WHEELS INDIA LTD — Earnings Release 2026

May 15, 2026

Telephone Nos.:
Regd. Office : (044) 28522745
Factory : (044) 26234300
(044) 26258511
W
Telefax: 044-26257121
Web: www.wheelsindia.com

WHEELS INDIA LIMITED

Corporate Identity Number : L35921TN1960PLC004175

Registered Office:
21, Patuillos Road, Chennai - 600 002.

Factory:
Padi, Chennai - 600 050.

May 15, 2026

To
National Stock Exchange of India Limited,
The Manager, Listing Department,
"Exchange Plaza", C-1, Block G,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051

To
BSE Limited,
The Corporate Relationship Department,
1st Floor New Trading Wing, Rotunda Building,
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai – 400 001

Symbol: WHEELS

Scrip code: 590073

Dear Sir / Madam,

Subject: Outcome of the Board meeting and Disclosure in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR')

The Board of Directors of the Company at their meeting held on May 15, 2026 (i.e. today) has inter-alia, noted and approved the following:

1. Audited Financial Results:

Pursuant to Regulation 33 of SEBI LODR, please find enclosed herewith the following:

i. Audited Financial Results (Standalone and Consolidated) for the financial year ended March 31, 2026;
ii. Statutory Auditor's Report (Standalone and Consolidated) by M/s. Brahmayya & Co., Chartered Accounts; and
iii. Declaration pursuant to SEBI Circular no. CIR/CFD/CMD/56/2016 dated May, 27, 2016 regarding Audit Report with unmodified opinion

1. Annual General Meeting and Book Closures:

The 67th Annual General Meeting (67th AGM) will be held on July 1, 2026 (Wednesday) through Video Conferencing / Other Audio-Visual Means. The Register of members and share transfer books shall remain closed from June 25, 2026 to July 1 2026 (both days inclusive) for the purpose of 67th AGM and declaration of Final Dividend for the financial year 2025-2026, subject to approval of shareholders at the ensuing AGM.

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Wheels India Limited

Continuation sheet...

1. Dividend:

The Board also recommended a final dividend of Rs.9.14 (91.4%) per equity share of Rs.10/- each for the year ended March 31, 2026, subject to approval of the members of the Company at the ensuing AGM. The dividend, if approved by the members, shall be paid on or before July 30, 2026. The record date for the payment of final dividend is June 24, 2026.

1. Alteration of Articles of Association of the Company

The Board of Directors approved the alteration of the Articles of Association to align with the Companies Act, 2013 subject to the approval of the shareholders of the Company at the ensuing Annual General meeting

Meeting of the Board of Directors commenced at 11:30 A.M. and concluded at 2:00 P.M.

Kindly take this into your record and disseminate on your website.

Thanking you.

Yours faithfully,

For Wheels India Limited

LAKSHMI
VISWANATHAN
KUNISSERY

K V Lakshmi
Company Secretary & Compliance Officer

Encl.: a/a

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WHEELS INDIA LIMITED
CIN: L35921TN1960PLC004175
Regd. Office: No. 21, Patullos Road, Chennai - 600 002;
Ph: 044-26234300; Website: www.wheelsindia.com

Statement of Audited (Standalone and Consolidated) Financial Results for the Quarter/ Year ended March 31, 2026

(Rs. in Crores)

