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BSE: 590073 | NSE: WHEELS | Auto Ancillary | Small Cap
1. Is Wheels India Ltd a good quality company?
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Wheels India Ltd is a below average quality company.
2. Is Wheels India Ltd undervalued or overvalued?
The key valuation ratios of Wheels India Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
3. Is Wheels India Ltd a good buy now?
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Wheels India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation ⓘValue Creation Index Colour Code Guide ⓘ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | TTM | |||
| ROCE % ⓘ | 13.2% | 9.9% | 10% | 10.2% | 11.9% | 10.7% | 12.7% | 8.6% | 3.7% | 8.7% | - | ||
| Value Creation Index ⓘ | -0.1 | -0.3 | -0.3 | -0.3 | -0.2 | -0.2 | -0.1 | -0.4 | -0.7 | NA | - | ||
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ |
|||||||||||||
| Sales ⓘ | 1,924 | 1,823 | 1,980 | 1,987 | 2,173 | 2,460 | 3,181 | 2,429 | 2,212 | 3,687 | 3,687 | ||
| YoY Gr. Rt. % | - | -5.2% | 8.6% | 0.4% | 9.3% | 13.2% | 29.3% | -23.7% | -8.9% | 66.7% | - | ||
| Adj EPS ⓘ | 13.3 | 12.2 | 13.3 | 16.5 | 26.2 | 25.1 | 32.1 | 21.1 | 3 | 30.1 | 33.2 | ||
| YoY Gr. Rt. % | - | -8.4% | 8.9% | 24.3% | 58.8% | -4.5% | 28.1% | -34.3% | -86% | 920.7% | - | ||
| BVPS (₹) ⓘ | 72.7 | 151.1 | 158.4 | 169.6 | 191.9 | 214.2 | 236.3 | 248.3 | 249.1 | 280.6 | 280.5 | ||
| Adj Net Profit ⓘ | 47.5 | 29.4 | 32 | 39.8 | 63.2 | 60.3 | 77.2 | 50.8 | 7.1 | 72.5 | 80 | ||
| Cash Flow from Ops. ⓘ | 148 | 146 | 83.9 | 148 | 155 | 117 | 175 | 159 | 138 | -16.4 | - | ||
| Debt/CF from Ops. ⓘ | 2.8 | 2.3 | 4.6 | 2.6 | 2.4 | 3.1 | 2.6 | 3.6 | 4.4 | -49.4 | - | ||
CAGR ⓘCAGR Colour Code Guide ⓘ |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 Years | 5 Years | 3 Years | 1 Years | |||||||||
| Sales ⓘ | 7.5% | 11.2% | 5% | 66.7% | ||||||||
| Adj EPS ⓘ | 9.5% | 2.8% | -2.1% | 920.7% | ||||||||
| BVPS ⓘ | 16.2 | 7.9 | 5.9 | 12.7 | ||||||||
| Share Price | 12.9% | -0.6% | -7.1% | 10.3% | ||||||||
Key Financial Parameters ⓘPerformance Ratio Colour Code Guide ⓘ |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar'13 | Mar'14 | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | TTM | ||
| Return on Equity % ⓘ | 18.9 | 9.4 | 8.6 | 10.1 | 14.5 | 12.4 | 14.3 | 8.7 | 1.2 | 11.4 | 11.8 | |
| Op. Profit Mgn % ⓘ | 9 | 8.2 | 7.7 | 8.7 | 8.9 | 7.8 | 7.4 | 6.8 | 6.3 | 6.8 | 6.8 | |
| Net Profit Mgn % ⓘ | 2.5 | 1.6 | 1.6 | 2 | 2.9 | 2.5 | 2.4 | 2.1 | 0.3 | 2 | 2.2 | |
| Debt to Equity ⓘ | 1.6 | 0.9 | 1 | 1 | 0.8 | 0.7 | 0.8 | 1 | 1 | 1.2 | 0.4 | |
| Working Cap Days ⓘ | 105 | 108 | 111 | 122 | 119 | 129 | 127 | 171 | 199 | 160 | 149 | |
| Cash Conv. Cycle ⓘ | 32 | 37 | 31 | 35 | 32 | 41 | 37 | 53 | 63 | 51 | 6 | |
Return on Equity has increased versus last 3 years average to 11.80%
Sales growth is good in last 4 quarters at 95.80%
Sales growth has been subdued in last 3 years 5.04%
Net Profit has been subdued in last 3 years -2.11%
Debt to equity has increased versus last 3 years average to 1.20
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 33.2 | 31.8 |
| TTM Sales (₹ Cr.) | 3,687 | 3,966 |
| BVPS (₹.) ⓘ | 280.5 | 304.9 |
| Reserves (₹ Cr.) ⓘ | 651 | 710 |
| P/BV ⓘ | 2.26 | 2.09 |
| PE ⓘ | 19.10 | 20.05 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 502.00 / 1039.00 |
| All Time Low / High (₹) | 26.39 / 1345.00 |
| Market Cap (₹ Cr.) | 1,524 |
| Equity (₹ Cr.) | 24.1 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 33.9 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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
