Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
News 
About
Wheels India Ltd (WHEELS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 590073 NSE: WHEELS Auto Ancillary | Small Cap | Wheels India Share Price
₹2,174.60 51.30 (2.42%)
As on 18-Sep'26 16:59
Wheels India Ltd (WHEELS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 590073 NSE: WHEELS Auto Ancillary | Small Cap | Wheels India Share Price
₹2,174.60 51.30 (2.42%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹5,313 Cr.
Current Price
₹2,174.6
52-Week Low / High
₹705 / 2,500
TTM EPS
₹66.9
TTM Sales
₹5,690 Cr.
Book Value per Share
₹441.1
P/E Ratio
32.50
Higher than its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
4.93
Higher than its 5-year historical median
Price to Sales (P/S)
0.93
Higher than its 5-year historical median
EV/EBITDA
13.26
Higher than its 5-year historical median
Dividend Yield
0.66%
Profitability Efficiency
Return on Equity (ROE)
16.10%
Outperforms industry median
Return on Capital Employed (ROCE)
19.47%
Outperforms industry median
Return on Assets (ROA)
4.72%
Operating Profit Margin
7.6%
Net Profit Margin
2.89%
Gross Profit Margin
5.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
15.47%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
17.12%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
40.88%
Asset Quality
Promoter Holding
58.31%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,053 Cr.
Equity
₹24.4 Cr.
Face Value
₹10
All Time Low / High
₹26.39 / 2500.00
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Wheels India Ltd a good quality company?
Wheels India Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Wheels India Ltd performance compare with that of its Peers?
Revenue growth of Wheels India Ltd vs industry peers?
Wheels India Ltd revenue CAGR is 17.76%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Wheels India Ltd?
Promoters hold 58.31% of the Wheels India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Wheels India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 12.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Wheels India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 15.4% | 17.1% | 18% | 9.7% | 5.2% | 12.6% | 12% | 13.2% | 16.3% | 18.4% | - |
| Value Creation Index ⓘ | 0.1 | 0.2 | 0.3 | -0.3 | -0.6 | -0.1 | -0.2 | -0.1 | 0.2 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 2,173 | 2,460 | 3,181 | 2,429 | 2,212 | 3,687 | 4,321 | 4,607 | 4,415 | 5,098 | 5,296 |
| Sales YoY Gr. | - | 13.2% | 29.3% | -23.7% | -8.9% | 66.7% | 17.2% | 6.6% | -4.2% | 15.5% | - |
| Adj EPS ⓘ | 26.2 | 25.1 | 32.1 | 21.1 | 3 | 30.1 | 20.5 | 26.5 | 43.1 | 53.9 | 61.1 |
| YoY Gr. | - | -4.5% | 28.1% | -34.3% | -86% | 920.7% | -31.9% | 29.2% | 62.5% | 25.1% | - |
| BVPS (₹) ⓘ | 191.9 | 214.2 | 236.3 | 248.3 | 249.1 | 280.6 | 292.8 | 325 | 356.7 | 398.9 | 414 |
| Adj Net Profit ⓘ | 63.2 | 60.3 | 77.2 | 50.8 | 7.1 | 72.5 | 49.4 | 64.8 | 105 | 132 | 149 |
| Cash Flow from Ops. ⓘ | 155 | 117 | 175 | 159 | 138 | -16.4 | 359 | 314 | 400 | 464 | - |
| Debt/CF from Ops. ⓘ | 2.4 | 3.1 | 2.6 | 3.6 | 4.4 | -49.4 | 2.1 | 2.3 | 1.8 | 1.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.9% | 18.2% | 5.7% | 15.5% | ||||
| Adj EPS ⓘ | 8.3% | 78.8% | 37.9% | 25.1% | ||||
| BVPSⓘ | 8.5% | 9.9% | 10.9% | 11.8% | ||||
| Share Price | 12.9% | 22.5% | 40.6% | 169.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14.5 | 12.4 | 14.3 | 8.7 | 1.2 | 11.4 | 7 | 8.5 | 12.6 | 14.3 | 15 |
| Op. Profit Mgn % ⓘ | 8.9 | 7.8 | 7.4 | 6.8 | 6.3 | 6.8 | 5.2 | 5.7 | 7.4 | 7.4 | 7.5 |
| Net Profit Mgn % ⓘ | 2.9 | 2.5 | 2.4 | 2.1 | 0.3 | 2 | 1.1 | 1.4 | 2.4 | 2.6 | 2.8 |
| Debt to Equity ⓘ | 0.8 | 0.7 | 0.8 | 1 | 1 | 1.2 | 1.1 | 0.9 | 0.8 | 0.7 | - |
| Working Cap Days ⓘ | 119 | 129 | 127 | 171 | 199 | 160 | 154 | 142 | 147 | 127 | 60 |
| Cash Conv. Cycle ⓘ | 32 | 41 | 37 | 53 | 63 | 51 | 49 | 38 | 31 | 19 | -5 |
