Slides
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111 Wheels India Limited Investor Presentation Q2 FY27
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2 TSF Group Overview • Companies part of the T S Santhanam family with lineage from the erstwhile TVS Group • Diversified portfolio across Auto components, Dealerships & Distribution and Financial services • Global supply chain partner with strong relationships across North America, Europe and Asia Pacific regions • Successful Long-Term Partnerships with global companies • Strong Customer Connect and Focus • Core beliefs - Long-term business outlook, Corporate Governance & Sustainability ~$3.9 Bn. 1936 36+ 15 1,200 42,000+ Consolidated Turnover FY26 Manufacturing Plants Since Business Entities Branches Global Talent Strength
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3 TSF Group Companies TSF GroupTSF Group Auto ComponentsAuto Components Auto Distribution & Dealerships Auto Distribution & Dealerships Finance and InsuranceFinance and Insurance Brakes India Wheels India Turbo Energy Axles India Sundaram Dynacast Sundaram Composites India Motor Parts & Accessories Limited Sundaram Motors Madras Auto Service Sundaram Finance Royal Sundaram General Insurance Sundaram Home Finance Sundaram Asset Management Company Sundaram Finance Holdings
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4 Promoters & Value system of TSF ▪ Wheels India Limited (WIL) is part of the TSF Group and was established in 1960. ▪ WIL is a listed Company, wherein Promoters hold 56.86 % of the equity capital. ▪ Value systems of WIL are Relationships, Integrity, Customer Centricity and Excellence.
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5 Wheels India Ltd - Company Profile 1960 Establishment ~8,900 Workforce 10 Units Manufacturing plants $ 540 Million $ 141 Million (Exports) Preferred OEM Supplier Joint venture- TOPY Japan & WIL PV/LP wheels manufacturer WIL Car Wheels Ltd Automotive - Steel & Aluminium Wheels Components for Wind Turbines Tractor & Earth mover wheels Air suspension & Lift axles Fab Sector Hydraulic Cylinders
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6 1962 COMMERCIAL VEHICLE WHEELS 1968 AGRICULTURAL WHEELS 1982 - RAMPUR PLANT- UTTARPRADESH , WIRE WHEELS PADI 1988 – TRUCK WHEELS (TUBELESS) 1997 – RANJANGAON, PUNE PLANT, MAHARASHTRA 2007 – SRIPERUMBUDUR PLANT, TAMIL NADU RENEWABLE ENERGY COMPONENTS, IRUNGATTUKOTT AI- TAMIL NADU -2010 CAST ALLOY WHEELS PLANT, THERVOY KANDIGAI, TAMIL NADU - 2020 WIL ESTABLISHED AT PADI, CHENNAI, TAMIL NADU - 1960 PASSENGER CAR WHEELS - 1966 CONSTRUCTION EQUIPMENT WHEELS – 1974 CHASSIS AND SUSPENSION PRODUCTS - 1986 EARTHMOVER WHEELS - 1996 FORGED ALLUMINIUM WHEELS PADI - 2004 2012 - FABRICIATION PLANT, NAMACHIVAYAP URAM, TAMIL NADU 2021 -RENEWABLE ENERGY PLANT, (MACHINING) THERVOYKANDIGAI , TAMIL NADU Journey of Wheels AGRI WHEELS - 2025
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7 Manufacturing Capability Passenger Car / UV Wire Wheels CV – Tube type CV - Tubeless Forged Aluminium Wheels Cast Aluminium Wheels Tractor Wheels Car / UV Commercial Vehicle Aluminium Wheels Off Road & Tractor Construction wheels Fabrication for CEFab & Hydraulic Cylinders Hydraulic Cylinders Components for Wind TurbinesWind Turbine Components Air Suspension Air Suspension Lift Axles Machined base frames for Wind turbine generator
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8 Padi - CV , TR, LP, EM, AS, WW & FAW Rampur - CV , LP , EM & TR Pune - CV , TR & LP Sriperumbudur - EM, SPDC & AS Namachivayapuram - FAB Plant Locations Pukkathurai - WTC Thervoy Kandigai - CAW Irungattukottai - WTC Thervoy Kandigai - WTC Legend CV Commercial Vehicles TR Tractor LP Light Passenger Vehicle EM Earth mover Wheels AS Air Suspension WW Wire wheels FAW Forged Aluminium Wheels SPDC Single Piece Drop Center Wheels FAB Fabricated Bodies - Dump Truck WTC Wind Turbine Components Mambattu – Tractor
