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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

₹1,568.90 -29.15 (-1.82%)

As on 24-Jun'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

₹1,568.90 -29.15 (-1.82%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹3,905 Cr.
Current Price
₹1,568.9
52-Week Low / High
₹705 / 1,740
TTM EPS
₹56.7
TTM Sales
₹5,098 Cr.
Book Value per Share
₹398.9
P/E Ratio
28.18
Higher than its 5-year historical median
Industry PE
44.9
Price to Book (P/B)
4.01
Higher than its 5-year historical median
Price to Sales (P/S)
0.77
Higher than its 5-year historical median
EV/EBITDA
11.33
Higher than its 5-year historical median
Dividend Yield
0.73%
Profitability Efficiency
Return on Equity (ROE)
15.01%
Outperforms industry median
Return on Capital Employed (ROCE)
18.43%
Outperforms industry median
Return on Assets (ROA)
4.40%
Operating Profit Margin
7.4%
Net Profit Margin
2.72%
Gross Profit Margin
5.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-4.16%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
15.58%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
30.9%
Asset Quality
Promoter Holding
58.31%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹950 Cr.
Equity
₹24.4 Cr.
Face Value
₹10
All Time Low / High
₹26.39 / 1740.00

Wheels India stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 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?
Q.1 Revenue growth of Wheels India Ltd vs industry peers?
Wheels India Ltd revenue CAGR is 12.70%, compared to the industry median CAGR of 11.89%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 Stock return of Wheels India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.1% based on the current price.

10 Year X-Ray : Login to view analysis.

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 14.6%15.4%17.1%18%9.7%5.2%12.6%12%13.2%16.3%-
Value Creation
Index
0.00.10.20.3-0.3-0.6-0.1-0.2-0.10.2-

Growth Parameters

Sales 1,9872,1732,4603,1812,4292,2123,6874,3214,6074,4155,098
Sales YoY Gr.-9.3%13.2%29.3%-23.7%-8.9%66.7%17.2%6.6%-4.2%-
Adj EPS 16.526.225.132.121.1330.120.526.543.156.7
YoY Gr.-58.8%-4.5%28.1%-34.3%-86%920.7%-31.9%29.2%62.5%-
BVPS (₹) 169.6191.9214.2236.3248.3249.1280.6292.8325356.7398.9
Adj Net
Profit
39.863.260.377.250.87.172.549.464.8105139
Cash Flow from Ops. 148155117175159138-16.4359314400-
Debt/CF from Ops. 2.62.43.12.63.64.4-49.42.12.31.8-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 9.3%12.7%6.2%-4.2%
Adj EPS 11.2%15.3%12.7%62.5%
BVPS8.6%7.5%8.3%9.8%
Share Price 10.8% 21.6% 26.6% 108.9%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
10.114.512.414.38.71.211.478.512.615
Op. Profit
Mgn %
8.78.97.87.46.86.36.85.25.77.47.4
Net Profit
Mgn %
22.92.52.42.10.321.11.42.42.7
Debt to
Equity
10.80.70.8111.21.10.90.80.3
Working Cap
Days
12211912912717119916015414214760
Cash Conv.
Cycle
35324137536351493831-5

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,1732,4603,1812,4292,2123,6874,3214,6074,4155,098
Operating Expenses + 1,9872,2692,9482,2622,0733,4364,0994,3434,0894,721
Manufacturing Costs190207255180175275360353325375
Material Costs1,4291,6852,2351,6751,5272,6823,1393,3133,0873,489
Employee Cost 253260308284275352427479475554
Other Costs 11511715112396127173197200302
Operating Profit 186191233166139250223264327378
Operating Profit Margin (%) 8.5%7.8%7.3%6.8%6.3%6.8%5.1%5.7%7.4%7.4%
Other Income + 3981041424121026
Exceptional Items 01200000000
Interest 48456262536396108110112
Depreciation 646770708195687986107
Profit Before Tax 7710110845101078289141185
Tax 183033-1032720213547
Profit After Tax 587276547806268106139
PAT Margin (%) 2.7%2.9%2.4%2.2%0.3%2.2%1.5%1.5%2.4%2.7%
Adjusted EPS (₹)24.329.831.522.52.833.226.027.843.356.7
Dividend Payout Ratio (%)26.80%25.10%25.40%25.10%35.60%25%26.90%26.60%26.60%25.50%

Valuation of Wheels India - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 462515569597599675704794871975
Share Capital 12122424242424242424
Reserves 450503545573575651680770847950
Debt +273292385459518674603659580533
Long Term Debt127134168236304238187252288249
Short Term Debt146158217223214436417407292284
Minority Interest0000000000
Trade Payables4224725854417949601,0211,0601,1181,218
Others Liabilities 207253361345306420476349438570
Total Liabilities 1,3631,5331,9001,8422,2182,7292,8052,8613,0083,296

Fixed Assets

Net Fixed Assets +5264916006487837729339781,1741,386
Gross Block1,1641,1081,2791,3931,6031,6631,8892,0082,2622,539
Accumulated Depreciation6386186787458218919561,0311,0881,153
CWIP 223642134438570754663
Investments 1216171717149122449
Inventories279349403388512770850848742716
Trade Receivables436478558458706868756723800793
Cash Equivalents 9774334443
Others Assets 79154272193155217183221217284
Total Assets 1,3631,5331,9001,8422,2182,7292,8052,8613,0083,296

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 155117175159138-16359314400464
PBT 587476518786670106133
Adjustment 135119168114139185174233236291
Changes in Working Capital -18-46-455-20-252130396873
Tax Paid -20-30-23-1110-27-11-28-10-33
Cash Flow From Investing Activity + -75-40-183-199-110-116-145-141-255-277
Capex -77-97-186-200-111-116-147-141-249-259
Net Investments 054-00000-4-12-25
Others 2332212467
Cash Flow From Financing Activity + -75-74-052-27122-210-140-146-176
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -15-233611643-20-44-37110-21
Interest Paid -46-46-63-57-54-61-93-106-101-110
Dividend Paid -15-20-22-22-6-2-27-10-29-30
Others 1154915-9206-4613-126-15
Net Cash Flow 53-8121-10433-011

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)13.4214.6913.969.281.1312.529.069.0612.7115.01
ROCE (%)15.3817.1317.989.685.2412.5911.9513.216.2918.43
Asset Turnover Ratio1.771.731.851.31.091.491.561.631.51.62
PAT to CFO Conversion(x)2.671.632.32.9419.71-0.25.794.623.773.34
Working Capital Days
Receivable Days60.9066.5059.5076.4096.1077.9068.6058.606357.10
Inventory Days44.9045.7043.2059.5074.3063.5068.4067.3065.7052.20
Payable Days100.8096.8086.30111.80147.60119.40115.20114.60128.70122.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Wheels India Ltd FAQs

The current trading price of Wheels India on 24-Jun-2026 16:59 is ₹1,568.9.

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 23-Jun-2026 the market cap of Wheels India stood at ₹3,904.5 Cr

The latest P/E ratio of Wheels India as of 23-Jun-2026 is 28.18.

The latest P/B ratio of Wheels India as of 23-Jun-2026 is 4.01.

The 52-week high of Wheels India is ₹1,740 and the 52-week low is ₹705.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Wheels India is ₹5,098 ( 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 Somewhat 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: â€¢ 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: â€¢ 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

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About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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