Joy E-bike Reports Revenue Decline in FY25

Joy E-bike, the electric two-wheeler brand under Wardwizard Innovations & Mobility, encountered a slight revenue decline in the fiscal year concluding March 2025. Additionally, profits for the Vadodara-based firm saw a 53% drop during this timeframe.

Revenue Performance Analysis

Joy E-bike’s operational revenue decreased by 5%, settling at Rs 305 crore in FY25 compared to Rs 321 crore in FY24, as indicated by financial statements sourced from the Registrar of Companies (RoC). The primary sources of revenue for the company are product sales and after-sales/service income.

Product Sales Versus Service Income

Revenue from product sales fell by 21.4% to Rs 204.8 crore in FY25, representing 67% of the total operating revenue. Conversely, revenue from services significantly increased by 66% to reach Rs 99 crore, thus enhancing its share to 32.5% of total revenue.

Spending Overview

On the expenditure side, the cost of materials constituted the largest expense category, accounting for 66% of total expenses. This expenditure decreased by 15% to Rs 195 crore in FY25 from Rs 229 crore in FY24. Employee benefit expenses remained steady at Rs 13 crore, whereas advertising expenditures rose dramatically by 37% to Rs 37 crore.

Total Expense Analysis

The total costs, encompassing finance costs, legal fees, and various overheads, amounted to an additional Rs 245 crore. Consequently, Joy E-bike reported a 2.3% decrease in total expenses, which fell to Rs 295 crore in FY25 from Rs 302 crore in the previous year.

Profitability Insights

The reduction in scale translated to a 53% decline in profits, which dropped to Rs 6.3 crore in FY25 from Rs 13.4 crore in FY24. The EBITDA margin for the company stood at 11.89%, while the ROCE improved to 26.63% in FY25, up from 21.16% in FY24.

Cost Efficiency

On a per-unit basis, the firm expended Rs 0.97 to generate one rupee of operating revenue during the year. The company noted cash and bank balances of Rs 9.5 crore, with current assets significantly rising to Rs 331 crore from Rs 211 crore.

Market Performance and Sales Data

As per Vahan data, the company sold 276 electric two-wheelers in November 2025, representing an 8% decrease from the 301 units sold in October. The disparity in sales with market leaders remains considerable. For example, TVS Motor sold 29,756 EV units in November, highlighting the substantial scale difference Joy E-bike continues to face.

Yearly Sales Count

During the eleven months spanning January to November, the company managed to sell a total of 4,288 units, underscoring the slow pace of its retail momentum in a highly competitive electric vehicle landscape.