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SSWL Reports 16.8% YoY Net Sales Growth to ₹476.41 Cr in February 2026
Steel Strips Wheels Limited (SSWL) reported a 16.84% YoY increase in net turnover to ₹476.41 crore for February 2026. The growth was primarily driven by the 2 & 3 Wheeler segment, which saw an extraordinary 108% volume growth, and the Tractor segment, which grew 35% in both value and volume. While the export market faced a significant 53% volume decline, the company successfully improved its product mix, achieving 17% overall value growth on just 5% volume growth. The high-margin Aluminum segment also showed steady progress with a 16% increase in value.
Key Highlights
Net turnover rose 16.84% YoY to ₹476.41 Cr, while gross turnover reached ₹549.25 Cr.
The 2 & 3 Wheeler segment doubled its output with 108% volume growth and 97% value growth.
Overall value growth of 17% significantly outpaced volume growth of 5%, indicating a shift toward high-margin products.
Exports remained a major drag, with volumes falling 53% and value decreasing by 26% YoY.
The high-margin Aluminum segment grew by 16% in value, reflecting a successful transition toward premium wheel solutions.
💼 Action for Investors
Investors should focus on the company's improving product mix and domestic dominance which are insulating the bottom line from global export headwinds. Monitor the continued ramp-up of the high-margin aluminum wheel business as a key profitability driver.
India Ratings Affirms SSWL at 'IND AA-/Stable'; Assigns Rating to New INR 275 Cr Facilities
India Ratings (Ind-Ra) has affirmed Steel Strips Wheels Limited's (SSWL) credit rating at 'IND AA-' with a stable outlook, while assigning the same to additional bank facilities of INR 275 crore. The company reported a 16.1% YoY revenue growth to INR 37,082 million in 9MFY26, supported by a rising share of high-margin alloy wheels (36% of revenue). However, net adjusted leverage has increased to 3.2x due to aggressive debt-funded expansion. While the business profile remains strong with dominant market shares in CV and tractor segments, heavy capex of ~INR 5,700 million planned for FY26-27 is expected to keep free cash flows negative in the near term.
Key Highlights
Long-term rating affirmed at 'IND AA-/Stable' and short-term rating at 'IND A1+' for total facilities exceeding INR 1,600 crore.
Revenue grew 16.1% YoY to INR 37,082 million in 9MFY26, with EBITDA margins remaining resilient between 10-11%.
Net adjusted leverage deteriorated to 3.2x in 9MFY26 from 2.8x in FY25 due to capacity expansion debt.
Company holds dominant market shares: 52% in M&HCV, 42% in tractors, and 34% in passenger vehicle steel wheels.
Planned capex of INR 4,300 million for alloy wheels and INR 1,400 million for knuckles at the Bhuj plant over FY26-FY27.
💼 Action for Investors
Investors should track the timely execution of the Bhuj plant expansion and the company's ability to reduce leverage below 2.5x post-FY27. The increasing mix of alloy wheels is a positive margin driver, but the high debt levels and cyclical nature of the auto industry remain key monitorables.
India Ratings Affirms SSWL's 'IND AA-' Rating; Assigns New Rating for INR 275 Cr Facilities
India Ratings and Research has affirmed SSWL's long-term credit rating at 'IND AA-/Stable' and assigned the same to new bank loan facilities worth INR 2,750 million. The company reported a 16.1% YoY revenue growth in 9MFY26 to INR 37,082 million, supported by an increasing share of high-margin alloy wheels. However, net adjusted leverage remains high at 3.2x as of 9MFY26 due to significant debt-funded capex. The rating agency expects revenue to exceed INR 50,000 million by FY27 as new capacities at the Bhuj plant come online.
Key Highlights
Affirmed 'IND AA-/Stable' rating for INR 13,415 million and assigned 'IND AA-' for new INR 2,750 million facilities.
Revenue grew 16.1% YoY to INR 37,082 million in 9MFY26, with FY27 revenue projected to cross INR 50,000 million.
Net adjusted leverage increased to 3.2x in 9MFY26 from 2.8x in FY25 due to ongoing capacity expansion.
