY26), while free cash flow remained positive at Rs 58 crore YTD, underpinning capex funding predominantly from accruals.