Sl. No.	Particulars	Standalone					Consolidated
		Quarter Ended			Year Ended		Quarter Ended			Year Ended
		31.03.2025
Audited	31.12.2025
Un-audited	31.03.2025
Audited	31.03.2026
Audited	31.03.2025
Audited	31.03.2026
Audited	31.12.2026
Un-audited	31.03.2026
Audited	31.03.2026
Audited	31.03.2026
Audited
1	REVENUE FROM OPERATIONS
	Revenue from Operations	1,462.13	1,280.33	1,192.27	5,098.35	4,415.33	1,564.02	1,371.45	1,277.19	5,464.94	4,744.40
	Other Income	9.36	6.85	2.55	26.05	9.53	8.75	6.36	0.95	22.78	4.66
	TOTAL INCOME	1,471.49	1,287.18	1,194.82	5,124.40	4,424.86	1,572.77	1,377.81	1,278.14	5,487.72	4,748.06
2	EXPENSES
	Cost of materials consumed	962.76	867.73	806.76	3,492.92	3,037.30	1,028.00	932.26	864.83	3,740.04	3,260.80
	Changes in inventories of finished goods and work-in-progress	18.18	24.52	9.51	(3.70)	49.93	20.69	20.68	9.98	(4.31)	50.60
	Employee benefit expense	143.42	139.81	127.63	554.38	475.49	152.59	151.68	135.28	591.06	507.76
	Finance Costs	27.19	28.36	28.29	111.82	109.87	29.09	30.36	30.39	119.76	121.56
	Depreciation and amortisation expenses	29.81	26.75	22.72	106.51	85.54	31.99	29.34	23.95	115.28	93.22
	Other Expenses	220.34	157.44	151.49	677.06	525.83	236.38	166.62	163.79	725.33	572.75
	TOTAL EXPENSES	1,401.70	1,244.61	1,146.40	4,938.99	4,283.96	1,498.74	1,330.93	1,228.22	5,287.16	4,606.59
3	Profit/(Loss) before exceptional items and tax (1-2)	69.79	42.57	48.42	185.41	140.90	74.03	46.89	49.92	200.56	142.37
4	Share of Profit/(Loss) of Associate	-	-	-	-	-	3.30	1.64	1.65	8.54	6.53
5	Profit/(Loss) before tax (3+4)	69.79	42.57	48.42	185.41	140.90	77.33	48.53	51.57	209.10	148.90
6	Tax expense
	Current tax	15.78	10.12	10.11	40.84	28.51	15.81	10.13	10.11	40.89	28.52
	Deferred tax	1.71	0.40	2.32	6.01	6.54	2.71	1.51	2.91	10.16	8.19
7	Net Profit/(Loss) for the period (5-6)	52.30	32.05	35.99	138.56	105.85	58.81	36.89	38.54	158.05	112.19
8	Other Comprehensive Income:
	Items that will not be reclassified to profit or loss	(1.62)	(2.44)	0.46	(7.12)	0.77	(1.51)	(2.48)	0.24	(7.05)	0.54
	Income tax relating to items that will not be reclassified to profit or loss	0.41	0.61	(0.11)	1.79	(0.19)	0.37	0.63	(0.06)	1.77	(0.13)
9	Share of Other Comprehensive Income of Associate	-	-	-	-	-	(0.08)	(0.05)	(0.01)	(0.14)	(0.04)
10	Total Comprehensive Income for the period (7+8+9)	51.09	30.22	36.34	133.23	106.43	57.59	34.98	38.71	152.63	112.56
11	Net Profit/(Loss) attributed to:
	a) Owners of the Company	52.30	32.05	35.99	138.56	105.85	58.09	36.07	38.25	155.01	110.90
	b) Non-controlling Interest	-	-	-	-	-	0.72	0.82	0.30	3.04	1.29
12	Other Comprehensive Income attributed to:
	a) Owners of the Company	(1.21)	(1.83)	0.35	(5.33)	0.58	(1.27)	(1.87)	0.22	(5.44)	0.41
	b) Non-controlling Interest	-	-	-	-	-	0.05	(0.03)	(0.05)	0.02	(0.04)
13	Total Comprehensive Income attributed to:
	a) Owners of the Company	51.09	30.22	36.34	133.23	106.43	56.82	34.19	38.47	149.57	111.31
	b) Non-controlling Interest	-	-	-	-	-	0.77	0.79	0.25	3.06	1.25
14	Reserves excluding revaluation reserves	-	-	-	950.10	847.02	-	-	-	1,017.03	897.57
15	Paid-up equity share capital (Face Value Rs.10/- each)	24.43	24.43	24.43	24.43	24.43	24.43	24.43	24.43	24.43	24.43
16	Earnings per share (of Rs. 10/- each) (*not annualised)
	(a) Basic	21.41*	13.12*	14.73*	56.71	43.32	23.78*	14.76*	15.66*	63.44	45.39
	(b) Diluted	21.41*	13.12*	14.73*	56.71	43.32	23.78*	14.76*	15.66*	63.44	45.39