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9 Key Customers 9
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10 Accreditations/Awards Ecovadis – Silver Top 15% - Global Rating Climate C Water B- Global Rating Gold Certification CII Greenco Rating Won the Gold Award for Environmental Action from Daimler India
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11 Accreditations/Awards Award for Cybersecurity from MSIL Partnership and Quality Award from Escorts Kubota Limited Won the Best Supplier Award at TAFE Best Overall Partnership and Collaboration award at VECV
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12 Accreditations/Awards contd… Value LeadershipAward from Tata Motors passengers vehicle ltd Komastsu – Significant support for cost kaizen for FY 2025-26 Caterpillar Supplier Excellence (2025) Komatsu Best Performance in Quality for Dump Truck (2025) John Deere Supplier of the year (2025)
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13 WIL a leader in automotive wheels business, operates in two business segments, namely automotive products and industrial products. WIL has the following businesses in its fold; ▪ Automotive wheels division – cars, truck and tractors ▪ Construction equipment division comprising wheels, fabrications and hydraulic cylinders ▪ Energy products division catering to wind turbine sector ▪ Air suspension & lift axle division WIL is one of the largest manufacturer of wheels for construction equipment and agricultural tractors. WIL’s subsidiary WCWL is focussed on steel wheels for light passenger vehicles. Business Overview
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14 Sales growth & Export sales growth 3701.07 4355.56 4619.03 4424.86 5124.40 2021-22 2022-23 2023-24 2024-25 2025-26 Sales 1000.65 976.20 1215.91 1119.16 1341.94 27.04% 22.41% 26.32% 25.29% 26.19% 2021-22 2022-23 2023-24 2024-25 2025-26 Q2 2026-27 Sales 1597.60 Export 387.82 (24.28%) Export revenues have grown by 30% yoy in Q2FY27 H1 2026-27 Sales 2983.57 Export 767.56 (25.73%) Export revenues have grown by 23% yoy in H1FY27 Q2 2026-27 Sales 1597.60 Export 387.82 (24.28%) Export revenues have grown by 30% yoy in Q2FY27 H1 2026-27 Sales 2983.57 Export 767.56 (25.73%) Export revenues have grown by 23% yoy in H1FY27 Values in INR Cr / % Export sales
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15 Q2 FY27 Summary Financials(standalone) Values in INR Cr / % Year ended Q2 FY 27 Q2 FY 26 31-03-2026 Gross revenues 1,597.60 1,178.95 5,124.40 35.5% EBITDA 130.74 90.11 403.74 45.1% Interest 28.78 27.51 111.82 4.6% Depreciation 31.60 25.38 106.51 24.5% PBT 70.36 37.22 185.41 89.0% PAT 53.41 27.77 138.56 92.3% EBITDA % 8.18% 7.64% 7.88% PBT% 4.40% 3.16% 3.62% Key Financials Quarter ended GOLY%
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16 H1 FY27 Summary Financials(standalone) Values in INR Cr / % Year ended H1 FY 27 H1 FY 26 31-03-2026 Gross revenues 2,983.57 2,365.99 5,124.40 26.1% EBITDA 238.65 179.27 403.74 33.1% Interest 55.62 56.27 111.82 -1.2% Depreciation 62.36 49.95 106.51 24.8% PBT 120.67 73.05 185.41 65.2% PAT 90.45 54.21 138.56 66.9% EBITDA % 8.00% 7.58% 7.88% PBT% 4.04% 3.09% 3.62% Key Financials Quarter ended GOLY%
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17 Q2 FY27 Consolidated Summary Financials Values in INR Cr / % Year ended Q2 FY 27 Q2 FY 26 31.03.2026 Gross revenues 1,722.96 1,268.53 5,487.46 35.8% EBITDA 143.98 99.28 444.07 45.0% Interest 30.83 29.58 119.76 4.2% Depreciation 33.84 27.49 115.28 23.1% PBT 79.31 42.21 209.03 87.9% PAT 60.16 31.69 157.98 89.8% EBITDA % 8.36% 7.83% 8.09% PBT% 4.60% 3.33% 3.81% Key Financials Quarter ended GOLY%
