Wheels India Q2 FY27 Results: Consolidated Net Profit ₹60.16 Crore on Total Income of ₹1,723 Crore
Earnings
auto components
Blacklitt Research4 min read
Wheels India (NSE: WHEELS) reported consolidated total income of ₹1,722.96 crore and net profit of ₹60.16 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,597.60 crore and net profit of ₹53.41 crore, it said in a filing on 29 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,722.96 crore, up 35.8% YoY and 15.4% QoQ
Net profit and EPS: Net profit ₹60.16 crore, up 89.8% YoY; basic EPS ₹24.21 against ₹12.65
Other income: ₹12.01 crore, up from ₹4.56 crore a year earlier and ₹1.79 crore in Q1 FY27
Finance costs: ₹30.83 crore, 1.8% of total income
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,597.60 crore, up 35.5% YoY and 15.3% QoQ
Net profit and EPS: Net profit ₹53.41 crore, up 92.3% YoY; basic EPS ₹21.76 against ₹11.37
Other income: ₹12.57 crore, up from ₹5.93 crore a year earlier
Finance costs: ₹28.78 crore, 1.8% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,722.96
1,268.53
+35.8%
1,492.79
+15.4%
Revenue from operations
1,710.95
1,263.97
+35.4%
1,491.00
+14.8%
Other income
12.01
4.56
+163.4%
1.79
+570.9%
60.16
31.69
+89.8%
38.95
+54.5%
Profit before tax
79.31
42.21
+87.9%
54.79
+44.8%
Finance costs
30.83
29.58
+4.2%
28.57
+7.9%
Depreciation
33.84
27.49
+23.1%
32.91
+2.8%
Tax expense
19.15
10.52
+82.0%
15.84
+20.9%
Net profit margin
3.49%
2.50%
+0.99 pp
2.61%
+0.88 pp
EPS, basic (₹)
24.21
12.65
+91.4%
15.68
+54.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income. Consolidated net profit rose 89.8% YoY to ₹60.16 crore while total income rose 35.8%, and profit before tax rose 87.9% to ₹79.31 crore. Tax expense of ₹19.15 crore is 24.1% of profit before tax, up 82.0% from a year earlier.
Other income is a larger share of profit this quarter. At ₹12.01 crore it is 15.1% of profit before tax, against ₹4.56 crore a year before and ₹1.79 crore in the previous quarter. Finance costs of ₹30.83 crore are 1.8% of total income, up 4.2% YoY, while depreciation of ₹33.84 crore rose 23.1%.
Profit attributable to owners of the company is ₹59.42 crore, with basic EPS of ₹24.21 against ₹12.65 a year earlier. The share of profit of associate Axles India is ₹3.76 crore for the quarter, against ₹2.66 crore in the quarter ended 30 Jun 2026.
The consolidated comparatives were recast. An NCLT order has approved the merger of Forge 2000 P Ltd with Axles India Ltd, an associate company, with an appointed date of 1 Apr 2025, and previous-period consolidated numbers were restated to reflect it.
The statutory auditors, Brahmayya & Co, carried out a limited review of both sets of results and reached unmodified conclusions. For the consolidated figures they did not review the interim information of subsidiary WIL Car Wheels Limited or of associate Axles India, and rely on other auditors' reports for them.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,597.60
1,178.95
+35.5%
1,386.07
+15.3%
Revenue from operations
1,585.03
1,173.02
+35.1%
1,380.43
+14.8%
Other income
12.57
5.93
+112.0%
5.64
+122.9%
53.41
27.77
+92.3%
37.04
+44.2%
Profit before tax
70.36
37.22
+89.0%
50.31
+39.9%
Finance costs
28.78
27.51
+4.6%
26.84
+7.2%
Depreciation
31.60
25.38
+24.5%
30.76
+2.7%
Tax expense
16.95
9.45
+79.4%
13.27
+27.7%
Net profit margin
3.34%
2.36%
+0.99 pp
2.67%
+0.67 pp
EPS, basic (₹)
21.76
11.37
+91.4%
15.16
+43.5%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose faster than income. It grew 92.3% YoY to ₹53.41 crore, against 35.5% growth in total income to ₹1,597.60 crore. Profit before tax of ₹70.36 crore rose 89.0%, and tax expense of ₹16.95 crore is 24.1% of it.
Other income of ₹12.57 crore is 17.9% of standalone profit before tax, up from ₹5.93 crore a year earlier. Standalone finance costs of ₹28.78 crore are 1.8% of total income. Consolidated net profit of ₹60.16 crore is ₹6.75 crore higher than standalone.
The standalone cash flow statement for the half year shows ₹423.25 crore of proceeds from equity issue, net of issue expense, and dividend paid of ₹22.26 crore. Paid-up equity share capital rose from ₹24.43 crore to ₹26.86 crore in the quarter through preferential allotment and allotment to Qualified Institutional Buyers. The company says the proceeds were used for repayment of debt.
Inference
The board approved a proposed investment of ₹20 crore in a joint venture company, JV Co, which Bosch Limited and TSF Companies will hold 50% each. JV Co is to develop and produce solutions for the commercial vehicle air system segment and any other product the venture decides; the company will make further disclosures when JV Co is incorporated.
The filing does not give the incorporation date of JV Co, the timing of the ₹20 crore investment, the issue price of the preferential and Qualified Institutional Buyer allotments, or the reason other income rose sharply from the previous quarter.
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