Wardwizard Innovations & Mobility: The growing popularity of alternative energy sources may eventually displace fossil fuels. Limiting carbon emissions and prospering energies which yield lower greenhouse gas emissions in the future. The transition to cleaner energy is getting stronger every year.

However, the effect of a change in the climate should be a collective effort by all people contributing to the cause. Electric vehicles are becoming more popular because they are less expensive to operate due to government subsidies and the cost of riding a kilometer when compared to combustion engines.

In this article, we will look at Wardwizard Innovations, which primarily operates in the two-wheeler Electric Vehicle Automobile market. 

Company Overview Of Wardwizard Innovations

Wardwizard, In 2016 entered the electric vehicle market with electric bicycles under its flagship brand, Joy e-bike. And the young people quickly made them very in demand. This success further prompted our launch of low-speed two-wheelers, like Gen Next, Glob, and Wolf, which did not require a license or registration. The age range of 16 to 60 is increasingly showing a strong interest in these electric vehicles.

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Officially, Wardwizard inaugurated one of the biggest electric two-wheeler plants in India. In January 2021, they unveiled the Hurricane, Thunderbolt, Beast, and Skyline models in response to the increasing demand for fast e-bikes. They have E-Rik in their portfolio, which is for commercial passengers. Mihos is a brand for electric scooters. The company was able to sell around 36,500 units of EVs in FY23 with a network of 750+ dealers.

Industry Outlook Of Wardwizard Innovations

OEMs can expect the two-wheeler segment, which has dominated the Indian automotive sector for years, to grow even more: 31% of respondents expect to increase their use of private motorcycles and scooters. In comparison, 18% expect to use their micro-mobility vehicles (such as bicycles and e-scooters) more in the future.

Consumers expect to rely even more on two-wheelers, and for the majority, the next two-wheeler is electric: 86 percent would consider purchasing an electric two-wheeler, while just 69 percent would contemplate a combustion engine vehicle.

The survey stated that electric two-wheelers (E2Ws) accounted for more than 55% of yearly EV sales, totaling 41,35,077 units by the end of FY2024. The passenger electric three-wheeler (E3W P) followed with about a 32% market share.

Based on estimations from the India Energy Storage Alliance (IESA), the country’s EV industry is predicted to grow at a compound annual growth rate (CAGR) of 49% between 2021 and 2030, with 1 crore units sold annually by that time.

Financials and segments Of Wardwizard Innovations

The revenue from operations of Wardwizard in FY24 was Rs. 321.41 crore, compared to Rs. 238.92 crore in FY23. Net profits for FY24 stood at Rs. 13.43 crore, up 51.78% YoY from Rs. 8.85 crore in FY23.  Wardwizard Innovations major expense component is the cost of materials which improved to 74.82% in FY24 from 80.91% in FY23.

There was also a change in inventory which also made an impact on the margins. Advertisement expense has increased by 166% YoY and the Interest cost has increased by around 580% YoY.  The company earns the majority of its revenue from 99.79% from the Joy e-bike brand and the remaining 0.21% from Others in FY23. 

In FY23, Wardwizard reported its financials in consolidated financial statements. The table below represents the details on a stand-alone basis to ensure consistency.

Particulars/ Financial Year2020-212021-222022-232023-24
Revenue (Cr.)₹39₹185₹239₹317
Net Profit (Cr.)₹1₹8₹9₹14
RoE (%)7.00%13.61%10.63%13.79%
RoCE (%)8.79%19.44%14.20%22.56%

Recent Orders for the company

  • Wardwizard recently secured a $1.29 billion order from Beulah International Development Corporation (BEULAH), a Philippines firm for public transport. As compared to the market cap of the company, the order book is 5.6 times the company’s value. The demand for EVs is growing to replace the combustible engines which is fueled by climate change efforts. 

What are the trends in their EV sales?

As per the 2-wheeler manufacturer data for FY24, the trend of sales for Wardwizard the trend in April 2023 started with units sold around 295. By September 2023, the unit sales were around 690 for the particular month, which is a 134% increase. By the end of the year in March 2024, the company sold around 1,019 units in that particular month, which suggests an increase of 47.68% from September month.

Overall for FY24, the company sold around 9,115 units only in the two-wheeler segment, which is the 13th company in the top 2-wheeler manufacturer list in FY24. At the start of FY25, in April month the company was able to dispatch around 1,071 units, which is a growth of 263% YoY.  

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Future Outlook Of Wardwizard Innovations

  • They aim to expand to 250 exclusive showrooms by the end of the next financial year (FY25), from the current 110. They will add 100 more showrooms in the next 6 months and another 50 in FY25.
  • For FY25, they are confident of surpassing the sales volume of FY24 and targeting 75,000 to 80,000 units.
  • For FY26, they are targeting sales of around 1,25,000 units.
  • They plan to start their ancillary unit next financial year (FY25) for manufacturing lithium-ion batteries, battery packs, controllers, chargers, wiring harnesses, etc., which are expected to reduce costs by 8-10%.
  • In the next 3-4 months, they plan to launch new products like a scooter model in the 2-wheeler segment, a loader vehicle in the 3-wheeler segment, and golf carts.
  • They are exploring the 4-wheeler segment and aim to launch a prototype by Q4 of the next financial year (FY25).
  • They expect to increase net profit margins by 3-4% in FY25 from the cost savings due to their ancillary unit.
  • By Q3 of the next financial year (FY25), they may expand to African and other South Asian countries.

Key Metrics Of Wardwizard Innovations

Here are some of the key metrics of Wardwizard Innovations & Mobility

CMP₹73.55Market Cap (Cr.)₹1,635
Stock P/E (TTM)120.6EPS (TTM)₹0.52
RoE (%) (TTM)13.27%RoCE (%) (TTM)13.52%
Promoter Holdings (%)67.46%Public Holdings (%)32.43%
Debt to Equity Ratio (TTM)0.84Price to Book Value (TTM)16.14
Current Ratio (TTM)2.17EV to Sales (TTM)5.33


As we near the end of this article, we have looked at Wardwizard Innovations & Mobility’s overview, financials, and outlook. The company’s revenue and profits are on an increasing trend. Recently, with a huge order, there is potential to scale up and increase the output based on demand. However, the other traditional and established players are already making inroads as they have a wide distribution network and higher brand value, which brings customers to their door. 

The most important factor is product quality; a company with higher-quality products will see an increase in consumer value and, eventually, brand value. The trend of switching to electric vehicles is still in its early stages, but as technology advances and the number of players in the market increases, the competition in the automotive sector may increase. What do you think about the company’s future? Let us know your view in the comments section below.

Written by Santhosh

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