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Wheels India

WHEELS NSE
₹2,374.80 +130.60 (+5.82%)
P/E
35.50
View as Markdown
MCP
Close 4 Nov 2026 ₹2,374.80 +1,448.10 +156% 1Y
Start ₹926.70

Key Fundamentals

MicrocapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.80%
Debt to Equity
0.74
EPS (TTM)
₹66.90
Book Value
₹562.27
Market Cap
—
P/E (TTM)
35.50
P/B
4.22
ROE
15.80%
Dividend Yield
0.64%
EBITDA
₹436 Cr
52W High
₹2,515.80
52W Low
₹705.85
Day Range
₹2,208.00 – ₹2,399.00
Volume
91,984

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

Wheels peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
Wheels (this company)
₹2,374.8035.50₹5,765 Cr4.220.64%15.80%18.80%₹5,690 Cr₹167 Cr
Median 8 companies₹2,031.6560.53₹61,893 Cr8.180.43%13.30%17.95%₹19,134 Cr₹1,200 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

55 Good

Data confidence 100/100

surveillance:ASM1

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
99
Strong
Trend strength, vol-adjusted 12% weight
Ownership
55
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has delivered good profit growth of 143% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.6%

Weaknesses

2
  • Promoter holding has decreased over last quarter: -1.45%
  • Company has a low return on equity of 12.4% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2710
OscillatorsBearish270
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
58.86
Neutral
MACD (12,26,9)
26.99
Bearish
SMA (50)
2,094.93
Bullish
SMA (200)
1,437.81
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.65%
5Y+17.76%
3Y+5.61%
1Y+15.20%
TTM+17.46%

Net profit

Net profit growth by window
10Y+14.44%
5YZero base
3Y+45.78%
1Y+41.07%
TTM+40.34%

Operating cash flow

Operating cash flow growth by window
10Y+12.42%
5Y+26.37%
3Y+8.84%
1Y+19.25%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.10 pp
5Y+1.63 pp
3Y+2.80 pp
1Y+0.14 pp
TTM+0.03 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,173 Cr
Mar 2018₹2,563 Cr
Mar 2019₹3,441 Cr
Mar 2020₹2,672 Cr
Mar 2021₹2,413 Cr
Mar 2022₹3,966 Cr
Mar 2023₹4,640 Cr
Mar 2024₹4,977 Cr
Mar 2025₹4,744 Cr
Mar 2026₹5,465 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹59.00 Cr
Mar 2018₹75.00 Cr
Mar 2019₹76.00 Cr
Mar 2020₹47.00 Cr
Mar 2021₹0.00 Cr
Mar 2022₹74.00 Cr
Mar 2023₹51.00 Cr
Mar 2024₹59.00 Cr
Mar 2025₹112 Cr
Mar 2026₹158 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Wheels India Ltd, a TVS Group company in the auto components space, trades at a market cap of Rs 3,713 Cr with a PE of 23x and PB of 3.5x. The company has delivered exceptional 5-year profit CAGR of 143% and TTM sales growth of 15%, though its 3-year average ROE of 12% remains modest relative to its current valuation multiples.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 143% CAGR indicates strong operating leverage and margin expansion
  • TTM sales growth of 15% shows sustained revenue momentum, accelerating from the 3-year CAGR of 6%
  • TTM profit growth of 40% significantly outpaces sales growth of 15%, suggesting continued margin improvement
  • Last year ROE of 16% marks a meaningful improvement over the 10-year average of 10%, indicating rising capital efficiency
  • Consistent dividend payout ratio of 25.6% demonstrates shareholder-friendly capital allocation and earnings confidence
  • 10-year compounded sales CAGR of 11% reflects long-term structural demand growth in the wheels and auto components segment
  • Stock CAGR of 82% over 1 year reflects strong market re-rating on the back of improving fundamentals
  • 5-year stock CAGR of 20% has outpaced the 5-year sales CAGR of 18%, suggesting market is pricing in sustained profitability improvements
Bear Case 7
  • 3-year average ROE of only 12% is low for a company trading at 3.5x price-to-book, implying the stock may be priced for perfection
  • 3-year sales CAGR of just 6% raises questions about whether the TTM 15% growth is sustainable or cyclical
  • Dividend yield of 0.97% offers minimal income cushion in a rising interest rate environment
  • Stock price appreciation of 82% in 1 year far exceeds underlying profit growth of 40% TTM, suggesting speculative premium in valuation
  • 5-year ROE average of 11% and 10-year average of 10% suggest structurally modest return profile despite recent improvement
  • Being in the Consumer Discretionary/auto components sector exposes the company to cyclical demand swings tied to commercial vehicle and OEM cycles
  • The gap between 10-year stock CAGR of 10% and recent 1-year CAGR of 82% suggests mean-reversion risk if growth moderates

