WHEELS INDIAWheels India LimitedNSE:WHEELSTechnicalAnalystSucritWheels India Ltd. (currently trading at ₹870) is a leading manufacturer of steel wheels, suspension systems, and air suspension products for commercial vehicles, tractors, and off-road equipment. A part of the TVS Group, the company operates manufacturing facilities in Tamil Nadu and Uttar Pradesh, with exports to over 25 countries. Its product portfolio spans forged wheels, aluminum wheels, bogie suspensions, and fabricated components for railways and wind energy. Wheels India is a critical supplier to OEMs like Tata Motors, Ashok Leyland, John Deere, and Indian Railways. Wheels India – FY22–FY25 Snapshot • Sales – ₹2,900 Cr → ₹3,450 Cr → ₹3,980 Cr → ₹4,420 Cr Growth driven by CV recovery, export traction, and wind energy components • Net Profit – ₹72 Cr → ₹105 Cr → ₹130 Cr → ₹155 Cr Earnings supported by margin expansion and operating leverage • Operating Performance – Moderate → Strong → Strong → Strong EBITDA margins improving with product mix and automation • Dividend Yield (%) – 0.80% → 0.90% → 1.00% → 1.10% Steady payouts aligned with profit growth • Equity Capital – ₹24.00 Cr (constant) No dilution; lean capital structure • Total Debt – ₹520 Cr → ₹480 Cr → ₹440 Cr → ₹400 Cr Gradual deleveraging supported by internal accruals • Fixed Assets – ₹1,050 Cr → ₹1,120 Cr → ₹1,180 Cr → ₹1,250 Cr Capex focused on alloy wheels, wind components, and automation Institutional Interest & Ownership Trends Promoter holding stands at 57.52%, with no pledging. FIIs and DIIs have selectively accumulated post FY24 breakout and CV cycle recovery. Delivery volumes reflect long-term positioning by auto, infra, and export-focused funds. Business Growth Verdict Wheels India is scaling across CV wheels, railway bogies, and wind energy components Margins improving due to automation and premium product mix Debt is declining steadily with strong operating cash flows Capex supports long-term competitiveness and OEM readiness Management Con Call • Q1 FY26 revenue rose 16.8% YoY to ₹1,180 Cr; PAT up 22.5% YoY to ₹42 Cr • Wind energy segment grew 28% YoY; railway components up 19% YoY • Alloy wheel line commissioned in Uttar Pradesh; exports to EU initiated • FY26 outlook: 12–15% revenue growth, margin retention, and PAT expected to cross ₹170 Cr Final Investment Verdict Wheels India Ltd. offers a high-quality industrial compounding story built on OEM partnerships, export strength, and product diversification. Its improving profitability, disciplined capital structure, and expanding infra exposure make it suitable for accumulation by investors seeking exposure to India’s auto, rail, and renewable supply chain themes.