Overview

Detailed Summary

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.

Sector: Auto Ancillaries
Industry: Auto Ancillaries - Wheels
Market Cap: 2,144 Cr
Volatility: Moderate Risk
P/E Ratio: 15.8
Industry P/E: 18.6
PEG Ratio: 1.6
P/B Ratio: 2.2
52W High: 979.25
52W Low: 548.00

Sales CAGR

1Y: -4.68%
3Y: 6.20%
5Y: 12.70%
10Y: 8.35%

Profit CAGR

1Y: 90.48%
3Y: 9.88%
5Y: 14.36%
10Y: 11.42%

ROE

TTM: 12.89%
3Y: 9.84%
5Y: 8.78%
10Y: 10.00%

ROCE

TTM: 17.05%
3Y: 18.56%
5Y: 16.09%
10Y: 16.76%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RML	821.20	2,262 Cr	30.52	3.33	0.58	7.07	11.38	3.20
FMGOETZE	395.30	2,192 Cr	12.16	1.61	0.00	13.29	19.36	10.18
WHEELS	875.85	2,144 Cr	15.80	2.23	1.31	12.89	17.05	4.17
DIVGIITTS	669.55	2,048 Cr	55.66	3.37	0.39	4.98	6.82	5.34
GNA	426.00	1,845 Cr	16.39	1.96	0.70	11.15	13.61	7.72
INDNIPPON	813.00	1,834 Cr	18.70	2.34	1.54	11.39	14.49	9.59
NDRAUTO	735.20	1,756 Cr	29.13	5.42	0.37	17.47	20.08	11.29

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,284	1,210	1,271	1,166	1,176	1,125	1,277	1,266	1,264	1,371
Expenses	1,236	1,150	1,174	1,086	1,093	1,040	1,174	1,172	1,171	1,271
Operating Profit	48	60	97	79	83	85	103	94	93	100
OPM %	3.72	4.97	7.66	6.82	7.09	7.57	8.09	7.40	7.33	7.31
Other Income	6.81	2.37	5.41	3.99	2.43	3.29	2.60	4.50	6.77	8.00
Interest	30	30	31	29	31	31	30	31	30	30
Depreciation	21	21	22	23	23	24	24	26	27	29
Profit Before Tax	2.83	11	50	31	32	33	52	41	42	49
Tax %	-12.37	18.68	23.90	24.59	24.68	23.79	25.25	25.32	24.87	23.99
Net Profit	3.18	8.75	38	24	24	25	39	31	32	37
EPS in Rs	1.78	4.14	15.76	9.66	10.00	10.25	15.77	12.23	12.68	14.76

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,343	2,610	3,441	2,672	2,413	3,966	4,640	4,977	4,744	4,844
Expenses	1,987	2,364	3,196	2,500	2,270	3,712	4,420	4,711	4,392	4,478
Operating Profit	355	246	245	172	143	255	221	266	352	366
OPM %	15.17	9.43	7.13	6.44	5.93	6.42	4.75	5.34	7.43	7.55
Other Income	4.06	23	7.51	8.02	2.27	16	26	16	11	13
Interest	48	45	66	67	59	71	106	123	122	123
Depreciation	64	70	79	78	86	101	74	85	93	97
Profit Before Tax	78	106	108	36	0.80	98	66	75	149	158
Tax %	23.76	28.75	29.65	-33.18	85.00	24.15	21.91	21.31	24.65	24.84
Net Profit	59	75	76	47	0.12	74	51	59	112	119
EPS in Rs	—	—	27.00	20.15	0.75	31.30	22.56	25.63	45.68	55.44
Dividend Payout %	26.41	48.08	25.17	27.71	131.58	26.12	30.84	28.77	25.40	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	24	24	24	24	24	24	24
Reserves	402	457	575	616	640	637	710	731	815	898
Borrowings	336	273	292	422	520	698	876	819	778	737
Other Liabilities	545	628	784	952	803	1,118	1,364	1,474	1,487	1,530
Total Liabilities	1,295	1,369	1,663	2,015	1,987	2,476	2,974	3,048	3,104	3,188
Fixed Assets	518	526	557	710	753	883	903	1,060	1,149	1,295
CWIP	17	22	65	65	198	114	126	114	77	50
Investments	17	19	21	23	23	23	25	22	32	46
Other Assets	743	802	1,019	1,216	1,013	1,456	1,921	1,851	1,845	1,797
Total Assets	1,295	1,369	1,663	2,015	1,987	2,476	2,974	3,048	3,104	3,188

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	148	155	131	184	184	148	28	370	329	400
Cash from Investing Activity	-69	-75	-135	-230	-242	-118	-120	-152	-150	-213
Cash from Financing Activity	-82	-75	9.32	38	70	-31	84	-216	-146	-188
Net Cash Flow	-1.98	4.90	5.30	-9.03	12	-0.49	-8.95	2.95	34	-0.29

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	58.73%	58.73%	58.31%	58.31%	58.31%	58.31%	58.31%	58.31%	58.31%	58.31%	58.31%	58.31%
FIIs	0.42%	0.21%	0.26%	0.19%	0.29%	0.81%	0.42%	0.34%	0.38%	0.57%	1.08%	1.18%
DIIs	20.02%	20.02%	18.81%	18.32%	13.13%	12.16%	11.99%	11.68%	11.68%	11.64%	10.68%	9.81%
Public	20.83%	21.04%	22.61%	23.18%	28.27%	28.72%	29.28%	29.67%	29.63%	29.48%	29.93%	30.70%
Total Shareholders	15,587	15,352	16,245	16,775	20,434	21,226	22,686	23,193	23,657	22,873	22,558	22,678

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Q3 FY26

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