Wheels India Limited, a manufacturer of automotive wheels and industrial components and part of the TVS Group, has commenced operations at its Mambattu plant in Tamil Nadu, strengthening its export base for tractor wheels. The facility, dedicated to exports, has begun initial supplies with the first overseas shipments scheduled within a month.
The Mambattu plant will primarily serve international markets, contributing to the company’s ongoing expansion in construction and agricultural equipment wheel exports. “The Mambattu plant, which is really focused on tractor wheel exports, has started supplies and the first exports are going to happen in the next month or so,” said Srivats Ram, Managing Director of Wheels India.
According to the company’s second-quarter earnings call for the financial year 2025–26, exports accounted for about 26 percent of total sales in the first half of the financial year, with half-year exports at just under INR 6.22 billion, and second-quarter exports close to INR 3 billion, reflecting a 15.6 percent year-on-year increase. Demand from Europe, the United States, and Brazil remains steady. “We are quite confident that we will grow at this 8 to 10 percent, partly driven by domestic but also by increased export volumes,” said Ram.
Wheels India has also entered into a strategic alliance with South Korea-based SHPAC, a hydraulic cylinder manufacturer, to support global customers seeking alternate supply bases. The agreement includes technical collaboration and joint business development in the hydraulic cylinder segment.
The company is maintaining its capital expenditure plan of INR 2.5 billion for the financial year 2025–26, consistent with the previous year. As of September 2025, INR 1.08 billion had been deployed, with completion expected by year-end. About 40 percent of the spending is directed toward expanding machining capacity for wind turbine structural components, including offshore wind applications. “We are not reducing our CapEx. We expect this INR 250-crore investment to go through as planned,” stated Ram.
Funding continues to rely mainly on internal accruals, with borrowing held steady at around INR 7 billion. “Our plan is to hold the debt around the same level. Even by March 2026, we would be around the same INR 700-plus-crore kind of debt,” said P. Ramesh, Chief Financial Officer.
Looking ahead, the company expects sustained growth in exports and industrial businesses, supported by new capacities and a recovery in domestic construction activity in the second half of the financial year 2025–26. The company targets 8 to 10 percent annual revenue growth over the next two years as recent investments begin contributing fully.
For the second quarter of the financial year 2025–26, Wheels India reported revenue of INR 11.79 billion, an 8.63 percent year-on-year increase, and a net profit of INR 280 million, up 26.7 percent from the same period last year. EBITDA also improved by 16.2 percent year-on-year.
Wheels India operates 11 manufacturing plants with approximately 8,700 employees and supplies wheels, wind turbine components, air suspension systems, and hydraulic cylinders to original equipment manufacturers in domestic and international markets.
