Wardwizard Innovations & Mobility Limited , a prominent player in the electric vehicle (EV) sector, has unveiled plans for a rights issue to support the execution of its first dispatch under a significant USD 1.29 billion electric vehicle agreement with the Philippines. This strategic move comes as the company gears up to fulfill a substantial order of 4,500 units, encompassing electric two-wheelers, three-wheelers, and four-wheelers, valued at approximately USD 30.60 million.

Order Details and Delivery Timeline

The company has received specific delivery timelines for the order, with completions scheduled by June 2026. This development marks a crucial step in Wardwizard's international expansion and underscores the growing demand for electric vehicles in the Southeast Asian market.

Prototype Testing and Pre-Order Process

As part of its meticulous pre-order process, Wardwizard Innovations had previously dispatched prototype vehicles for testing. This proactive approach demonstrates the company's commitment to quality and customer satisfaction, ensuring that their electric vehicles meet the specific requirements of the Philippine market.

Management's Perspective

Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, emphasized the significance of the rights issue, stating that it represents a pivotal step toward executing the initial dispatch order and lays the foundation for future growth. The company's leadership views this as a strategic move to capitalize on the burgeoning electric vehicle market in the Philippines.

Funding Strategy

While the rights issue is a key component of Wardwizard's funding strategy, the company is not limiting itself to this option alone. Management is actively evaluating additional equity and debt funding avenues to secure the necessary capital for order fulfillment. This multi-pronged approach to financing reflects the company's proactive stance in ensuring it has the resources to meet its commitments and fuel its expansion plans.

Wardwizard's Market Presence

Operating under the well-known Joy e-bike and Joy e-rik brands, Wardwizard Innovations & Mobility Limited has established a strong presence in the Indian market. The company's products are available in over 400 cities across India, showcasing its extensive distribution network and market penetration.

Conclusion

The announcement of the rights issue and the progress on the Philippine order represent significant milestones for Wardwizard Innovations & Mobility Limited. As the company prepares to fulfill this substantial international order, it is positioning itself as a key player in the global electric vehicle market. The successful execution of this order could potentially open doors for further international expansion and solidify Wardwizard's position in the competitive EV industry.

Wardwizard Innovations & Mobility Limited , a leading electric vehicle (EV) manufacturer, has reported its financial results for the first quarter, showcasing strategic progress despite a modest start to the year.

Financial Performance

For Q1, Wardwizard reported revenue from operations of ₹32.27 crores, down from ₹51.41 crores in the same quarter last year. The company achieved an EBITDA margin of 23.44% and a net profit of ₹1.12 crores with a 3.03% margin.

Sales and Product Updates

During the quarter, Wardwizard sold 2,592 electric two-wheelers and 11 three-wheelers. The company received a significant order from SpeedforceEV for 2,500 units of its Wolf+ electric scooter model, strengthening its position in the fleet segment.

Strategic Partnerships and Expansion

Wardwizard has entered into several strategic partnerships to enhance its market presence and technological capabilities:

• XiCon International Partnership: A memorandum of understanding (MoU) was signed with XiCon International to lease 7,500 electric scooters over two years, focusing on last-mile delivery efficiency in major cities.

• Fleet Operations Model: The company deployed 100 electric vehicles in Hyderabad through its innovative fleet operations model, offering end-to-end support including maintenance, charging infrastructure, and insurance.

• Ampvolts Limited Collaboration: A partnership was formed with Ampvolts Limited to develop advanced EV charging infrastructure in India and abroad.

• C4V Partnership: Wardwizard entered a strategic MoU with C4V to strengthen battery technology development, focusing on high-performance lithium-ion battery cells.

International Expansion

Wardwizard has made progress in its international ventures, successfully dispatching customized electric three-wheelers to the Philippines for testing. These vehicles are tailored for public and commercial transport, including various models designed for urban commutes and sustainable logistics.

Management Commentary

Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, stated, "While Q1 marked a relatively modest start to the fiscal year, we have made strategic progress that strengthens our foundation for future growth. Our entry into the Fleet Segment is a significant milestone, marked by the 2,500-unit order from SpeedforceEV and a MoU with XiCon International to lease 7,500 electric scooters."

He added, "As the festive season approaches, starting with Ganesh Chaturthi, we are optimistic about improved consumer sentiment and rising demand. With a healthy pipeline, enhanced distribution, and strategic focus areas in place, we are well-positioned to deliver improved performance in the upcoming quarters."

Future Outlook

Wardwizard remains focused on driving innovation, operational efficiency, and deeper market penetration across both domestic and international markets. The company's strategic partnerships and expansion into fleet operations are expected to contribute to its growth trajectory in the coming quarters.

With the Indian government's push for increased EV adoption and the company's diverse product portfolio, Wardwizard is poised to capitalize on the growing demand for electric mobility solutions in India and beyond.