Planned capex of approximately INR 6,500-7,000 million scheduled across FY26 and FY27 for alloy wheels and knuckles.
Maintains dominant market share in domestic wheels: 52% in M&HCVs, 42% in tractors, and 34% in passenger vehicles.
💼 Action for Investors
Investors should track the company's deleveraging progress, as the rating agency expects leverage to remain above 2.5x through FY27. The transition to higher-margin alloy wheels is a long-term positive, but the high debt levels and capex-heavy nature of the business require a watchful approach.
SSWL Signs $19M Tripartite Deal for 1.2M Capacity Alloy Wheel Plant in Bhuj
Steel Strips Wheels Limited (SSWL) has entered into a tripartite agreement with Chinese firms Liuzhou Arays Technology and Hainan Jihoo to set up a new alloy wheel manufacturing facility in Bhuj, Gujarat. The deal involves a total consideration of approximately $19 million for the supply of machinery, technical know-how, and commissioning services. The new plant is designed for a production capacity of 1.2 million alloy wheels per annum. This strategic partnership aims to leverage Arays' global expertise to accelerate SSWL's capacity expansion in the high-growth alloy wheel segment.
Key Highlights
Tripartite agreement signed with Liuzhou Arays Technology and Hainan Jihoo for technical and manufacturing support
Total investment for machinery and technology transfer valued at approximately $19 million
Planned manufacturing facility in Bhuj, Gujarat, with an annual capacity of 1.2 million alloy wheels
Scope includes supply, installation, commissioning of equipment, and transfer of latest technical know-how
Strategic move to enhance SSWL's position in the global and domestic alloy wheel market
💼 Action for Investors
Investors should monitor the project's commissioning timeline as this expansion significantly boosts SSWL's high-margin alloy wheel capacity. The technical tie-up with a global player like Arays reduces execution risk and improves product competitiveness.
SSWL Achieves Record Monthly Net Turnover of ₹480.03 Cr in Jan 2026, Up 17.32% YoY
Steel Strips Wheels Limited (SSWL) reported its highest-ever monthly net turnover of ₹480.03 crore for January 2026, representing a 17.32% YoY growth. The company also achieved its highest-ever monthly unit sales, led by massive growth in the 2 & 3 Wheeler segment (+55% value) and steady gains in Aluminum and Tractor segments (+25% value each). While domestic CV sales grew by 20%, the overall performance was partially offset by a significant 52% decline in export value. Despite the export slump, the shift toward higher-value segments like Aluminum continues to drive top-line growth.
Key Highlights
Highest ever monthly net turnover of ₹480.03 Cr vs ₹409.16 Cr in Jan 2025 (+17.32% YoY)
Aluminum and Tractor segments both recorded 25% YoY growth in value
2 & 3 Wheeler segment outperformed with 55% value growth and 49% volume growth
Overall volume growth stood at 6% YoY, indicating a shift toward higher-value product mix
Exports saw a sharp decline of 52% in value and 68% in volume during the month
💼 Action for Investors
Investors should focus on the company's successful transition to high-margin Aluminum wheels and strong domestic demand. Monitor the export segment closely to see if the current 52% decline is a temporary blip or a long-term trend.
SSWL Q3 FY26 Revenue Jumps 23% to ₹1,321 Cr; EBITDA per Wheel Recovers to ₹260
Steel Strips Wheels Limited (SSWL) reported a strong Q3 FY26 with revenue growing 23% YoY to ₹1,321 crores, driven by record domestic sales and a 37% revenue contribution from alloy wheels. Despite a ₹300-400 crore hit in the US export market due to tariffs, the company achieved an EBITDA per wheel of ₹260, supported by high capacity utilization in CV and tractor segments. Management has provided optimistic guidance for Q4 FY26, targeting revenue of approximately ₹1,475 crores. The aluminum knuckle segment is also scaling rapidly, with plans to increase capacity from 5 lakh to 11 lakh units next year.
Key Highlights
Q3 FY26 revenue reached ₹1,321 crores, up 23% YoY, with record monthly sales in November and December.
Alloy wheels now account for 37% of total revenue and 20% of volume, with the segment currently operating at near-full capacity.