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Wheels India is delivering solid export-led growth at 20% in FY26, supported by strength in CV and tractor wheel segments. No material headwinds are visible, though a potential fund raise on July 10 introduces mild dilution risk depending on the instrument chosen. The trend is positive with improving international demand, but investors should watch for details on the fundraising structure and its impact on equity.

Positives 1
  • 20% export growth in FY26 Jul 1

    Wheels India reported 20% export growth in FY26 driven by strong commercial vehicle and tractor segments. The 67th AGM approved financial statements and dividend declarations.

Neutral 2
  • Board considers fund raising Jul 10 Jul 6

    Board will meet on July 10, 2026 to consider raising funds through equity shares, convertible securities, or debt instruments via private placement, public issue, preferential issue, or rights issue.

  • 67th AGM held via video conference Jun 8

    Wheels India held its 67th AGM on July 1, 2026 with remote e-voting open from June 28 to June 30.

Quarterly Results

₹ Cr
WHEELS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,212
1,284
1,210
1,271
1,166
1,176
1,125
1,277
1,266
1,264
1,371
1,564
1,491
1,711
Expenses
1,153
1,236
1,150
1,174
1,086
1,093
1,040
1,174
1,172
1,171
1,271
1,438
1,379
1,583
Operating Profit
58
48
60
97
79
83
85
103
94
93
100
126
112
128
OPM %
4.8%
3.7%
5%
8%
7%
7%
8%
8%
7%
7%
7%
8%
8%
7%
Other Income
1.76
4.39
0.83
5
4
2
1.86
3
4
4.56
6.36
12
4
16
Interest
29.78
30
30
31
29
31
31
30
31
30
30
29
29
31
Depreciation
20
21
21
22
23
23
24
24
26
27
29
32
33
34
PBT
11
3
11
50
31
32
33
52
41
42
49
77
55
79
Tax %
21%
−12%
19%
24%
25%
25%
24%
25%
25%
25%
24%
24%
29%
24%
Net Profit
9
3
9
38
24
24
25
39
31
32
37
59
39
60
EPS (₹)
4.07
1.78
4.14
15.76
9.66
9.82
10.25
15.65
12.23
12.68
14.76
23.78
15.68
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
WHEELS profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,987
2,173
2,563
3,441
2,672
2,413
3,966
4,640
4,977
4,744
5,465
5,690
Expenses
1,815
1,987
2,364
3,196
2,500
2,270
3,712
4,420
4,711
4,392
5,052
5,259
Operating Profit
172
186
199
245
172
143
255
221
266
352
413
431
OPM %
9%
9%
8%
7%
6%
6%
6%
4.8%
5%
7%
8%
8%
Other Income
2
4
23
8
8
2
16
26
16
11
31
31
Interest
58
48
45
66
67
59
71
106
122
122
120
118
Depreciation
60
64
70
79
78
86
101
74
85
93
115
122
PBT
56
78
106
108
36
1
98
66
75
149
209
223
Tax %
29%
24%
29%
30%
−33%
85%
24%
22%
21%
25%
24%
—
Net Profit
41
59
75
76
47
0
74
51
59
112
158
166
EPS (₹)
17.07
24.58
31.15
31.79
20.39
0.76
31.78
23
25.69
45.39
63.44
66.9
Div. Payout %
26%
26%
24%
25%
28%
132%
26%
30%
29%
25%
23%
—

