Wheels India (WHEELS) Q4 24/25 earnings summary

Executive summary

• FY25 standalone PAT rose 56.0% to Rs 105.85 crore as gross revenue declined 4.2%; EBITDA increased 21.7% to Rs 336.31 crore.

• FY25 consolidated net profit increased to Rs 112.19 crore from Rs 58.90 crore, while revenue from operations declined to Rs 4,744.40 crore from Rs 4,977.30 crore.

• FY26 guidance points to healthy single-digit revenue growth and maintained profitability, with management targeting a 7% EBITDA margin.

Financial highlights

• FY25 standalone gross revenue was Rs 4,424.86 crore, down 4.2%; standalone revenue from operations was Rs 4,415.33 crore versus Rs 4,607.11 crore.

• FY25 standalone PAT was Rs 105.85 crore versus Rs 67.87 crore; PBT rose 58.3% to Rs 140.90 crore.

• Q4 FY25 standalone gross revenue was Rs 1,194.82 crore, up 2.3%, and EBITDA was Rs 99.43 crore, up 2.9%; PAT declined 2.3% to Rs 35.99 crore.

• Q4 FY25 consolidated revenue from operations was Rs 1,277.19 crore versus Rs 1,271.48 crore; net profit was Rs 38.54 crore versus Rs 38.27 crore.

• FY25 exports were Rs 1,119.16 crore, or 25.29% of sales; Q4 exports were Rs 333.55 crore, or 27.92% of sales.

Outlook and guidance

• FY26 revenue growth is expected to be healthy and single-digit, toward the higher end of underlying customer-market growth; profitability is expected to be maintained.

• Management expects to sustain a 7% EBITDA margin; Q1 is expected to be weaker, with margins improving from Q2 as product mix and windmill activity strengthen.

• Priorities include growing exports of construction-equipment and tractor wheels, hydraulic cylinders and cast-aluminium wheels, alongside ramp-ups in windmill-casting machining and cast-aluminium-wheel capacity.

• Capex is expected to be funded predominantly through accruals while debt is held at current levels; initiatives target improved ROCE and RONW.