Wheels India Ltd (WHEELS) — share price & stock analysis

Market cap

₹3,942 Cr

P/E

25.4×

ROE

15.8%

vs own 10-yr valuation

51st pctile

Book value / share

₹426

EPS (TTM)

₹63.5

10-yr median P/E

23.8×

Revenue (FY26)

₹5,465 Cr

Profit after tax (FY26)

₹158 Cr

Weinstein stage

Stage 2 (57 weeks)

Data as of

1 July 2026

4 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 19% — decent; debt moderate (0.74× equity); margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

What the earnings deliver, the price follows

Since Jul 2017, the stock is up 130% and earnings per share are up 125% — the price has tracked the profits, not run ahead of them.pricettm_eps

The market is paying for delivery, not promises. What you see in earnings is what you get in the price.

Today’s P/E of 25.4× is the middle of its own range against its own 10-year history (51st percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (23.8×).

Stage 2: the trend is up, and has been for 57 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 57 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹1,100 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 27 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Up in 7 of 10 years — the long arc of a compounder

Over 10 years, sales went from ₹1,987 Cr to ₹5,465 Cr (about 11% a year), and profit from ₹41.0 Cr to ₹158 Cr.revenuenet_profit

Margins took a round trip — down to 4.8% in FY23, back to 7.6% now. The profit growth survived the squeeze.operating_profit

Sales jumped 23% last quarter — the 5th straight quarter of growth

Mar 26 sales were ₹1,564 Cr, up 23% on the same quarter last year.revenue

That makes 5 quarters of growth in a row — this is a trend, not a blip.revenue

Margins have been rebuilt — 4.8% in FY23 to 7.6% now

Of every ₹100 of sales, the company keeps ₹8.1 as operating profit — unchanged from a year ago.opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 4.8% in FY23 and has been rebuilt to 7.6% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

Profit exploded 51% — mostly from selling more

Mar 26 profit after tax was ₹59.0 Cr, up 51% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

The profits are real — they turn into cash

Over the last 5 profitable years, the business reported ₹454 Cr of profit and collected ₹1,604 Cr of operating cash — about 353% conversion.operating_cash_flownet_profit

When cash tracks profit this closely, the earnings need no asterisk.

The cash cycle is tightening — money comes home faster

One rupee now takes about -3 days to go out the door as materials and come back as collected cash — down from 12 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (85 → 73 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹518 Cr (FY16) to ₹1,506 Cr, with another ₹69.0 Cr of capacity under construction right now.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹655 Cr) fits inside the operating cash the business generated (₹1,206 Cr).investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹74 — total borrowings have grown from ₹386 Cr to ₹768 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹19 — decent, not special

Return on capital employed is 19.0% (a year ago: 16.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Institutions have been lightening up

Promoters hold 58.3%, essentially unchanged. Foreign funds own 1.1%, domestic funds 9.6%.promoters_pctfiis_pctdiis_pct

Meanwhile domestic funds have been the sellers — from 20.0% to 9.6% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price is roughly fair to the delivery so far.

Best thing in the data: profit rising (₹39.0 Cr → ₹59.0 Cr).net_profit

Biggest worry: domestic-fund holding falling (11.7% → 9.6%).diis_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data