Key Metrics of Wheels India Limited
About Wheels India Limited
Sectors
Company details
- Registered office
- 21, Pattulos Road, Chennai, In-tn, 600002
- Listed
- NSE: WHEELS · ₹2,196.80
Operational Areas of Wheels India Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 23 Oct 2026 (from A)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | ICRA | Upgraded (from A) | A+ | A1 | Stable | ₹1,405 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Financial flexibility as a part of the T S Santhanam Group (TSF)
WIL enjoys exceptional financial flexibility and lender/investor comfort, given its association with the T S Santhanam Group, a faction of the larger TVS Group and an established name in the domestic auto ancillary industry.
+ Diversified segment and customer base; non-auto segment constitutes around 45% of revenues
The company derived around 76% of its consolidated revenues from India in FY2026, with the remaining 24% from overseas markets.
Credit challenges
− Moderate operating profit margins, albeit improvement in FY2026 and Q1 FY2027
Operating margins remain moderate at 7.8% in FY2026 and 7.5% in Q1 FY2027, despite a significant improvement from the 4-5% levels recorded in FY2023 and FY2024.
− Ongoing sizeable capex; however, debt metrics are expected to be supported by fund raise and internal accruals
The company has advanced its capex plans in FY2027 to Rs. 450 crore to enhance capacity for future needs.
Could lead to an upgrade
Strengthening of the company’s earnings profile with meaningful improvement in operating profit margins and return indicators, along with a improvement in financial leverage, could lead to a rating upgrade. Specific quantitative trigger for an upgrade includes Total debt/OPBITDA less than 1.5 times on a sustained basis.
Could lead to a downgrade
Pressure on WIL’s rating could arise from a sustained weakening in its revenues or earnings, significant debt funded capex, delay in ramping up of new capacities, leading to a deterioration in
Agency-reported financials (ICRA, 23 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹4,745 Cr | ₹5,482 Cr |
| PAT | ₹106 Cr | ₹150 Cr |
| OPBDITA/OI | 7.4% | 7.8% |
| PAT/OI | 2.2% | 2.7% |
| Total outside liabilities/Tangible net worth (times) | 2.40× | 2.30× |
| Total debt/OPBDITA (times) | 3.60× | 3.10× |
| Interest coverage (times) | 2.90× | 3.60× |
| Revenue growth (YoY) | — | 15.5% |
| EBITDA (margin × income) | ₹351 Cr | ₹428 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,264 Cr | ₹1,326 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹121 Cr | ₹119 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Fixed Deposits | Working capital & bank lines | ₹310 Cr | ₹310 Cr | 0.0% | A+ (Stable) | Upgraded | ICRA |
| Long Term – Fund Based – Long Term/Short-term | Working capital & bank lines | ₹135 Cr | ₹135 Cr | 0.0% | A (Stable) | Upgraded | ICRA |
| Term Loans Fund Based | Term loans | ₹560 Cr | ₹560 Cr | 0.0% | A / A1 (Stable) | Upgraded | ICRA |
| Long term/Short term – unallocated | Working capital & bank lines | — | ₹100 Cr | — | A+ / A1 (Stable) | Upgraded | ICRA |
| () Short Term – Non-Fund | Non-fund based limits | ₹300 Cr | ₹300 Cr | 0.0% | A2+ | Upgraded | ICRA |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| Long Term Fixed Deposits | Fixed deposits | A+ ICRA | A+ | Tier II + 1 |
| Fixed Deposit | Fixed deposits | A+ ICRA | A+ | Tier II + 1 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 21% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 21% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 3.6×
- ₹100 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Additionally, the company raised Rs. 430 crore through a qualified institutional placement (QIP)/private placement in September 2026, the proceeds of which are being utilised towards debt reduction.
From the report
The company had a cash balance of Rs. 25.5 crore as on June 30, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Wheels India Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Tata Motors Passenger Vehicles |
Gears, Steering, Brakes & Systems · Auto Components, Forging & Casting | tata.cars | 1945 | Mumbai, India |
 Maruti Suzuki India |
Passenger Cars · Automobile Manufacturers | marutisuzuki.com | 1981 | New Delhi, India |
 Tata Motors |
Outlets operated by Sri Lakshmi Motors. | tatamotors.com | 1945 | Mumbai, India |
 Hyundai Motor India |
Part of Hyundai Motor Company. | hyundai.com/in/en | — | Kanchee- -puram, India |
 Bajaj Auto |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | bajajauto.com | 1945 | Pune, India |
 Ashok Leyland |
Commercial Vehicles & Buses · Automobile Manufacturers | ashokleyland.com | 1948 | Chennai, India |
 TVS Motor Company |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | tvsmotor.com | 1979 | Chennai, India |
 Hero MotoCorp |
Outlets operated by Avi Bhatiya. | heromotocorp.com | 1984 | New Delhi, India |
 Skoda Auto Volkswagen India |
Part of Volkswagen Group. | skoda-vw.co.in | 2007 | Pune, India |
| Tube Investments Of India Limited | Pipes & Tubes · Steel, Metals & Pipes | — | — | Chennai, Tamil Nadu, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.