Wheels
Wheels
Consumer DiscretionaryKey Fundamentals
MicrocapAuto ComponentsAutomobilesTapetide Score
Data-driven rating, 0–100. How it works →
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
1- Company has a low return on equity of 12.4% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoWheels 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.
- 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
- 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
- PE of 23x is elevated for an auto ancillary company with a 10-year profit CAGR of only 14%, leaving limited margin of safety
- 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
anthropic claude-opus-4.6 69d ago- 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.
- 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.
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.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| 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 |
| Operating Profit | 58 | 48 | 60 | 97 | 79 | 83 | 85 | 103 | 94 | 93 | 100 | 126 | 112 |
| OPM % | 4.8% | 3.7% | 5% | 8% | 7% | 7% | 8% | 8% | 7% | 7% | 7% | 8% | 8% |
| Other Income | 4 | 7 | 2 | 5 | 4 | 2 | 3 | 3 | 4 | 7 | 8 | 12 | 4 |
| Interest | 31 | 30 | 30 | 31 | 29 | 31 | 31 | 30 | 31 | 30 | 30 | 29 | 29 |
| Depreciation | 20 | 21 | 21 | 22 | 23 | 23 | 24 | 24 | 26 | 27 | 29 | 32 | 33 |
| PBT | 11 | 3 | 11 | 50 | 31 | 32 | 33 | 52 | 41 | 42 | 49 | 77 | 55 |
| Tax % | 21% | -12% | 19% | 24% | 25% | 25% | 24% | 25% | 25% | 25% | 24% | 24% | 29% |
| Net Profit | 9 | 3 | 9 | 38 | 24 | 24 | 25 | 39 | 31 | 32 | 37 | 59 | 39 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY16–FY27.
Documents
Frequently Asked Questions about Wheels
What does Wheels India Ltd do?
Where is Wheels India Ltd (WHEELS) listed?
Which sector does Wheels India Ltd belong to?
What is the market capitalisation of Wheels India Ltd?
What is the PE ratio of Wheels India Ltd?
What is the 52-week high and low of Wheels India Ltd?
Does Wheels India Ltd pay dividends?
What is the Return on Equity (ROE) of Wheels India Ltd?
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. [1]
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