Synopsis: A post-earnings investor call has put the spotlight on a B2B mobility company’s decision to nearly double its owned vehicle fleet even as the move dragged on near-term profitability, with revenue climbing 51 percent and EBITDA rising 67 percent for FY26 while profit after tax lagged at a 26 percent gain.
Shares of a small-cap ground mobility services provider came into focus after the company held its FY26 post-results conference call, where management laid out an aggressive fleet expansion strategy alongside plans to address a build-up in receivables that has drawn investor attention. The company, which operates under the brand WTiCabs and counts Amazon, Microsoft, Indigo, Nokia, Coca-Cola and American Express among its corporate clients, has spent the past two years moving from a largely asset-light aggregation model toward owning a meaningfully larger share of its vehicle fleet.
With a market capitalisation of Rs. 250.02 crore, the shares of Wise Travel India Limited were trading at Rs. 105 per share, up roughly 6.60 percent from levels near Rs. 98.50 apiece seen in the preceding sessions. It is trading at a P/E of 8.54.
FY26 Results
Consolidated revenue from operations rose to Rs.826 crore in FY26 from Rs.548 crore in FY25, a 51 percent increase. EBITDA grew faster in percentage terms, up 67 percent to Rs.99.1 crore, taking the margin to 11.9 percent from 10.7 percent. Profit after tax, however, grew only 26 percent to Rs.29 crore, a gap management attributed directly to the cost of scaling up the owned fleet. The company added 795 vehicles during the year against 89 disposals, taking its owned fleet from 1,226 to 1,932 vehicles, and the resulting depreciation and finance costs ate into the bottom line even as operating profit expanded. Net worth rose to Rs.201 crore from Rs.172 crore, while the debt-to-equity ratio climbed to 0.73 from 0.61, a direct consequence of borrowing to fund vehicle purchases.
Fleet Strategy and Unit Economics
The roughly 1,900 owned vehicles are split across three uses: about 1,000 are deployed with Uber Black, 400 operate as self-drive cars in Dubai, and 500 serve fixed corporate accounts. Management described yield per car in the 15 to 20 percent range before corporate overheads, with a more granular breakdown showing driver pay, fuel and EMI-linked depreciation and interest together consuming 80 to 82 percent of revenue per vehicle, leaving a thin band for selling and general costs and translating into a 5 to 6 percent pre-tax margin on the owned-fleet business.
Segment-level disclosures showed Uber Black carrying an EBITDA margin of about 13 percent, while the airport counter business posted a stronger 17 to 18 percent EBITDA margin despite handing over 35 percent of that revenue stream to airport operators as concession rent, a cost management framed as justified by the customer visibility it generates. A subsidiary, Fleet Pro, contributed Rs.97.7 crore in revenue and roughly Rs.13 crore in EBITDA but posted an accounting loss of about Rs.0.8 crore once depreciation and finance costs were factored in, a pattern the company expects to reverse as utilisation across the newer fleet matures.
The depreciation policy itself adds to the optical drag on reported profit: vehicles are depreciated on a written-down-value basis with roughly 40 percent charged in the first year, meaning fresh fleet additions show up as a larger expense hit than the underlying cash outflow would suggest.
Receivables and Related-Party Overhang
The working capital position drew the sharpest questions on the call. Trade receivables stood at approximately Rs.210 crore against full-year revenue of Rs.826-832 crore, a ratio that investors flagged as elevated. Management explained that new corporate accounts typically carry a 150 to 180 day collection cycle while billing processes and approvals are established, settling closer to 60 days once the relationship stabilises, and attributed the FY26 spike largely to a wave of new large-account onboarding rather than collection risk, noting that most clients are Fortune 500 companies.
A separate related-party question concerned an entity referred to in the call as Aweg or Away, which management said conducts bus operations outside WTI’s core business; some legacy clients still route billing through that entity, though the company says the bulk of that revenue already flows back to WTI and has asked clients to migrate billing directly, with a stated goal of eliminating the arrangement over time.
Growth Outlook
Management guided to revenue growth of around 32 to 35 percent for FY27, alongside plans to add at least another 1,000 vehicles to the fleet, signalling that the capital intensity seen in FY26 is unlikely to ease in the near term. The Dubai subsidiary, which generated about Rs.27 crore in revenue and Rs.1.28 crore in profit after tax in FY26, was described as a platform for international growth, with utilisation recovering to 85-90 percent after a dip tied to the US-Iran conflict that briefly cut Dubai volumes by 5 to 10 percent in April and May.
Management’s ambition for that business stretches to a 3,000-vehicle fleet across the UAE within three years, possible entry into Saudi Arabia, and roughly Rs.100 crore of standalone Dubai revenue by FY30. On capital returns, management indicated a dividend remains a possibility but is unlikely in the immediate term given the ongoing fleet build-out, with a payout more plausibly two to three years away.
Business Overview
Wise Travel India Limited, founded in 2009-10 and bootstrapped until FY24, describes itself as a B2B ground mobility provider spanning car rental, employee transportation, long-term government and infrastructure mobility projects, and managed fleet services across more than 130 cities in India. For FY26, the company reported consolidated revenue of Rs.826 crore, up 51 percent year-on-year, and profit after tax of Rs.29 crore, up 26 percent.
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