Wheels India Ltd, a manufacturer of automotive and industrial components, plans to maintain capital expenditure at around INR 2.5 billion in FY 2025‑26. Of this investment, approximately INR 1 billion will be directed toward expanding its wind turbine component manufacturing capabilities, while the prior year’s largest investment focused on a new tractor‐wheel plant.
Exports reportedly fell by approximately 8 percent in FY 25 compared to FY 24, primarily due to a Q2 slowdown. Despite the decline, the company expects a rebound. “We are building a strong base which should probably lead to some amount of export growth over the next three years,” said Managing Director Srivats Ram. He expects demand from construction equipment, hydraulic cylinders, aluminium and tractor wheels, as well as wind turbine components, to support this recovery.
Tariffs continue to challenge some export categories. “Many of the products are FOB, so the customer takes on the tariff,” Ram noted.
Wheels India is in discussions with a Korean cylinder manufacturer for a potential technology‐sharing deal. “They have started buying cylinders from us, and based on that they are looking at some kind of agreement,” Ram said. The partnership could enable Wheels India to manufacture cylinders for the Korean partner’s new lines.
The firm highlighted that its CAPEX supports both existing production and future demand, often with long lead times: “The CAPEX that we do is very often not for the year in question, but for the year after that,” Ram observed.
Of the upcoming year’s CAPEX, about INR 1 billion is allocated to wind turbine components, including INR 660 million for long‐lead capital assets. “It is a very profitable business because it is a conversion business, not material‐based,” Ram added.
Wheels India manufactures a range of products—including automotive wheels, air‐suspension systems, construction‐equipment wheels, hydraulic cylinders, wind turbine components, and fabricated parts—for both domestic and international markets.
