🔄 Last Updated: Analysis Based on Data Till 28 August 2025
Wardwizard Share Price Target
Based on recent technical trends and financial performance, Wardwizard Innovations and Mobility (WARDINMOBI.BO) is trading near its lower range, struggling below key moving averages. If sales volumes improve and investor sentiment revives, the stock could aim for ₹40 in the near term, signaling a potential rebound from current levels.
📉 Current price: ₹14 📉 Downside Risk: ₹10
📈 Upside Potential: ₹40 (approx. +186%)
🔎 Note: These targets are indicative and based on technical observation. Investors should track EV industry demand, company execution, and broader market conditions, while consulting a registered financial advisor before making investment decisions.
Company Overview
Wardwizard Innovations & Mobility Ltd. is a leading electric vehicle manufacturer in India, known for its brand Joy e-bike. Focused on sustainability and innovation, Wardwizard empowers eco-friendly mobility solutions. With customer trust and green technology, it drives the shift toward cleaner transportation and a smarter, greener future.
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Over the five-year period from 2020 to 2024, Wardwizard delivered highly volatile returns. The stock skyrocketed by 188.70% in 2020, followed by another strong 76.00% gain in 2021. However, momentum weakened with a sharp fall of -25.70% in 2022, extended declines of -14.45% in 2023, and a deeper correction of -33.19% in 2024. This trend reflects both the company’s past explosive growth and the recent challenges faced by investors, highlighting the stock’s high-risk, high-reward nature.
Wardwizard Return (jul 2020 – Feb 2021)
Wardwizard Innovations and Mobility: Revenue Growth, Profitability & Leverage Overview (2021–2025)
Wardwizard has seen an extraordinary scale-up over the past five years. Revenue surged from just ₹0.14 crore in FY21 to ₹305 crore in FY25, delivering an eye-popping CAGR of over 580%. This reflects the company’s rapid entry and expansion in India’s fast-growing electric vehicle (EV) sector.
Profitability, however, has been more volatile. Net profit turned positive in FY23 and touched ₹6.36 crore in FY25, though margins narrowed to 2.1% from 4.2% in FY24 due to higher financing costs and operating expenses. EPS has also shown inconsistency, highlighting the challenges of managing fast growth while keeping profitability stable.
On the balance sheet side, leverage has increased significantly. Debt-to-equity rose to 1.88 in FY25 from just 0.14 in FY23, as the company borrowed heavily to fund expansion and working capital. While this signals growth ambition, it also adds financial risk.
Wardwizard Innovations and Mobility: Cash Flow Analysis (2021–2025)
Cash flows remain a concern. Operating cash flow stayed negative at ₹-69 crore in FY25, indicating stress in managing receivables and inventory. Heavy investment outflows of ₹19 crore highlight continued expansion, partially offset by financing inflows of ₹93 crore. Closing cash improved to ₹9.5 crore, showing improved liquidity management.
✅ Fundamental Summary
Strengths: Explosive revenue growth, presence in a high-potential EV sector.
Weaknesses / Risks: Thin profit margins, inconsistent EPS, high leverage, negative operating cash flows.
Investor Takeaway: Wardwizard offers high-growth potential but carries elevated financial risk. Suitable for aggressive investors betting on India’s EV future, but requires close monitoring of debt and cash flow stability.
Wardwizard Innovations and Mobility is currently trading at ₹13, comfortably above its immediate support 🟢 ₹10.41. This indicates that buying interest could emerge around this level, providing a buffer against further downside.
On the upside, the stock faces its next key resistance 🔴 ₹15.39, where profit booking or selling pressure may appear.
In simple terms: The stock is moving within a ₹10.41–₹15.39 range.
🔼 A breakout above ₹15.39 could trigger additional upward momentum.
🔽 But if it falls below ₹10.41, weakness may emerge.
