EV maker Wardwizard Innovations shares jump 20% to hit upper circuit on $1.29-billion order win

Shares of electric bike maker Wardwizard Innovations and Mobility Ltd soared by 20% to hit the upper circuit on Monday after the company announced bagging a $1.29 billion (around ₹15,450 crore) order.

The stock opened sharply higher by 20% at ₹62.71 per share on the BSE to hit the upper limit. More than 60.83 lakh shares of the company changed hands which was more than two times higher than two-weekly average volume.

The smallcap company announced that it has bagged an order worth $1.29 billion from Beulah International Development Corporation to transform the Philippines public transport with electric vehicles.

RP Connect-backed Beulah International Development Corp is a full-service business Integration company and EPC firm in the Philippines.

As per the order, Wardwizard Innovations and Mobility Ltd (WIML) will supply products from its existing portfolio such as electric two-wheelers, three-wheelers in commercial and passenger vehicles segment. It will develop four-wheelers for commercial vehicles for the Philippines markets.

“This order is part of a strategic collaboration, formalized through a Memorandum of Understanding (MoU), to revolutionize the public transportation system in the Philippines with electric vehicles,” WIML said in a release.

The company will introduce electric 2W Scooters, and develop 3W e-Trike (D+10), e-Trike (D+3 Passenger), e-Trike (D+5), e-Trike Cargo, Electric Mini Truck (1.5 Ton) and Golf Carts (6 & 14 seater) for the Philippines market, the company said.

WIML manufactures electric vehicles under the ‘Joy e-bike’ and ‘Joy e-rik’ brands in India. With more than 10 models in its portfolio in both high and low-speed categories, WIML has a presence in more than 400 major cities across India.

The company reported revenue of ₹128.23 crore for the March quarter on 2023-24. The EBITDA was ₹10.39 crore while profit after tax was ₹4.28 crore in the last quarter of FY 2023-24.

For the full fiscal FY24, the company reported revenue of ₹ 317.57 crore against ₹ 238.92 crore in the year-ago period. Profit after tax was ₹ 14.15 crore in FY24 against ₹ 9.44 crore in FY23.

To trade and invest in Wardwizard Innovations & Mobility shares, open a free demat account with Upstox