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Wardwizard Innovations & Mobility Ltd.

 

CMP = 49

Wardwizard’s flagship brand Joy e-bike peddled its way into the EV segment by first introducing electric bicycles in the year 2016. And within no time, they received great demand from the youths. This success further charged to introduce low-speed two-wheelers like Gen-Next, Glob, Wolf, and Monster, which didn’t require any license or registration to drive. These electric vehicles gained a tremendous amount of popularity amongst everyone right from 16 to 60 years. 

Saath Chalein | Bharat Ka Joy | Joy E-bike

https://youtu.be/B-8LNmque50

https://youtu.be/5ZlDo77qyIc

In year 2019 Wardwizard acquired BSE listed entity  'Manvijay Development Company Ltd'. Later in year 2020 name of the company changed to Wardwizard Innovations & Mobility Ltd. The company increased the authorised capital and alteration of memorandum of association of the company to manufacture & marketing of EVs and related parts. In 2020 Wardwizard Innovations and Mobility Ltd become the first listed company from the sunrise EV manufacturing sector. So  prior data ( stock price and earnings) before FY 2021 is not relevant to Wardwizard Innovations & Mobility Ltd.

https://www.bseindia.com/xml-data/corpfiling/AttachHis/cb694871-5bfa-4f3d-812f-68382972e3a5.pdf

https://www.bseindia.com/xml-data/corpfiling/AttachHis/6dbf2653-728b-4fe6-a1ef-62ebdfdca608.pdf

Investment Rationale

The company has its state-of-the-art production plant based out of Vadodara, Gujarat. In year 2021 Wardwizard inaugurated one of India’s largest electric two-wheelers plant. New plant started with a capacity of 1 lakh  units per annum and further upgraded the  new plant with  automation and increased the production capacity to 2 lakhs per annum in a single shift. At present the new plant has the capacity to manufacture  6 lakh units per year in full capacity. The plant is well equipped to fulfil the growing demand for high-speed e-bikes and to achieve the green mobility objectives. 

Joy e-Bike | Electric Vehicle OEM Plant at Vadodara

https://youtu.be/-9ZZ15CB1go

Earlier company introduced E-Monster, Thunderbolt, Hurricane, Beast, and Skyline. In  2023  three new product launches. MIHOS and Rockefeller are the two new completely ‘Made-in- India’ vehicles of Joy e-bike. These vehicles are made up of Poly Dicyclopentadiene (PDCPD) which is known for its high durability.  MIHOS has set high standards of durability for the riders and comfort across various road conditions and is a striking combination of comfort, luxury and technology. 

Joy e-bike | Bharat Ka Unbreakable Joy with Saif and Kareena

https://youtu.be/K9-4i8DATew

https://wardwizard.in/

https://www.joyebike.com/home/

The third new launch is in the 3-wheeler segment – Joy e-Rik – which has set the bar higher in the EV innovation field. With cutting edge features and reliability, comfort and safety as its USP, Joy e-Rik can be designated as ‘An Evolution of the Green Revolution’

JOY Electric Rickshaw

https://www.youtube.com/watch?v=uTP6CXwYca0

The e-bikes are equipped with smart and intelligent features like anti-theft, and reverse mode, and the products are well suited to Indian roads. The product range of electric two-wheelers caters to diverse population groups – in terms of affordability, speed, design, utility – for age groups ranging from teens to retirees. 

Wardwizard’s EV ancillary cluster

In year 2022 the company determined  to develop India’s First Ever Electric Vehicle Ancillary Cluster.  Wardwizard has acquired 4 million sqft land along with its Promoters & Promoters Group for development of an EV ancillary cluster project in Vadodara Gujarat. The project aims to provide a unique solution to localise and strengthen the supply chain of raw materials for EV manufacturing.

In conversation with Mr Kumar Sanjay, CNBC_Awaaz

https://youtu.be/kG9Vzs2sUIs

Through the creation of the EV Ancillary Cluster, manufacturing partners will be invited to set up their production unit for manufacturing ancillaries in the EV cluster for the production of essential components like motors, batteries, chassis, steel parts, chargers, controllers, etc. Wardwizard will be supporting the industry by providing ultra-modern facilities including land, manpower and other essential resources.

The year 2023 can be reckoned as the year of EV mobility in the country. Wardwizard has established India’s first EV Ancillary cluster in Gujarat by aligning its objectives to the ‘Make in India’ initiative. The company has started the operations of a lithium-ion battery assembly line with a capacity of 1 GWh/year. This is the initial phase of the plan for the development of the EV cluster and facilitates the Company to keep a check on the quality and standard of the batteries. The next phase is scaling the capacity of the battery assembly, R&D operations and production of electronic components in the EV Ancillary Cluster.