📊 Wardwizard Financial Overview (2021–2025)
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 20 | Mar 19 |
|---|---|---|---|---|---|
| EQUITIES AND LIABILITIES | |||||
| Equity Share Capital | 26.07 | 26.07 | 26.07 | 7.33 | 6.48 |
| Total Share Capital | 26.07 | 26.07 | 26.07 | 7.33 | 6.48 |
| Reserves and Surplus | 78.60 | 75.19 | 62.11 | -1.23 | -0.31 |
| Total Reserves and Surplus | 78.60 | 75.19 | 62.11 | -1.23 | -0.31 |
| Total Shareholders Funds | 104.67 | 101.26 | 88.18 | 6.10 | 6.17 |
| Equity Share Application Money | 0.00 | 0.00 | 0.00 | 4.59 | 0.00 |
| Minority Interest | 0.00 | 0.00 | 0.00 | 0.21 | 0.21 |
| NON-CURRENT LIABILITIES | |||||
| Long Term Borrowings | 3.80 | 10.39 | 12.00 | 0.00 | 0.00 |
| Other Long Term Liabilities | 1.08 | 0.42 | 1.80 | 0.00 | 0.00 |
| Long Term Provisions | 1.13 | 1.16 | 0.30 | 0.00 | 0.00 |
| Total Non-Current Liabilities | 6.01 | 11.97 | 14.10 | 0.00 | 0.00 |
| CURRENT LIABILITIES | |||||
| Short Term Borrowings | 192.66 | 72.52 | 0.00 | 0.00 | 0.00 |
| Trade Payables | 62.47 | 59.29 | 45.81 | 0.16 | 0.05 |
| Other Current Liabilities | 39.93 | 36.23 | 71.89 | 0.04 | 0.00 |
| Short Term Provisions | 7.13 | 4.12 | 3.23 | 0.25 | 0.00 |
| Total Current Liabilities | 302.19 | 172.17 | 120.92 | 0.45 | 0.05 |
| Total Capital And Liabilities | 412.86 | 285.39 | 223.21 | 11.34 | 6.43 |
| ASSETS | |||||
| Tangible Assets | 46.60 | 47.93 | 47.72 | 0.42 | 0.00 |
| Intangible Assets | 5.86 | 5.88 | 5.34 | 0.00 | 0.01 |
| Capital Work-In-Progress | 13.81 | 0.03 | 0.03 | 0.00 | 0.00 |
| Fixed Assets | 66.27 | 53.83 | 53.09 | 0.42 | 0.01 |
| Non-Current Investments | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Deferred Tax Assets [Net] | 0.90 | 0.43 | 0.45 | -0.01 | 0.03 |
| Long Term Loans And Advances | 0.00 | 0.00 | 0.00 | 4.91 | 6.34 |
| Other Non-Current Assets | 14.70 | 19.75 | 29.40 | 0.05 | 0.00 |
| Total Non-Current Assets | 81.86 | 74.01 | 82.94 | 5.38 | 6.39 |
| CURRENT ASSETS | |||||
| Inventories | 65.50 | 77.62 | 68.79 | 2.04 | 0.00 |
| Trade Receivables | 155.72 | 66.46 | 16.16 | 0.10 | 0.00 |
| Cash And Cash Equivalents | 9.46 | 5.13 | 11.24 | 1.39 | 0.03 |
| Short Term Loans And Advances | 66.25 | 18.13 | 2.50 | 2.08 | 0.00 |
| Other Current Assets | 34.08 | 44.05 | 41.57 | 0.35 | 0.01 |
| Total Current Assets | 331.00 | 211.38 | 140.26 | 5.96 | 0.04 |
| Total Assets | 412.86 | 285.39 | 223.21 | 11.34 | 6.43 |
| OTHER ADDITIONAL INFORMATION | |||||
| Bonus Equity Share Capital | 0.00 | 0.32 | 0.00 | 0.32 | 3.24 |
| Non-Current Investments Unquoted Book Value | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Particulars | Mar 25 | Mar 24 | Mar 23 | Mar 20 | Mar 19 |
|---|---|---|---|---|---|
| INCOME | |||||
| Revenue From Operations [Gross] | 304.94 | 320.25 | 238.41 | 0.10 | 0.00 |
| Revenue From Operations [Net] | 304.94 | 320.25 | 238.41 | 0.10 | 0.00 |
| Other Operating Revenues | 0.00 | 1.17 | 0.51 | 0.00 | 0.00 |
| Total Operating Revenues | 304.94 | 321.42 | 238.93 | 0.10 | 0.00 |
| Other Income | 0.41 | 0.21 | 0.36 | 0.10 | 0.14 |
