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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).
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.
About Joy E-bike
Joy e-bike, part of Wardwizard Innovations & Mobility, has been founded by Yatin Gupte, who serves as the Chairman & Managing Director (CMD) and CEO.
Joy e-bike is an Indian electric two-wheeler brand, part of Wardwizard Innovations & Mobility, known for affordable, stylish EVs that mimic petrol bikes, popular in smaller cities with models like Mihos and Gen Nxt, aiming for eco-friendly transport with a growing network but facing some customer service challenges despite a large market presence.