Wise Travel India FY26 Concall Decoded: ₹827 Cr Revenue, ~₹210 Cr Parked in Receivables, and a ₹1.45 Lakh Late Fee

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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 the syllabus.” — Ashok Vashist, on being asked yield per car (The syllabus, moments later, revealed the answer was 18%.)

4. Numbers Decoded

Consolidated, full-year, from the data sheet.

Sales added ₹278 Cr year on year. PBT added ₹7 Cr. The gap between those two is mostly the depreciation line, which more than doubled to ₹47 Cr — management charges 40% on a written-down-value basis in year one, so a fleet bought this year eats hardest this year. Interest also doubled to ₹14 Cr as borrowings funded the cars. On the data sheet, PBT rose 22% while sales rose ~51%; the operating engine grew faster than the number that reaches the bottom line. The market pays 9.4x earnings here, against an industry 16.8x, and the stock trades at an EV/EBITDA of 3.6x. Those are the multiples, stated as facts.

5. Analyst Questions

Rupesh P: ₹210 Cr of receivables against ₹800 Cr revenue — how does the cycle behave? (Answer: new projects push it to 150–180 days, then it “well-oils” to 60. The receivable was pertinent; the timeline was flexible.)

Keshav Garg (Counter Cyclical PMS): Same revenue as ECOS, same EBITDA, but double the receivables — explain. (Answer: we started later and signed larger clients faster. The question was about the balance sheet; the reply was about the origin story.)

Nilesh Doshi (Prospero Tree AMC): Are we becoming asset-heavy with 1,932 cars and iffy utilisation — will fresh buying stop? (Answer: asset-light “was a very new terminology,” and if everyone goes light, “who will take the assets?” A philosophical defence of a capex line.)

Madhur Rathi (Counter Cyclical): Competitors clear 30–40% EBITDA on owned cars; we make 13% — why? (Answer: a new car takes two months to reach the road. The margin gap was reframed as a warm-up period.)

Deepti Jain (Rewaz): ₹87 Cr of assets purchased in the cash flow, but only ₹37 Cr added on the balance sheet — reconcile. (Answer: WDV accounting and a huge first-year depreciation charge. The disconnect was real; the explanation, eventually, was too.)

6. Guidance & Outlook

All figures below are management’s, quoted and attributed.

Management guided to 30–35% revenue growth in FY27 and, at the close, repeated a 30–35% growth expectation with “betterment in terms of our receivables.” On margins, Sameep Mittal said consolidated EBITDA should move from about 12% toward 20–22%, with PBT staying around 5–7% because depreciation sits below EBITDA. On owned vehicles specifically, management put EBITDA at 30–35% and PBT at 7–8% once utilisation stabilises. Ashok Vashist said the company would add “at least maybe another 1000 cars” in the year.

On occupancy, management said Uber Black ran 80% last month and is aiming for 85%. On Dubai — about 3.25% of revenue — management sees ₹100 crore-plus revenue “by ’30” and a potential UAE fleet of 3,000 vehicles, with Saudi Arabia named as an aspiration. On dividends, management said not next year but possibly in “2 to 3 years,” citing the expansion spree.

The load-bearing assumption throughout is utilisation. Every margin promise — 13% to 25%, 12% to 22% — rests on new cars filling up. Management said the target is 85%; the guidance assumes it lands.

7. Risks & Red Flags

• Receivables ~₹210 Cr against ₹827 Cr revenue, with debtor days at 94 on the data sheet — cash conversion is the whole story here, and management said the fix is in progress.
• Debt ₹147 Cr, D/E up to 0.73 from 0.61, with interest doubling to ₹14 Cr — the fleet was bought partly on borrowings, management said.
• Depreciation ₹22 Cr → ₹47 Cr, front-loaded by a 40% first-year WDV charge — this compresses reported profit on every newly bought car in its first year.
• FleetPro posted a ₹80 lakh accounting loss on ₹97.7 Cr revenue, which management attributed to depreciation and finance cost.
• EVs (400-plus) are “not making positive contribution,” management said — a growth line the company keeps for market presence, not economics.
• Regulatory housekeeping: the exchange sought a Regulation 33 clarification on 24 June, and NSE levied a ₹1,45,000 fine plus GST for delayed compliance on 1 July.

8. Badi Badi Baatein Vadapao Khate, Will Management Walk the Talk?

The promise is a doubling of margins. Management guided consolidated EBITDA toward 20–25%. The track record on OPM reads 7%, 7%, 7%, 10%, 10%, 11% across FY21 to FY26 — a metric that has moved four points in five years is now guided to move nine in a shorter window.

The tell is PBT. Sales went ₹411 Cr → ₹549 Cr → ₹827 Cr across FY24–FY26. PBT over the same stretch went ₹32 Cr → ₹31 Cr → ₹38 Cr. The top line roughly doubled; pre-tax profit added ₹6 Cr, because depreciation and interest absorbed the rest, per the data sheet.

On dividends, the payout has been 0% every year on record, and management now places one “2 to 3 years” out. And the recurring “very, very positive news” on Uber Black, which management said it “can’t disclose as of now,” has been the shape of the pitch: the profit is always in the quarter after this one.

9. EduInvesting Take

The facts on the strong side: revenue grew ~51% to ₹827 Cr, EBITDA reached ₹99.1 Cr per management, cash flow from operations swung from near-break-even to ₹52 Cr, net worth rose to ₹201 Cr, and the Dubai subsidiary turned a ₹1.28 Cr PAT on roughly ₹27 Cr revenue. The owned fleet nearly doubled, and management named Citibank as a single client running ₹7–8 Cr a month.

The facts on the other side: receivables sit near ₹210 Cr with debtor days at 94, free cash flow was negative on the data sheet, debt reached ₹147 Cr, depreciation hit ₹47 Cr, FleetPro ran an accounting loss, and the company drew an exchange clarification and a compliance fine in the same fortnight as the call.

What to watch next quarter, all company metrics: whether debtor days actually compress toward management’s “60-day well-oiled” claim; Uber Black occupancy against the 85% it is aiming for; FleetPro moving from an ₹80 lakh loss to profit; the promised ~1,000-car addition and its drag on depreciation; and whether consolidated EBITDA moves off 12% toward the guided range.

10. Conclusion

Wise Travel India built the largest B2B mobility book in the country and, in the same year, learned that a ₹827 Cr top line and a ₹277 Cr market cap can argue with each other in public. The revenue is real, the fleet is real, and so is the ₹210 Cr the company is still waiting to collect. FY26 was the year WTI proved it can grow; FY27 is the year it has to prove the cars pay for themselves before the next thousand arrive.

Written by EduInvesting Team

Sources: Wise Travel India FY26 post-earnings conference call transcript (16 June 2026); company financial disclosures and exchange filings.