WHEELS

Wheels India share price & financials

Price
₹1,553.4
Market cap
₹5.5k Cr
Sector
Automobile and Auto Components
Calls analysed
3
Latest concall · Q4 FY26 · call held 15 May 2026

Wheels India Limited Q4 FY26

Revenue ₹5,124 cr +16%Consolidated PAT ₹58.81 cr ROCE 18%

What went well

  • Q4 FY26 sales grew 23% to INR 1,471.49 crores.
  • Full year FY26 sales crossed INR 5,000 crores for the first time, reaching INR 5,124 crores, a 16% growth compared to last year.
  • Q4 FY26 PAT improved by 45%, and full year PAT improved by 31%.

What to watch

  • High inflation in the current year across various inputs like fuel, aluminum, steel, paint, cutting tools, freight, and manpower.
  • Low visibility (about 1 month) due to the continuously changing environment and geopolitical events like the West Asia crisis.
Read the full call →

What Wheels India Limited does

Wheels India Limited manufactures wheels and allied components across two reported segments — automotive (steel and aluminium wheels for passenger cars, commercial vehicles and tractors) and industrial (construction-equipment wheels, fabricated structures, hydraulic cylinders, air suspension/lift axles, and machined components for wind turbines). It runs 10 manufacturing units spread across Tamil Nadu, Maharashtra and Uttar Pradesh, supplying OEMs directly and exporting to North America, Europe and Asia Pacific. Its subsidiary WIL Car Wheels Ltd is a joint venture with Japan's TOPY Industries making steel wheels for passenger and light-commercial vehicles. Part of the TSF Group (T S Santhanam family, lineage from the erstwhile TVS Group), the company was established in 1960 at Padi, Chennai.

Segments

  • Automotive components
  • Industrial components
Manufacturing plants
10
Workforce
~8,400
Plant footprint (states)
Tamil Nadu, Maharashtra, Uttar Pradesh
Product categories manufactured
7 — car/UV & CV steel wheels, forged & cast aluminium wheels, tractor/earthmover wheels, air suspension & lift axles, fabrication & hydraulic cylinders, wind-turbine components
Key OEM customers
Maruti Suzuki, TAFE, Escorts Kubota, VE Commercial Vehicles, Caterpillar, Komatsu, John Deere
Subsidiary / JV
WIL Car Wheels Ltd — joint venture with TOPY Industries (Japan), manufactures passenger/light-vehicle wheels
Founded 1960Headquarters Chennai, Tamil Nadu, IndiaEmployees 8,400 (Q4 FY26 (Mar 2026)) Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 6 delivered 2 missed 6 open
  • Overall Top-line Growth delivered said Q4 FY25 Promised: healthy single-digit growth for the coming year Q4 FY26: Full year FY26 sales grew 16% to ₹5,124 crores, significantly exceeding the revised guidance of 8-10%.
  • SHPAC Alliance Revenue went quiet said Q2 FY26 Promised: $15 million worth of business within 24 months Q4 FY26: No specific update was provided on the revenue generated from the SHPAC alliance. The 24-month timeline is still active.
  • Cast Aluminum Wheels Capacity delayed said Q4 FY25 Promised: Ramp up from December onwards Q4 FY26: Capacity is currently 42,000/month. The increase to 60,000/month, targeted for Q4 FY26, is now expected 'in a few months'. The 80,000/month target is now expected 'by half year'.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 16.7%, net profit up 42.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,084 1,057 1,192 1,183 1,173 +8%1,280 +21%1,462 +23%1,380 +17%
EBITDA76 79 97 85 84 +11%91 +15%117 +21%102 +20%
Net profit22 23 36 26 28 +27%32 +39%52 +44%37 +42%
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 +201.0% 1Y

₹1.0k₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q4 FY26 — 15 May 2026

1Y: ₹740.95 on 10 Sept 2025 → ₹2,230.1. High ₹2,400.6 (9 Sept 2026), low ₹714.05 (27 Jan 2026).

How the price took the results

close before → close after

Q4 FY26
+10.3%
15 May
Q2 FY26
−3.9%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 5.6% a year over 3 years, FY23 to FY26. Operating margin widened to 7.4%.

