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