MarketFriction

Wheels India Ltd

NSE WHEELS · BSE 590073 · Auto Components & Equipments
₹2,241.30 +0.91%
NSE close2026-10-01
52 week range705.85 - 2,498.00
Market cap₹5,920 Cr.
P/E36.2
ASM long-term Price band 10% Delivery 45.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2841,2101,2711,1661,1761,1251,2771,2661,2641,3711,5641,491
Expenses1,2361,1501,1741,0861,0931,0401,1741,1721,1711,2711,4381,379
Operating Profit4860977983851039493100126112
OPM %3.7%5.0%8%7%7%8%8%7%7%7%8%8%
Other Income7254233478124
Interest303031293131303130302929
Depreciation212122232324242627293233
Profit before tax31150313233524142497755
Tax %-12%19%24%25%25%24%25%25%25%24%24%29%
Net Profit3938242425393132375939
EPS in Rs1.784.1415.769.669.8210.2515.6512.2312.6814.7623.7815.68
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,9872,1732,5633,4412,6722,4133,9664,6404,9774,7445,4655,690
Expenses1,8151,9872,3643,1962,5002,2703,7124,4204,7114,3925,0525,259
Operating Profit172186199245172143255221266352413431
OPM %9%9%8%7%6%6%6%4.8%5%7%8%8%
Other Income2423882162616113131
Interest58484566675971106122122120118
Depreciation606470797886101748593115122
Profit before tax5678106108361986675149209223
Tax %29%24%29%30%-33%85%24%22%21%25%24%
Net Profit41597576470745159112158166
EPS in Rs17.0724.5831.1531.7920.390.7631.7823.0025.6945.3963.4466.90
Dividend Payout %26%26%24%25%28%132%26%30%29%25%23%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%18%6%17%
Compounded Profit Growth14%143%41%40%
Stock Price CAGR13%24%41%145%
Return on Equity10%11%12%16%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1212122424242424242424
Reserves4024575756166406377107318158981,017
Borrowings386369359495650698876819778737768
Other Liabilities4955327188806741,1181,3641,4741,4871,5311,705
Total Liabilities1,2951,3691,6632,0151,9872,4762,9743,0483,1043,1893,514
Fixed Assets5185265577107538839031,0601,1491,2951,506
CWIP17226565198114126114775069
Investments1719212323232422324678
Other Assets7438021,0191,2161,0131,4561,9211,8511,8451,7971,861
Total Assets1,2951,3691,6632,0151,9872,4762,9743,0483,1043,1893,514
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity14815513118418414828370329400477
Cash from Investing Activity-69-75-135-230-242-118-120-152-150-213-292
Cash from Financing Activity-82-7593870-3184-216-146-188-175
Net Cash Flow-255-912-0-9334-011
Free Cash Flow7478-64-50-6029-94217179192203
CFO/OP92%94%81%84%114%96%22%173%134%117%124%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days64736962651128260536255
Inventory Days847178668111910195898573
Days Payable1041081039799195136124121135131
Cash Conversion Cycle44374431463646312112-3
Working Capital Days151017925-3-13-8-11-18
ROCE %15%15%16%8%4%11%11%12%16%19%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters58.31%58.31%58.31%58.31%58.31%58.31%58.31%58.31%58.31%58.31%58.31%56.86%
FIIs0.19%0.29%0.81%0.42%0.34%0.38%0.57%1.08%1.18%1.15%1.98%2.45%
DIIs18.32%13.13%12.16%11.99%11.68%11.68%11.64%10.68%9.81%9.64%6.39%8.88%
Public23.18%28.27%28.72%29.28%29.67%29.63%29.48%29.93%30.70%30.91%33.32%31.81%
No. of Shareholders16,77520,43421,22622,68623,19323,65722,87322,55822,67822,67729,27130,135

