Wardwizard Innovations & Mobility has announced the invocation of pledged shares by lender Gangabase Barter Private Limited on December 15, 2025. The company disclosed this development under Regulation 31(1) and 31(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, citing a shortfall in the required margin as the reason for the pledge invocation.

Pledge Invocation Details

The pledge invocation involved two separate transactions executed on December 15, 2025. The details of the transactions are as follows:

Both transactions were executed by Gangabase Barter Private Limited as the lender, with the pledge invocation being attributed to a shortfall in the required margin.

Promoter Holdings Impact

The pledge invocation has significantly affected the shareholding pattern of promoter Yatin Sanjay Gupte and the promoter group entity Wardwizard Solutions India Private Limited. The encumbered shares balance has changed following the invocation.

The reduction in encumbered shares from 14.28% to 7.94% of the total share capital reflects the impact of the pledge invocation on the promoter's holdings.

Regulatory Compliance and Filing Details

Wardwizard Innovations & Mobility has filed the necessary disclosure with BSE Limited under the prescribed format for pledge invocations. The regulatory filing was submitted on December 24, 2025, by Company Secretary and Compliance Officer Jayaashok Bhardwaj.

The disclosure was made by promoter Yatin Sanjay Gupte, who provided his residential address in Vadodara, Gujarat, and contact details as part of the regulatory submission. The company maintains its registered office in Mumbai and corporate office in Vadodara, Gujarat.

Share Capital Structure

The pledge invocation occurred against the backdrop of the company's total equity share capital of ₹30,00,77,440 divided into 3,00,07,744 equity shares of ₹10.00 each. The invocation represents a significant portion of the previously pledged holdings, highlighting the financial obligations and margin requirements associated with pledged shareholdings in the current market environment.

The company has ensured compliance with SEBI regulations by making timely disclosures regarding the pledge invocation, maintaining transparency with stakeholders about changes in promoter shareholding patterns.

Wardwizard Innovations & Mobility Limited , a leading manufacturer of electric vehicles under the brands 'Joy e-bike' and 'Joy e-rik', has reported a significant turnaround in its financial performance for the second quarter of fiscal year 2026, despite facing challenges in the Indian EV sector.

Q2 FY26 Financial Highlights

The company's consolidated financial results for Q2 FY26 show:

Despite a 40.86% year-on-year decline in total revenues to ₹344.92 million, Wardwizard Innovations has managed to turn profitable. The company reported a consolidated profit after tax of ₹1.44 million, compared to a loss of ₹62.16 million in the same quarter last year. This represents a significant improvement in profitability, with the PAT margin increasing by 1108 basis points.

The EBITDA for Q2 FY26 stood at ₹61.08 million, a substantial improvement from the negative EBITDA of ₹16.42 million in Q2 FY25. The EBITDA margin expanded to 17.71%, up by 2053 basis points year-on-year.

Management Commentary

Mr. Yatin Gupte, Chairman & Managing Director of Wardwizard Innovations & Mobility Ltd., commented on the Q2 performance: "We delivered stronger profitability in Q2 FY'26, with EBITDA improving to ₹61.08 million from a loss last year and PAT turning positive. This improvement reflects our disciplined cost controls, better operational efficiencies, and focus on fleet-driven demand."

He added, "While the quarter remained challenging for the Indian EV sector, with subdued two-wheeler and three-wheeler demand, we continued to strengthen our foundation through key partnerships and technology upgrades."

Strategic Developments

Fleet Operations Expansion

The company has expanded its presence into fleet operations and last-mile delivery mobility, with active deployments across key cities including Hyderabad, Kolkata, Ahmedabad, and Pune.

Partnership with BatterySmart

Wardwizard Innovations has formed a strategic partnership with BatterySmart for battery-swapping infrastructure, enhancing its market position in the EV sector.

MoU with XiCon International

The company has secured a significant order from XiCon International, signing a Memorandum of Understanding for the lease of 7,500 Wolf electric scooters. These vehicles are set to be deployed in metropolitan cities such as Mumbai, Ahmedabad, Delhi, and Pune by FY 2026-27.

Saudi Arabia Joint Venture

In a significant move, the company has approved the establishment of a joint venture in Saudi Arabia. The Board of Directors has given the green light for:

• Setting up an Electric Vehicle (EV) Assembly plant in Saudi Arabia
• Establishing a state-of-the-art EV Battery manufacturing facility
• Serving both domestic and international markets

The joint venture will be formed with Royal Highness Abdulaziz Bin Turki Bin Talal Abdulaziz Al Saud, who will hold a 51% equity stake, while Wardwizard Innovations & Mobility Limited will hold the remaining 49%.

Outlook

While facing headwinds in the Indian EV market, Wardwizard Innovations appears to be focusing on operational efficiency and strategic expansion. The company's ability to turn profitable despite revenue decline suggests effective cost management. The new joint venture in Saudi Arabia and partnerships with BatterySmart and XiCon International could potentially open up new markets and growth opportunities for the company both domestically and in the Middle East region.

Investors and market watchers will likely keep a close eye on how these strategic moves translate into financial performance in the coming quarters, especially given the current challenges in the EV sector.