| Total Revenue | 305.35 | 321.63 | 239.28 | 0.21 | 0.14 |
| EXPENSES | |||||
| Cost Of Materials Consumed | 191.91 | 209.57 | 193.32 | -2.04 | 0.00 |
| Purchase Of Stock-In Trade | 0.00 | 0.00 | 0.13 | 2.14 | 0.00 |
| Operating And Direct Expenses | 0.00 | 30.95 | 0.00 | 0.00 | 0.00 |
| Changes In Inventories Of FG,WIP And Stock-In Trade | 3.48 | -11.14 | -1.43 | 0.00 | 0.00 |
| Employee Benefit Expenses | 12.93 | 13.35 | 8.96 | 0.07 | 0.11 |
| Finance Costs | 20.40 | 5.21 | 0.77 | 0.00 | 0.00 |
| Depreciation And Amortisation Expenses | 6.67 | 6.67 | 4.95 | 0.01 | 0.00 |
| Other Expenses | 60.10 | 47.10 | 19.32 | 0.94 | 0.19 |
| Total Expenses | 295.49 | 301.71 | 226.02 | 1.12 | 0.30 |
| Profit/Loss Before Exceptional, ExtraOrdinary Items And Tax | 9.86 | 19.92 | 13.26 | -0.91 | -0.17 |
| Profit/Loss Before Tax | 9.86 | 19.92 | 13.26 | -0.91 | -0.17 |
| TAX EXPENSES - CONTINUED OPERATIONS | |||||
| Current Tax | 3.51 | 6.46 | 4.56 | 0.00 | 0.00 |
| Deferred Tax | 0.00 | 0.02 | -0.15 | 0.01 | 0.00 |
| Total Tax Expenses | 3.51 | 6.48 | 4.41 | 0.01 | 0.00 |
| Profit/Loss After Tax And Before ExtraOrdinary Items | 6.36 | 13.44 | 8.85 | -0.92 | -0.17 |
| Profit/Loss From Continuing Operations | 6.36 | 13.44 | 8.85 | -0.92 | -0.17 |
| Profit/Loss For The Period | 6.36 | 13.44 | 8.85 | -0.92 | -0.17 |
| Consolidated Profit/Loss After MI And Associates | 6.36 | 13.44 | 8.85 | -0.92 | -0.17 |
| OTHER ADDITIONAL INFORMATION | |||||
| EARNINGS PER SHARE | |||||
| Basic EPS (Rs.) | 0.00 | 1.00 | 0.00 | -1.00 | 0.00 |
| Diluted EPS (Rs.) | 0.00 | 1.00 | 0.00 | 0.00 | 0.00 |
| DIVIDEND AND DIVIDEND PERCENTAGE | |||||
| Equity Share Dividend | 0.00 | 0.77 | 0.57 | 0.00 | 0.00 |
| Particulars | Mar '25 | Mar '24 | Mar '23 | Mar '20 | Mar '19 |
|---|---|---|---|---|---|
| Investment Valuation Ratios | |||||
| Face Value | 1.00 | 1.00 | 1.00 | 10.00 | 10.00 |
| Dividend Per Share | -- | -- | -- | -- | -- |
| Operating Profit Per Share (Rs) | 1.40 | 1.21 | 0.71 | -1.37 | -0.46 |
| Net Operating Profit Per Share (Rs) | 11.70 | 12.33 | 9.17 | 0.14 | -- |
| Free Reserves Per Share (Rs) | -- | -- | -- | -- | -- |
| Bonus in Equity Capital | -- | 1.24 | -- | 4.42 | 50.00 |
| Profitability Ratios | |||||
| Operating Profit Margin (%) | 11.97 | 9.83 | 7.79 | -964.15 | -- |
| Profit Before Interest And Tax Margin (%) | 9.77 | 7.74 | 5.71 | -492.99 | -223.78 |
| Gross Profit Margin (%) | 9.78 | 7.75 | 5.72 | -971.48 | -- |
| Cash Profit Margin (%) | 4.26 | 6.25 | 5.76 | -444.01 | -122.01 |
| Adjusted Cash Margin (%) | 4.26 | 6.25 | 5.76 | -444.01 | -122.01 |
| Net Profit Margin (%) | 2.08 | 4.17 | 3.70 | -882.30 | -- |
| Adjusted Net Profit Margin (%) | 2.08 | 4.17 | 3.69 | -447.73 | -125.24 |
| Return On Capital Employed (%) | 10.04 | 13.64 | 14.00 | -8.52 | -2.72 |
| Return On Net Worth (%) | 6.07 | 13.26 | 10.03 | -15.08 | -2.76 |
| Adjusted Return on Net Worth (%) | 6.07 | 13.26 | 10.03 | -15.08 | -2.76 |
| Return on Assets Excluding Revaluations | 4.01 | 3.88 | 3.38 | 8.61 | 9.84 |
