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SSWL Board approves raising borrowing limit to ₹3,500 Cr; sets Sept 23 as dividend record date
Steel Strips Wheels Limited (SSWL) announced that its Board approved an increase in borrowing limits under Section 180(1)(c) from ₹2,000 crore to ₹3,500 crore, subject to shareholder approval at the upcoming AGM. The 40th Annual General Meeting is scheduled for September 30, 2026, with September 23, 2026 fixed as the record date for dividend entitlement. The Board also approved the re-appointment of Managing Director Dheeraj Garg and Non-Executive Director Sanjay Garg (retiring by rotation), and designated Vineet Aggarwal as Executive Director (Operations) and Amit Kumar Sharma as VP (Personnel & Administration).
Confidence: HIGH
What changedSSWL initiated an expansion of its borrowing headroom by ₹1,500 crore to ₹3,500 crore and finalized AGM schedules and senior management appointments.
Why it mattersThe increased borrowing limit provides balance sheet flexibility for future capacity expansions (current debt stands at ₹828 crore against net worth of ₹1,735 crore).
Current borrowing limit: ₹2,000 croreProposed borrowing limit: ₹3,500 croreDividend Record Date: 23.09.2026AGM Date: 30.09.2026Current Debt (Context): ₹828 crore
📅 Short termEligible investors should note the record date of September 23, 2026 for dividend entitlement ahead of the September 30 AGM.
📈 Long termProvides financial headroom to support SSWL's ongoing shift toward higher-margin alloy wheel capacity and automotive component expansion.
⚠ Risk flags
- Shareholder approval required at AGM
- Potential risk of higher leverage if debt headroom is heavily utilized
Key Highlights
Proposed raising statutory borrowing limit under Section 180(1)(c) from ₹2,000 crore to ₹3,500 crore.
Record date for dividend entitlement set as September 23, 2026; 40th AGM to be held on September 30, 2026.
Approved re-appointment of Managing Director Dheeraj Garg and Director Sanjay Garg, subject to AGM approval.
Appointed Vineet Aggarwal as Executive Director (Operations) and Amit Kumar Sharma as Vice-President (Personnel & Administration).
👀 What to Watch
Track voting outcomes at the AGM on September 30, 2026, and monitor upcoming capex announcements that may utilize the expanded ₹3,500 crore borrowing headroom.
SSWL August 2026 Net Turnover Jumps 53.6% YoY to Record ₹592.92 Cr
Steel Strips Wheels Ltd (SSWL) reported its highest-ever monthly net turnover of ₹592.92 crore for August 2026, marking a 53.62% YoY increase compared to ₹385.98 crore in August 2025. Gross turnover rose 44.72% YoY to ₹687.51 crore, supported by a 24% YoY growth in overall volumes. High-margin segments showed standout performance, with Aluminium products expanding 73% YoY and overall exports surging 63% YoY by value. The Truck segment and 2&3 Wheeler segments also witnessed robust value growth of 53% and 61% YoY, respectively.
Confidence: HIGH
What changedSSWL delivered its second consecutive record month with August 2026 net turnover rising 53.6% YoY to ₹592.92 crore.
Why it mattersThe monthly revenue run-rate (₹592.92 Cr) represents ~11.4% of TTM revenue (₹5,183 Cr) and indicates strong capacity utilization and favorable product mix toward high-margin aluminium wheels and exports.
Net Turnover (Aug 2026): Rs 592.92 CrsNet Turnover Growth YoY: 53.62%Gross Turnover (Aug 2026): Rs. 687.51 crsAluminium Segment Value Growth: 73%Overall Export Value Growth: 63%August Net Sales vs TTM Revenue: ~11.4%
📅 Short termPositive sentiment driver as consecutive record monthly sales indicate robust order execution across Commercial Vehicle and EV/passenger platforms.
📈 Long termStructural shift toward higher-value aluminium products and recovering exports aligns with the company's strategy to improve blended realizations and operating margins.
