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Wardwizard Innovations & Mobility Ltd – Registers growth across all key metrics led by volume, realisation, and new offerings

FY21 Standalone Revenue at Rs. 393.67 Mn

FY21 Standalone EBITDA at Rs. 31.1 Mn

FY21 Standalone PAT at Rs. 18.7 Mn

FY21 Standalone EPS of Rs. 0.10 

Sales of over 1.6K units of Electric Vehicles registered in Q4’21 

Wardwizard board recommends 5% Dividend 

Vadodara, May 11,2021:  Wardwizard Innovations and Mobility Ltd (BSE Code: 538970), one of the leading manufacturers of electric two-wheeler ‘Joy E-bike’ today, announced its financial result for the fourth quarter ended March ‘21 of the financial year 2021.

Standalone Quarterly Financial Results Highlights

Q4FY21 vs. Q3FY21 Highlights: –

  • Q-o-Q Revenue growth of over 44.2% – 170.9 million reported in Q4FY21 as against Rs. 118.6 million in the Q3FY21
  • Q-o-Q EBITDA growth of over 84.1% – 16.0 million reported in Q4FY21 as against Rs. 8.7 million in the Q3FY21
  • Q-o-Q EBITDA Margins at 9.4% in Q4FY21 sequential improvement of ~ 200 bps on the back of better utilisation levels
  • Q-o-Q PBT growth of over 75.53% – 13.0 million reported in Q4FY21 as against Rs. 7.40 million in the Q3FY21
  • Q-o-Q PAT declined 6.4% – 6.9 million reported in Q4FY21 as against Rs. 7.4 million in the Q3FY21

Standalone Quarterly Snapshot 

QOQ Performance FY21 (Rs/- Million) Q1 Q2 Q3 Q4 FY21
 Revenue 35.2 69.0 118.6 170.9 393.7
 EBITDA 2.4 4.0 8.7 16.0 31.1
 PBT 1.6 2.8 7.4 13.0 24.80
 PAT 1.6 2.8 7.4 6.9 18.7
EBITDA % 6.8 5.8 7.3 9.4 7.9
PAT % 4.5 4.1 6.2 4.1 4.8

Commenting on the growth, Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd said, “We are delighted to achieve a positive outcome in one of the most challenging years in the country. We have increased our footprints across the nation and have also taken the Indian flag to foreign lands. The rise in demand for personal mobility and sky-rocketing fuel costs significantly boosts electric two-wheelers sales and caters to this growing opportunity.

Boosting the sales backed by the growing demand of electric two wheelers in the entire nation, the company sold more than 1,623 units of electric two-wheelers in Q4’21 as compared to 929 units in Q3’21. Registered the growth of more than 74.70% within a quarter for its popular range of products including the both electric motorcycles and scooters.

Further, the government across countries is coming down hard on pollution-related issues and reducing carbon emissions is one such step that is being advocated. And our E-bikes prove to be a tested and more economical alternative, without calling for any incremental investments.”

Manufacturing Facility

Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Innovations and Mobility Ltd said  Our recent decision to expand our manufacturing capacity at a new location, Vadodara, and to fast track this expansion plan is one such example of how this philosophy has helped the company spot opportunities and respond to it. This state of the art OEM facility has the installed capacity to manufacture more than 1 Lakh units in a single shift and can be extended to 3-4 lakh with 2-3 shifts. Right from visualising an expansion in our manufacturing capacity by multi folds to setting off to achieving those dreams has been a daunting task, especially for a company of our size. We are quite kicked with the scale of opportunity available to us going forward. All our historical and future efforts will take the company to the next level, I’m sure”. 

Key Highlights of Q4 FY’21
New Facility Inaugurated  a new state-of –the-art facility at Vadodara with a capacity to manufacture over 1 lakh electric two-wheelers per annum in the first phase
New Product Launches Launched 4 new high performance electric motorcycles-  Skyline, Beast, Thunderbolt and Hurricane
Sales Milestone Registered highest ever monthly sales of 934 units in  the month of March 2021

 About Wardwizard Innovations & Mobility Limited: 

Wardwizard Innovations & Mobility Ltd is one of the leading auto manufacturing company in the Electric Vehicle (EV) segment under the brand name Joy e-bike. It also addressed the home appliance market via its brand Vyom Innovation. Being the 1st listed entity on BSE in Electric Vehicle manufacturing it’s mainly focused on the growing potential in the India’s EV segment to provide clean and greener alternatives to the existing usage of mobility which is aligned with its philosophy of driving a positive change. Through Joy E-Bikes, the company has been providing a greener alternative to traditional fuel-driven bikes. On the other hand, Vyom Innovations focus is to provide consumers with energy efficient home appliances that are also aimed towards a greener ecosystem. Its footprints are spread across in excess of 25 major cities across India and aspire to growth this number by length and breath.

 Contact Details

For Investor Query

Ms. Sneha Shouche


WardWizard Innovations & Mobility Ltd


For Investor Query

Sherwin Fernandes


KFin Technologies Private Ltd


Phone: +91-9833456546

For Further Information


Mr. Amit Jha: (+91) 85888 02820;

Email Id –



Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other risk factors, viewers are cautioned not to place undue reliance on these forward-looking statements. WardWizard Innovations & Mobility Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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