Exports rose 30% YoY to ₹388 crore in the September quarter, with the U.S. emerging as a key growth driver.
| Photo Credit: By Arrangement
Wheels India Ltd reported a 92% year-on-year (YoY) increase in net profit to ₹53.4 crore in the second quarter ended September 30, 2026, as revenue grew 36% to ₹1,598 crore.
The company plans ₹400–450 crore capital expenditure (capex) in FY27, significantly higher than its annual spending of around ₹250 crore over the past couple of years, amid robust demand across business segments.
“In July, we said [₹]300 crores. But, every board meeting subsequently, including the one that was concluded today, we have asked for additional CapEx,” Chairman and Managing Director Srivats Ram said during the earnings call. He attributed the increase to strong customer demand and the need to expand capacity.
Exports rose 30% YoY to ₹388 crore in the September quarter, with the U.S. emerging as a key growth driver. Sales to the country increased by an estimated 50%, Mr. Ram said. Earthmover wheels, which are largely exported, registered substantial growth, while air suspension systems used in Indian buses also performed well. Domestic demand for car, truck and tractor wheels remained strong.
The company has also benefited indirectly from the U.S. data-centre construction boom, which has boosted demand for construction equipment.
Wheels India raised ₹430 crore during the quarter through a ₹180-crore preferential issue and a ₹250-crore qualified institutional placement, primarily to reduce debt. The proceeds were used to repay working-capital borrowings, including bill-discounting liabilities, towards the end of September. The debt reduction is expected to lower interest costs from the December quarter, although it will not affect the September-quarter results.
Looking ahead, Mr. Ram flagged inflation and a higher base of comparison as concerns for the second half of FY27. The benefits of GST 2.0 began flowing through to automotive markets largely from October last year, making the third and fourth quarters of FY26 particularly strong.
“On top of the growth that we have seen in the first two quarters of this year, third quarter and fourth quarter, I’ll be surprised if it shows similar buoyancy going forward,” he said, highlighting that demand remained strong across most segments.
For the first half of FY27, revenue rose 26% YoY to ₹2,984 crore from ₹2,366 crore, while net profit increased to ₹90.5 crore from ₹54.2 crore.
Published – October 29, 2026 04:27 pm IST