| Return on Assets Including Revaluations | 4.01 | 3.88 | 3.38 | 8.61 | 9.84 |
| Return on Long Term Funds (%) | 27.89 | 22.51 | 14.00 | -14.94 | -2.72 |
| Liquidity And Solvency Ratios | |||||
| Current Ratio | 0.70 | 0.94 | 1.38 | 24.44 | 128.06 |
| Quick Ratio | 2.51 | 1.52 | 0.82 | 19.90 | 127.38 |
| Debt Equity Ratio | 1.88 | 0.82 | 0.14 | -- | -- |
| Long Term Debt Equity Ratio | 0.04 | 0.10 | 0.14 | -- | -- |
| Debt Coverage Ratios | |||||
| Interest Cover | 1.48 | 4.82 | 18.29 | -- | -- |
| Total Debt to Owners Fund | 1.88 | 0.82 | 0.14 | -- | -- |
| Financial Charges Coverage Ratio | 1.81 | 6.10 | 24.75 | -- | -- |
| Financial Charges Coverage Ratio Post Tax | 1.64 | 4.86 | 19.00 | -- | -- |
| Management Efficiency Ratios | |||||
| Inventory Turnover Ratio | 4.66 | 4.14 | 3.47 | 0.05 | -- |
| Debtors Turnover Ratio | 2.75 | 7.78 | -- | 1.00 | -- |
| Investments Turnover Ratio | 1.01 | 1.75 | 2.38 | 0.02 | -- |
| Fixed Assets Turnover Ratio | 4.60 | 5.32 | 4.36 | 0.25 | -- |
| Total Assets Turnover Ratio | 1.01 | 1.80 | 2.52 | 0.01 | -- |
| Asset Turnover Ratio | 1.26 | 2.26 | -- | 0.01 | -- |
| Average Raw Material Holding | -- | -- | -- | -- | -- |
| Average Finished Goods Held | -- | -- | -- | -- | -- |
| Number of Days In Working Capital | 221.66 | 75.04 | -37.16 | 35,295.35 | -- |
| Profit & Loss Account Ratios | |||||
| Material Cost Composition | 62.93 | 65.20 | 80.96 | 95.23 | -- |
| Imported Composition of Raw Materials Consumed | -- | -- | -- | -- | -- |
| Selling Distribution Cost Composition | -- | 8.51 | 3.58 | 12.07 | -- |
| Expenses as Composition of Total Sales | -- | -- | 0.10 | -- | -- |
| Cash Flow Indicator Ratios | |||||
| Dividend Payout Ratio Net Profit | -- | 5.73 | 6.40 | -- | -- |
| Dividend Payout Ratio Cash Profit | -- | 3.83 | 4.10 | -- | -- |
| Earning Retention Ratio | 100.00 | 94.27 | 93.60 | -- | -- |
| Cash Earning Retention Ratio | 100.00 | 96.17 | 95.90 | -- | -- |
| Adjusted Cash Flow Times | 15.08 | 4.12 | 0.87 | -- | -- |
| Wardwizard Innovations and Mobility Previous Years � Consolidated Cash Flow ------------------- in Rs. Cr. ------------------- | Mar '25 12 mths | Mar '24 12 mths | Mar '23 12 mths | Mar '20 12 mths | Mar '19 12 mths |
|---|---|---|---|---|---|
| Net Profit Before Tax | 9.86 | 19.92 | 13.26 | -0.91 | -0.17 |
| Net Cash From Operating Activities | -68.99 | -62.77 | -18.33 | -4.98 | 0.01 |
| Net Cash (used in)/from Investing Activities | -19.27 | -7.55 | -21.42 | -0.42 | 0.00 |
| Net Cash (used in)/from Financing Activities | 92.59 | 64.20 | 33.90 | 6.76 | -0.02 |
| Net (decrease)/increase In Cash and Cash Equivalents | 4.33 | -6.11 | -5.85 | 1.36 | -0.01 |
| Opening Cash & Cash Equivalents | 5.13 | 11.24 | 17.08 | 0.03 | 0.04 |
| Closing Cash & Cash Equivalents | 9.46 | 5.13 | 11.24 | 1.39 | 0.03 |
✨ Wardwizard Innovations & Mobility 📊 Fundamental Analysis
High Growth but Weak Cash Flows
Wardwizard has shown exponential revenue growth over recent years but faces challenges in profitability consistency, cash flows, and rising debt. Below is a breakdown of its key financials.
