Wardwizard Q4 FY25 results: EBITDA margin expands 939 bps as EV stock posts 62% YoY growth

Wardwizard Innovations & Mobility Limited, one of India’s listed electric vehicle (EV) manufacturers, reported its Q4 FY25 earnings with a 62.21% year-on-year jump in consolidated EBITDA. Despite a 14.86% decline in quarterly revenue, the electric two-wheeler company expanded its EBITDA margin by 939 basis points, driven by improved operating efficiency and a leaner cost base.

The earnings report for Wardwizard Q4 FY25 also showcased a sharp recovery in net profit, highlighting the company’s evolving positioning as a resilient small-cap EV stock in India amid sector-wide headwinds.

What Do Wardwizard Q4 FY25 Earnings Reveal About Its EV Strategy?

For Q4 FY25, Wardwizard Innovations reported consolidated revenue of ₹10,907.18 lakh versus ₹12,811.44 lakh in Q4 FY24—a decline of 14.86%. However, the company’s Q4 FY25 EBITDA surged 86.76% year-on-year to ₹1,882.92 lakh. This significant EBITDA growth indicates deeper efficiencies in Wardwizard’s electric vehicle operations and a robust product-cost structure.

PAT for the March 2025 quarter stood at ₹644.63 lakh, compared to ₹397.40 lakh a year earlier, marking 62.21% YoY growth. The Q4 FY25 PAT margin for Wardwizard improved to 5.91% from 3.10%, reflecting a stronger bottom-line trajectory for the company’s EV portfolio under brands like Joy e-bike and Joy e-rik.

Wardwizard’s EPS rose to ₹0.25 in Q4 FY25 from ₹0.16 last year, suggesting improved earnings visibility. The rise in EPS and margin expansion reaffirms its status as a profitable EV stock in India’s emerging green mobility space.

Wardwizard FY25 Financial Performance: How Did the Full Year Compare?

Wardwizard’s FY25 earnings show that annual revenue declined 5.13% YoY to ₹30,494.22 lakh. Yet, full-year EBITDA rose 13.88% YoY to ₹3,693.07 lakh. FY25 EBITDA margin improved by 222 basis points to 12.11%, demonstrating consistent operational resilience even with revenue headwinds.

However, FY25 PAT dropped sharply by 52.68% YoY to ₹635.71 lakh, reflecting earlier year cost pressures and a muted delivery cycle in initial quarters. This divergence between Q4 performance and annual trends suggests a late fiscal turnaround.

EPS for FY25 stood at ₹0.24, down from ₹0.52 last year. Investors evaluating Wardwizard FY25 financial performance will note the shift toward margin-centric stability despite topline softness.

What Drove Wardwizard’s EBITDA Growth in Q4 FY25?

Chairman and Managing Director Yatin Sanjay Gupte credited the Q4 margin gains to targeted deployments and deeper electrification. During the quarter, Wardwizard deployed over 400 electric two-wheelers across Kolkata, Pune, and Ahmedabad, alongside launching L5 passenger e-rickshaws in Maharashtra.

The company’s tie-ups with SpeedForceEV, AmpVolts, and Cabeys were critical in scaling its EV charging infrastructure. These partnerships, combined with pricing adjustments and model reengineering, helped optimize its cost-to-revenue ratio.

The company’s $1.29 billion EV partnership in the Philippines also signals broader international ambition. Investors tracking electric vehicle exports from India and cross-border EV deals may view this as a long-term revenue enhancer.

How Is Wardwizard Positioned Among Indian EV Stocks?

Wardwizard remains one of the few small-cap EV stocks in India with a five-year record of sustained profitability. With a presence in over 400 Indian cities, the company’s Joy e-bike and Joy e-rik platforms are widely recognized in Tier-II and Tier-III markets.

As the first BSE-listed EV manufacturing company, Wardwizard holds strategic visibility in the green mobility segment. The expansion of its charging network and pricing flexibility across electric two-wheelers positions the firm to benefit from India’s electric vehicle adoption roadmap.

Keywords like “green mobility stock India” and “profitable electric vehicle company” now increasingly align with Wardwizard’s post-Q4 FY25 positioning.

Should You Buy Wardwizard Stock After Q4 FY25 Results?

Stock Performance Post Q4 FY25 Earnings

On April 30, 2025, following the earnings release, Wardwizard’s share price traded between ₹52.80 and ₹55.40 on the BSE. While EBITDA growth was strong, the lack of forward guidance and FY25 PAT decline meant the stock stayed rangebound.

There was no significant buying or selling activity from institutional investors. The stock remains largely retail-driven with limited free float, explaining the muted post-results reaction.

Buy / Hold / Sell Sentiment

Buy: Risk-tolerant investors seeking exposure to small-cap EV stocks in India may consider buying, especially if Q1 FY26 guidance reflects sustained momentum.

Hold: Existing shareholders could hold given the company’s positive Q4 trend and five-year EBITDA continuity.

Sell: Caution is warranted if broader EV sector demand remains tepid or execution delays emerge in the Philippines JV.

How Are FIIs and DIIs Positioned on Wardwizard?

As of the latest available data, neither FIIs nor DIIs have reported fresh stakes in Wardwizard post-Q4 FY25 results. The lack of institutional flow signals wait-and-watch sentiment. However, retail investor interest in EV sector stocks continues to drive moderate daily volumes.

Wardwizard must now demonstrate consistent earnings over Q1 and Q2 FY26 to draw institutional conviction, particularly in light of its small-cap classification and international capex ambitions.