Year endingFY23FY24FY25FY26
Revenue₹4.3k Cr₹4.6k Cr₹4.4k Cr₹5.1k Cr
Operating profit₹222 Cr₹262 Cr₹326 Cr₹377 Cr
Operating margin5.1%5.7%7.4%7.4%
Interest₹95 Cr₹109 Cr₹110 Cr₹112 Cr
Depreciation₹68 Cr₹79 Cr₹87 Cr₹107 Cr
Net profit₹63 Cr₹68 Cr₹106 Cr₹138 Cr
Net margin1.5%1.5%2.4%2.7%
Cash from operations₹359 Cr₹314 Cr₹400 Cr₹464 Cr
Free cash flow₹211 Cr₹173 Cr₹151 Cr₹205 Cr
ROCE12.0%13.0%16.0%18.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹24 Cr
Reserves₹575 Cr₹651 Cr₹680 Cr₹770 Cr₹882 Cr₹950 Cr
Borrowings₹630 Cr₹838 Cr₹776 Cr₹727 Cr₹718 Cr₹753 Cr
Other liabilities₹989 Cr₹1.2k Cr₹1.3k Cr₹1.3k Cr₹1.5k Cr₹1.6k Cr
Total liabilities₹2.2k Cr₹2.7k Cr₹2.8k Cr₹2.9k Cr₹3.1k Cr₹3.3k Cr
Fixed assets₹783 Cr₹772 Cr₹933 Cr₹978 Cr₹1.2k Cr₹1.4k Cr
Capital work in progress₹43 Cr₹85 Cr₹70 Cr₹75 Cr₹62 Cr₹63 Cr
Investments₹17 Cr₹14 Cr₹9 Cr₹12 Cr₹49 Cr₹49 Cr
Other assets₹1.4k Cr₹1.9k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr
Total assets₹2.2k Cr₹2.7k Cr₹2.8k Cr₹2.9k Cr₹3.1k Cr₹3.3k 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 Jun 2026

Since Jun 2025, DIIs trimmed −5.25 pp while the public added +3.84 pp. The shareholder count grew 28% to 29,271.

Promoters
58.3%
FIIs
2.0%
DIIs
6.4%
Public
33.3%

Since Jun 2025

  • DIIs −5.25 pp
  • Public +3.84 pp
  • FIIs +1.41 pp

How it drifted, 12 quarters

Over this window DIIs fell from 18.8% to 6.4% — −12.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 58.3%, FIIs 0.3%, DIIs 18.8%, Public 22.6%.Dec '23: Promoters 58.3%, FIIs 0.2%, DIIs 18.3%, Public 23.2%.Mar '24: Promoters 58.3%, FIIs 0.3%, DIIs 13.1%, Public 28.3%.Jun '24: Promoters 58.3%, FIIs 0.8%, DIIs 12.2%, Public 28.7%.Sep '24: Promoters 58.3%, FIIs 0.4%, DIIs 12.0%, Public 29.3%.Dec '24: Promoters 58.3%, FIIs 0.3%, DIIs 11.7%, Public 29.7%.Mar '25: Promoters 58.3%, FIIs 0.4%, DIIs 11.7%, Public 29.6%.Jun '25: Promoters 58.3%, FIIs 0.6%, DIIs 11.6%, Public 29.5%.Sep '25: Promoters 58.3%, FIIs 1.1%, DIIs 10.7%, Public 29.9%.Dec '25: Promoters 58.3%, FIIs 1.2%, DIIs 9.8%, Public 30.7%.Mar '26: Promoters 58.3%, FIIs 1.1%, DIIs 9.6%, Public 30.9%.Jun '26: Promoters 58.3%, FIIs 2.0%, DIIs 6.4%, Public 33.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Wheels India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Trichur Sundaram Santhanam & Family Private Limited 29.86%unchanged
TSF Investments Limited 23.96%unchanged
India Motor Parts And Accessories Limited 4.50%unchanged
HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund3.50%−1.14 pp
Nippon Life India Trustee Ltd-A/C Nippon India ELSS Tax Saver Fund Mutual fund2.21%−2.05 pp
Maham Holdings Private Limited 1.88%unchanged
Sundharams Private Limited 1.30%unchanged
Revathi Holdings Private Limited 1.16%unchanged
Mrs Nivedita Ram 1.14%newly disclosed
Padmalakshmi Holdings Private Limited 1.07%unchanged
Key Managerial Personnel 0.87%unchanged
Investor Education and Protection Fund (IEPF) 0.17%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.

Mutual funds in WHEELS

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −0.07 L shares (−0.5%).

Held by funds
₹194 Cr
2 schemes
Biggest holder
HDFC Multi Cap Fund
₹119 Cr · 0.6% of that fund
SchemeHoldingLast month
HDFC Multi Cap Fund HDFC Mutual Fund₹119 Cr−0.07 L
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹74 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −7,045 shares (−0.5%)

Funds are sitting on
+168%
vs est. average cost
Held by funds
₹194 Cr
2 schemes · ≈ 3.8% of the company
Biggest holder
HDFC Multi Cap Fund
₹119 Cr · 0.6% of that fund
Longest holder
Nippon India ELSS Tax Saver Fund
12y 9m · since Dec '13

Shares held by these funds −47%

Aug '23 13.27 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹2230, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~37%. At that growth it is worth ₹4014 — upside of 80%.

Growth the price implies
25.2% a year
for 7 years, fading to 4%
It has actually compounded at
37.6% a year
net profit, FY23–FY26 · EPS 37.3%
The gap
-0.1 pp
80% downside if it only repeats history
Price today ₹2,230.1 Value at the reference growth ₹4,014.27

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Wheels India Limited

Guides on how to read this kind of business and the numbers that matter.