Joy E-bike posts flat scale in FY25; profit falls 53%

Joy E-bike, the electric two-wheeler brand under Wardwizard Innovations & Mobility, saw a modest revenue decline in the fiscal year ending March 2025. Moreover, profits for the Vadodara-based company fell by 53% in the same period.

Joy E-bike’s revenue from operations slipped 5% to Rs 305 crore in FY25 from Rs 321 crore in FY24, as per its financial statements sourced from the Registrar of Companies (RoC).

The company generates its revenue primarily from product sales and after-sales/service income. Revenue from product sales declined 21.4% to Rs 204.8 crore in FY25, contributing to 67% of the operating revenue. In contrast, revenue from services surged 66% to Rs 99 crore, strengthening its share to 32.5% of total revenue.

On the spending side, the cost of materials was its largest expense head, accounting for 66% of the total expense. To the tune of scale, this cost decreased by 15% to Rs 195 crore in FY25 from Rs 229 crore in FY24. Employee benefit expenses remained stable at Rs 13 crore, while advertising costs jumped 37% to Rs 37 crore.

Finance cost, legal charges and other overheads added another Rs 245 crore to the total cost. Overall, Joy E-bike reported a 2.3% reduction in total expense, which dropped to Rs 295 crore in FY25 from Rs 302 crore in the previous year.

The decline in scale led its profits to fall by 53% to Rs 6.3 crore in FY25 from Rs 13.4 crore in FY24. Its EBITDA margin stood at 11.89% while its ROCE improved to 26.63% in FY25 from 21.16% in FY24.

On a per-unit basis, the firm spent Rs 0.97 to earn a rupee of operating revenue during the year. The company recorded cash and bank balances of Rs 9.5 crore, while current assets expanded significantly to Rs 331 crore from Rs 211 crore.

According to Vahan data, the company sold 276 electric two-wheelers in November 2025, an 8% decline from 301 units in October. The gap with market leaders remains significant. TVS Motor, for instance, sold 29,756 EV units in November, underscoring the scale difference Joy E-bike continues to contend with. During the 11 months from January to November, the company sold a total of 4,288 units, highlighting the modest pace of its retail traction in an increasingly competitive EV landscape.