⚠ Risk flags
- Sustainability of export momentum amid global macroeconomic uncertainties
- Raw material price volatility impacting net realizations
Key Highlights
Net turnover reached a record ₹592.92 Cr in August 2026 vs ₹385.98 Cr in August 2025 (up 53.62% YoY)
Gross turnover stood at ₹687.51 Cr, growing 44.72% YoY from ₹475.06 Cr
Aluminium product sales rose 73% YoY by value and 30% YoY by volume
Export sales surged 63% YoY by value (7% volume growth), signaling recovery in overseas demand
Overall volume growth across domestic and export segments stood at 24% YoY
👀 What to Watch
Track whether this strong volume and value momentum sustains into Q2 FY27 results and monitor operating margin realization from the higher-margin aluminium and export mix.
50.7% YoY Revenue Growth: SSWL Reports Highest-Ever Monthly Turnover in July 2026
Steel Strips Wheels Limited (SSWL) reported its highest-ever monthly performance in July 2026, with net turnover reaching ₹571.05 Cr, a 50.72% increase over July 2025 (₹378.87 Cr). Growth was broad-based but led by the premium Aluminium segment, which saw a 78% YoY value increase, and Exports, which grew 39% YoY. The monthly revenue of ₹571 Cr represents approximately 11% of the company's TTM revenue (₹5183 Cr), indicating a strong start to the second quarter. The significant gap between value growth (51%) and volume growth (26%) confirms a successful shift toward higher-realization products.
Confidence: HIGH
What changedSSWL achieved record-breaking monthly sales in July 2026, marking a significant acceleration in revenue growth compared to the previous fiscal year's run rate.
Why it mattersThe sharp growth in the Aluminium segment (78% value growth) validates the company's strategy to pivot toward high-margin alloy wheels for the EV and SUV segments, which is critical for improving overall ROCE (currently 16%).
July 2026 Net Turnover: ₹571.05 CrYoY Net Turnover Growth: 50.72%Aluminium Value Growth: 78%Monthly Turnover vs TTM Revenue: ~11.01%Overall Volume Growth: 26%
📅 Short termThe stock may see positive momentum in the coming days as the market reacts to record monthly sales and the successful premiumization of the product mix.
📈 Long termIf sustained, the shift toward Aluminium wheels and high-value exports could structurally re-rate the company's margins and reduce its dependence on the cyclical domestic steel wheel market.
⚠ Risk flags
- Intense competition impacting pricing power
- Global supply chain disruptions affecting export growth
- Execution risk on upcoming capacity expansions
Key Highlights
Net turnover reached a record ₹571.05 Cr, up 50.72% YoY from ₹378.87 Cr.
Aluminium segment value grew by 78% YoY, significantly outpacing its 38% volume growth.
Overall sales volume increased by 26% YoY, indicating the growth is demand-led rather than just price-driven.
Export turnover grew 39% YoY, driven by a mix shift toward value-added wheels.
Tractor segment achieved record monthly volumes with a 10% YoY increase.
👀 What to Watch
Investors should monitor if this high-margin product mix (Aluminium and Exports) translates into improved Operating Profit Margins in the Q2 FY27 results, given the current TTM OPM is 9.9%. Watch for the completion of the alloy wheel capacity expansion to 0.5 million units by Q4 FY26.
27% Revenue Growth in Q1 FY27; SSWL Targets ₹310+ EBITDA per Wheel
SSWL reported a strong Q1 FY27 with revenue growing 27% YoY to ₹1,509 cr and PAT rising 43% to ₹71.51 cr. The company achieved an EBITDA per wheel of ₹314, exceeding its previous guidance, driven by input price increases and a higher share of premium alloy wheels (35% of revenue). Management is expanding capacity at Bhuj with 1.2M aluminium wheels and 1.1M knuckles, targeting trial production by Q4 FY27. The company expects 20%+ revenue growth for FY27, supported by a recovery in exports and structural demand in CV and tractor segments.
