Wise Travel India FY26: Revenue Doubled to ₹827 Cr, Receivables Climbed to ₹213 Cr, and Profit Margin Slimmed to 3.6%

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1 — At a Glance

Wise Travel India, the B2B cab operator behind the WTiCabs brand, closed FY26 with revenue of ₹827 crore against ₹549 crore a year earlier — a top line that has roughly doubled. Operating profit reached ₹94 crore and PAT landed at ₹29 crore. That is a genuine scale-up, and the market prices the company at a P/E near 9.4x, below the peer median of 16.8x.

Two numbers sit next to each other and pull in opposite directions. Sales grew about 51% for the year, while PAT grew about 26%. The gap between the two lives in the depreciation line, which more than doubled to ₹47 crore, and the interest line, which rose to ₹14 crore — both tied to a fleet the company kept buying.

Then there is the balance sheet’s loudest figure: trade receivables of ₹213 crore against ₹142 crore last year, on a debtor cycle of 94 days. A company that grew revenue by ₹278 crore also grew the money it is still waiting to collect by ₹71 crore.

A 5-year profit CAGR of 83% is the headline the record hands over. What the rest of the entry examines is what that growth cost to fund.

2 — Introduction

Wise Travel India was incorporated in 2009 and lists on the NSE SME Emerge platform. It operates corporate car rentals and employee transportation under the WTiCabs brand across 130+ cities, with a client roster the company describes as top-tier corporates.

The business runs on a B2B, SLA-governed model — contractual service delivery rather than the reject-a-ride aggregator format. FY26 was the year the company layered owned-fleet operations onto that base, expanding an owned vehicle count that management put at 1,932 by year-end, up from 1,226.

The recent record is dense with corporate action. In May 2026 the board approved the FY26 audited results, the acquisition of a Dubai limousine business, and fresh borrowing facilities. It also carries a governance wrinkle: on 1 July 2026, NSE levied a fine of ₹1,45,000 plus GST for a delayed Regulation 33 compliance filing for the March 2026 quarter, following an exchange clarification request in June.

The auditor, Raj Gupta & Co., issued an unmodified opinion on both standalone and consolidated results. The company reports a single operating segment: Rent-A-Cab.

3 — Business Model: WTF Do They Even Do?

WTiCabs moves people for companies. Employees to office, executives to airports, project teams to sites — the unglamorous plumbing of corporate mobility, sold on service-level agreements rather than surge pricing.

The FY26 revenue split, per the investor presentation, tells you where the money comes from: Employee Transportation is the largest at 26%, Car Rental at 20%, Managed Services Provider at 18%, Long-Term Rental at 17%, FleetPro at 12%, Airports at 5%, and Dubai at 3%. No single line carries the company; it is a bundle of related mobility services stacked together.

Geographically it leans on home turf — the NCR region alone contributes 31% of revenue, Maharashtra 25%, Karnataka 16%. The much-discussed international presence in Dubai and London remains, on the revenue math, a rounding error: Dubai is that 3% slice.

The structural tension in the model is ownership. The company reports about 83% of its vehicle network as vendor-operated and 13% company-owned. The owned slice is small in count but large in consequence — it is where depreciation, interest, insurance, and driver cost land on WTiCabs’ own books rather than a vendor’s. Growing that slice is precisely what widened the gap between the sales line and the profit line this year.

A company can book gross revenue on a vendor’s car and thin economics on its own. FY26 was the year more of the fleet became its own.

4 — Financials Overview

Figures are consolidated, in ₹ crore. Wise Travel reports on a half-yearly basis; the latest period is the half ended March 2026 (H2FY26).

Revenue in the March 2026 half rose about 47% over the same half a year earlier, and operating profit tracked it upward to ₹50 crore. PAT of ₹17 crore for the half compares with ₹13 crore in the year-ago half.

On the FY26 earnings call, management reported revenue up 51% to ₹826 crore and attributed the more moderate PAT growth to higher depreciation and finance cost from fleet expansion. Management also noted a first-year depreciation charge of 40% on WDV for newly added vehicles — an accounting drag that, per management, front-loads the cost of every car put on the road.

5 — Market Expectations & Historical Multiples

This section describes how the market is currently pricing the company and how that compares with its own history and peer group. It is descriptive, not predictive.

The market currently pays about 9.4x earnings here, against a peer median of 16.8x. The P/B sits at 1.4x on a book value of ₹85 per share. On returns, current ROE of 15.8% runs slightly below the company’s own 5-year average of 17.5%, and current ROCE of 16.3% sits under the peer-set median of 20.2%.

What the multiple appears to be pricing is a fast-growing top line held against a thinning PAT margin, a rising debt load, and a stretching receivables cycle — a company scaling quickly while more of its returns are consumed by depreciation and finance cost on an expanding owned fleet. The lower-than-peer P/E and EV/EBITDA describe a market applying a discount to that mix.

One factual observation on market expectations: the company trades below its peer group on earnings and enterprise-value multiples while carrying a higher revenue growth rate than most of that peer group.

6 — What’s Cooking

The board meeting of 29 May 2026 approved an acquisition: WTI Rent A Car LLC, the Dubai subsidiary, will buy 100% of Wheels of Avalon Limousine Services L.L.C. for up to AED 560,000, making it a step-down subsidiary. The target’s reported turnover was AED 531,521 for 2025 — a small, tuck-in luxury-transport bolt-on rather than a company-mover.

The same meeting approved fresh funding capacity: auto-loan facilities of up to ₹200 crore for vehicle acquisition, a ₹20 crore YES Bank working-capital renewal, and ₹2 crore from IDBI. The ₹200 crore auto-loan headroom is the tell — it maps directly onto the owned-fleet strategy driving depreciation and interest.

