Wheels India LimitedQ2 FY27 Results & Financial Update

Wheels India Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,710.95 Cr, PAT ₹60.16 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: WHEELSPublished 30 Oct 2026Updated 30 Oct 2026~6 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹1,710.95 CrReported Q2 FY27
Profit after tax₹60.16 CrReported Q2 FY27
EPS₹24.21Reported Q2 FY27

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Quarterly Results AnalysisExplore Wheels India Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

Wheels India Limited recorded consolidated revenue from operations of INR 1710.95 crore for the quarter ended September 30, 2026, accompanied by total income of INR 1722.96 crore.

02

Profit before tax (PBT) for Q2 FY27 stood at INR 79.31 crore, reflecting the net contribution of automotive and industrial component segments after absorbing finance costs and operational overheads.

03

Consolidated net profit after tax (PAT) reached INR 60.16 crore for the quarter, yielding a basic and diluted earnings per share (EPS) of INR 24.21.

04

Total expenses for the period aggregated to INR 1647.41 crore, driven primarily by material consumption of INR 1239.30 crore and employee benefit expenses of INR 178.62 crore.

05

Finance costs for the quarter were reported at INR 30.83 crore, while depreciation and amortization expenses stood at INR 33.84 crore.

06

The board approved an investment of INR 20 crore in a newly proposed Joint Venture Company with Bosch Limited and Brakes India Private Limited for commercial vehicle air systems.

01 · Business model

What does Wheels India do?

Wheels India Limited operates as a premier manufacturing enterprise specializing in automotive and industrial components, supplying diverse vehicle and equipment segments across domestic and international markets.

The company's core manufacturing capabilities encompass automotive components—such as wheels and related systems—alongside a broad range of industrial components catering to heavy machinery and specialized industrial applications.

Operations are structured across consolidated reporting entities including subsidiary companies like WIL Car Wheels Limited, WIL USA Inc, and WIL Europe GMBH, while maintaining strategic associate investments such as Axles India Limited.

The economic model depends heavily on sustained demand from commercial vehicle, passenger vehicle, and industrial equipment sectors, balancing raw material costs with manufacturing efficiency and operating scale.

02 · Historical context

What shaped the business before this quarter

Capital Restructuring via Preferential Allotment

During Q2 FY27, the company increased its paid-up equity share capital from INR 24.43 crore to INR 26.86 crore through preferential allotment and share allotments to Qualified Institutional Buyers, applying proceeds toward debt repayment.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ2 FY27
Revenue from operations₹1,710.95 Cr
Total income₹1,722.96 Cr
Profit before tax₹79.31 Cr
Profit after tax₹60.16 Cr
EPS₹24.21

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Automotive Components Segment

Generated INR 1446.02 crore in segment revenue during Q2 FY27, serving as the dominant revenue engine for the consolidated entity.

Industrial Components Segment

Contributed INR 264.93 crore in segment revenue during the quarter, supporting diversified top-line streams.

Other Income Contribution

Other income added INR 12.01 crore to the total consolidated income for the quarter.

Automotive Components Demand

The automotive components segment delivered revenue of Rs. 1,446.02 crore, supported by healthy demand across commercial and passenger vehicle wheel applications.

Industrial Components Contribution

The industrial components segment added Rs. 264.93 crore in revenue during the quarter.

What drove margins

Material Consumption Pressures

Cost of materials consumed amounted to INR 1239.30 crore, partially offset by a positive change in inventories of finished goods and work-in-progress of INR 49.36 crore.

Employee and Operating Expenses

Employee benefit expenses stood at INR 178.62 crore, while other expenses aggregated to INR 214.18 crore for the quarter.

Financing and Depreciation Charges

Finance costs of INR 30.83 crore and depreciation/amortisation charges of INR 33.84 crore exerted steady downward pressure on net margins.

Employee and Operating Overhead

Employee benefit expenses amounted to Rs. 178.62 crore, while other expenses were recorded at Rs. 214.18 crore for the consolidated entity.

05 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Automotive Components Performance

Delivered segment results (profit before tax and interest) of INR 102.80 crore on revenue of INR 1446.02 crore, with segment assets standing at INR 3000.97 crore.

