Wardwizard Innovations & Mobility Limited

Consumer Cyclical — Auto Manufacturers · NSE

₹4.27−₹0.22 (−4.90%)

DalalBaazaar Score

41 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: The business is earning a fairly low return on the money invested in it, though profits are falling even as sales grow. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Wardwizard Innovations & Mobility Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Wardwizard Innovations & Mobility Limited, together with its subsidiary, Wardwizard Global PTE Ltd, manufactures and sells electrical vehicles, spare parts, and other related services in India, Uganda, and Nepal.

IndustryAuto Manufacturers

SectorConsumer Cyclical

Annual revenue₹247 Cr

How does it make money?

Turns over ₹247 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation.

EBITDA margin11.1%

Net margin0.8%

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TATA MOTORS LIMITED, TATA MOTORS PASS VEH LTD, MAHINDRA & MAHINDRA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TATA MOTORS LIMITEDP/E 37.1x · ROE 32.8%

TATA MOTORS PASS VEH LTDP/E — · ROE -3.0%

MAHINDRA & MAHINDRA LTDP/E 17.8x · ROE 19.7%

What is its competitive advantage?Little sign of one

Returns on capital of 13.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE13.8%

ROE1.3%

Peer median ROE19.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +4% while net margin moved -79% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+4%

Margin effect-79%

DalalBaazaar Score

41/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 1.2% — barely ahead of inflation
✗ Profit has declined at 40.3% a year
✗ Profit fell 75.0% in the latest year

Quality vs. Valuation

Company Quality

38/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

42/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

106.8x

Sector Median

25.2x

median of 3 sector peers

⚠️Against its sector it trades 324% above the peer median of 25.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

25.2x median of 3 peers · +324%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

106.8x

P/B

0.85x

EV/EBITDA

10.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 7.9% to 11.1% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 966% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 10.0% to 1.3% — each rupee of shareholder capital earns less than it did.
Receivables growing faster than sales
Receivables are up 1109% against revenue growth of 4% — customers are taking longer to pay.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 966% over 3 years, from ₹14 Cr to ₹153 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only 1.1x — little room if earnings dip.
🔴Receivables growing faster than salesFinancial
Receivables up 1109% against revenue up 4% — sales are being booked faster than they are collected.
🟡Profit is decliningFinancial
Net profit is down 79% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 7.9% to 11.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 5.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 1109% against revenue up 4%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 324% above the peer median. That premium needs a reason that persists, or it closes.
Growth barely outpaces inflation
Revenue compounding at 1.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 10.0% to 1.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 9%✓ 11.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 1.1x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 1.2% CAGR
Latest reported year was 67.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹8 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

4 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹128 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

106.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.85x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.04

Profitable

Profitable on a per-share basis

ROE

1.3%

Weak

Weak capital efficiency

ROCE

13.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.02x

Moderate

Moderate leverage

Revenue Growth (YoY)

67.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-75.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹8 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹4.27

Operating Margin

4.3%

Weak

Thin margins leave little room for error

Net Margin

0.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.37

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.57

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

RSI (14)

12.3

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹238 Cr	₹320 Cr	₹305 Cr	₹247 Cr	+1.2%
EBITDA	₹19 Cr	₹31 Cr	₹37 Cr	₹27 Cr	+13.4%
EBITDA Margin	7.9%	9.6%	12.1%	11.1%	—
PAT (Net Profit)	₹9 Cr	₹13 Cr	₹6 Cr	₹2 Cr	-40.3%
EPS	₹0.33	₹0.51	₹0.24	₹0.06	-43.4%
ROE	10.0%	13.3%	6.1%	1.3%	—
ROCE	13.7%	21.3%	27.3%	13.8%	—
Total Debt	₹14 Cr	₹85 Cr	₹199 Cr	₹153 Cr	+120.1%
Free Cash Flow	-₹41 Cr	-₹70 Cr	-₹90 Cr	₹8 Cr	—

🟡 Revenue has been broadly flat over 3 years (1.2% a year).

🟢 EBITDA has grown at 13.4% a year over 3 years.

🟢 EBITDA Margin has risen from 7.9% to 11.1% over 3 years (+3.2 pts).

🔴 PAT (Net Profit) has shrunk at 40.3% a year over 3 years.

🔴 EPS has shrunk at 43.4% a year over 3 years.

🔴 ROE has fallen from 10.0% to 1.3% over 3 years (-8.8 pts).

🟡 ROCE has held roughly flat at 13.8% over 3 years.

🔴 Total Debt has grown at 120.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹41 Cr to ₹8 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹392 Cr

Total Liabilities

₹242 Cr

Total Debt

₹153 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

31.3%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TATA MOTORS LIMITED	37.1x	32.8%
TATA MOTORS PASS VEH LTD	—	-3.0%
MAHINDRA & MAHINDRA LTD	17.8x	19.7%

Recent News

6 general

Wardwizard Innovations & Mobility Lower Circuit Today

Univest, 16 Oct

Wardwizard Innovations & Mobility Ltd

Equitypandit, 21 Aug

Wardwizard Innovations & Mobility Ltd Falls to 52-Week Low of Rs 4.62 as Sell-Off Deepens

MarketsMojo, 15 Oct

WARDINMOBI Stock Price and Chart — NSE:WARDINMOBI

TradingView, 17 Aug

Wardwizard Innovations & Mobility Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Wardwizard Innovations & Mobility (WARDINMOBI) Share Price Near 52-Week Low as Stock Trades at Rs 4.75

Univest, 13 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🟡Financial HealthAdequate9.6/20

🔴GrowthWeak5/20

🔴ProfitabilityWeak4.6/15

🟡ValuationFair7.7/15

🟡RiskModerate5.2/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 9%11.1%
✗Debt / EBITDA falls below 3x5.6x
✗Interest cover stays above 3x1.1x
✗Revenue growth stays above 4% a year1.2% CAGR
✓Free cash flow remains positive₹8 Cr