Wheels India Limited reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at their meeting held on May 15, 2026. On a consolidated basis, the company posted a net profit of Rs. 58.81 Crores for Q4FY26, compared to Rs. 38.54 Crores in Q4FY25, while full-year consolidated net profit rose to Rs. 158.05 Crores from Rs. 112.19 Crores in FY25. Standalone revenues crossed the milestone of Rs. 5,000 Crores in FY26, reaching Rs. 5,124 Crores — an increase of 16% over Rs. 4,425 Crores registered in the previous year. The results were audited by M/s. Brahmayya & Co., Chartered Accountants, who issued an unmodified audit opinion on both standalone and consolidated financial results.

Q4FY26 and FY26 Financial Highlights

The company's performance reflects broad-based year-on-year improvement across key financial metrics on both standalone and consolidated bases. The following table summarizes the key consolidated results:

*Not annualised

On a standalone basis, the company reported net profit of Rs. 52.30 Crores for Q4FY26 versus Rs. 35.99 Crores in Q4FY25, and full-year standalone net profit of Rs. 138.56 Crores compared to Rs. 105.85 Crores in FY25. Standalone revenue from operations for FY26 stood at Rs. 5,098.35 Crores against Rs. 4,415.33 Crores in FY25.

*Not annualised

Segment-Wise Performance

Wheels India operates across two reportable segments: Automotive Components and Industrial Components. The consolidated segment-wise revenue and results for the quarter and full year are presented below:

Total consolidated segment assets stood at Rs. 3,526.93 Crores as at March 31, 2026, compared to Rs. 3,206.23 Crores as at March 31, 2025. Total consolidated segment liabilities were Rs. 2,472.00 Crores versus Rs. 2,273.82 Crores in the prior year.

Balance Sheet and Cash Flow Highlights

The consolidated balance sheet as at March 31, 2026 reflects total assets of Rs. 3,526.93 Crores, up from Rs. 3,206.23 Crores as at March 31, 2025. Total equity (including non-controlling interest) stood at Rs. 1,054.93 Crores versus Rs. 932.41 Crores in the prior year. Consolidated reserves (excluding revaluation reserves) were Rs. 1,017.03 Crores as at March 31, 2026, compared to Rs. 897.57 Crores as at March 31, 2025. Paid-up equity share capital remained unchanged at Rs. 24.43 Crores.

On a consolidated cash flow basis, net cash flow from operating activities for FY26 was Rs. 477.35 Crores compared to Rs. 400.47 Crores in FY25. Net cash used in investing activities was Rs. 291.70 Crores, while net cash used in financing activities was Rs. 174.75 Crores. Closing cash and cash equivalents stood at Rs. 38.90 Crores versus Rs. 28.01 Crores in the prior year.

Dividend, AGM, and Corporate Actions

The Board of Directors recommended a final dividend of Rs. 9.14 (91.4%) per equity share of Rs. 10/- each for the financial year 2025-26, amounting to Rs. 22.33 Crores, subject to approval of members at the ensuing Annual General Meeting. Combined with the interim dividend of Rs. 5.3 per share declared earlier in the year, the total dividend for FY26 amounts to Rs. 14.44 per share. If approved, the final dividend shall be paid on or before July 30, 2026, with a record date of June 24, 2026.

The Board also approved the alteration of the Articles of Association to align with the Companies Act, 2013, subject to shareholder approval at the ensuing AGM. The Board meeting commenced at 11:30 A.M. and concluded at 2:00 P.M. on May 15, 2026.

Wheels India Limited has entered into a Joint Venture Agreement with Bosch Limited and Brakes India Private Limited to establish a new entity focused on the commercial vehicle air system segment. Approved by the Board of Directors on March 20, 2026, the joint venture aims to develop and manufacture next-generation electronically controlled air system products for trucks and buses to be sold worldwide. The agreement is scheduled to be executed on May 20, 2026.

Joint Venture Structure and Shareholding

The newly formed joint venture will see equal participation from the partners. Bosch Limited will subscribe to 50% of the share capital, while the TSF Companies—comprising Wheels India Limited and Brakes India Private Limited—will collectively hold the remaining 50%. The funding for the joint venture will be contributed by the partners in proportion to their shareholding, based on the business requirements as determined by the Board of the Joint Venture Company.

Governance and Operational Terms

The governance structure of the joint venture includes a Board comprising four directors. Bosch Limited will nominate two directors, while the TSF Companies will nominate the other two. Regarding share transfer rights, the agreement stipulates a five-year lock-in period during which no share transfers are permitted. Following this period, transfers to affiliates are permitted, while transfers to competitors require prior written consent from the other JV partner. The transaction does not fall within the purview of Related Party Transactions for Wheels India Limited.

Rationale and Business Scope

The joint venture aims to capitalize on the global shift by Original Equipment Manufacturers (OEMs) towards modular, electronically controlled air and braking platforms and suspension systems. The JV will focus on engineering, manufacturing, and sales of electronically controlled and software-driven modules for air compression, air processing, air suspension, and air parking brakes. By combining Bosch's strengths in electronics, software, and control systems with the mechanical system design and pneumatic management architecture of the TSF Group, the partners expect to create value for all stakeholders.

Financial Overview of Partners

The following table outlines the turnover for the fiscal year 2025-26 for the entities involved in the agreement: