Wheel manufacturer Wheels India is lining up ₹250 crore in capex for FY26 in line with its spend in FY25. According to Srivats Ram, MD, Wheels India, the company will spend around ₹100 crore on its wind mill components business alone. It will also allocate resources to the cast aluminium wheels business and maintenance related capex. In FY25, the company spent a capex of ₹250 crore with the largest investment being in a plant for larger wheels for the tractor segment. “In the coming year (FY26), the capex will be similar with the largest investment being in adding capacity for manufacture of windmill components,” he added.

The company registered flat Q4 net profit at ₹36 crore compared to ₹36.8 crore in the year ago quarter. The company’s Q4 revenue was also flat, up just 2.4% to ₹1,195 crore as compared to ₹1,167 crore last Q4. For the full year FY25, the company’s net profit is up 56% at ₹106 crore compared with ₹68 crore in the year ago fiscal. Revenue was marginally down at ₹4,425 crore compared with ₹4619 crore in the last fiscal. The company has announced a final dividend of ₹7.03 per share. Ram said, “Our focus on cost control measures, a favourable product mix and lower commodity prices led to a strong profit growth in FY25 and we were able to cross ₹100 crore of net profit last year. We have also been able to achieve a turnaround in profitability in our passenger car steel wheel subsidiary.”

While the topline growth in FY25 was led by strong tractor wheel demand and growth in exports led by the windmill components, there is “some momentum in demand going forward as well.” As for exports, the uncertainty regarding the US tariff regime will lead to some customer renegotiations “to some extent” but the bigger concern is a possible “slowdown in US demand due to inflationary pressure.