ENKEI WHEELS (INDIA) LTD. (ENKEIWHEL) share price

₹390.10 on NSE as of 2026-10-08. +0.42% on the day. market cap ₹698 Cr. P/E 30.5. 52-week range ₹342.45 to ₹537.20. Automobile and Auto Components.

www.enkei.in

Enkei Wheels Q1 FY27: Revenue Up 36.8% to ₹319 Cr, PAT of ₹10.25 Cr Against a Loss, and a 27.9x Multiple

At a glance

Enkei Wheels India makes aluminium alloy wheels at Shikrapur, near Pune. That is the entire business. Management reports a single operating segment, which it calls Automotive Wheels, run out of one factory. There is no divisional table to hide inside.

Revenue for the three months to June 2026 was ₹319.03 crore. The same quarter a year earlier brought in ₹233.16 crore, a rise of 36.8 per cent. Operating profit, what trading leaves before interest and tax, was ₹34.23 crore. The year-earlier figure was ₹16.85 crore. Net profit came to ₹10.25 crore, against a loss of ₹1.71 crore. Earnings per share, the profit divided by the share count, was ₹5.70 against a negative ₹0.95.

The previous quarter, the three months to March 2026, produced ₹299.06 crore of revenue. It closed with a net loss of ₹0.61 crore. Four of the eight quarters to March 2026 were loss-making at the net level. This one was not.

Operating margin for the June 2026 quarter works out at about 11 per cent. That matches the September 2025 quarter and sits above every quarter of calendar 2024. Depreciation is the yearly write-down of plant already bought, and it stops climbing once the buying stops. Here it has sat between ₹14.5 crore and ₹14.9 crore for five quarters running.

Total borrowings at December 2025 were ₹210.04 crore. Net worth on the same date, meaning the shareholders' own money in the business, was ₹239.67 crore.

Introduction

Enkei Wheels India Ltd was incorporated in 2009 and manufactures aluminium alloy casting wheels. It is part of the Japanese Enkei Group. Enkei Corporation, the parent, holds 74.97 per cent of the equity. That figure has not moved by a single basis point across twelve consecutive shareholding disclosures. A basis point is one hundredth of a percentage point. Some promoters buy and sell their own shares between filings; this one has filed the same number every quarter.

The last two years have been busier in the finance department than on the shop floor. Jitendra Parmar resigned as chief financial officer with effect from 10 July 2024. Kunal Dhoke was appointed to the post on 8 October 2024. Dhoke resigned in January 2026, with cessation effective 14 January 2026. Dinesh Sarnaik was appointed chief financial officer with effect from 11 April 2026.

The boardroom changed too. Kazuo Suzuki resigned as managing director with effect from 23 February 2024. Kenjiro Hama was appointed in his place, and central government approval for the appointment was received in October 2024. Hama signs the current results. Sandeep Ohol was appointed senior vice president, as senior management personnel, from 1 January 2026.

On the operating side, the company told the exchange in February 2025 that trial production had started on its upgraded MAP 2 line. Mass production began in March 2025, adding 20,000 pieces a month to capacity. The MAT facility was commissioned in the same window.

The reporting calendar is worth a beat of its own. Enkei closes its books in December rather than in March. The company counts the three months to June 2026 as the opening quarter of its 2026-27 financial year, and the same span falls inside its first calendar half. The results were filed on 6 August 2026. They cover both that quarter and the six months to 30 June 2026.

Business model

The company melts aluminium, casts it into circles, machines them, paints them, and sells them to firms that bolt tyres on. A wheel is load-bearing, safety-critical and has to hold its dimensions to fractions of a millimetre. That is why this is a factory rather than a hobby.

The FY24 revenue breakup splits the sales three ways. Four-wheeler wheels were roughly 67 per cent of it and two-wheeler wheels roughly 31 per cent. Scrap and other sales made up the remaining 2 per cent or so. Aluminium foundries throw off scrap the way bakeries throw off crumbs, and it goes back into the pot.

The customer list is the most striking feature of the business. On two-wheelers the buyers are Honda, Suzuki and Kawasaki. On four-wheelers they are Honda, Maruti Suzuki and Toyota. Every one of those names is a Japanese-origin vehicle maker or its Indian arm, and the promoter is Enkei Corporation of Japan. The parent supplies the relationship and the wheel design. The Indian company supplies the plant and the labour cost.

The manufacturing unit is in Pune. Installed capacity disclosed for December 2025 was 140,000 four-wheeler wheels a month and 120,000 two-wheeler wheels a month. The painting line is rated at 170,000 wheels a month. Four-wheeler capacity stood at 80,000 pieces a month in the March 2016 disclosure. The rise since then is 75 per cent, spread across roughly a decade. Two-wheeler capacity went from 110,000 to 120,000 and then stopped.

Capacity utilisation was reported at 100 per cent on both lines in the December 2024 and December 2025 disclosures. Four-wheeler production volume was 1,245,600 pieces in the latest disclosure. Annualised installed capacity in the same disclosure is 1,680,000 pieces. The company has not set out the basis on which it measures utilisation, so the gap is left unexplained here.

The model stripped down is one plant, a short list of Japanese customers, and aluminium as the main input. The link to the parent carries the design licence and the relationship. Prices are largely set in an annual negotiation with the vehicle maker.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ENKEI WHEELS (INDIA) LTD..

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