Fundamentals

Market Cap₹ 5,920 Cr.
Current Price₹ 2,204
Stock P/E36.2
Book Value₹ 426
ROCE18.8 %
ROE15.8 %
Dividend Yield0.66 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)17%
Compounded Profit Growth (TTM)40%
Consolidated figures.
Valuation
Market capRs 5,476 Cr
Enterprise valueRs 6,240 Cr
P/E (TTM)33.50x
Price to book5.26x
Price to sales0.96x
EV / EBITDA13.50x
EV / EBIT18.32x
EV / sales1.10x
Price to cash flow11.47x
Earnings yield2.98%
Dividend yield0.64%
P/E, 3-year average17.25x
P/B, 3-year average1.87x
P/E, 5-year average17.48x
P/B, 5-year average1.75x
Profitability
Operating margin (excl. other income)7.55%
Operating margin (incl. other income)8.13%
EBITDA margin8.12%
Pre-tax margin3.92%
Net profit margin2.87%
Net margin, latest quarter2.57%
ROE15.79%
ROCE18.96%
ROA4.62%
ROE, 3-year average12.08%
ROCE, 3-year average15.95%
ROA, 3-year average3.40%
ROE, 5-year average10.93%
ROCE, 5-year average14.01%
ROA, 5-year average2.97%
ROIC (approx.)14.26%
Tax rate24.41%
Other income / net worth3.01%
Growth
Sales growth (latest year)15.19%
Profit growth (latest year)39.77%
Sales CAGR, 3 years5.60%
Sales CAGR, 5 years17.76%
Profit CAGR, 3 years40.96%
Profit CAGR, 5 years143.25%
Sales growth QoQ-4.67%
Profit growth QoQ-34.05%
Sales growth YoY (latest quarter)17.82%
Profit growth YoY (latest quarter)28.21%
Per share
EPS (TTM)Rs 66.90
EPS (latest year)Rs 63.44
EPS (latest quarter)Rs 15.68
EPS, 3-year averageRs 44.84
EPS, 5-year averageRs 37.86
Book value per shareRs 426.25
Sales per shareRs 2,329.00
Cash flow per shareRs 195.37
Free cash flow per shareRs 83.08
Dividend per share (latest year)Rs 14.44
Dividend per share, 3-year averageRs 11.12
Dividend per share, 5-year averageRs 9.72
Dividends
Dividend payout22.76%
Dividend payout, 3-year average25.64%
Dividend payout, 5-year average26.67%
Efficiency
Asset turnover1.56x
Fixed asset turnover3.63x
Inventory turnover5.55x
Inventory days66 days
Debtor days55 days
Debtors turnover6.68x
Creditor days131 days
Cash conversion cycle-3 days
Working capital days-18 days
Leverage
Total debtRs 768 Cr
Cash and bankRs 4 Cr
Net debtRs 764 Cr
Debt to equity0.74x
Net debt / EBITDA1.65x
Interest coverage2.90x
Current ratio (filing 2026-03-31)0.87x
Quick ratio (filing 2026-03-31)0.51x
Trade payables (filing 2026-03-31)Rs 1,338 Cr
Owners' fund to total sources29.64%
Debt to assets21.86%
Cash flow
Cash from Operating Activity (latest year)Rs 477 Cr
Cash from Investing Activity (latest year)Rs -292 Cr
Cash from Financing Activity (latest year)Rs -175 Cr
Net Cash Flow (latest year)Rs 11 Cr
Free cash flow (latest year)Rs 203 Cr
FCFE (approx.: FCF + change in debt)Rs 234 Cr
Cash from ops / profit, 5 years3.53x
Sales to cash flow11.45x
Statement figures
Net sales (TTM)Rs 5,690 Cr
Net sales (latest year)Rs 5,465 Cr
Sales (latest quarter)Rs 1,491 Cr
Operating profit excl. other income (latest year)Rs 413 Cr
Operating profit (latest quarter)Rs 112 Cr
Other income (TTM)Rs 31 Cr
EBITDA (TTM)Rs 462 Cr
PBDT (TTM)Rs 345 Cr
Profit before tax (TTM)Rs 223 Cr
Tax (latest year)Rs 51 Cr
Net profit (TTM)Rs 163 Cr
Net profit (latest year)Rs 155 Cr
Net profit (latest quarter)Rs 38 Cr
Depreciation (TTM)Rs 122 Cr
Depreciation (latest quarter)Rs 33 Cr
Interest (TTM)Rs 118 Cr
Cost of goods sold (latest year)Rs 4,139 Cr
Total expenditure (latest year)Rs 5,052 Cr
Total income (latest year)Rs 5,496 Cr
Share capitalRs 24 Cr
ReservesRs 1,017 Cr
Shareholders' fundsRs 1,041 Cr
Total assetsRs 3,514 Cr
Net blockRs 1,506 Cr
Capital work in progressRs 69 Cr
InvestmentsRs 78 Cr
ReceivablesRs 818 Cr
InventoryRs 746 Cr
Other liabilitiesRs 1,705 Cr
Shares outstanding (crore)2.44
Ownership
Promoter holding56.86% (-1.45 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 33.5 is at the 83th percentile of its own 8.4-year range (median 24.0, low 10.7, high 46.4).
P/B 5.26 is at the 94th percentile (median 2.28).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodWHEELSNifty 50Difference
1 week+2.8%-2.8% +5.6 pts
1 month+45.4%-6.8% +52.2 pts
3 months+50.3%-7.6% +57.9 pts
6 months+124.7%+0.4% +124.3 pts
1 year+157.4%-9.9% +167.3 pts
2 years+179.3%-13.6% +192.8 pts
3 years+184.2%+14.2% +170.0 pts
5 years+187.9%+27.9% +160.0 pts
2 mutual fund schemes hold about ₹188 Cr. Over three months 0 bought more and 2 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Multi Cap Fund0.55%114 -51%
Nippon India ELSS Tax Saver Fund0.50%74 -48%