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Audited Consolidated Segment Wise Revenue, Results, Assets and Liabilities for the Quarter / Year ended March 31, 2026
(Rs. In Crores)

Sl. No.	Particulars	Quarter Ended			Year Ended
		31.03.2026
Audited	31.12.2025
Un-audited	31.03.2025
Audited	31.03.2026
Audited	31.03.2025
Audited
1	Segment Revenue
	(a) Automotive Components	1,303.89	1,113.64	1,045.77	4,526.42	3,903.43
	(b) Industrial Components	260.13	257.81	231.42	938.52	840.97
	Total	1,564.02	1,371.45	1,277.19	5,464.94	4,744.40
	Less: Inter Segment Revenue	-	-	-	-	-
	Revenue from Operation	1,564.02	1,371.45	1,277.19	5,464.94	4,744.40
2	Segment Results (Profit)(+)/Loss (-) before tax and interest from Each segment)
	(a) Automotive Components	85.87	71.46	71.21	287.55	234.52
	(b) Industrial Components	20.54	7.43	10.75	41.31	35.94
	Total	106.41	78.89	81.96	328.86	270.46
	Less:
	(i) Interest	29.09	30.36	30.39	119.76	121.56
	(ii) Unallocable income	-	-	-	-	-
	Total Profit Before Tax	77.33	48.53	51.57	209.10	148.90
3	Capital Employed
	Segment Assets
	(a) Automotive Components	2,522.80	2,396.46	2,412.25	2,522.80	2,412.25
	(b) Industrial Components	843.84	839.55	722.64	843.84	722.64
	(c) Unallocated	160.29	112.85	71.34	160.29	71.34
	Total	3,526.93	3,348.86	3,206.23	3,526.93	3,206.23
	Segment Liabilities
	(a) Automotive Components	1,414.08	1,281.72	1,247.14	1,414.08	1,247.14
	(b) Industrial Components	179.36	197.23	177.72	179.36	177.72
	(c) Unallocated	878.55	859.62	848.96	878.55	848.96
	Total	2,472.00	2,338.57	2,273.82	2,472.00	2,273.82

Notes:

1. The above Standalone / Consolidated financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013, read with relevant rules thereunder.

2. The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 15, 2026.

3. The Company operates in the following reportable segments:

a) Automotive Components and
b) Industrial Components.

The segment information is provided to and reviewed by Chief Operating Decision Maker (CODM). The reportable segment information for the corresponding previous periods have been modified to make them comparable.

1. Government of India has notified four new labour codes with effect from 21st November 2025, pursuant to which the Company has considered an incremental Gratuity expense of Rs 2.80cr and Rs 7.90cr for the quarter and year ended 31st Mar 2026 respectively, based on an actuarial valuation. The Company is evaluating other obligations under the said codes, which will be considered appropriately.

2. Previous period's figures have been regrouped / reclassified wherever necessary to conform to this period's classifications.

3. The Board of Directors have recommended a final dividend of Rs. 9.14 (91.4%) per equity share of Rs.10/- each for the financial year 2025-26 amounting to Rs. 22.33 Crores.

4. Figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to the third quarter of the respective financial year.

For Wheels India Limited

Srivats Ram
Srivats Ram
Chairman and Managing Director
DIN:00063415

Chennai
May 15, 2026

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WHEELS INDIA LIMITED Corporate Identity Number : L35921TN1960PLC004175 Regd. Office: No. 21, Patulios Road, Chennai - 600 002; Ph: 044-26234300; Website: www.wheelsindia.com
STATEMENT OF ASSETS AND LIABILITIES
Rs. In Crores
	Standalone		Consolidated
Particulars	As at 31.03.2026
Audited	As at 31.03.2025
Audited	As at 31.03.2026
Audited	As at 31.03.2025
Audited
ASSETS
1 Non-current assets
(a) Property, Plant and Equipment	1272.69	1129.25	1392.50	1250.13
(b) Capital work-in-progress	63.49	46.46	68.72	50.34
(c) Goodwill	31.80	31.80	31.80	31.80
(d) Other Intangible Assets	4.96	3.24	4.98	3.29
(e) Right of Use Assets	76.67	9.78	76.83	10.06
(f) Financial Assets
(i) Investments	48.88	23.89	78.34	46.27
(ii) Others	29.49	29.21	30.70	30.50
(g) Other non-current assets	23.64	19.79	26.02	19.91
(h) Deferred Tax Assets	0.00	0.00	12.76	16.93
Sub-total Non-Current Assets	1551.62	1293.42	1722.65	1459.23
2 Current assets
(a) Inventories	716.45	742.43	746.43	769.03
(b) Financial Assets
(i) Trade Receivables	793.26	800.44	817.69	800.82
(ii) Cash and cash equivalents	2.71	3.39	3.64	4.20
(iii) Bank Balance other than (ii) above	0.52	0.45	0.52	0.71
(iv) Others	10.35	9.78	11.40	10.30
(v) Current Tax Assets (Net)	0.00	0.00	0.67	0.90
(d) Other currents assets	220.73	157.76	223.93	161.04
Sub total Current Assets	1744.02	1714.25	1804.28	1747.00
TOTAL - ASSETS	3295.64	3007.67	3526.93	3206.23
EQUITY & LIABILITIES
Equity
(a) Equity Share Capital	24.43	24.43	24.43	24.43
(a)(i) Consideration payable-Pending allotment of shares
(b) Other Equity	950.10	847.02	1017.03	897.57
Equity attributable to the owners of the Company	974.53	871.45	1041.46	922.00
Non-Controlling Interest			13.47	10.41
Sub-total Equity	974.53	871.45	1054.93	932.41
Liabilities
1 Non-current Liabilities
(a) Financial Liabilities
(i) Borrowings	248.93	288.19	257.29	302.98
(ii) Lease Liabilities	56.39	4.58	56.47	4.88
(b) Provisions	10.46	7.42	14.01	10.16
(c) Deferred tax liabilities (Net)	80.90	74.90	80.90	74.90
Sub-total Non-Current Liabilities	396.68	375.09	408.67	392.92
2 Current Liabilities
(a) Financial Liabilities
(i) Borrowings	425.95	415.91	432.37	421.72
(ii) Lease Liabilities	21.89	7.18	21.99	7.18
(b) Trade payables
(A) Dues to Micro & Small Enterprises	92.06	59.41	94.18	60.82
(B) Dues to Others	1126.12	1058.42	1244.00	1160.47
(iv) Other financial Liabilities	43.01	41.95	45.05	42.71
(b) Other Current Liabilities	144.26	138.95	149.84	147.11
(c) Provisions	62.61	36.93	67.36	38.51
(d) Current Tax Liabilities (Net)	8.53	2.38	8.54	2.38
Sub-total Current Liabilities	1924.43	1761.13	2063.33	1880.90
TOTAL - EQUITY & LIABILITIES	3295.64	3007.67	3526.93	3206.23
For Wheels India Limited
Srivats Ram
Srivats Ram
Chairman and Managing Director
DIN:00063415

