Optical Shaft Encoder

Hi, I know the optical shaft encoder ticks per rev for a turbo gear 393 motor is 261.3. If I design a system as gear ration 1:7 which motor to flywheel and the encoder is monitoring the flywheel instead of motor, do I need to divide ticks per rev by 7 to calculate velocity?
I use this code from forum.

void
FwCalculateSpeed()
{
    int     delta_ms;
    int     delta_enc;

    // Get current encoder value
    encoder_counts = FwMotorEncoderGet();

    // This is just used so we don't need to know how often we are called
    // how many mS since we were last here
    delta_ms = nSysTime - nSysTime_last;
    nSysTime_last = nSysTime;

    // Change in encoder count
    delta_enc = (encoder_counts - encoder_counts_last);

    // save last position
    encoder_counts_last = encoder_counts;

    // Calculate velocity in rpm
    motor_velocity = (1000.0 / delta_ms) * delta_enc * 60.0 / ticks_per_rev;
}