Wheels India (WHEELS) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 consolidated revenue from operations fell to ₹1,176.47 crore from ₹1,283.78 crore YoY, while net profit rose to ₹24.44 crore from ₹3.18 crore.

• H1 consolidated revenue was ₹2,342.35 crore vs ₹2,495.41 crore; net profit increased to ₹48.17 crore from ₹11.88 crore. Standalone Q2 and H1 net profit reached ₹21.92 crore and ₹47.29 crore.

Financial highlights

• Q2 EBITDA rose 46.1% to ₹77.55 crore; EBITDA margin was 7.15% vs 4.46%, and PBT was ₹29.35 crore vs ₹6.45 crore.

• H1 EBITDA increased 34.4% to ₹157.03 crore; EBITDA margin was 7.22% vs 5.03%, and PBT was ₹62.28 crore vs ₹23.42 crore.

• Q2 consolidated PBT was ₹32.45 crore vs ₹2.83 crore; H1 consolidated PBT was ₹63.92 crore vs ₹13.80 crore.

Outlook and guidance

• FY2025 revenue is expected slightly below FY2024; H1 broadly indicates H2, with possible Q4 improvement. EBITDA margins are expected to hold, though growth against last year's strong Q4 may be difficult.

• FY2025 CapEx is estimated at ₹225 crore, focused on windmill-casting machining, hydraulic cylinders, agricultural wheels, aluminium wheels and cost-reduction projects.

• CV demand may recover in Q4 after a weak Q2; stronger Q4 tractor demand is expected, supported by monsoons and harvest season.

• Export launches shifted by one or two quarters as customers work through inventory; launches are expected around April–June.

• Priorities include expanding off-road wheel and hydraulic-cylinder exports, scaling large-casting machining and cast aluminium wheels, optimizing working capital and improving costs.