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WHEELS INDIA LIMITED Corporate Identity Number : L35921TN1960PLC004175 Regd. Office: 21, Patullos Road, Chennai - 600 002. Ph: 044-26234300; Website: www.wheelsindia.com
STATEMENT OF CASH FLOWS (Rs. in Crores)
Particulars	Standalone		Consolidated
		year ended March 31		year ended March 31
		2026	2025	2026	2025
(A)	Cash flow from operating activities
	Total Comprehensive Income after tax	133.23	106.43	152.63	112.56
	Add:
	Depreciation	106.51	85.54	115.28	93.22
	Obsolescence	8.02	6.13	11.93	6.13
	Lease Liabilities	1.59	1.32	2.59	1.32
	Effect of Exchange Rate Change	(3.67)	0.63	(3.60)	0.40
	Loss on Sale of Fixed Assets	0.84	0.23	1.06	0.26
	Taxes on Income	45.06	35.24	49.28	36.85
	Provision for Inventory & Doubtful debts	26.16	3.25	26.16	3.25
	Interest Expenses	111.82	109.87	119.76	121.56
		429.56	348.64	475.08	375.55
	Less:
	Share of an Associate		-	8.54	6.53
	Interest Income	4.34	2.61	4.47	2.73
	Dividend Income	1.28	3.39	-	-
	Cash flow from Operation before Working Capital Changes	423.94	342.64	462.07	366.29
	Cash flow from Working Capital :
	Trade Receivables	20.16	(80.75)	18.14	(59.53)
	Inventories	(1.72)	103.15	(5.07)	110.50
	Advances & Other Current Assets	(66.15)	(22.43)	(37.08)	(18.50)
Trade Payables	92.58	60.16	73.34	8.45
Other Payables & Provisions	28.22	7.92	(1.36)	3.53
Taxes paid	(32.65)	(10.27)	(32.69)	(10.27)
Net Cash Flow from Operating Activities (A)	464.37	400.42	477.35	400.47
(B)	Investing Activities
	Purchase of Fixed Assets	(261.33)	(250.34)	(276.78)	(209.26)
	Sale of Fixed Assets	1.92	1.23	2.42	1.25
	Purchase of Investments	(26.37)	(11.55)	(26.35)	(11.13)
	Sale of Investments	1.38		1.64
	Dividend Received	1.28	3.39	1.28	3.39
	Interest Received	5.96	2.40	6.09	2.52
	Net cash used in Investing Activities (B)	(277.16)	(254.86)	(291.70)	(213.23)
(C)	Financing Activities
	Proceeds from Long Term Borrowings	107.09	172.36	107.09	172.36
	Repayment of Long Term Borrowings	(128.42)	(62.13)	(134.04)	(91.00)
	Increase in Working Capital Borrowings	2.86	(114.55)	19.06	(115.73)
	Repayment of Lease Liabilities	(17.59)	(10.97)	(18.73)	(10.97)
	Dividend paid	(30.06)	(28.95)	(30.06)	(28.95)
	Interest paid	(110.16)	(101.45)	(118.08)	(113.24)
	Net cash used in Financing Activities (C)	(176.27)	(145.69)	(174.75)	(187.53)
	Net Increase in Cash & Cash Equivalents	10.94	(0.14)	10.89	(0.29)
	Closing Cash & Cash Equivalents	37.97	27.03	38.90	28.01
	Opening Cash & Cash Equivalents	27.03	27.17	28.01	28.30
	Net Increase in Cash and Cash Equivalents	10.94	(0.14)	10.89	(0.29)
	Closing Cash & Cash Equivalents as per Balance sheet	2.71	3.39	3.64	4.20
	(Add)/ Less: Cash Credit as at the end of the year	(35.26)	(23.64)	(35.26)	(23.81)
	Cash & Cash Equivalents for the purpose of IndAS 7	37.97	27.03	38.90	28.01
	For Wheels India Limited Srivats Ram Srivats Ram Chairman and Managing DIN:00063415

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Brahmayya&co.
Chartered Accountants

Independent Auditors Report on the Audited Standalone Annual Financial Results of Wheels India Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To
The Board of Directors,
Wheels India Limited,
Chennai.