EBITDA per wheel improved to ₹260, driven by premiumization and a shift to European OEM exports which now comprise 58% of export revenue.
Aluminum knuckle business delivered ₹54 crores in revenue for the nine-month period, with capacity expansion to 11 lakh units on track for next year.
Management projects Q4 FY26 revenue to reach ₹1,475 crores as domestic demand for CVs and tractors remains robust.
💼 Action for Investors
Investors should monitor the successful margin recovery despite US export headwinds, as the shift toward high-margin alloy wheels and knuckles provides a structural growth tailwind. The company's 'sold-out' status in multiple segments suggests strong short-term earnings visibility.
SSWL Q3 FY26 Revenue Grows 22.9% YoY to ₹1,321 Cr; Alloy Wheel Mix Improves to 38%
Steel Strips Wheels Limited (SSWL) reported a strong 22.9% YoY increase in Q3 FY26 revenue to ₹1,321 crores, driven by a higher mix of alloy wheels and exports. While EBITDA grew by 8.5% to ₹128 crores, EBITDA margins compressed to 9.7% from 11.0% in the previous year. The company is aggressively diversifying into high-margin Aluminium Knuckles, which contributed ₹54.2 crores in 9M FY26. Despite the top-line growth, PAT saw a slight decline of 5.4% YoY to ₹49 crores for the quarter.
Key Highlights
Q3 FY26 Revenue increased 22.9% YoY to ₹1,321 crores; 9M FY26 Revenue reached ₹3,708 crores.
Alloy wheel revenue contribution rose to 38% in Q3 FY26 compared to 34% in Q3 FY25.
EBITDA margins contracted to 9.7% in Q3 FY26 from 11.0% in Q3 FY25 despite higher volumes.
Aluminium Knuckles capacity is set to expand from 0.35 million to 1.1 million units by FY27.
Exports for 9M FY26 stood at ₹362 crores, with the US market contributing 71% of the export revenue.
💼 Action for Investors
Investors should monitor the margin compression and track the execution of the Aluminium Knuckles capacity expansion. The shift toward premium alloy wheels is a positive long-term trend, but short-term profitability remains under pressure.
SSWL Q3 FY26 Results: Revenue Grows 23% YoY to ₹1,321 Cr, PAT Dips Slightly to ₹46.6 Cr
Steel Strips Wheels Limited (SSWL) reported a strong 23% year-on-year growth in consolidated revenue from operations, reaching ₹1,32,081.44 Lakhs for the quarter ended December 31, 2025. However, consolidated Profit After Tax (PAT) saw a marginal decline of 1.6% YoY, coming in at ₹4,661.34 Lakhs compared to ₹4,739.30 Lakhs in the previous year's corresponding quarter. The decline in profit despite higher revenue suggests pressure on margins, primarily driven by a significant rise in raw material costs. For the nine-month period, the company maintained steady performance with total revenue reaching ₹3,70,816.83 Lakhs.
Key Highlights
Consolidated Revenue from operations increased by 22.9% YoY to ₹1,32,081.44 Lakhs.
Consolidated Net Profit (PAT) stood at ₹4,661.34 Lakhs, down from ₹4,739.30 Lakhs in Q3 FY25.
Raw material costs surged significantly to ₹90,241.95 Lakhs compared to ₹71,717.66 Lakhs in the same quarter last year.
Consolidated Earnings Per Share (EPS) for the quarter was ₹2.97, compared to ₹3.04 in the previous year.
Total consolidated expenses for the quarter rose to ₹1,25,944.14 Lakhs from ₹1,01,052.75 Lakhs YoY.
💼 Action for Investors
Investors should monitor the company's ability to pass on rising raw material costs to customers to protect operating margins. While top-line growth is robust, the slight contraction in profitability suggests a need for caution regarding cost management.
SSWL Declared Ineligible for Auto PLI Scheme; Bank Guarantee Invoked
Steel Strips Wheels Limited (SSWL) has been declared ineligible for the Government's Production Linked Incentive (PLI) scheme for the Automobile and Auto Component Sector. This follows the company's decision to call off a Joint Venture with Israel-based Redler Technologies due to the war situation in Israel and its inability to identify other viable PLI-eligible products. As a result, the bank guarantee submitted by the company for the scheme was invoked on January 16, 2026. While the company continues to invest in other strategic areas, it will lose out on the financial incentives previously anticipated under this scheme.
