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Swing Capital

Wheels India Ltd

NSE: WHEELS BSE: 590073Infra

Wheels India is engaged in the Business of Manufacture of Road Wheels , Parts & Accessories for Machinery / Equipments used by construction and mining industries and Wind Turbine Parts. [1]

₹1,591
52W: ₹705 — ₹1658
PE 28.1 · Book ₹399 · +299% vs book
Market Cap₹3,890 Cr
Stock P/E28.1Price to Earnings
ROCE17.9%Return on Capital
ROE15%Return on Equity
Div. Yield0.72%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 83.0% CAGR over last 5 years

Weaknesses

  • −Company has a low return on equity of 12.5% over last 3 years.

Shareholding Pattern

Promoters58.31%
FIIs1.15%
DIIs9.64%
Public30.91%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.31%58.31%58.31%58.31%58.31%58.31%58.31%58.31%
FIIs0.81%0.42%▼0.40.34%▼0.10.38%▲0.00.57%▲0.21.08%▲0.51.18%▲0.11.15%▼0.0
DIIs12.16%11.99%▼0.211.68%▼0.311.68%11.64%▼0.010.68%▼1.09.81%▼0.99.64%▼0.2
Public28.72%29.28%▲0.629.67%▲0.429.63%▼0.029.48%▼0.129.93%▲0.430.7%▲0.830.91%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1301,1641,0831,0841,0571,1921,1831,1731,2801,462
Expenses1,0691,0711,0091,0089781,0951,0981,0891,1901,345
Operating Profit629374767997858491117
OPM %5%8%7%7%7%8%7%7%7%8%
Net Profit13372522233626283252
EPS ₹5.1515.0710.388.979.2414.7310.8211.3713.1221.41

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,098Cr, up 15.5% YoY. OPM at 7%.

Debt Position

Borrowings at ₹753Cr. Debt-to-equity ratio: 0.79x. Moderate leverage.

Capex Cycle

CWIP at ₹63Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 9.64% (-10.38pp change). FIIs: 1.15% (+0.94pp change). Promoters hold 58.31%.

Margin & Efficiency

ROCE improving from 13% (Mar 2015) to 18% (Mar 2026). Working capital days: -13.

Valuation

PE 28.1x with 17.9% ROCE. Price is 299% above book value of ₹399. Dividend yield: 0.72%.

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