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18 H1 FY27 Consolidated Summary Financials Values in INR Cr / % Year ended H1 FY 27 H1 FY 26 31.03.2026 Gross revenues 3,215.75 2,537.14 5,487.46 26.7% EBITDA 260.25 197.44 444.07 31.8% Interest 59.40 60.31 119.76 -1.5% Depreciation 66.75 53.95 115.28 23.7% PBT 134.10 83.18 209.03 61.2% PAT 99.11 62.29 157.98 59.1% EBITDA % 8.09% 7.78% 8.09% PBT% 4.17% 3.28% 3.81% Key Financials Quarter ended GOLY%
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19 Segment details Q2 FY27 Consolidated Values in INR Cr / % Segmental Revenue Q2 FY 27 Q2 FY 26 GOLY % Automotive components 1,446 1,032 40% Industrial components 265 232 14% Revenue from operations 1,711 1,264 35% Segmental EBIT Q2 FY 27 Q2 FY 26 GOLY % Automotive components 102.80 60.62 70% Industrial components 7.34 11.17 -34% EBIT from operations 110.14 71.79 53%
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20 Segment details H1 FY27 Consolidated Values in INR Cr / % Segmental Revenue H1 FY 27 H1 FY 26 GOLY % Automotive components 2,700 2,109 28% Industrial components 502 420 19% Revenue from operations 3,202 2,529 27% Segmental EBIT H1 FY 26 H1 FY 26 GOLY % Automotive components 178.41 130.14 37% Industrial components 15.10 13.35 13% EBIT from operations 193.50 143.49 35%
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21 Capex Values in INR Cr Capex FY27 Capex of FY27 is estimated to be in the region of Rs 400 to Rs 450 crs This capex is towards expansion of capacity in auto steel wheels, cast alloy wheels, energy products division including large machining, hydraulic cylinders, construction & mining wheels and air suspension . 129.63 148.13 141.53 249.03 261.84 2021-22 2022-23 2023-24 2024-25 2025-26 Capex
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22 Values in INR Cr / % Key metrics (standalone) 22 Debt is maintained at Q1 FY27 levels. Debt equity is dropped in Q2 FY27. Free Cash Flow (FCF) is negative in Q2FY27 due to higher working capital and capex If discounting limits are included ,then the above ratio would be 1.91 times in Q2 FY27 and 2.89 times in FY26. 111.27 59.99 44.88 83.45 -123.66 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 755.20 708.52 704.10 674.88 681.23 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 DEBT 1.08 0.93 0.84 0.72 0.48 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 Debt Equity 3.07 2.56 2.09 1.68 1.43 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 Debt to EBITDA
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23 Values in INR Cr / % Key metrics (consolidated) 23 Particulars 30.09.2026 30.09.2025 31.03.2026 Debt (Rs. In Crs.) 693 727 690 Debt Equity (Times) 0.47 0.78 0.68 Debt to EBITDA * (Times) 1.33 1.84 1.55 ROCE* 19.32% 16.72% 18.67% RONW* 15.93% 13.37% 15.65% * Annualised
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24 Key strategies & focus areas, going forward …ROCE & RONW 24 ▪ Grow exports of wheels for construction equipment and agricultural tractors ▪ Ramp-up the expanded facility for machining of large castings for windmills; Also Step up the capacity and volumes of the fabricated, structural parts for windmills, including off- shore WEGs ▪ Grow the hydraulic cylinder business ▪ Ramp-up cast aluminium wheel business ▪ Grow bus air suspension business • Working capital optimization and cash flow management • Fund capex predominantly thro accruals and holding the debt at current levels • Cost optimization, with a thrust on profitability These actions are expected to improve the ROCE and RONW 9.13% 9.27% 13.22% 15.55% 15.27% 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 RONW 11.57% 12.93% 15.88% 17.96% 18.16% 2022-23 2023-24 2024-25 2025-26 2026-27 Q2 ROCE
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25 Thank you