Wise Travel India Limited

Sector n/a · NSE

₹279.05+₹6.65 (+2.44%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Wise Travel India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹827 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation.

EBITDA margin11.7%

Net margin3.6%

What is its competitive advantage?Some evidence

ROCE of 15.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE15.8%

ROE14.6%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +231% while net margin moved -14% 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+231%

Margin effect-14%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

54/ 100

Average

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

Valuation

88/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

7.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 7.2% to 11.7% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Debt is rising
Total debt is up 522% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 25.4% to 14.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 23.4% to 15.8% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 260% against revenue growth of 231% — customers are taking longer to pay.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 522% over 3 years, from ₹26 Cr to ₹164 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 7.2x to 4.3x.
🟡Receivables growing faster than salesFinancial
Receivables up 260% against revenue up 231% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 7.2% to 11.7%. 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?

Sales are being booked faster than collected
Receivables are up 260% against revenue up 231%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 25.4% to 14.6%. 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.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 37% a year✓ 49.1% CAGR
Latest reported year was 50.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 11.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹39 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 15.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 7 neutral · 1 weak

Market Cap

₹664 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

14.6%

Moderate

Moderate capital efficiency

ROCE

15.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.82x

Moderate

Moderate leverage

Revenue Growth (YoY)

50.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

26.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

-₹39 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹279.05

Gross Margin

20.8%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

3.6%

Average

Average bottom-line conversion

Current Ratio

1.73

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

97.7 / 103.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹250 Cr	₹411 Cr	₹549 Cr	₹827 Cr	+49.1%
EBITDA	₹18 Cr	₹43 Cr	₹57 Cr	₹97 Cr	+75.2%
EBITDA Margin	7.2%	10.5%	10.4%	11.7%	—
PAT (Net Profit)	₹10 Cr	₹24 Cr	₹23 Cr	₹29 Cr	+41.9%
EPS	₹4.34	₹13.1	₹9.8	—	—
ROE	25.4%	16.0%	13.6%	14.6%	—
ROCE	23.4%	20.6%	14.2%	15.8%	—
Total Debt	₹26 Cr	₹27 Cr	₹116 Cr	₹164 Cr	+83.9%
Free Cash Flow	-₹21 Cr	-₹6 Cr	-₹72 Cr	-₹39 Cr	—

🟢 Revenue has grown at 49.1% a year over 3 years.

🟢 EBITDA has grown at 75.2% a year over 3 years.

🟢 EBITDA Margin has risen from 7.2% to 11.7% over 3 years (+4.5 pts).

🟢 PAT (Net Profit) has grown at 41.9% a year over 3 years.

🔴 ROE has fallen from 25.4% to 14.6% over 3 years (-10.8 pts).

🔴 ROCE has fallen from 23.4% to 15.8% over 3 years (-7.6 pts).

🔴 Total Debt has grown at 83.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹499 Cr

Total Liabilities

₹297 Cr

Total Debt

₹164 Cr

Cash & Equivalents

₹63 Cr

Operating Cash Flow

₹52 Cr

Capex

-₹90 Cr

Recent News

1 positive1 mixed4 general

Wise Travel India's (NSE:WTICAB) Profits Appear To Have Quality Issues

Simply Wall Street, 07 Jun

Wise Travel India Q1 FY27 Results Preview

Univest, 09 JulResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Wise Travel India Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Wise Travel India FY26 net profit rises 38% on revenue surge

scanx.trade, 30 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Wise Travel India Ltd Peer Comparison – Compare with Others

Value Research, 30 Aug

SAHLIBHFI Stock Price and Chart — NSE:SAHLIBHFI

TradingView, 10 Apr

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak8.8/20

🟡Financial HealthAdequate10.8/20

🟢GrowthStrong14.7/20

🔴ProfitabilityWeak6/15

🟡ValuationFair7.5/15

🔴RiskHigh2.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 37% a year49.1% CAGR
✓EBITDA margin holds above 10%11.7%
✗Free cash flow remains positive-₹39 Cr
✓Debt / EBITDA stays below 2x1.7x
✓ROCE stays above 13%15.8%