Wheels India Ltd(WHEELS)

NSE: WHEELSBSE: 590073

₹ 2,156.1+2.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,792 crNext results: 29 Oct 2026Website: www.wheelsindia.comUpdated: 24 Oct 2026

About

Wheels India Ltd supplies steel and aluminium wheels to makers of commercial vehicles, passenger vehicles, agricultural tractors and construction equipment. It also makes air suspension systems, hydraulic cylinders and fabricated and machined components for the construction equipment, windmill and railway industries. In FY26 the company posted consolidated revenue of ₹5,464.94 cr. It holds a 52% domestic market share in tractor wheels, and exports were about 27% of revenue in Q1 FY27.^[1][2][3]

Business segments

Automotive components: ₹4,526.42 cr revenue (82.8% of total) with 6.4% EBIT margin and 25.3% ROCE in FY26, covering steel and aluminium wheels, air suspension and related products.^[4][3]
Industrial components: ₹938.52 cr revenue (17.2% of total) with 4.4% EBIT margin and 6.8% ROCE in FY26, covering hydraulic cylinders, fabricated structural parts and machined large castings for wind-energy OEMs.^[4][3]
FY26 revenue by end market: commercial vehicle ₹1,016 cr (+13%), passenger vehicle ₹895 cr (+12%), tractor ₹873 cr (+21%), construction and mining equipment wheels ₹817 cr (from ₹705 cr), alloy wheels ₹371 cr (+5%).^[3]

Products and portfolio

Steel wheels go to all segments it serves (CV, PV, tractors, construction equipment); aluminium wheels go to the automotive segments.^[1]
Air suspension and lift axle revenue grew 31% YoY in FY26 to ₹556 cr, about 10% of revenue.^[3]
A leading supplier of bus air suspension systems in India; also supplies lift axle suspension systems to truck makers.^[1]
Bus air suspension customers include electric bus OEMs JBM, Switch Mobility, EKA and Olectra; e-bus platforms use both front and rear suspension, raising content per vehicle (Q2 FY26).^[5]
Industrial segment makes hydraulic cylinders (sold in India and exported under the SHPAC alliance), fabricated structural parts for windmills, and machines large wind-turbine generator castings.^[5]
All wheels made for on-road vehicles are BIS-certified for product performance.^[1]

Operations and capacity

Runs 13 plants across India, including two wheel and tyre assembly plants (FY25 annual report).^[1]
Utilisation per Q1 FY27 call: cast aluminium wheels 47%, big agri wheels 10%, large machining 58%, wind machining 93%.^[3]
Cast aluminium wheel installed capacity was 42,000 wheels/month as of Q4 FY26.^[6]
Commissioned a new agricultural wheel plant at Mambattu, AP in March 2025; first export samples shipped in October 2025, with bulk supply from November/December 2025.^[1]
₹90 cr has been invested in the windmill machining facility, with new machines commissioned through early 2026.^[5]
Renewable energy made up 68% of the power mix as of Q2 FY26, up from about 25% before.^[5]
Has a recognised R&D facility with a NABL-accredited laboratory, plus design capabilities in wheels and suspension systems.^[1]

Key operating numbers

Q1 FY27 revenue from operations was ₹1,491 cr vs ₹1,266 cr in Q1 FY26.^[3]
Industrial segment EBIT grew 91% YoY in Q4 FY26 to ₹20.54 cr, as hydraulic cylinder and fabrication divisions moved from losses to profit.^[6]
Inventory days fell from 76 to 63 and debtor days from 61 to 54 in FY26.^[6]
Domestic tractor wheel market share was 52% as of Q2 FY26.^[5]

Customers and distribution

Export revenue was ₹379.74 cr in Q1 FY27 vs ₹323.66 cr in Q1 FY26, about 27% of revenue; FY26 export sales were ₹1,341.94 cr.^[3][6]
International footprint across 27 countries as of the Q1 FY27 call, with customers in markets including the US, Japan, Europe, Korea, Brazil, the UK and Mexico.^[3][1]
In FY25 began supplying aluminium wheels to one of the top four passenger car makers in India.^[1]
Customers that recognised the company at supplier conferences in FY25 include TAFE, Volvo-Eicher, Maruti Suzuki, Escorts Kubota and Bull Equipment.^[1]
Subsidiary WIL Car Wheels' largest customer is Maruti Suzuki.^[5]
Sells in the aftermarket as well as to original equipment customers.^[1]
Windmill machining is co-located with a large casting maker that sends about 85-90% of its machining to Wheels India and aims to grow from about 3,500 to 10,000 tons/month over 3-4 years.^[6]

Expansion and capex

Cast aluminium wheel capacity is to rise from 42,000/month to 60,000/month, then 80,000/month by H1 FY27; 100,000-120,000/month is being considered for FY28.^[6]
Plans to scale exports of construction equipment and agri tractor wheels and widen the customer base for offshore windmill components.^[3]
Management estimates the existing asset base, with incremental investment, can support ₹6,000-6,500 cr of revenue without new manufacturing sites.^[6]
An overseas greenfield project or brownfield acquisition is being considered to serve global customers' India-Plus-One sourcing; outside the FY27 budget.^[6]

Recent developments

In Q2 FY26 signed a strategic assistance agreement with SHPAC (South Korea), a hydraulic cylinder maker, targeting about $15 million of export revenue within 24 months.^[5]
A merger or closer combination with associate Axles India is being considered as Wheels India raises its stake in Axles India to 15-25%.^[6]
Formed wholly owned subsidiary WIL USA Inc. in FY24 to support export business development and supply chain; a German subsidiary was in process.^[7]

Market Cap

₹5,792 Cr

High / Low

₹2,500 / 705

Stock P/E

36.1

Price / Book

5.7

Book Value

₹426

EPS

₹64.7

No. of Shares

2.44 Cr

ROCE

19.0%

ROE

16.1%

OPM

5.8%

Debt / Equity

0.66

Sales

₹5,465 Cr

Net Profit

₹158 Cr

Promoter holding

56.9%

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Wheels India Ltd(WHEELS)

About

Business segments

Products and portfolio

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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