Key Highlights
SSWL is officially ineligible for the Auto and Auto Component PLI scheme as of January 2026.
The bank guarantee submitted by the company for the PLI scheme has been invoked following the ineligibility.
A planned Joint Venture with Redler Technologies (Israel) for EV motion control solutions was terminated due to geopolitical conflict.
The company was unable to find alternative products that met the specific investment criteria required by the PLI scheme.
💼 Action for Investors
Investors should account for the loss of potential PLI incentives which could impact future margin expansion and monitor the cash flow impact of the bank guarantee invocation. The cancellation of the EV-focused JV also represents a setback in the company's high-tech motion control product roadmap.
SSWL Reports Highest Ever Monthly Sales in Dec 2025; Net Turnover Up 22.4% YoY
Steel Strips Wheels Limited (SSWL) achieved its highest-ever monthly net turnover of Rs. 446.59 crore in December 2025, marking a 22.44% increase compared to Rs. 364.74 crore in the previous year. The growth was primarily driven by the Tractor and Aluminum segments, which saw volume growth of 57% and 38% respectively. While export volumes and the steel passenger car segment faced headwinds, the company achieved its highest-ever average selling price due to a strategic shift toward premium products. This performance highlights strong domestic demand and improved realizations despite muted global markets.
Key Highlights
Net Turnover reached a record Rs. 446.59 Cr, growing 22.44% YoY from Rs. 364.74 Cr.
Tractor segment showed exceptional growth with volume up 57% and value up 59% YoY.
Aluminum wheel segment grew 38% by volume and 42% by value, reflecting successful premiumization.
Achieved highest-ever average selling price (ASP) despite a 54% decline in export volumes.
Overall volume growth was 1%, but value growth was 22%, indicating a significant shift to high-value products.
💼 Action for Investors
Investors should view the shift toward high-margin aluminum and tractor wheels as a positive structural change in the company's revenue mix. Monitor the recovery in export volumes and the passenger car segment for further upside potential.
SSWL to Invest ₹420 Crore for New Alloy Wheels and Aluminum Knuckle Units in Gujarat
Steel Strips Wheels Limited (SSWL) has approved a significant capital expenditure of ₹420 crore to establish two new manufacturing units in Bhuj, Gujarat. The expansion includes a 1.2 million units per annum Alloy Wheels facility (₹300 crore) and a 0.6 million units per annum Aluminum Steering Knuckle facility (₹120 crore). These units will be built on land leased from its wholly-owned subsidiary, AMW Autocomponent Limited, and are expected to be operational by Q4 FY 2026-27. The move is strategically aimed at meeting the rising demand for lightweight automotive components in both domestic and export markets.
Key Highlights
Total capital expenditure of ₹420 crore for two new manufacturing facilities in Gujarat.
Alloy Wheels unit to have an initial production capacity of 1.2 million units per annum.
Aluminum Steering Knuckle unit to have an initial capacity of 0.6 million units per annum.
Both projects are targeted for completion by Q4 of FY 2026-27.
Expansion to be funded through a combination of debt and internal accruals.
💼 Action for Investors
This expansion into high-margin lightweight components like alloy wheels and aluminum knuckles is a long-term growth driver. Investors should monitor the company's execution timelines and the impact of new debt on the balance sheet over the next 18-24 months.
SSWL to Invest ₹420 Cr in New Gujarat Plants for Alloy Wheels and Aluminum Knuckles
Steel Strips Wheels Limited (SSWL) has announced a major expansion plan involving a total capital expenditure of ₹420 crores in Bhuj, Gujarat. The company is setting up a new Alloy Wheels plant with a capacity of 1.2 million units per annum (₹300 crore investment) and an Aluminum Steering Knuckle unit with a 0.6 million unit annual capacity (₹120 crore investment). To support this, SSWL has leased nearly 2.89 lakh sq. mt. of land from its subsidiary, AMW Autocomponent Limited, at a monthly rent of ₹45 lakhs. Both projects are slated for completion by Q4 FY 2026-27 and will be funded through a mix of debt and internal accruals.
