Wheels India Limited (WHEELS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.1%

₹2,001.12

vs ₹2,201.80 price

Levered DCF

₹4,530.29

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.14

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.72×	13.33×	23.52×	19.8×	16.12×	595.39×	16.48×	28.35×
P/B	2.34×	1.6×	1.76×	1.41×	1.68×	1.65×	1.22×	3.39×
P/S	0.45×	0.31×	0.3×	0.23×	0.31×	0.45×	0.32×	0.69×
EV / EBITDA	7.21×	6.27×	8.46×	8.69×	7.88×	12.43×	8.08×	10.75×
Gross margin	18.7%	30.2%	26.8%	14.5%	15.1%	19.5%	22.3%	19.6%
Operating margin	5.4%	19.5%	15.3%	3.2%	3.9%	2.4%	3.8%	5.4%
Net margin	2.8%	2.3%	1.3%	1.2%	1.9%	0.1%	2.0%	2.4%
Current ratio	0.87×	0.93×	0.94×	0.92×	0.99×	1.03×	1.02×	1.09×
Debt / equity	0.74×	0.8×	0.93×	1.07×	1.19×	1.06×	0.98×	0.77×
Interest coverage	2.48×	7.62×	6.23×	1.38×	2.16×	0.98×	1.41×	2.56×
Dividend yield	1.2%	2.0%	0.6%	2.5%	0.2%	0.6%	2.8%	1.0%
Payout ratio	19.4%	26.1%	15.3%	49.0%	3.2%	352.2%	45.8%	29.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.9%	12.0%	7.5%	7.2%	10.4%	0.3%	7.4%	11.9%
Return on invested capital	11.7%	40.2%	35.5%	6.9%	7.0%	0.6%	6.8%	9.7%
Return on assets	4.4%	3.5%	2.0%	1.8%	2.6%	0.1%	2.5%	3.8%
Free cash flow yield	3.7%	12.9%	12.1%	20.5%	-8.7%	2.6%	-7.5%	-2.6%
Earnings yield	6.4%	7.5%	4.3%	5.1%	6.2%	0.2%	6.1%	3.5%
Enterprise value	₹32B	₹22.1B	₹22.5B	₹19B	₹21B	₹17.8B	₹14.5B	₹26.6B
Net debt / EBITDA	1.72×	2.08×	2.91×	3.74×	3.27×	4.85×	3.58×	1.99×
Cash conversion cycle (days)	6	12	22	33	48	39	53	39