1. At a Glance – The EV Poster Boy with a Credit Card Problem
Market Cap: ₹207 Cr
Current Price: ₹6.88
Stock P/E: 26.7
Book Value: ₹3.52
ROCE: 12.4%
ROE: 6.18%
Debt: ₹164 Cr
Return (3 months): -29.3%
Return (1 year): -72.1%
Let me introduce you to Wardwizard Innovations & Mobility Ltd — the company that sells electric dreams under the Joy e-bike brand… but lately, investors are not feeling much joy.
Q3 FY26 revenue came at ₹62.7 Cr. Sounds decent? Now hold your excitement.
PAT: ₹0.03 Cr.
Yes. That’s three lakh rupees in profit. On ₹62 Cr revenue.
Quarterly profit is down 99.2% YoY. Sales are down 27.3%.
Meanwhile, debt stands at ₹164 Cr. Promoter holding has collapsed from 70% to 24.3% over time. 38.3% of promoter shares are pledged. Blacksoil has invoked pledged shares recently. CFO resigned in Feb 2026.
And yet… P/E is still 26.7.
The EV revolution is happening. But is this company charging batteries… or charging interest?
Let’s plug into the numbers.
2. Introduction – The EV Story That Took a Detour
Wardwizard started as Manvijay Development Co Ltd in 1982. Rebranded. Reimagined. Recharged.
Now it sells electric two-wheelers (E2W) and three-wheelers (E3W) under the Joy brand. The company claims to be one of the largest players in low-speed electric scooters.
Sounds glamorous, right?
But here’s where the plot thickens.
In FY25, revenue moderated to ₹302 Cr (as per rating rationale). Sales in TTM are ₹237 Cr. Profit after tax TTM: ₹7.74 Cr.
And working capital cycle? 416 days.
That’s not a cycle. That’s a pilgrimage.
Receivables: 188 days. Inventory: ~90 days. Fleet sales credit: 5–6 months.
You sell EVs today. You get paid next year.
And when cash doesn’t come? You borrow.
Debt doubled. Interest coverage fell to 1.83x in FY25. TOLANW rose to 3.04x.
Now ask yourself — is this growth… or leveraged survival?
3. Business Model – WTF Do They Even Do?
Okay, let’s simplify this.
They manufacture:
- Low-speed scooters (Wolf, Glob, Nanu)
- High-speed scooters (Wolf+, Mihos)
- Electric bikes (Beast, Hurricane)
- E-rickshaws
- E-loaders
- Golf carts
- Garbage EVs
Basically, if it runs on battery and has wheels, they want to sell it.
Manufacturing:
- Vadodara: 120,000 units capacity (2W)
- Deoghar: 20,000 units (2W)
- 40,000 sq ft facility for 3W
Distribution:
- 750+ dealers
- 150+ showrooms
- 200+ service centres
Ambition:
- 2,000 dealers
- Saudi JV (51% Royal Highness, 49% Wardwizard)
- USD 1.29 billion Philippines order
- ₹75 Cr capex in FY26 (75% debt or equity)
Now here’s the twist.
53% of FY25 revenue came from promoter-linked super-stockists.
Translation? Your biggest customer… is related to you.
Fleet model shift means longer credit cycles.
So instead of retail cash flow… you get
