Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,492, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 30x in the Auto Components industry in India. Total returns to shareholders of 94% over the past three years. New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.5% average weekly change). Upcoming Dividend • Jun 17
Upcoming dividend of ₹9.14 per share Eligible shareholders must have bought the stock before 24 June 2026. Payment date: 30 July 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.6%). Reported Earnings • Jun 16
Full year 2026 earnings released: EPS: ₹63.44 (vs ₹45.39 in FY 2025) Full year 2026 results: EPS: ₹63.44 (up from ₹45.39 in FY 2025). Revenue: ₹54.7b (up 15% from FY 2025). Net income: ₹1.55b (up 40% from FY 2025). Profit margin: 2.8% (up from 2.3% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 35% per year. Reported Earnings • May 18
Full year 2026 earnings released: EPS: ₹63.44 (vs ₹45.39 in FY 2025) Full year 2026 results: EPS: ₹63.44 (up from ₹45.39 in FY 2025). Revenue: ₹54.9b (up 16% from FY 2025). Net income: ₹1.55b (up 40% from FY 2025). Profit margin: 2.8% (up from 2.3% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 36% per year. Annonce • May 15
Wheels India Limited, Annual General Meeting, Jul 01, 2026 Wheels India Limited, Annual General Meeting, Jul 01, 2026. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,228, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 136% over the past three years. Declared Dividend • Jan 31
Dividend of ₹5.30 announced Shareholders will receive a dividend of ₹5.30. Ex-date: 5th February 2026 Payment date: 27th February 2026 Dividend yield will be 1.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jan 23
Wheels India Limited to Report Q3, 2026 Results on Jan 29, 2026 Wheels India Limited announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: ₹12.68 (vs ₹10.00 in 2Q 2025) Second quarter 2026 results: EPS: ₹12.68 (up from ₹10.00 in 2Q 2025). Revenue: ₹12.7b (up 7.8% from 2Q 2025). Net income: ₹309.9m (up 29% from 2Q 2025). Profit margin: 2.4% (up from 2.0% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Annonce • Oct 24
Wheels India Limited to Report Q2, 2026 Results on Oct 31, 2025 Wheels India Limited announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: ₹12.23 (vs ₹9.66 in 1Q 2025) First quarter 2026 results: EPS: ₹12.23 (up from ₹9.66 in 1Q 2025). Revenue: ₹12.7b (up 8.8% from 1Q 2025). Net income: ₹298.8m (up 27% from 1Q 2025). Profit margin: 2.4% (up from 2.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 03
Upcoming dividend of ₹7.03 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.7%). Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: ₹45.39 (vs ₹25.69 in FY 2024) Full year 2025 results: EPS: ₹45.39 (up from ₹25.69 in FY 2024). Revenue: ₹47.4b (down 4.7% from FY 2024). Net income: ₹1.11b (up 77% from FY 2024). Profit margin: 2.3% (up from 1.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Jun 25
Wheels India Limited (NSEI:WHEELS) agreed to acquire an additional 3% stake in Axles India Limited from Forge 2000 Private Limited for approximately INR 230 million. Wheels India Limited (NSEI:WHEELS) agreed to acquire an additional 3% stake in Axles India Limited from Forge 2000 Private Limited for approximately INR 230 million on June 25, 2025. Upon completion, Wheels India Limited will own 12.51% stake in Axles India Limited.
For the period ending March 31, 2025, Axles India Limited reported total revenue of INR 8.47 billion.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is August 31, 2025. Declared Dividend • May 22
Final dividend of ₹7.03 announced Shareholders will receive a dividend of ₹7.03. Ex-date: 10th July 2025 Payment date: 15th August 2025 Dividend yield will be 1.5%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 21
Full year 2025 earnings released: EPS: ₹45.39 (vs ₹25.69 in FY 2024) Full year 2025 results: EPS: ₹45.39 (up from ₹25.69 in FY 2024). Revenue: ₹47.5b (down 4.6% from FY 2024). Net income: ₹1.11b (up 77% from FY 2024). Profit margin: 2.3% (up from 1.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • May 20
Wheels India Limited, Annual General Meeting, Jul 17, 2025 Wheels India Limited, Annual General Meeting, Jul 17, 2025. Annonce • May 14
Wheels India Limited to Report Q4, 2025 Results on May 20, 2025 Wheels India Limited announced that they will report Q4, 2025 results on May 20, 2025 Reported Earnings • Jan 28
Third quarter 2025 earnings released: EPS: ₹10.25 (vs ₹4.14 in 3Q 2024) Third quarter 2025 results: EPS: ₹10.25 (up from ₹4.14 in 3Q 2024). Revenue: ₹11.3b (down 6.9% from 3Q 2024). Net income: ₹250.4m (up 147% from 3Q 2024). Profit margin: 2.2% (up from 0.8% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annonce • Jan 27
Wheels India Limited Declares an Interim Dividend for the Financial Year Ending March 31, 2025, Payable on or Before February 25, 2025 Wheels India Limited declared an interim dividend of INR 4.5/- (45%) per equity share of INR 10/- each for the financial year ending March 31, 2025. Further, the said interim dividend will be paid to the shareholders whose name appear in the register of members as on February 3, 2025 (Monday) being the record date fixed for this purpose. The said dividend will be paid on or before February 25, 2025. Annonce • Jan 21
Wheels India Limited to Report Q3, 2025 Results on Jan 27, 2025 Wheels India Limited announced that they will report Q3, 2025 results at 12:08 PM, Indian Standard Time on Jan 27, 2025 Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹10.00 (vs ₹1.78 in 2Q 2024) Second quarter 2025 results: EPS: ₹10.00 (up from ₹1.78 in 2Q 2024). Revenue: ₹11.8b (down 8.4% from 2Q 2024). Net income: ₹240.0m (up 452% from 2Q 2024). Profit margin: 2.0% (up from 0.3% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Buy Or Sell Opportunity • Oct 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₹725. The fair value is estimated to be ₹933, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 5.2%. Annonce • Oct 21
Wheels India Limited to Report Q2, 2025 Results on Oct 28, 2024 Wheels India Limited announced that they will report Q2, 2025 results on Oct 28, 2024 Annonce • Oct 12
Wheels India Limited Announces Appointment of M P Vijay Kumar as Additional (Independent) Director Wheels India Limited at the Board of Directors of the meeting held on October 12, 2024 approved appointment of Mr. M P Vijay Kumar as Additional (Independent) Director of the Company. Date and term of appointment: October 12, 2024; Appointment of Mr. M P Vijay Kumar for a period of five (5) years not liable to retire by rotation. M P Vijay Kumar is a Chartered accountant, Cost accountant and Company Secretary. His career in accountancy and finance includes practice, education and regulation. He has over 30 years of experience in industry beginning with Sundaram Finance Services Limited (1992-1999) and later as a Chartered Accountant in practice (1999-2007). Since 2007, Mr. M P Vijay Kumar has been the Executive Director and Group Chief Financial Officer at Nasdaq-listed Sify Technologies, one of India's largest information and communications technology companies. He also serves on the Board of Life Insurance Corporation of India, ONGC Petro additions Limited, Heritage Foods Limited and Geojit Investments Limited. He is a member of the IFRS Advisory Council since 2020 and the IFRS Interpretation Committee (IFRIC) of International Accounting Standard Board since 2021. His other leadership roles in India include heading the Accounting Standards Board, Valuation Standards Board and Digital Accounting and Assurance Board of the Institute of Chartered Accountants of India. He was also a nominated member of the National Financial Reporting Authority (2019-2022). The revised composition of Audit Committee effective October 12, 2024 is as follows: Mr. M P Vijay Kumar, Chairman, Non-Executive & Independent; Mr. R Raghuttama Rao, Member, Non-Executive & Independent; Mr. S Viji, Member, Non-Executive & Non Independent. Buy Or Sell Opportunity • Oct 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₹733. The fair value is estimated to be ₹920, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 5.2%. Buy Or Sell Opportunity • Sep 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₹732. The fair value is estimated to be ₹932, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 5.2%. Annonce • Aug 23