Report on the Audit of Standalone Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Wheels India Limited (“the Company”) for the year ended March 31, 2026 together with relevant notes thereon (“the Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us these standalone financial results

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and other comprehensive loss and other financial information for the year ended March 31, 2026.

Basis of opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the standalone financial statements. The Company’s Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

T: +91-044-2813 1128/38/48/58
E: mail@brahmayya.com | www.brahmayya.com

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Brahmayya &co.
Chartered Accountants

estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

P 1

T:+91-044-2813 1128/38/48/58
E:mail@brahmayya.com | www.brahmayya.com

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Brahmayya & Co.
Chartered Accountants

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The standalone annual financial results includes the results for the quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures upto nine months ended December 31, 2025 which were subject to limited review by us.

For Brahmayya & Co.,
Chartered Accountants
Firm Regn. No. 000511S

P. Babu
Partner
Membership No. 203358
UDIN: 26203358DANLWF8358

Place: Chennai
Date: 15th May, 2026

48, Masilamani Road, Balaji Nagar,
Royapettah, Chennai - 600 014. India.
T: +91-044-2813 1128 / 38 / 48 / 58
E: mail@brahmayya.com | www.brahmayya.com

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Brahmayya &co.
Chartered Accountants

Independent Auditors Report on Audited Consolidated Annual Financial Results of Wheels India Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

To

The Board of Directors,
Wheels India Limited,
Chennai.

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying consolidated annual Financial Results of Wheels India Limited (“Holding Company”) and its subsidiaries (holding Company and its subsidiaries together referred to as “the Group”), including an associate company for the year ended March 31, 2026 together with relevant notes thereon (“the Statement”), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements/ financial information of subsidiaries and associate, the aforesaid consolidated Financial Results:

i. include the annual financial results of the following entities:

HOLDING COMPANY
Wheels India Limited
SUBSIDIARY COMPANIES
WIL Car Wheels Limited
WIL USA Inc.
WIL Europe GMBH
ASSOCIATE COMPANY
Axles India Limited

ii. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and

iii. give a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive loss and other financial information of the Group for the year ended March 31, 2026.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

CERTIFIED MANAGEMENT SYSTEM
CERTIFIED INFORMATION
MANAGEMENT SYSTEM
T: +91-044-2813 1128 / 38 / 48 / 58
E: mail@brahmayya.com | www.brahmayya.com

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Brahmayya &co.
Chartered Accountants

auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its associate in accordance with the recognition and measurement principles laid down in Indian Accounting Standard prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and of its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate are responsible for overseeing the financial reporting process of the Group and of its associate.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

CERTIFIED
MANAGEMENT SYSTEM
CERTIFIED
MANAGEMENT SYSTEM
T: +91-044-2813 1128 / 38 / 48 / 58
E: mail@brahmayya.com | www.brahmayya.com

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Brahmayya &co.
Chartered Accountants

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

We did not audit the financial statements of a subsidiary, whose financial statements reflect total assets of Rs. 228.54 Crores, net cash inflow amounting to Rs. 0.33 Crores for the year ended March 31, 2026, total income of Rs. 144.52 crores and Rs. 528.13 Crores and net profit after tax of Rs. 2.74 crores and Rs.11.69 crores for the quarter and year ended March 31, 2026, as considered in the consolidated Ind AS financial results. The Consolidated Ind AS financial statements also include the Holding Company

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.

CERTIFIED MANAGEMENT SYSTEM

T: +91-044-2813 1128 / 38 / 48 / 58

E: mail@brahmayya.com | www.brahmayya.com

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Brahmayya & Co.
Chartered Accountants

share of net profit of Rs.3.30 crores and Rs. 8.54 crores for the quarter and year ended March 31, 2026, as considered in the consolidated Ind As financial statements, in respect of one associate, whose financial statements have not been audited by us. The financial statements of the subsidiary and associate company have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the Consolidated Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of the subsidiary and associate, and our report in terms of sub-sections (3) of 143 of the Act, insofar as it relates to the aforesaid subsidiary and associate, is based solely on the reports of the other auditors.