Valuation of Wheels India - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,173 | 2,563 | 3,441 | 2,672 | 2,413 | 3,966 | 4,640 | 4,977 | 4,744 | 5,465 |
| Operating Expenses ⓘ + | 1,987 | 2,364 | 3,196 | 2,500 | 2,270 | 3,712 | 4,420 | 4,711 | 4,392 | 5,052 |
| Operating Profit ⓘ | 186 | 199 | 245 | 172 | 143 | 255 | 221 | 266 | 352 | 413 |
| Operating Profit Margin (%) | 8.5% | 7.8% | 7.1% | 6.4% | 5.9% | 6.4% | 4.8% | 5.3% | 7.4% | 7.6% |
| Other Income ⓘ + | 3 | 8 | 6 | 8 | 2 | 12 | 21 | 8 | 5 | 23 |
| Interest ⓘ | 48 | 45 | 66 | 67 | 59 | 71 | 106 | 123 | 122 | 120 |
| Depreciation ⓘ | 64 | 70 | 79 | 78 | 86 | 101 | 74 | 85 | 93 | 115 |
| Profit Before Tax ⓘ | 78 | 106 | 108 | 36 | 1 | 98 | 66 | 75 | 149 | 209 |
| Tax ⓘ | 18 | 30 | 32 | -12 | 1 | 24 | 14 | 16 | 37 | 51 |
| Profit After Tax | 59 | 75 | 76 | 47 | 0 | 74 | 51 | 59 | 112 | 158 |
| PAT Margin (%) | 2.7% | 3.0% | 2.2% | 1.8% | 0.0% | 1.9% | 1.1% | 1.2% | 2.4% | 2.9% |
| Adjusted EPS (₹) | 24.6 | 31.2 | 31.8 | 20.4 | 0.8 | 31.8 | 23.0 | 25.7 | 45.4 | 63.5 |
| Dividend Payout Ratio (%) | 26.40% | 24% | 25.20% | 27.70% | 132.20% | 26.10% | 30.30% | 28.80% | 25.40% | 22.80% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 469 | 587 | 640 | 664 | 661 | 734 | 755 | 840 | 922 | 1,041 | |
| Debt + | 273 | 292 | 422 | 510 | 570 | 696 | 640 | 699 | 595 | 548 | |
| Minority Interest | 0 | 23 | 23 | 21 | 19 | 17 | 13 | 9 | 10 | 13 | |
| Trade Payables | 422 | 492 | 645 | 505 | 897 | 1,084 | 1,155 | 1,197 | 1,221 | 1,338 | |
| Others Liabilities ⓘ | 207 | 278 | 382 | 367 | 330 | 443 | 485 | 359 | 441 | 573 | |
| Total Liabilities ⓘ | 1,370 | 1,672 | 2,112 | 2,068 | 2,476 | 2,974 | 3,048 | 3,104 | 3,189 | 3,514 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 526 | 557 | 710 | 753 | 883 | 903 | 1,060 | 1,149 | 1,295 | 1,506 | |
| CWIP ⓘ | 22 | 65 | 65 | 198 | 114 | 126 | 114 | 77 | 50 | 69 | |
| Investments ⓘ | 19 | 21 | 23 | 23 | 23 | 25 | 22 | 32 | 46 | 78 | |
| Inventories | 279 | 374 | 435 | 412 | 548 | 800 | 884 | 883 | 769 | 746 | |
| Trade Receivables | 436 | 483 | 586 | 472 | 741 | 891 | 769 | 726 | 801 | 818 | |
| Cash Equivalents | 9 | 10 | 9 | 6 | 3 | 4 | 5 | 5 | 5 | 4 | |
| Others Assets ⓘ | 79 | 161 | 283 | 204 | 164 | 225 | 193 | 231 | 223 | 293 | |
| Total Assets ⓘ | 1,370 | 1,672 | 2,112 | 2,068 | 2,476 | 2,974 | 3,048 | 3,104 | 3,189 | 3,514 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 155 | 131 | 184 | 184 | 148 | 28 | 370 | 329 | 400 | 477 |
| Cash Flow From Investing Activity ⓘ + | -75 | -135 | -230 | -242 | -118 | -120 | -152 | -150 | -213 | -292 |
| Cash Flow From Financing Activity ⓘ + | -75 | 9 | 38 | 70 | -31 | 84 | -216 | -146 | -188 | -175 |
| Net Cash Flow ⓘ | 5 | 5 | -9 | 12 | -0 | -9 | 3 | 34 | -0 | 11 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.42 | 14.31 | 12.41 | 7.26 | 0.02 | 10.64 | 6.91 | 7.39 | 12.74 | 16.1 |
| ROCE (%) | 15.37 | 16.92 | 16.74 | 8.37 | 4.52 | 11.59 | 10.89 | 12.41 | 16.67 | 19.47 |
| Asset Turnover Ratio | 1.76 | 1.72 | 1.82 | 1.28 | 1.06 | 1.46 | 1.54 | 1.62 | 1.51 | 1.63 |
| PAT to CFO Conversion(x) | 2.63 | 1.75 | 2.42 | 3.91 | N/A | 0.38 | 7.25 | 5.58 | 3.57 | 3.02 |
| Working Capital Days | ||||||||||
| Receivable Days | 60.90 | 64.30 | 56.70 | 72.30 | 91.80 | 75.10 | 65.30 | 54.80 | 58.70 | 54.10 |
| Inventory Days | 44.90 | 45.70 | 42.90 | 57.90 | 72.60 | 62 | 66.20 | 64.80 | 63.50 | 50.60 |
| Payable Days | 100.80 | 95.40 | 85.80 | 113 | 152.60 | 124.60 | 120.40 | 119 | 133.30 | 125 |
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Wheels India Ltd FAQs
The current trading price of Wheels India on 18-Sep-2026 16:59 is ₹2,174.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 17-Sep-2026 the market cap of Wheels India stood at ₹5,313.2 Cr
The latest P/E ratio of Wheels India as of 17-Sep-2026 is 35.62.
