Wardwizard Innovations Reports Q2 FY26 Profit Amid EV Sector Slowdown, Announces Saudi Joint Venture

Wardwizard Innovations & Mobility Limited , a leading manufacturer of electric vehicles under the brands 'Joy e-bike' and 'Joy e-rik', has reported a 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:

Particulars (₹ in millions)	Q2 FY26	Q2 FY25	YoY Change
Total Revenues	344.92	583.22	-40.86%
EBITDA	61.08	-16.42	471.87%
EBITDA Margin	17.71%	-2.82%	2053 bps
Profit After Tax (PAT)	1.44	-62.16	102.31%
PAT Margin	0.42%	-10.66%	1108 bps
EPS (₹)	0.01	-0.24	102.31%

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.

MoU with XiCon International

Wardwizard has signed a Memorandum of Understanding for the lease of 7,500 electric scooters, 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 could potentially open up new markets and growth opportunities for the company 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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.57%	-10.50%	-16.21%	-51.81%	-76.94%	-78.20%

Wardwizard Innovations & Mobility Limited has announced the release of pledge on 8,75,000 equity shares held by promoter Yatin Sanjay Gupte. This development comes as part of the company's ongoing financial management strategies.

Key Details of the Pledge Release

Aspect	Details
Number of Shares Released	8,75,000
Date of Execution	October 30, 2025
Reason for Release	Repayment of all financial obligations and closure of associated loan facility
Disclosing Entity	Yatin Sanjay Gupte (Promoter)
Regulatory Framework	SEBI regulations

Impact on Share Encumbrance

The release of pledge has resulted in a reduction in the promoter's encumbered shareholding:

Status	Percentage of Total Equity Capital
Before Release	16.43%
After Release	16.09%
Reduction	0.34%

Company Share Capital

Wardwizard Innovations & Mobility Limited's total equity share capital stands at:

Aspect	Details
Total Share Capital (Rs.)	26,07,00,000.00
Number of Equity Shares	26,07,00,000
Face Value per Share (Re.)	1.00

This release of pledge indicates a reduction in share encumbrance for Wardwizard Innovations & Mobility Limited. The decrease in encumbered shares from 16.43% to 16.09% of the company's total equity capital may be relevant information for investors and stakeholders.

Investors and market analysts may want to monitor further developments and their potential impact on the company's financial structure and stock performance.