Wheels India (WHEELS) Q4 25/26 earnings summary

Executive summary

• FY26 standalone gross revenue reached ₹5,124.40 crore, up 15.8%; PAT rose 30.9% to ₹138.56 crore.

• FY26 consolidated revenue was ₹5,464.94 crore and PAT ₹158.05 crore, up 40.9%; consolidated gross revenue was ₹5,487.46 crore.

• Q4 consolidated revenue grew 23.1% and PAT 52.6% YoY; EBITDA margin improved to 8.80% from 8.29%.

• The Board recommended a final dividend of ₹9.14 per share.

Financial highlights

• Standalone Q4 gross revenue was ₹1,471.49 crore, EBITDA ₹126.79 crore and PAT ₹52.30 crore; YoY growth was 23.1%, 27.5% and 45.3%, respectively.

• Standalone FY26 revenue was ₹5,098.35 crore versus ₹4,415.33 crore; PAT was ₹138.56 crore versus ₹105.85 crore.

• Consolidated Q4 revenue was ₹1,564.02 crore versus ₹1,277.19 crore; PAT was ₹58.81 crore versus ₹38.54 crore.

• Consolidated FY26 gross revenue was ₹5,487.46 crore, up 15.5%; EBITDA was ₹444.14 crore, up 22.1%, and PAT was ₹158.05 crore, up 40.9%.

• FY26 exports were ₹1,342 crore, 26% of sales versus 25% a year earlier; Q4 exports were ₹400 crore.

Outlook and guidance

• FY27 CapEx is estimated at ₹280–300 crore, with ₹280 crore board-approved; planned investment includes windmill machining, wheels and large-casting machining.

• Management targets double-digit EBITDA margins within ~2 years, from 8.09% consolidated in FY26; volumes, operating leverage and external conditions are key factors.

• Exports are expected to grow in FY27, with stronger growth likely in FY28; geopolitical uncertainty remains.

• Existing investments indicate revenue potential of ₹6,000–6,500 crore without a new site; further investment will be required.