538970
Wardwizard Inno. financials
- Market cap
- ₹174 Cr
What Wardwizard Inno. does
Wardwizard Innovations & Mobility designs, manufactures and markets electric two-wheelers under the Joy e-bike brand (low-speed and high-speed scooters and motorbikes) and electric three-wheelers under the Joy e-rik brand (passenger, cargo and loader variants) at its own plants in Vadodara, Gujarat and Deoghar, Jharkhand. It sells through a pan-India network of dealers and showroom distributors backed by its own service centres and branch offices, and also runs EV fleet-leasing/deployment operations for delivery and logistics partners. The company additionally pursues international expansion through a Singapore R&D subsidiary and proposed EV assembly/battery joint ventures overseas.
Segments
- Electric two-wheelers (Joy e-bike)
- Electric three-wheelers (Joy e-rik)
- Manufacturing plants
- 2 (Vadodara, Gujarat and Deoghar, Jharkhand); ~1,25,000 sq. ft. combined
- Installed capacity
- 1.2 lakh units/yr at Vadodara (single shift, scalable to 4-6 lakh units/yr with multiple shifts) + 20,000 units/yr at Deoghar
- Dealer network
- 750+
- Showroom distributors
- 150+
- Service centres
- 200+
- Branch offices
- 10+
Quarterly results
Q1 FY27: revenue up 91.0%, net profit down 83.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 58 | 86 | 109 | 32 | 33 −43% | 63 −27% | 118 +9% | 62 +91% |
| EBITDA | -2 | 12 | 19 | 4 | 5 +420% | 5 −59% | 7 −64% | 4 −5% |
| Net profit | -6 | 4 | 6 | 1 | 0 +103% | 0 −99% | 1 −90% | 0 −83% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −58.7% 1Y
1Y: ₹13.92 on 10 Sept 2025 → ₹5.75. High ₹13.96 (19 Sept 2025), low ₹5.08 (30 Mar 2026).
Financials, as filed
Revenue grew 1.1% a year over 3 years, FY23 to FY26. Operating margin widened to 8.5%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹239 Cr | ₹317 Cr | ₹302 Cr | ₹247 Cr |
| Operating profit | ₹19 Cr | ₹32 Cr | ₹37 Cr | ₹21 Cr |
| Operating margin | 8.0% | 10.2% | 12.2% | 8.5% |
| Interest | ₹1 Cr | ₹5 Cr | ₹20 Cr | ₹19 Cr |
| Depreciation | ₹5 Cr | ₹7 Cr | ₹7 Cr | ₹6 Cr |
| Net profit | ₹9 Cr | ₹14 Cr | ₹7 Cr | ₹2 Cr |
| Net margin | 4.0% | 4.5% | 2.2% | 0.8% |
| Cash from operations | ₹-18 Cr | ₹-63 Cr | ₹-69 Cr | ₹8 Cr |
| Free cash flow | ₹-39 Cr | ₹-71 Cr | ₹-88 Cr | ₹8 Cr |
| ROCE | 17.0% | 18.0% | 12.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹22 Cr | ₹26 Cr | ₹26 Cr | ₹26 Cr | ₹26 Cr | ₹30 Cr |
| Reserves | ₹6 Cr | ₹36 Cr | ₹63 Cr | ₹77 Cr | ₹82 Cr | ₹122 Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹14 Cr | ₹85 Cr | ₹143 Cr | ₹153 Cr |
| Other liabilities | ₹10 Cr | ₹117 Cr | ₹120 Cr | ₹99 Cr | ₹107 Cr | ₹88 Cr |
| Total liabilities | ₹38 Cr | ₹179 Cr | ₹224 Cr | ₹286 Cr | ₹358 Cr | ₹393 Cr |
| Fixed assets | ₹15 Cr | ₹36 Cr | ₹53 Cr | ₹54 Cr | ₹50 Cr | ₹47 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹14 Cr | ₹14 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹23 Cr | ₹143 Cr | ₹170 Cr | ₹232 Cr | ₹295 Cr | ₹332 Cr |
| Total assets | ₹38 Cr | ₹179 Cr | ₹224 Cr | ₹286 Cr | ₹358 Cr | ₹393 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −24.80 pp while the public added +24.79 pp. The shareholder count shrank 4% to 1,79,882.
- Promoters
- 22.3%
- DIIs
- 0.0%
- Public
- 77.7%
Since Mar 2025
- Promoters −24.80 pp
- Public +24.79 pp
- FIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 70.1% to 22.3% — −47.8 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 70.1%, Public 29.9%.Sep '23: Promoters 70.5%, Public 29.6%.Dec '23: Promoters 68.4%, FIIs 0.0%, Public 31.5%.Mar '24: Promoters 67.5%, FIIs 0.0%, DIIs 0.1%, Public 32.4%.Jun '24: Promoters 58.6%, FIIs 0.0%, Public 41.4%.Sep '24: Promoters 54.5%, DIIs 0.0%, Public 45.5%.Dec '24: Promoters 51.5%, DIIs 0.0%, Public 48.5%.Mar '25: Promoters 47.1%, DIIs 0.0%, Public 52.9%.Jun '25: Promoters 40.0%, DIIs 0.1%, Public 59.8%.Sep '25: Promoters 35.4%, DIIs 0.0%, Public 64.6%.Dec '25: Promoters 24.3%, DIIs 0.0%, Public 75.7%.Mar '26: Promoters 22.3%, DIIs 0.0%, Public 77.7%.
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Blacksoil Capital Private Limited newly disclosed 1.25% held
- Mitva Darshit Shah +0.65 pp 2.54% held
- Wardwizard Aviation Private Limited newly disclosed 0.00% held
The same filing shows 5 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Wardwizard Inno. above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Yatin Sanjay Gupte | 7.88% | −1.83 pp |
| Aevas Business Solutions Private Limited | 7.11% | unchanged |
| Garuda Mart India Private Limited | 6.47% | unchanged |
| Mitva Darshit Shah | 2.54% | +0.65 pp |
| Gangabase Barter Private Limited | 2.52% | −1.89 pp |
| Hitendrakumar Babaldas Shah | 1.46% | −1.19 pp |
| Blacksoil Capital Private Limited | 1.25% | newly disclosed |
| Smita Hitendra Shah | 1.22% | −1.71 pp |
| Wardwizard Solutions India Private Limited | 0.87% | −0.09 pp |
| Wardwizard Renewable Energy Private Limited | 0.00% | unchanged |
| Wardwizard Properties Holdings Private Limited | 0.00% | unchanged |
| Bluebells Insurance Broking Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Wardwizard Inno.
Guides on how to read this kind of business and the numbers that matter.