The company supplies approximately two-thirds of the domestic market requirement and exports 15% of turnover to North America, Europe, Asia Pacific, and South Africa. Wheels India has a technical collaboration with Topy Industries and is expanding alloy wheel capacity from 5 lakh to 7 lakh units, with plans to reach 10 lakh units by FY27.
Cyborg Score Rationale
The company has a market cap of ₹2,184 crores with healthy dividend yield of 1.29% and ROCE of 16.1%. While Q4 FY25 showed slight revenue increase with marginal profit decline, optimism surrounds future growth in tractor and commercial vehicle markets supported by capex investments.
Top Insights
Alloy wheel capacity expansion underway: 5 lakh to 7 lakh units by Q4 FY26, then to 10 lakh units by FY27.
Four-division portfolio strategy: Automotive Wheels, Construction Equipment, Energy Products (wind/railways), and Air Suspension divisions.
Growth drivers include strong domestic tractor market, commercial vehicle demand, and new tractor wheel plant investment.
India Ratings upgraded credit ratings on February 20, 2026 for multiple facilities.
Named Competitors
Steel and aluminum wheels — Automotive components manufacturer
Wheels and automotive components — Wheel and component manufacturer
Automotive components — Diversified auto component supplier
Recent Developments
(February 2026) India Ratings upgraded Wheels India credit ratings for ₹12,000m and ₹3,100m facilities with ₹1,950m newly assigned
(January 2026) Q3 FY26 net profit ₹32.05 crores on revenue ₹1,287 crores with interim dividend ₹5.3 per share approved
(October 2025) Partnership with South Korean firm for hydraulic cylinder business
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