And the regulatory note: NSE’s ₹1,45,000 fine plus GST on 1 July 2026 for a delayed Regulation 33 filing for the March 2026 quarter, preceded by an exchange clarification request. A small sum, a documented lapse.

7 — Balance Sheet

Assets equal liabilities in each column. Three observations aimed at the numbers:

• Borrowings went from ₹27 crore in FY24 to ₹147 crore in FY26 — a more than five-fold climb over two years, tracking the fleet build.
• Other liabilities reached ₹150 crore, now larger than the borrowing line, driven by trade payables that expanded alongside the receivables.
• Net worth grew to ₹201 crore entirely from retained profit; the dividend payout has been zero throughout.

Cash and bank stood at ₹68 crore against ₹147 crore of borrowings — a net-debt position, not a net-cash cushion. A balance sheet expands fastest in the year a company decides to own the assets it used to rent.

8 — Cash Flow: Sab Number Game Hai

Operating cash flow swung from roughly breakeven in FY25 to ₹52 crore in FY26 — the year collections finally produced real cash. Investing stayed heavily negative at ₹68 crore, the money going into vehicles. Financing of ₹30 crore made up part of the gap.

The three-year arc is a company outspending its operating cash on fleet, and plugging the difference with debt. FY26’s ₹52 crore of operating cash is the first year that trend showed signs of turning.

9 — Ratios: Sexy or Stressy?

ROE of 15.8% shows the equity earning a respectable double-digit return even after the fleet-cost drag. ROCE of 16.3% sits close behind, indicating capital and equity returns have not yet diverged sharply. The P/E of 9.4x records what the market pays for those earnings. The PAT margin of 3.6% is the number the whole entry keeps circling back to — for every ₹100 of revenue, ₹3.60 reaches the bottom line, and it thinned from 4.3% a year ago. D/E of 0.73 rose from 0.61 as fleet acquisitions were funded with debt.

Does a company need a fat margin if it can double revenue — or does a 3.6% margin mean the doubling has to keep coming?

10 — P&L Breakdown: Show Me the Money

Operating profit nearly doubled across two years to ₹94 crore, and other income stayed modest at ₹6 crore — meaning the profit here is overwhelmingly the real business, not one-off gains. That is a cleaner profile than many entries carry.

The EPS column needs a guard. EPS of ₹10.00 in FY24 came after EPS of ₹32.68 the prior year, even as profit rose — that fall is a share-count event, not a profit collapse: a bonus issue and the IPO expanded shares from about 0.32 crore to 2.38 crore. Read the PAT line, which rose from ₹10 crore to ₹24 crore over that period; the EPS optics are pure denominator.

From FY24 onward the share count is stable at 2.38 crore, so FY26’s EPS of ₹12.38 does track the ₹29 crore of profit honestly.

11 — Peer Comparison

On the quarterly figures, Wise Travel posts the largest revenue in the set at ₹447 crore while carrying the lowest P/E at 9.4x. Ecos generates comparable quarterly PAT on roughly half the revenue — a difference in margin structure the two business models produce. Voler Car sits at 73.8x on a fraction of the revenue, an outlier that pulls the simple average around. Wise Travel’s discount to the peer median multiple sits against the largest revenue base and a slimmer margin than several peers.

12 — Miscellaneous: Shareholding & Promoters

Promoters hold 69.25%, led by Ashok Vashist at 39.23%, Vivek Laroia at 18.82%, and Hema Bisht at 11.12%. Promoter holding slipped 0.72% over the last quarter. Institutional presence is thin — DIIs at 1.53%, FIIs rounding to zero.

Ashok Vashist, the CEO, is described in company materials as carrying 34 years of corporate-travel experience. The promoter group has kept a tight grip on the register through the company’s SME listing; the small quarterly dip is the only movement worth noting, and no shares are pledged.

13 — Corporate Governance: Angels or Devils?

The auditor, Raj Gupta & Co., issued an unmodified opinion on FY26 results — clean, as filings go. No pledged shares. Manish Kumar Sharma was re-appointed Whole Time Director in August 2025, and Sheetal & Company was appointed secretarial auditor for five years.

Two facts belong in the record without embellishment. First, the related-party framework: the board approved transactions with Aaveg Management Services up to ₹60 crore per annum, with subsidiary WTI Fleet Providers up to ₹40 crore, and with WTI Rent A Car up to ₹50 crore. On the FY26 call, management said Aaveg-related billing is being migrated to WTI and these transactions are intended to reduce and eventually be eliminated. Second, the NSE fine of ₹1,45,000 plus GST for the delayed March-2026-quarter filing — a compliance lapse on the record.

The company reports as a single segment, Rent-A-Cab.

14 — Industry Roast & Macro Context

Corporate ground mobility is a business of thin slices and thick contracts. You win a Fortune 500 account, you sign a multi-year SLA, and then you wait 150 to 180 days to get paid on new accounts before the cycle settles toward 60 — a rhythm management laid out on its own call. Growth in this sector is expensive precisely because winning fast means funding the receivables of everyone you just won.

Fuel is the wild card, handled here through escalation clauses that trigger when prices move more than 5% either way. Fleet ownership adds depreciation and financing to a model that could, in theory, stay asset-light — the eternal temptation of the mobility business, where owning the car promises margin and delivers a balance sheet.

It is a sector where the fastest grower and the most stretched working capital are frequently the same company. WTiCabs has arranged to be both.

15 — EduInvesting Verdict

The story here is a company that doubled its revenue and paid for it in depreciation, interest, and uncollected invoices — with the first year of positive operating cash flow suggesting the funding gap may be narrowing. The multiple sits below its peers; the receivables sit above them.

A top line sprinting at 51% and a margin walking backward to 3.6% — the record shows both, and leaves the reconciliation to the years ahead.