🔸 Revenue & Growth (CAGR: 583.39%)
| Year | Revenue (₹ Cr) | Growth (%) |
|---|---|---|
| 2021 | 0.14 | — |
| 2022 | 0.21 | +50.00% |
| 2023 | 239.28 | +113842.86% |
| 2024 | 321.63 | +34.42% |
| 2025 | 305.35 | -5.06% |
📈 Revenues skyrocketed in FY23 but growth slowed and turned negative in FY25.
🔸 Net Profit & Margins
| Year | Net Profit (₹ Cr) | Net Profit Margin (%) |
|---|---|---|
| 2021 | -0.17 | -121.43 |
| 2022 | -0.92 | -438.10 |
| 2023 | 8.85 | 3.70 |
| 2024 | 13.44 | 4.18 |
| 2025 | 6.36 | 2.08 |
💡 Profitability turned positive in FY23 but declined in FY25.
🔸 EPS (Earnings Per Share)
| Year | EPS (₹) | EPS Growth (%) |
|---|---|---|
| 2021 | 0.0 | — |
| 2022 | -1.0 | -inf |
| 2023 | 0.0 | -100.0 |
| 2024 | 1.0 | inf |
| 2025 | 0.0 | -100.0 |
📊 EPS fluctuated heavily, showing inconsistency in returns to shareholders.
🔸 Return on Equity (ROE)
| Year | Net Profit (₹ Cr) | Average Equity (₹ Cr) | ROE (%) |
|---|---|---|---|
| 2021 | -0.17 | — | — |
| 2022 | -0.92 | 6.14 | -15.00 |
| 2023 | 8.85 | 47.14 | 18.77 |
| 2024 | 13.44 | 94.72 | 14.19 |
| 2025 | 6.36 | 102.97 | 6.18 |
📈 ROE peaked in FY23 but has been falling since, showing weakening efficiency.
🔸 Debt Metrics
| Year | Total Borrowings (₹ Cr) | Shareholders’ Funds (₹ Cr) | Debt-to-Equity |
|---|---|---|---|
| Mar 21 | 0.00 | 6.17 | 0.00 |
| Mar 22 | 0.00 | 6.10 | 0.00 |
| Mar 23 | 12.00 | 88.18 | 0.14 |
| Mar 24 | 82.91 | 101.26 | 0.82 |
| Mar 25 | 196.46 | 104.67 | 1.88 |
⚠️ Borrowings have surged rapidly, reaching almost double equity in FY25.
🔸 Liabilities-to-Equity Ratio
| Year | Total Liabilities (₹ Cr) | Shareholders’ Funds (₹ Cr) | Ratio |
|---|---|---|---|
| Mar 21 | 6.17 | 6.17 | 1.00 |
| Mar 22 | 6.10 | 6.10 | 1.00 |
| Mar 23 | 102.28 | 88.18 | 1.16 |
| Mar 24 | 113.23 | 101.26 | 1.12 |
| Mar 25 | 110.68 | 104.67 | 1.06 |
⚠️ Liabilities consistently exceed equity, indicating a leveraged balance sheet.