Wheels India Limited Announces Board and Committee Changes Wheels India Limited announced that Mr. Sreenivasan Prasad and Mr. Aroon Raman will complete their second & final term as Independent Directors and consequently they will cease to be the Directors of the Company, effective closure of business hours on September 07, 2024. The Board of Directors of the Company, at their meeting held on August 23, 2024, has reconstituted Committees of the Board, effective September 08, 2024. The revised composition of Committees of the Board, effective September 08, 2024 are provided below: Audit Committee: Mr. R Raghuttama Rao as Chairman; Mr. S Viji and Ms. Sumithra Gomatam as Members. Nomination and Remuneration Committee: Mr. R Raghuttama Rao as Chairman; Mr. S Viji and Ms. Sumithra Gomatam as Members. Stakeholders' Relationship Committee: Mr. S Viji as Chairman; Mr. S Ram and Mr. R Raghuttama Rao as Members. Corporate Social Responsibility Committee: Mr. Srivats Ram as Chairman; Mr. S Viji and Ms. Sumithra Gomatam as Members. Risk Management Committee: Mr. R Raghuttama Rao as Chairman; Mr. Srivats Ram, Ms. Sumithra Gomatam, Mr. Murali Vaidyanathan and Mr. S Suresh as Members. Reported Earnings • Jul 30
First quarter 2025 earnings released: EPS: ₹9.66 (vs ₹4.10 in 1Q 2024) First quarter 2025 results: EPS: ₹9.66 (up from ₹4.10 in 1Q 2024). Revenue: ₹11.7b (down 3.3% from 1Q 2024). Net income: ₹236.1m (up 140% from 1Q 2024). Profit margin: 2.0% (up from 0.8% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Jul 02
Upcoming dividend of ₹7.39 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.5%). Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: ₹25.69 (vs ₹22.65 in FY 2023) Full year 2024 results: EPS: ₹25.69 (up from ₹22.65 in FY 2023). Revenue: ₹49.8b (up 7.3% from FY 2023). Net income: ₹627.7m (up 13% from FY 2023). Profit margin: 1.3% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹758, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹732, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 31x in the Auto Components industry in India. Total returns to shareholders of 36% over the past three years. Annonce • May 23
Wheels India Limited, Annual General Meeting, Jul 17, 2024 Wheels India Limited, Annual General Meeting, Jul 17, 2024. Declared Dividend • May 22
Dividend of ₹7.39 announced Shareholders will receive a dividend of ₹7.39. Ex-date: 16th July 2024 Payment date: 15th August 2024 Dividend yield will be 1.0%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 78% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.2% EPS decline seen over the last 5 years. Reported Earnings • May 21
Full year 2024 earnings released: EPS: ₹25.69 (vs ₹24.13 in FY 2023) Full year 2024 results: EPS: ₹25.69 (up from ₹24.13 in FY 2023). Revenue: ₹49.9b (up 7.2% from FY 2023). Net income: ₹627.7m (up 8.1% from FY 2023). Profit margin: 1.3% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Annonce • May 16
Wheels India Limited to Report Q4, 2024 Results on May 20, 2024 Wheels India Limited announced that they will report Q4, 2024 results on May 20, 2024 Reported Earnings • Jan 31
Third quarter 2024 earnings released: EPS: ₹4.14 (vs ₹4.86 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.14 (down from ₹4.86 in 3Q 2023). Revenue: ₹12.1b (up 13% from 3Q 2023). Net income: ₹101.2m (down 14% from 3Q 2023). Profit margin: 0.8% (down from 1.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Annonce • Jan 24
Wheels India Limited to Report Q3, 2024 Results on Jan 30, 2024 Wheels India Limited announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹1.78 (vs ₹4.96 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.78 (down from ₹4.96 in 2Q 2023). Revenue: ₹12.9b (up 8.3% from 2Q 2023). Net income: ₹43.5m (down 64% from 2Q 2023). Profit margin: 0.3% (down from 1.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Oct 26
Wheels India Limited to Report Q2, 2024 Results on Nov 01, 2023 Wheels India Limited announced that they will report Q2, 2024 results on Nov 01, 2023 Annonce • Oct 07
Wheels India Limited Announces Resignation of Shriram Vijayaraghavan, President Wheels India Limited announced that Mr. Shriram Vijayaraghavan, President, has resigned from the services of the Company with effect from October 06, 2023 to pursue his professional interests outside the organization. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: ₹4.10 (vs ₹4.22 in 1Q 2023) First quarter 2024 results: EPS: ₹4.10 (down from ₹4.22 in 1Q 2023). Revenue: ₹12.1b (up 6.5% from 1Q 2023). Net income: ₹98.6m (down 3.0% from 1Q 2023). Profit margin: 0.8% (down from 0.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Annonce • Jul 26
Wheels India Limited to Report Q1, 2024 Results on Aug 01, 2023 Wheels India Limited announced that they will report Q1, 2024 results on Aug 01, 2023 New Risk • Jul 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Upcoming Dividend • Jul 05
Upcoming dividend of ₹3.97 per share at 1.0% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹772, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 25x in the Auto Components industry in India. Total returns to shareholders of 84% over the past three years. Reported Earnings • May 19
Full year 2023 earnings released: EPS: ₹24.13 (vs ₹31.78 in FY 2022) Full year 2023 results: EPS: ₹24.13 (down from ₹31.78 in FY 2022). Revenue: ₹46.7b (up 18% from FY 2022). Net income: ₹580.7m (down 24% from FY 2022). Profit margin: 1.2% (down from 1.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 07
Upcoming dividend of ₹3.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 February 2023. Payment date: 02 March 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (0.6%). Annonce • Feb 01
