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1. Opening Hook
Wise Travel India closed FY26 with sales of ₹827 crore, up roughly 51% from ₹549 crore, per the data sheet. The owned fleet went from 1,226 vehicles to 1,932. Management said EBITDA reached ₹99.1 crore. And then the Q&A started.
The first investor opened with the number that shadowed the whole call: around ₹210 crore of receivables sitting against about ₹800 crore of sales. Cash and equivalents were roughly ₹48 crore. The maths was uncomfortable and everyone in the room could do it.
Two days before the transcript was filed, the exchange had asked the company to clarify its Regulation 33 filing. On 1 July, NSE levied a ₹1,45,000 fine plus GST for delayed compliance. So the setup: a company that doubled its top line in two years, fielding a room that mostly wanted to know where the money was.
2. At a Glance
- Revenue ₹827 Cr, up ~51% — the top line sprinted; the cash mostly stayed home.
- PAT ₹29 Cr, up ~26% — profit grew at roughly half the pace of revenue, and depreciation collected the difference.
- EBITDA ₹99.1 Cr, 11.9% (management’s figure) — a margin that moved about 120 bps in a year management called “landmark.”
- Own fleet 1,226 → 1,932 — 795 cars in, 89 out, and a depreciation line that went ₹22 Cr → ₹47 Cr.
- Receivables ~₹210 Cr — debtor days 94; a new Fortune 500 account bills at 150–180 days before it settles, management said.
- Debt ₹147 Cr, D/E 0.61 → 0.73 — the growth was real, and partly bought on borrowed keys.
3. Management’s Key Commentary
Seven quotes, decoded.
“Your company is the largest mobility company in India today in B2B space.” — Ashok Vashist (Largest by revenue, at ₹827 Cr. Peer ECOS, on comparable EBITDA per the CEO’s own comparison, carries roughly half the receivables.)
On the fleet build-out, management said the higher depreciation and finance cost “is a short-term affair.” (The short term now spans the two years in which depreciation climbed from ₹22 Cr to ₹47 Cr.)
“The debt whichever is there in the market is 100% recoverable, it is only the time frame which is taken slightly long.” — Ashok Vashist (One hundred percent recoverable, on a timeline whose only stated unit is “slightly.”)
“I don’t know whether market cap is derivative of your actual performance or it is something else. I am being very candid on this.” — Ashok Vashist (A candid position for a listed CEO to hold about the market that listed him.)
“Till today, electric vehicles are not making positive contribution… nevertheless, we have to remain in the market.” — Ashok Vashist (Four hundred-plus EVs on the balance sheet, contributing to the need of the hour and, so far, to depreciation.)
“Every day 1 lakh, 2 lakh people are born. VinFast has only brought 400 cars.” — Ashok Vashist (The competitive rebuttal to a new entrant is now the national birth rate.)
“You’ve asked a very difficult question and out of