✅ Summary: Is Wardwizard a Good Long-Term Investment?
- Strengths:
🚀 Extraordinary revenue growth since FY23
📈 Achieved profitability turnaround
🏅 Expanding operations in EV mobility space - Risks:
⚠️ Weak and inconsistent cash flows
⚠️ EPS volatility and declining ROE
⚠️ Sharp rise in borrowings, debt-to-equity nearly 2x
⚠️ Liabilities consistently higher than equity
🧠 Final Verdict:
Wardwizard shows explosive revenue growth but suffers from high leverage, weak cash flows, and declining profitability efficiency. High-risk, high-reward profile — suitable only for aggressive investors betting on the EV growth story.
Wardwizard Innovations Shareholding Pattern (Mar 2025)
| Category | Percentage | % Change QoQ |
|---|---|---|
| Promoters | 47.14% | -4.35 |
| Pledge | 30.35% | +17.90 |
| FII | 0.00% | 0.00 |
| DII | 0.00% | 0.00 |
| Mutual Funds | 0.00% | 0.00 |
| Others | 52.86% | +4.35 |
Wardwizard Innovations Shareholding Pattern (Mar 2025)
As of March 2025, promoters hold 47.14%, down from 58.63% in June 2024, reflecting steady dilution over recent quarters. Promoter pledge has risen sharply to 30.35%, compared to just 0.54% in June 2024, signaling increased leverage risks. Foreign Institutional Investors (FII) have completely exited after a minor 0.01% stake earlier, while Domestic Institutional Investors (DII) and Mutual Funds continue to show no presence. The “Others” category, largely retail and public investors, now holds a significant 52.86%, up from 41.36% in June 2024. This rising retail participation highlights growing investor interest but also emphasizes promoter pledge concerns.
📈Wardwizard Innovations & Mobility Technical Analysis: Price Charts, Trends & Potential Movements
Here, we analyze price action, support/resistance levels, moving averages, RSI, MACD, and other indicators to forecast near- and long-term movements
Wardwizard Innovations and Mobility (WARDWIZARD) 📊 52-Week Price Performance Snapshot
52-week low: ₹10.33
52-week high: ₹56.51
Current price: ₹12.44
Wardwizard is trading 20.43% above its 52-week low, reflecting some stability after a sharp correction. However, the stock remains 77.99% below its 52-week high, indicating significant volatility and waning investor sentiment in recent months. While the downside risk appears somewhat cushioned near current levels, the heavy correction highlights concerns around growth visibility and financial performance. For long-term investors, this may present a speculative entry opportunity, provided the company strengthens execution and restores profitability. Short-term traders, however, should remain cautious as momentum is weak and recovery signs are yet to materialize.
Wardwizard Innovations and Mobility (WARDINMOBI.BO) 📊 Moving Averages Snapshot
50-Day Moving Average: ₹13.61
200-Day Moving Average: ₹25.99
Wardwizard is currently trading below both its 50-day and 200-day moving averages, reflecting persistent weakness and bearish momentum. The gap between the short-term and long-term averages highlights the extent of the stock’s decline over recent months. For long-term investors, this signals caution as the broader trend remains negative, requiring clear signs of fundamental or market-driven recovery before confidence returns. Short-term traders may also find limited opportunities unless the stock breaks decisively above the 50-day average, which could indicate the beginning of a trend reversal. At present, patience and risk management remain key.
🔍 Competitor Analysis: Wardwizard Innovations & Mobility
Wardwizard Innovations & Mobility is a key player in India’s electric vehicle (EV) sector, specializing in EV manufacturing, battery solutions, and sustainable mobility. Rising EV demand and supportive government policies are boosting its market presence.
Tata Motors EV Share Price Target 2025–2026 – India’s largest EV maker with a wide passenger and commercial EV portfolio, strong brand, and distribution network.
Bajaj Auto Share Price Target 2025–2026 – A leading two- and three-wheeler manufacturer, expanding EV offerings, supported by strong R&D and market reach.
✅ This comparison shows Wardwizard’s innovation, scalable solutions, and growth potential amid competition from larger EV players.