Balance Sheet

₹ Cr
WHEELS balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
12
12
12
24
24
24
24
24
24
24
24
Reserves
402
457
575
616
640
637
710
731
815
898
1,017
Borrowings
386
369
359
495
650
698
876
819
778
737
768
Other Liabilities
495
532
718
880
674
1,118
1,364
1,474
1,487
1,531
1,705
Total Liabilities
1,295
1,369
1,663
2,015
1,987
2,476
2,974
3,048
3,104
3,189
3,514
Fixed Assets
518
526
557
710
753
883
903
1,060
1,149
1,295
1,506
CWIP
17
22
65
65
198
114
126
114
77
50
69
Investments
17
19
21
23
23
23
24
22
32
46
78
Other Assets
743
802
1,019
1,216
1,013
1,456
1,921
1,851
1,845
1,797
1,861
Total Assets
1,295
1,369
1,663
2,015
1,987
2,476
2,974
3,048
3,104
3,189
3,514

Cash Flow

₹ Cr
WHEELS cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
148
155
131
184
184
148
28
370
329
400
477
Investing
−69
−75
−135
−230
−242
−118
−120
−152
−150
−213
−292
Financing
−82
−75
9
38
70
−31
84
−216
−146
−188
−175
Net Cash Flow
−2
5
5
−9
12
0
−9
3
34
0
11
Free Cash Flow
74
78
−64
−50
−60
29
−94
217
179
192
203
CFO/OP
92
94
81
84
114
96
22
173
134
117
124

Ratios

WHEELS financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
64
73
69
62
65
112
82
60
53
62
55
Inventory Days
84
71
78
66
81
119
101
95
89
85
73
Days Payable
104
108
103
97
99
195
136
124
121
135
131
Cash Conversion Cycle
44
37
44
31
46
36
46
31
21
12
−3
Working Capital Days
15
10
17
9
2
5
−3
−13
−8
−11
−18
ROCE %
—
15%
15%
16%
8%
4%
11%
11%
12%
16%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Wheels insights

91 extracted metrics across FY02–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.86%
  • Public 21.21%
  • Others 12.13%
  • DIIs 7.23%
  • FIIs 2.57%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Wheels India

What does Wheels India Ltd do?
Wheels India is engaged in the Business of Manufacture of Road Wheels, Parts & Accessories for Machinery / Equipments used by construction and mining industries and Wind Turbine Parts.
Where is Wheels India Ltd (WHEELS) listed?
Wheels India Ltd trades as WHEELS on the NSE and under code 590073 on the BSE.
Which sector does Wheels India Ltd belong to?
Wheels India Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Wheels India Ltd?
Wheels India Ltd trades at a PE ratio of 35.50 as of 4 Nov 2026, on earnings per share of ₹66.9, against a book value of ₹562.27 per share.
What is the 52-week high and low of Wheels India Ltd?
Over the last 52 weeks Wheels India Ltd has traded between ₹705.85 and ₹2,515.8 as of 4 Nov 2026.
Does Wheels India Ltd pay dividends?
Wheels India Ltd has a dividend yield of 0.64%.
What is the Return on Equity (ROE) of Wheels India Ltd?
Wheels India Ltd reported a return on equity of 15.80%. Its debt-to-equity ratio is 0.74.

Company Information

Wheels India is engaged in the Business of Manufacture of Road Wheels, Parts & Accessories for Machinery / Equipments used by construction and mining industries and Wind Turbine Parts.

Website wheelsindia.com
CEO Mr. Srivats Ram
Employees 2,595
Listed 7 Apr 2000
Face Value ₹10

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