Wheels India (WHEELS) Q1 25/26 earnings summary

Executive summary

• Consolidated Q1 FY26 revenue from operations was ₹1,265.50 crore versus ₹1,165.88 crore YoY; net profit was ₹30.59 crore versus ₹23.74 crore.

• Standalone gross revenue was INR 1,187.04 Cr, up 9.1% YoY; EBITDA was INR 89.16 Cr, up 12.2%, and PAT was INR 26.44 Cr, up 4.2%.

• Consolidated PBT was ₹40.96 crore versus ₹31.47 crore YoY; automotive components drove segment profit while industrial components returned to profit.

Financial highlights

• Consolidated total income was ₹1,278.14 crore versus ₹1,167.86 crore YoY; total expenses were ₹1,229.04 crore versus ₹1,138.40 crore.

• Standalone revenue from operations was ₹1,182.87 crore versus ₹1,082.58 crore; net profit was ₹26.44 crore versus ₹25.37 crore.

• Standalone PBT was INR 35.83 Cr, up 8.8% YoY; interest expense rose 10.7% to INR 28.76 Cr and depreciation rose 19.4% to INR 24.57 Cr.

• Consolidated comprehensive income was ₹29.01 crore versus ₹23.24 crore; standalone comprehensive income was ₹24.88 crore in both periods.

Outlook and guidance

• FY26 capex plan of INR 250 Cr targets windmill products, hydraulic cylinders, automotive aluminium and steel wheel capacity, plus routine and cost-saving projects.

• Priorities include export growth in construction and agricultural wheels, ramping windmill machining and cast aluminium wheels, and expanding hydraulic cylinders.

• Working-capital and cash-flow optimization, cost control, and funding capex predominantly from accruals are intended to improve ROCE and RONW while holding debt near current levels.