Industrial Components Performance

Recorded segment results of INR 7.34 crore on revenue of INR 264.93 crore, with segment assets at INR 940.79 crore.

Automotive Segment Performance

Automotive components generated Rs. 1,446.02 crore in revenue with a segment result of Rs. 102.80 crore before tax and interest.

Industrial Segment Performance

Industrial components recorded revenue of Rs. 264.93 crore with a segment result of Rs. 7.34 crore before tax and interest.

06 · Reported developments

What changed operationally

Solid Segment Profitability

Automotive components segment demonstrated robust profitability with segment results exceeding INR 102 crore.

Associate Profit Contribution

The consolidated entity recorded a share of profit from associates amounting to Rs. 3.76 crore for the quarter.

07 · Items worth noticing

The line items that can distort a quick read

Tax Expense Impact

Current tax for the quarter was reported at INR 17.66 crore with deferred tax of INR 1.49 crore, totaling tax expense of INR 19.15 crore.

08 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Operating cash flow₹-179.35 CrH1 FY27
Capital expenditure₹-161.09 CrH1 FY27
Half-Year Operating Cash Flow Impact

For the half-year ended September 30, 2026, net cash used in operating activities stood at INR 179.35 crore, impacted by working capital changes including increases in trade receivables and inventories.

Capital allocation & funding

Debt Repayment from QIP Proceeds

Proceeds from the preferential allotment and QIB share issuance were utilized for the repayment of company borrowings.

Borrowing Balances

Consolidated non-current borrowings stood at INR 231.49 crore and current borrowings at INR 461.29 crore as of September 30, 2026.

Borrowings and QIP Proceeds

Proceeds from the equity issue to Qualified Institutional Buyers and preferential allotment were applied toward the repayment of debt during the quarter.

09 · Beyond the numbers

What changed beyond the numbers

Reported update

Statutory Review Scope

Financial results for Q2 FY27 were subjected to limited review by statutory auditors Brahmayya & Co., incorporating reviews of subsidiary entities such as WIL Car Wheels Limited.

Reported update

Statutory Auditor Review

M/s. Brahmayya & Co., Chartered Accountants, conducted a limited review of the standalone and consolidated financial results for the quarter ended September 30, 2026.

10 · Previous-quarter changes

What changed since the previous quarter

Sequential Revenue Expansion

Consolidated revenue from operations increased from INR 1491.00 crore in Q1 FY27 to INR 1710.95 crore in Q2 FY27.

Sequential Profitability Growth

Consolidated PAT increased from INR 38.95 crore in Q1 FY27 to INR 60.16 crore in Q2 FY27.

11 · Key Q&A

The quarter, answered directly

What does Wheels India do?

Wheels India Limited operates as a premier manufacturing enterprise specializing in automotive and industrial components, supplying diverse vehicle and equipment segments across domestic and international markets.

What is the clearest takeaway from Q2 FY27?

Wheels India Limited recorded consolidated revenue from operations of INR 1710.95 crore for the quarter ended September 30, 2026, accompanied by total income of INR 1722.96 crore.

What drove revenue or demand?

Generated INR 1446.02 crore in segment revenue during Q2 FY27, serving as the dominant revenue engine for the consolidated entity.

What mattered most for margins or profitability?

Cost of materials consumed amounted to INR 1239.30 crore, partially offset by a positive change in inventories of finished goods and work-in-progress of INR 49.36 crore.

What changed operationally beyond the headline numbers?

Financial results for Q2 FY27 were subjected to limited review by statutory auditors Brahmayya & Co., incorporating reviews of subsidiary entities such as WIL Car Wheels Limited.

What should the next disclosure help confirm?

Management of trade receivables and inventory absorption following strong half-year working capital outflows.

12 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.

13 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Working Capital Normalization: Management of trade receivables and inventory absorption following strong half-year working capital outflows.

  2. 02

    Debt Reduction Progress: Track further impact of QIP proceeds on borrowing levels and overall finance cost optimization in subsequent quarters.

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