Our opinion on the consolidated Financial Results is not modified in respect of matters stated above with respect to our reliance on the work done and the reports of the other auditors.

We did not audit the financial statements of a subsidiary, WIL USA Inc, whose financial statements reflect total assets of Rs.0.76 Crores, net cash outflows amounting to Rs. 0.29 Crores for the year ended March 31, 2026, total income of Rs. 0.65 crores and Rs. 2.25 Crores and net profit after tax of Rs. 0.03 crores and Rs. 0.12 crores for the quarter and year ended March 31, 2026, as considered in the consolidated Ind AS financial results. The financial statements of the subsidiary are certified and furnished by the management and our conclusion on the statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary, is based solely on such certified financial statements. In our opinion and according to the explanation given to us by the Management, these financial statements are not material to the Group.

We did not audit the financial statements of a subsidiary, WIL Europe GMBH Inc, whose financial statements reflect total assets of Rs.0.77 Crores, net cash inflows amounting to Rs. 0.08 Crores for the year ended March 31, 2026, total income of Rs. 0.28 crores and Rs. 0.57 Crores and net profit after tax of Rs. 0.02 crores and Rs. 0.03 crores for the quarter and year ended March 31, 2026, as considered in the consolidated Ind AS financial results. The financial statements of the subsidiary are certified and furnished by the management and our conclusion on the statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary, is based solely on such certified financial statements. In our opinion and according to the explanation given to us by the Management, these financial statements are not material to the Group.

Our opinion on the consolidated Financial Results is not modified in respect of above matter with respect to our reliance on the work done and reports certified by the Management

The consolidated annual financial results includes the results for the quarter ended March 31, 2026 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures upto nine months ended December 31, 2025 which were subject to limited review by us.

For Brahmayya & Co.,
Chartered Accountants
Firm Regn. No. 000511S
P. Babu
Partner
Membership No. 203358
UDIN: 26203358HDSRGJ2163

Place: Chennai.
Date: 15th May, 2026

48, Masilamani Road, Balaji Nagar, Royapettah, Chennai - 600 014. India.
T: +91-044-2813 1128/38/48/58
E: mail@brahmayya.com | www.brahmayya.com

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Telephone Nos.:
Regd. Office : (044) 28522745
Factory : (044) 26234300
(044) 26258511
W
Telefax: 044-26257121
Web: www.wheelsindia.com

WHEELS INDIA LIMITED

Corporate Identity Number : L35921TN1960PLC004175

Registered Office :
21, Patullos Road, Chennai - 600 002.

Factory:
Padi, Chennai - 600 050.

May 15, 2026

To
National Stock Exchange of India Limited,
The Manager, Listing Department,
"Exchange Plaza", C-1, Block G,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051

To
BSE Limited,
The Corporate Relationship Department,
1st Floor New Trading Wing, Rotunda Building,
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai – 400 001

Symbol: WHEELS

Scrip code: 590073

Dear Sir / Madam,

Subject: Declaration under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

We hereby declare that Ms. Brahmayya & Co., Chartered Accountants, Statutory Auditor of the Company has issued an Audit Report with unmodified opinion on the Audited Financial Results of the Company (standalone and consolidated) for the financial year ended March 31, 2026.

This declaration is given in accordance with Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016.

We request you to take the above on record.

Thanking you.

Yours faithfully,

For Wheels India Limited

PITCHAI
RAMESH
P Ramesh
Chief Financial Officer

Digitally signed by PITCHAI RAMESH
SELLER: JE RIMESCHIKSH LIMITED
on: 04/04/2026 0:00:00
S.CE OR (RE)NO:2326337000000000000000000000000000000000000000000000000000000000000000