Wardwizard Innovations cuts Joy e-bike prices by up to Rs 13,000 to drive EV adoption

Why is Wardwizard reducing Joy e-bike prices across India?

In a strategic move to democratise electric mobility, Wardwizard Innovations & Mobility Limited has reduced prices across multiple models of its Joy e-bike lineup by up to ₹13,000. The decision, announced on April 17, 2025, aligns with the company’s broader mission to accelerate electric vehicle (EV) adoption across India amid intensifying competition and policy momentum favouring cleaner transport solutions. The revised pricing covers six of its key electric two-wheeler models: WOLF 31AH, GEN NEXT 31AH, GEN NEXT NANU PLUS, WOLF PLUS, GEN NEXT NANU ECO, and WOLF ECO.

Wardwizard, a prominent name in the electric two-wheeler space under the Joy e-bike and Joy e-rik brands, is India’s first BSE-listed electric vehicle manufacturer. The company has now extended its aggressive pricing strategy as part of its customer-first approach, aiming to increase affordability and accessibility while tapping into the growing preference for emission-free mobility. By dropping prices, the company seeks to appeal not only to new buyers but also to price-sensitive segments previously hindered by higher upfront costs of EVs.

Which Joy e-bike models are seeing price drops and by how much?

Wardwizard’s pricing revision impacts its most popular entry-level and mid-range electric two-wheeler offerings. According to the official release, the WOLF 31AH now costs ₹57,749, down from ₹72,000, reflecting a reduction of ₹14,251. GEN NEXT 31AH has been reduced to ₹56,699 from ₹70,000. The GEN NEXT NANU PLUS, previously priced at ₹86,000, is now available for ₹73,604. The WOLF PLUS, once selling for ₹89,000, now retails at ₹74,654. GEN NEXT NANU ECO has dropped from ₹75,000 to ₹67,304, while the WOLF ECO’s price has been lowered to ₹68,354 from ₹80,000.

The magnitude of these price cuts places Wardwizard in a more competitive position against other low-speed and mid-speed EV makers. These models, which offer varying levels of performance, range, and battery capacity, are popular among urban commuters and first-time EV buyers.

What’s driving the timing of this price reduction?

The timing of this price cut coincides with a renewed national push for green mobility as Indian states continue to revise EV policies and offer incentives. While some government subsidies under schemes like FAME II have been reduced or phased out, manufacturers have stepped up with their own cost-cutting mechanisms to sustain market interest. For Wardwizard, this is a proactive adjustment, aimed at offsetting policy gaps while fostering loyalty and expanding reach.

It also comes at a time when many legacy manufacturers and EV startups are recalibrating their pricing to address inflationary pressures, battery cost dynamics, and growing consumer scrutiny on value. By slashing prices now, Wardwizard positions itself to ride the current wave of EV momentum—especially in Tier-II and Tier-III cities where cost remains a major barrier to adoption.

How does Wardwizard’s move fit into India’s EV ecosystem?

The electric two-wheeler segment in India has grown rapidly over the past five years, with increasing awareness of environmental concerns, rising fuel prices, and improved EV infrastructure fuelling the trend. Companies like Wardwizard have played a key role in mainstreaming electric mobility through relatively affordable product offerings and regional dealer networks.

Wardwizard has already established its footprint in over 400 cities, serving both metropolitan and rural markets. Its product mix of high- and low-speed EVs caters to diverse user groups, including daily commuters, students, and delivery personnel. With the latest price cuts, the company is doubling down on its commitment to make EVs not just aspirational but truly attainable.

This also reflects a broader trend in India’s EV market, where players are increasingly adopting a volume-driven growth strategy over high-margin models. The focus is shifting to scale, market share, and user base development rather than short-term profitability—an approach that aligns with national goals to make 30% of all vehicle sales electric by 2030.

What is the current stock performance of Wardwizard Innovations & Mobility?

As of April 17, 2025, Wardwizard Innovations & Mobility Limited (BSE Scrip Code: 538970) was trading at ₹20.96, reflecting a marginal increase of 0.43% from the previous close of ₹20.87. The company’s market capitalisation stands at approximately ₹546 crore. Despite the uptick, the stock has fallen by more than 65% over the past year, with a 52-week high of ₹75.25 and a low of ₹17.30. The steep decline underscores investor caution amid operational and profitability concerns.

Wardwizard’s financial valuation appears stretched, with a high price-to-earnings (P/E) ratio of 140.7, which is notably above industry norms. The price-to-book (P/B) ratio is 5.6, and the price-to-sales (P/S) stands at 1.69, suggesting that the stock is trading at a premium relative to both its asset base and topline revenue.

While the company reported quarterly revenue growth of 48.28% in the December 2024 quarter, net profit after tax dropped by 28.51% year-on-year. This indicates a disconnect between topline expansion and bottom-line sustainability, likely driven by rising input costs, pricing pressures, and working capital stress.

What are investors and analysts saying about Wardwizard’s stock outlook?

Investor sentiment around Wardwizard remains cautious, despite its bold pricing strategy and expanding EV footprint. Analysts tracking the company have pointed out that while the stock trades at a steep discount—nearly 72% below its estimated intrinsic value of ₹76—the high earnings multiple and declining profitability paint a complex picture.

The significant disconnect between current price and fair value may indicate a long-term upside potential, but only if the company demonstrates consistent improvement in cost control, delivery infrastructure, and after-sales service.

Market watchers are expected to closely monitor Wardwizard’s performance in the upcoming quarters. Metrics like unit sales post-price reduction, dealer network expansion, and progress in supply chain optimisation will be key to influencing institutional sentiment.

Should investors consider buying, selling, or holding Wardwizard stock?

Given the mixed financial performance and elevated valuations, Wardwizard Innovations & Mobility Limited may not be ideal for risk-averse investors seeking stable, dividend-yielding stocks. However, for long-term investors with higher risk tolerance, the stock may present an opportunity to buy at a discounted valuation—provided they believe in the company’s ability to monetise its growing market reach and correct its profitability trajectory.

The company’s strategy to drive demand through pricing, along with its listing advantage and pan-India footprint, adds to its investment appeal. Yet, until operating margins show sustained recovery, analysts are likely to assign a ‘Hold’ recommendation for existing investors and advise prospective buyers to watch for consistent execution before entering fresh positions.