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Wheels India Limited
(WHEELS)
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Rating:63Neutral
Price Target:
₹1,507.00
▲(4.50% Upside)
Action:Reiterated
Date:07/02/26
The score is primarily driven by improving financial performance (strong multi-year revenue expansion and better leverage), tempered by margin volatility and weaker/less consistent free cash flow. Technicals are supportive with a clear uptrend but appear stretched, while valuation is a modest headwind due to a higher P/E and low dividend yield.
Positive Factors
Multi-year revenue growth
Sustained multi-year revenue expansion and a return to YoY growth in 2026 indicate durable demand across OEM segments. This scale supports supplier bargaining, fixed-cost absorption and long-term supplier status with OEMs, underpinning recurring revenue and capacity utilization stability.
Negative Factors
Gross margin volatility
A large, rapid gross-margin decline signals weak input-cost pass-through, adverse price/mix or rising raw-material pressure. Persistent margin volatility undermines earnings predictability and could erode pricing power with OEMs, making profit sustainability vulnerable to commodity cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth
Sustained multi-year revenue expansion and a return to YoY growth in 2026 indicate durable demand across OEM segments. This scale supports supplier bargaining, fixed-cost absorption and long-term supplier status with OEMs, underpinning recurring revenue and capacity utilization stability.
Read all positive factors
Wheels India Limited (WHEELS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹34.36B
Dividend Yield1.03%
Average Volume (3M)10.39K
Price to Earnings (P/E)21.1
Beta (1Y)1.01
Revenue Growth17.47%
EPS Growth39.52%
CountryIN
Employees2,735
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)66.90
Shares Outstanding24,433,012
10 Day Avg. Volume7,209
30 Day Avg. Volume10,387
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)2.34
Price to Sales (P/S)0.45
P/FCF Ratio27.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Wheels India Limited Business Overview & Revenue Model
Company Description
Wheels India Limited, operating with its subsidiary, specializes in the production and distribution of automotive and industrial components throughout India and global markets. The company's extensive portfolio features various types of wheels, in...
How the Company Makes Money
Wheels India Limited makes money primarily by manufacturing and selling automotive wheel products and related engineered components to vehicle and equipment makers. Its core revenue stream is OEM supply: it produces wheels (notably steel wheels, a...
Wheels India Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.90B | 54.65B | 47.44B | 49.77B | 46.40B | 39.66B |
| Gross Profit | 14.59B | 10.23B | 14.33B | 13.33B | 6.72B | 5.97B |
| EBITDA | 4.61B | 4.44B | 3.52B | 2.66B | 2.42B | 2.67B |
| Net Income | 1.63B | 1.55B | 1.11B | 627.70M | 553.50M | 764.70M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 35.27B | 31.88B | 31.04B | 30.10B | 29.74B |
| Cash, Cash Equivalents and Short-Term Investments | 36.40M | 155.60M | 82.70M | 68.70M | 25.90M | 63.30M |
| Total Debt | 0.00 | 7.68B | 7.37B | 7.78B | 8.19B | 8.76B |
| Total Liabilities | -10.55B | 24.72B | 22.56B | 22.55B | 22.32B | 22.23B |
| Stockholders Equity | 10.55B | 10.41B | 9.22B | 8.40B | 7.64B | 7.34B |
Cash Flow | ||||||
| Free Cash Flow | 1.16B | 898.60M | 1.91B | 1.79B | 2.21B | -1.08B |
| Operating Cash Flow | 2.30B | 3.67B | 4.00B | 3.29B | 3.73B | 276.10M |
| Investing Cash Flow | -1.34B | -2.99B | -2.13B | -1.50B | -1.48B | -1.20B |
| Financing Cash Flow | -686.70M | -566.70M | -1.88B | -1.46B | -2.11B | 838.10M |
Wheels India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹22.98B | 17.39 | ― | 0.59% | 8.11% | 29.23% | |
72 Outperform | ₹39.74B | 27.85 | ― | 2.95% | 11.39% | 79.71% | |
68 Neutral | ₹50.71B | 15.82 | ― | 1.07% | 20.77% | 4.95% | |
67 Neutral | ₹27.24B | 16.56 | ― | 1.68% | 4.82% | 5.68% | |
63 Neutral | ₹34.36B | 21.07 | ― | 0.97% | 17.47% | 39.52% | |
62 Neutral | ₹48.89B | 22.96 | ― | 0.42% | 19.94% | 5.13% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:WHEELS
Wheels India Limited
1,430.10
711.18
98.92%
IN:AUTOAXLES
Automotive Axles Limited
1,932.55
215.88
12.58%
IN:GNA
GNA Axles Ltd
529.80
231.69
77.72%
IN:LGBBROSLTD
L.G. Balakrishnan & Bros Ltd.
1,513.45
284.71
23.17%
IN:NRBBEARING
NRB Bearings Ltd.
456.65
191.99
72.54%
IN:SSWL
Steel Strips Wheels Ltd
319.90
103.32
47.71%
Wheels India Limited Corporate Events
Wheels India to Hold 67th AGM via Video Conferencing with E-Voting
Jun 8, 2026
Wheels India Limited has announced that its 67th Annual General Meeting will be held on July 1, 2026, at 10:00 a.m. IST through video conferencing and other audio-visual means, with shareholders able to participate via an e-voting facility in comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.