Key Highlights
Total planned investment of ₹420 crores for two new manufacturing units in Gujarat.
New Alloy Wheels facility to add 1.2 million units per annum capacity by Q4 FY 2026-27.
Entry into Aluminum Steering Knuckle segment with 0.6 million units per annum capacity.
Execution of an 11-month renewable lease for 288,793 sq. mt. of land at ₹45 lakhs per month.
Expansion aimed at meeting rising demand for lightweight components and alloy wheels in the PV segment.
💼 Action for Investors
Investors should monitor the company's execution timelines and the impact of the ₹420 crore capex on the balance sheet. The move into high-value aluminum components and expanded alloy wheel capacity is a positive long-term growth driver for margins.
SSWL to Invest ₹420 Crore for New Alloy Wheels and Aluminum Knuckle Units in Gujarat
Steel Strips Wheels Limited (SSWL) has approved a significant expansion plan involving a total capital expenditure of ₹420 crore at a leased site in Bhuj, Gujarat. The company will set up a new Alloy Wheels unit with a capacity of 1.2 million units per annum (₹300 crore capex) and an Aluminum Steering Knuckle unit with a capacity of 0.6 million units per annum (₹120 crore capex). These facilities are expected to be operational by Q4 FY 2026-27 and will be built on land leased from its subsidiary, AMW Autocomponent Limited, at a monthly rent of ₹45 lakhs. The expansion aims to tap into the growing demand for lightweight automotive components in both domestic and export markets.
Key Highlights
Approved ₹420 crore total capex for two new manufacturing units in Bhuj, Gujarat
New Alloy Wheels unit to have 1.2 million units per annum capacity with ₹300 crore investment
Aluminum Steering Knuckle unit to have 0.6 million units per annum capacity with ₹120 crore investment
Both projects are scheduled for completion by Q4 of FY 2026-27
Leased 2.88 lakh sq. mt. land from subsidiary AACL at a monthly rent of ₹45 lakhs
💼 Action for Investors
Investors should view this as a long-term growth driver that strengthens SSWL's position in the high-margin alloy wheels and lightweight components segment. Monitor the execution timeline and the impact of debt levels on the balance sheet during the construction phase.
SSWL bags new export orders worth USD 1 Million from US customer
Steel Strips Wheels Limited (SSWL) has secured new export orders for trailer wheel segments from a US customer. The total value of these orders is close to USD 1 Million (approximately ₹9.02 Crores). The shipments are scheduled for December 2025 from SSWL's Chennai plant. This marks a resumption of cooperation with US customers, potentially leading to increased repeat orders in the coming months.
Key Highlights
New export orders worth USD 1 Million
Orders to be executed in December 2025
Orders from US customer for trailer wheel segments
Business value from the order is close to INR 9.02 Crores
💼 Action for Investors
Investors should note this development as a positive sign of SSWL's expanding international business and potential for future growth. Monitor the company's ability to secure repeat orders and maintain profitability in the export market.
SSWL Sales Jump 17.93% YoY to ₹438.13 Crore in November 2025
Steel Strips Wheels Limited (SSWL) reported strong sales growth in November 2025. Net turnover increased by 17.93% year-over-year, reaching ₹438.13 Crore compared to ₹371.52 Crore in November 2024. Gross turnover also saw an increase of 10.98% YoY, reaching ₹505.02 Crore. The aluminium segment experienced significant growth, with a 39% increase in volume and a 42% increase in value. Tractor segment sales grew by 37% in volume.
Key Highlights
Net turnover grew by 17.93% YoY to ₹438.13 Crore in November 2025.
Gross turnover increased by 10.98% YoY to ₹505.02 Crore in November 2025.
Aluminium segment volume grew by 39% YoY.
Tractor segment volume grew by 37% YoY.
2&3 Wheeler segment grew 19% by volume.
💼 Action for Investors
Investors should monitor SSWL's ability to sustain this growth momentum in the coming months. Keep an eye on the performance of the aluminium and tractor segments, as they are key drivers of overall sales.