Market cap of Wheels India is the reflection of lower return ratios and margins. WIL has fairly diversified into to different segments – Renewable Energy (machining and fabrication), Construction, Railways (bogie). Also, they are late entrants into to alloy wheels (entered in 2021 and COVID impact later years lead to lower utilization). Given the track record of WIL and long association with big OEMs in India, feel like they will catch with SSWL in alloy wheel segment. Risk reward ratio seems to be better in WIL.
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