Wardwizard Innovations & Mobility Ltd, a leading electric vehicle manufacturer under the brands ‘Joy e-bike’ and ‘Joy e-rik’, has released its financial results for the first quarter of FY26 (April–June 2025), showing a sharp decline in profits despite moderate improvements in operational performance.

On a consolidated basis, the company reported revenues of Rs 368.89 million, down 28.3 per cent year-on-year from Rs 514.43 million. EBITDA rose 15.47 per cent to Rs 86.47 million, improving the EBITDA margin to 23.44 per cent from 14.56 per cent in the same quarter last year. However, profit after tax (PAT) fell by 51.5 per cent to Rs 11.16 million, while PAT margin declined by 145 basis points to 3.03 per cent. Earnings per share dropped from Rs 0.09 to Rs 0.04, marking a 55.56 per cent fall.

Standalone figures showed a similar trend. Total revenues dropped by 24.7 per cent to Rs 368.91 million. EBITDA rose 13.1 per cent to Rs 86.50 million, with margins increasing by 783 basis points to 23.45 per cent. However, PAT declined sharply by 53.65 per cent to Rs 11.19 million, and PAT margin fell to 3.03 per cent. EPS also halved to Rs 0.04.

Chairman and Managing Director Yatin Gupte stated that while Q1 was a modest start to the fiscal year, the company achieved strategic milestones that lay the groundwork for future growth. Key developments included entry into the fleet segment, a 2,500-unit order from SpeedforceEV, and a memorandum of understanding with XiCon International to lease 7,500 electric scooters.