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Despite all the uncertainty around tariffs, the US continues to be the biggest market for the Chennai-based Wheels India Ltd, and US revenue is also seeing growth. The demand scenario is positive despite the US tariff issue and the uncertainty surrounding that. Interestingly, at a time like this, US business has grown faster for the company than other geographies, Srivats Ram, MD, Wheels India, told newspersons while discussing the company’s Q2 financial results on Friday. Ram attributed it to strong relationships the company has forged over 2-3 decades. “We are into servicing customers irrespective of where they are located, based on where they want us to supply and service. Customer relationships are of prime importance and that is winning us business,” he said. Some new business, too, has kicked in from the US, he added. “There has been some impact because of the tariff, but it is not significant. The sentiment is positive. We are hoping for some settlement in the oil tariff issue. There is an expectation that there will be some resolution by end-November,” he said. Ram said there are no discounts, and export growth in the US in H1 is largely driven by positive demand and their long-term customer relationships. He added that the company does not expect to miss the export target for the year. “We believe export prospects are fairly strong. Even Q3 looks good on exports,” he said. “We also see opportunities in Europe and have been meeting prospective customers there. We believe we will have good business out of Europe in the next 12-18 months,” he said. “Overall, there is fairly a positive sentiment now than the outlook in March. The government’s GST rate reduction has also given a fillip in terms of demand from the end of last month. The company expects to continue the current growth momentum in H2 of FY26, and expects profit to be in line with H1. Wheels India has registered a 27 per cent increase in net profit to ₹28 crore for the second quarter ended September 30, 2025, as compared to ₹22 crore registered in the corresponding quarter of the previous year. Revenue was up 9 per cent to ₹1,180 crore (₹1,085 crore). The company’s export revenues stood at ₹299 crore in Q2FY26, a 16 per cent YoY growth. For the half-year ended September 30, 2025, net profit went up 15 per cent at ₹54 crore, as compared to ₹47 crore registered in the corresponding first-half of the previous year. Revenues increased by 9 per cent to ₹2,366 crore (₹2,174 crore). During the quarter, the company entered into an alliance with SHPAC of South Korea, involving technical assistance and joint business development for the Hydraulic Cylinder business. On the alliance, Ram said it’s really more of a business alignment, where the company expects to transact over $15 million-$20 million of business over the next few years. “Based on the demand pipeline, we are sticking to the planned Capex for the year. We expect the positive trend in exports to continue in the second-half and are hopeful of a good overall growth this year,” he noted. Wheels India is a leading manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry, with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. Published on October 31, 2025