Lithium-ion Battery Assembly Plant

https://www.youtube.com/watch?v=n4NeqhCrf88

Wardwizard Electric Vehicle Ancillary Cluster is a unique concept and a solution to eliminate the ongoing challenges of raw materials supply for electric vehicle manufacturing in the country. The vision invites all those who produce essential EV components and grants them everything they need to maintain the supply-chain process consistent including land, state-of-the-art facilities, human resources and other essential benefits. Electric Vehicle Ancillary will facilitate the growth of the Electric Vehicle industry by reducing the dependency on imports. Apart from the opportunity to supply to Wardwizard, the partners will further benefit by supplying raw materials to other OEMs in the industry.

Advantages of the EV Ancillary Cluster

• Indigenisation of the Indian EV Industry with global benchmarks

• Strengthening the EV supply chain in India

• Market linkage for MSME in the EV space

• It will reduce the production cost and enhance competitive advantage.

• Expected job creation for 6000+

• Opportunities for exports of EVs and EV parts

The development of the Ancillary Cluster will focus on manufacturing the most essential components for the EV industry such as:

• Joy e-Rik Passenger Segment Assembly Plant

• Chargers and controllers

• Lithium-ion battery assembly

• R&D, Designing and Production of Electronic Components

• Joy e-bike High-Speed Electric 2-Wheeler Assembly Plant

• Chassis and Steel Parts and Steel Subparts

• Plant for prospected 4-wheeler Project

The Ancillary Cluster is a backward integration measure and a game-changing strategy. The two manufacturing plants will help the Company become a large industry player and export a part of the production.

Last week on October 26, 2023  Wardwizard signs INR 2,000 Cr MoU with Gujarat Govt to develop EV Ancillary Cluster. 

The memorandum of understanding (MOU) was signed at the Vibrant Gujarat Global Summit 2024 in Gandhinagar, symbolising a pivotal step towards fostering green mobility and reinforcing the 'Make-in-India' initiative.

https://auto.economictimes.indiatimes.com/news/industry/wardwizard-signs-inr-2000cr-mou-with-gujarat-govt-to-develop-ev-ancillary-cluster/104727536

Last year company has raised the fund through Rights Issue of up to 59,62,373  equity shares of face value of Rs 1 each for cash at a price of Rs 82 per rights equity share in the ratio of 1:43 fully paid-up equity shares held by the eligible equity shareholders. 

https://www.bseindia.com/xml-data/corpfiling/AttachHis/4451503e-a52b-4b23-99ac-683751e378cf.pdf

The company is working on 4 wheel-electric car project. It is expected that EV charging infrastructure would be far more developed within next two years, given that both the government and private sector are working on it.  The prototype would be ready in next 12 -15 months. Wardwizard looking to make it mass product, which would be cheaper and affordable. Wardwizard R&D has already started work on the electric car and hired professional team of vehicle design engineers with all agreements in place to meet the project deadlines. 

Established its first global R&D centre in Singapore through Wardwizard Global Pte Ltd, a wholly owned subsidiary of Wardwizard. This centre will focus on EV technology advancements, including cell chemistry, pack assembly, and battery systems. Over 30 global scientists and engineers will develop products meeting international standards.

The company is involved in the development of testing facilities for various electrical, electronic and mechanical components. There is continuous testing in place for on-road performance of products. Developing concept vehicles with innovative designs for showcasing and studying market response is yet another move by  Wardwizard. The plant, processes, quality checks and R&D are a part of the internal value chain and are completely owned by the company.

Exclusive Conversation with Yatin Gupte - Zee Business

https://youtu.be/aDnvQvhaTWY

The massive potential of the country for producing and using  EVs cannot be denied. India is gradually becoming the largest EV market for electric 2-wheelers, 3-wheelers and cars. The sunrise sector is catering to the sustainability and green goals of the nation, redefining the travel and transport systems.

Wardwizard Innovations & Mobility Limited is one of the leading manufacturers and distributors of electric vehicles in India. As one of the leading players in the industry, Wardwizard focuses on developing and promoting electric mobility solutions that are sustainable, eco-friendly and technologically advanced. The company aims to address the growing need for clean and efficient transportation options in the country. 

In last month Wardwizard  appoints renowned leadership (Tejas Mehta and Sanjay Sablok) to drive innovation in The Electric Vehicle Industry. 

Sanjay Sablok the newly appointed President of operations  has  had a three-decade-long career in operational excellence. An alumnus of Warwick University, UK, he held pivotal roles at Hero Motocorp, Tata Motors, and NEI Limited.

https://ceoworld.biz/2023/09/25/teja-mehta-and-sanjay-sablok-the-big-names-of-wardwizard-group/

Conclusion

Wardwizard is one of the largest player in the electric 2-wheelers market in India, backed by experience of its promoters, well-established ‘Joy’ brand in this space as well as a pan-India distribution network. The company has network of over 750 dealers and over 25 owned showrooms along with service centres across the country, enabling customers to access their products and receive timely support and maintenance services. Wardwizard has massive growth potential in sunrise EVs industry. The company is developing huge infrastructure and very wide range of EV products. The company envisioned for capitalizing 25% of the total market share of electric 2-wheelers by 2030.

Wardwizard Innovations & Mobility Limited  stock at cmp Rs 49 is excellent investment opportunity for both short term and long term. It can be bought within 20% from cmp with 10 %  allocation.