Wheels India Limited Declares Interim Dividend for the Financial Year Ending March 31, 2023, Payable on or Before March 02, 2023 Wheels India Limited announced that at the board meeting held on January 31, 2023, the company declared an interim dividend of INR 3/- (30%) per equity share of INR 10/- each for the financial year ending March 31, 2023. Further, the said interim dividend will be paid to the shareholders whose name appear in the register of members as on February 14, 2023 being the record date fixed for this purpose. The said dividend will be paid on or before March 02, 2023. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₹4.86 (vs ₹8.05 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.86 (down from ₹8.05 in 3Q 2022). Revenue: ₹10.9b (up 1.2% from 3Q 2022). Net income: ₹117.0m (down 40% from 3Q 2022). Profit margin: 1.1% (down from 1.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Jan 25
Wheels India Limited to Report Q3, 2023 Results on Jan 31, 2023 Wheels India Limited announced that they will report Q3, 2023 results at 12:08 PM, Indian Standard Time on Jan 31, 2023 Annonce • Jan 18
Wheels India Limited Launches Flow Form Technology in Cast Alloy Wheel, Set to Roll Out for the Indian Market Wheels India Limited has launched the Flow Form technology in Cast Alloy Wheel, one of the most advanced manufacturing technologies in the wheel industry. The Company, which operates a cast aluminum plant in Thervoy Kandigai, near Chennai, recently began exporting the flow forming wheel to the US market and expects to launch the product soon for the Indian market. Flow Forming Technology involves the application of pressure to the inner barrel of the wheel while spinning and after it has been casted. This process stretches and compresses the aluminum, which increases tensile strength. The product was displayed at the auto expo in Delhi. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Rishikesha Krishnan was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: ₹4.96 (vs ₹8.55 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.96 (down from ₹8.55 in 2Q 2022). Revenue: ₹11.9b (up 22% from 2Q 2022). Net income: ₹119.4m (down 42% from 2Q 2022). Profit margin: 1.0% (down from 2.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: ₹4.22 (vs ₹4.06 in 1Q 2022) First quarter 2023 results: EPS: ₹4.22 (up from ₹4.06 in 1Q 2022). Revenue: ₹11.4b (up 56% from 1Q 2022). Net income: ₹101.6m (up 4.0% from 1Q 2022). Profit margin: 0.9% (down from 1.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 28
Upcoming dividend of ₹8.30 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 12 August 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Indian dividend payers (1.9%). Higher than average of industry peers (0.7%). Reported Earnings • Jun 23
Full year 2022 earnings released: EPS: ₹31.78 (vs ₹0.76 in FY 2021) Full year 2022 results: EPS: ₹31.78 (up from ₹0.76 in FY 2021). Revenue: ₹39.7b (up 64% from FY 2021). Net income: ₹764.7m (up ₹746.5m from FY 2021). Profit margin: 1.9% (up from 0.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Rishikesha Krishnan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 22
Full year 2022 earnings released: EPS: ₹31.78 (vs ₹0.76 in FY 2021) Full year 2022 results: EPS: ₹31.78 (up from ₹0.76 in FY 2021). Net income: ₹764.7m (up ₹746.5m from FY 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Rishikesha Krishnan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹8.05 (up from ₹5.03 in 3Q 2021). Revenue: ₹10.8b (up 52% from 3Q 2021). Net income: ₹193.7m (up 60% from 3Q 2021). Profit margin: 1.8% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 20
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 02 September 2021. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (0.7%). Reported Earnings • Jul 16
Full year 2021 earnings released: EPS ₹0.76 (vs ₹20.39 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹24.1b (down 9.7% from FY 2020). Net income: ₹18.2m (down 96% from FY 2020). Profit margin: 0.1% (down from 1.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • May 22
Full year 2021 earnings released: EPS ₹0.76 (vs ₹20.39 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹24.2b (down 9.6% from FY 2020). Net income: ₹18.2m (down 96% from FY 2020). Profit margin: 0.1% (down from 1.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS ₹5.03 (vs ₹3.42 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹7.08b (up 10% from 3Q 2020). Net income: ₹121.1m (up 39% from 3Q 2020). Profit margin: 1.7% (up from 1.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 83% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 08
New 90-day high: ₹505 The company is up 27% from its price of ₹398 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₹499 The company is up 23% from its price of ₹406 on 25 September 2020. The Indian market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: ₹447 The company is up 8.0% from its price of ₹414 on 04 September 2020. The Indian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 18% over the same period. Reported Earnings • Nov 03
Second quarter 2021 earnings released: EPS ₹2.84 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹5.63b (down 15% from 2Q 2020). Net income: ₹68.4m (down 74% from 2Q 2020). Profit margin: 1.2% (down from 3.9% in 2Q 2020). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Oct 08
New 90-day low: ₹391 The company is down 11% from its price of ₹438 on 10 July 2020. The Indian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ₹392 The company is down 19% from its price of ₹487 on 24 June 2020. The Indian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 10.0% over the same period. 
