What’s new

• Revenue grew 51% to ₹826 cr, but PAT only 26% due to ₹47 cr depreciation.
• Management guides 30-35% revenue growth and 22-25% EBITDA margin in FY27.
• Uber Black to add 1,000 more vehicles; Dubai revenue nearly doubled to ₹27 cr.

Why it matters

The guidance implies a near-doubling of EBITDA margins, rare for a fleet-heavy business. If executed, it would transform profitability, but ₹210 cr in receivables (75 days) signals working capital strain.

What we’re watching

• Whether margin improvement materialises as the fleet matures.
• Uber Black expansion pace and occupancy trends.
• Dubai scale-up towards 3,000 vehicles by 2030.

The full read

Wise Travel India closed FY26 with ₹826 cr revenue (up 51%) and ₹99 cr EBITDA (67% growth), but ₹47 cr in depreciation from a fleet expansion to 1,932 vehicles restrained PAT to ₹29 cr (up 26%). The depreciation hit is the cost of growth. Now that the fleet is in place, management expects depreciation to ease and margins to expand as utilisation rises. The FY27 guidance is bold: 30-35% revenue growth and an EBITDA margin of 22-25%, nearly double the 11.9% reported. The Uber Black segment, with 1,000 vehicles at 80-83% occupancy and a 13% margin, is the template. Plans call for another 1,000 vehicles in FY27. Dubai nearly doubled revenue to ₹27 cr and targets 3,000 vehicles by 2030. The warning flag: trade receivables of ₹210 cr equal 75 days of sales, though the company expects to bring it down to 60 days. For a ₹248 cr market cap, the margin target is a steep climb. Execution will need to be near-flawless.

Primary source: NSE