Red flags

F-score 8 of 8
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-21TSF Investments LimitedPromoter groupbuy1,026,694SAST Preferential Allotm
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹1,491 Cr +17.8% vs Jun 2025. Net profit ₹39 Cr +25.8%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-24Dividend - Rs 9.14 Per Share
2026-02-05Interim Dividend - Rs 5.30 Per Share
2025-07-10Dividend - Rs 7.03 Per Share
2025-02-03Interim Dividend - Rs 4.50 Per Share
2024-07-10Annual General Meeting/Dividend - Rs 7.39 Per Share
2023-07-12Annual General Meeting/Dividend - Rs 3.97 Per Share
2023-02-14Interim Dividend - Rs 3 Per Share
2022-07-05Annual General Meeting/Dividend - Rs 8.30 Per Share
2021-07-27 Annual General Meeting/Dividend - Re 1 Per Share
2020-07-22 Annual General Meeting/Dividend - Rs 2.65 Per Share
2020-02-25 Interim Dividend - Rs 3 Per Share
2019-08-05 Annual General Meeting/Dividend - Rs 4.75 Per Share
2019-02-15 Interim Dividend - Rs 3.25 Per Share
2018-08-08 Bonus 1:10.5000
2018-08-08 Annual General Meeting/Dividend- Rs 9 Per Share
2018-02-15 Interim Dividend Rs 6/- Per Share
2017-07-28 Annual General Meeting/ Dividend - Rs 8/- Per Share
2017-02-17 Interim Dividend Rs 5/- Per Share
2016-07-28 Annual General Meeting/Dividend Rs 5.50 Per Share
2016-02-22 Interim Dividend - Rs 3.50 Per Share
2015-07-30Annual General Meeting/ Dividend - Rs 4.50/- Per Share
2015-02-12Interim Dividend - Rs 3/- Per Share
2014-08-27Annual General Meeting / Final Dividend - Rs 4.20/- Per Share (Book Closure Dates Revised)
2014-02-13Rights 51:20 @ Premium Rs.390/- Per Equity Share
2014-01-06Interim Dividend Rs.4/- Per Share
2013-07-30Annual General Meeting / Dividend - Rs.8.10/- Per Equity Share
2012-07-30Annual General Meeting And Dividend - Rs.6/- Per Share
2012-03-20Interim Dividend Rs.4/- Per Share (Purpose Revised)
2011-07-28Annual General Meeting And Dividend Rs.6.50 Per Share
2010-08-05Annual General Meeting And Dividend Rs.4.50 Per Share
2009-08-05Agm/Div-Rs.5.50 Per Share
2008-08-05Annual General Meeting
2008-04-302nd Interim Dividend-40%
2008-02-14Interim Dividend - 30%
2007-08-03Agm
2007-03-22Interim Dividend-35% Purpose Revised
2007-02-13Interim Dividend-30%
2006-08-03Agm
2006-05-112nd Interim Dividend-35%
DateTypeWhat it says
2026-09-26Board meeting outcomeOutcome of Committee Meeting held on September 25, 2026.
2026-09-25Board meeting outcomeOutcome of Committee Meeting held on September 25, 2026.
2026-09-24Board meeting outcomeOutcome of Board Meeting held on September 24, 2026.
2026-09-21General UpdatesGeneral Updates
2026-09-21Board meeting outcomeOutcome of Board Meeting held on September 21, 2026.
2026-09-17Shareholder meetingVoting results.
2026-09-17Shareholder meetingProceedings of Extraordinary General Meeting held on September 17, 2026
2026-09-10Price movementSignificant movement in price has been observed in Wheels India Limited. The Exchange, in order to ensure that investors have latest relevant informat...
2026-09-09Price movementSignificant movement in price has been observed in Wheels India Limited. The Exchange, in order to ensure that investors have latest relevant informat...
2026-09-06Concall / analyst meetPresentation
2026-09-06Concall / analyst meetPresentation
2026-09-06Concall / analyst meetPresentation
2026-09-06Investor PresentationInvestor Presentation
2026-09-06Investor PresentationInvestor Presentation
2026-09-06Investor PresentationInvestor Presentation
2026-09-02Concall / analyst meetSchedule of meet
2026-09-02Concall / analyst meetSchedule of meet
2026-09-02Concall / analyst meetSchedule of meet
2026-09-01UpdatesDispatch of corrigendum to the notice of Extraordinary General Meeting to the shareholders to be held on September 17, 2026.
2026-09-01CorrigendumCorrigendum to Notice of Extra Ordinary General Meeting to be held on September 17, 2026
2026-08-31Board meeting outcomeOutcome of Board Meeting held on August 31, 2026.
2026-08-28Concall / analyst meetSchedule of meet
2026-08-24Shareholder meetingNotice of Extraordinary General Meeting to be held on September 17, 2026
2026-08-19Board meeting outcomeOutcome of Board Meeting held on August 19, 2026.
2026-08-12Shareholder meetingVoting results.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03