The latest P/B ratio of Wheels India as of 17-Sep-2026 is 5.25.
The 52-week high of Wheels India is ₹2,500 and the 52-week low is ₹705.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Wheels India is ₹5,296 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Wheels India Ltd is a average quality company.
The key valuation ratios of Wheels India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Wheels India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Wheels India Ltd
Wheels India, incorporated in 1960, is promoted by the TVS Group and was started in the early sixties to manufacture automobile wheels. Today, Wheels India has grown as a leading manufacturer of steel wheels for passenger cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment in India. The company supplies 2/3rd of the domestic market requirement and exports 18% of the turnover to North America, Europe, Asia Pacific and South Africa. The company also has a technical-financial collaboration with Titan Europe.
The company's manufacturing units have received ISO 9001:2000 and ISO/TS 16949:2002 for quality management.
Wheels India has developed 'Air Suspension Systems' which are being marketed under the brand name TVS-WILRIDE. TVS-WILRIDE is the pioneer in Air Suspension Systems in India. It has been specially designed for Indian road conditions. There are approximately 1000 buses on the roads using TVS-WILRIDE Air Suspension Systems. The initial technical know-how was acquired from Dunlop, UK. TVS-WILRIDE Air Suspension Systems are currently being manufactured by Wheels India Limited, in a technical agreement with TRELLEBORG.
Wheels India Limited engages in the design, manufacture, and sale of automobile wheels in India. It offers steel wheels for heavy vehicles, such as trucks, buses, light commercial vehicles, trailers, and tippers; light vehicles, including passenger cars, mini vans, sport utility vehicles, and multi utility vehicles; agricultural applications consisting of tractors, combines, and farm equipments; and off-road construction equipments, as well as wire wheels for contemporary and classic cars, sport utility vehicles, and multi utility vehicles.
Manufacturing locations:
Padi - The unit located in Padi, Chennai is engaged in manufacturing of wheels for trucks & buses, passenger cars and utility vehicles, off-road construction equipment, agricultural tractors and farm equipment, tracked vehicles and wire wheels. This unit stretches across 29 acres of land.
Pune - This unit located at Pune is spread across 15 acres of land manufacturing wheels for wheels for passenger cars and utility vehicles, agricultural tractors and farm equipment and truck (LCV) wheels.
Rampur - The unit located at Rampur, Uttar Pradesh is spread across 14 acres of land. The company manufactures wheels for agricultural tractors and farm equipment.
Bawal - The unit located Bawal, Haryana manufactures wheels for passenger cars and utility vehicles, agriculture tractors and farms equipment.
Wheel India is planning to set up a plant in Maharashtra spread across in 30 acres of land. The plant will undertake manufacturing of steel structural parts for power plant projects. The plant is anticipated to start its production in second quarter of 2009-10.
Products:
• Wheels for Heavy Vehicles (Trucks, Buses, Light Commercial Vehicles, Trailers, Tippers etc.)
• Wheels for Light Vehicles (Passenger Cars, Mini Vans, SUVs & MUVs)
• Wheels for Agricultural Applications (Tractors, Combines, Farm Equipments etc.)
• Wheels for Off-Road Construction Equipments
• Wire Wheels (For Contemporary & Classic Cars, MUVs & SUVs)
• Air Suspension
Customers:
Export Customers: • CATERPILLAR - various plants • KOMATSU - various plants • VOLVO • JCB • TCM • Shin Caterpillar Mitsubishi • Kawasaki Heavy Industries • Hyundai Heavy Industries • Mitsubishi Heavy Industries • DOOSAN INFRACORE • Case New Holland • BELL Equipment • KATO
Domestic Customers: • Caterpillar India • Komatsu India Private India • JCB India • Barath Earth Movers • Telecon • Hindustan Motors • Ingersoll Rand • L&T • Escorts • TIL • PL Haulwel Trailers • INDITAL • L&T CASE Equipment
You have 47 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