Confidence: HIGH
What changedSSWL has successfully secured input price increases from OEMs and is accelerating its shift toward high-margin aluminium components (wheels and knuckles).
Why it mattersThe shift to premium products and improved operating leverage is structurally expanding margins, with PAT growth (43%) significantly outpacing revenue growth (27%).
Q1 FY27 Revenue: ₹1,509 crYoY PAT Growth: 43%EBITDA per wheel: ₹314Alloy wheel revenue share: 35%New Aluminium wheel capacity: 1.2 million unitsFY27 Revenue Growth Guidance: 20%+
📅 Short termPositive sentiment is expected due to the margin expansion and robust Q1 earnings beat, alongside clear guidance for the full year.
📈 Long termThe structural shift towards 'aluminization' and the entry into the knuckles market could significantly re-rate the business if 80% utilization is achieved by Q1 FY28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Temporary slowdown in the domestic Commercial Vehicle (CV) segment
- Execution risk for the dual-facility expansion at Bhuj
- Global trade volatility affecting export targets
Key Highlights
Revenue grew 27% YoY to ₹1,509 cr in Q1 FY27, representing ~29% of TTM revenue in a single quarter
EBITDA per wheel increased to ₹314 from ₹262 in Q1 FY26, driven by OEM price hikes and product mix
Alloy wheels now contribute 35% to the total revenue mix, up from previous levels
New Bhuj facilities will add 1.2M aluminium wheels and 1.1M aluminium knuckles capacity by Q4 FY27
Management targets ₹600 cr in exports for FY27, aiming for a 20% increase in the following year
👀 What to Watch
Monitor the commissioning timeline of the Bhuj expansion in Q4 FY27 and the sustainability of EBITDA per wheel above ₹310 as the company navigates a temporary slowdown in the domestic CV segment.
SSWL Q1 FY27 PAT up 43% to ₹71.5 Cr; Alloy Wheel capacity to reach 6.2 Mn units
Steel Strips Wheels Limited (SSWL) reported a strong Q1 FY27 with revenue growing 27.2% YoY to ₹1,509.8 Cr and PAT increasing 43.3% to ₹71.5 Cr. The growth is primarily driven by a strategic shift toward high-margin Alloy Wheels, which now contribute 35% of revenue compared to 31% in the previous year. The company is aggressively expanding its Alloy Wheel capacity by 24% to 6.2 million units and doubling its Aluminium Knuckle capacity to 1.1 million units within FY27. EBITDA margins expanded by 40 bps to 10.7%, reflecting improved product mix and operating leverage.
Confidence: HIGH
What changedSSWL has significantly increased its revenue contribution from high-margin non-steel products (Alloy Wheels and Knuckles) and is accelerating capacity expansion in these segments.
Why it mattersThe shift toward 'aluminization' (Alloy Wheels growing at 12% vs 4% for Steel) allows SSWL to capture higher margins and premium OEM business, reducing its reliance on the cyclical mass-market steel wheel segment.
Q1 FY27 Revenue: ₹1,509.8 CrQ1 PAT vs TTM PAT: ~36.5%Alloy Wheel Capacity Expansion: 24% (to 6.2 Mn units)Aluminium Knuckle Capacity Growth: 120% (to 1.1 Mn units)EBITDA Margin: 10.7%FY26 Net Capex: ₹196 Cr
📅 Short termThe stock is likely to react positively to the strong double-digit growth in PAT and the margin expansion reported in the Q1 results.
📈 Long termStructural shift towards premium alloy wheels and new product lines like Aluminium Knuckles provides a clear path for margin improvement and higher ROCE over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Global export volatility due to tariff-related disruptions
- Intense competition in the alloy wheel segment impacting pricing power
- Execution risk in doubling the new Aluminium Knuckle capacity
Key Highlights
Q1 FY27 Revenue grew 27.2% YoY to ₹1,509.8 Cr, representing ~29% of TTM revenue.
Net Profit (PAT) surged 43.3% YoY to ₹71.5 Cr, with PAT margins improving to 4.7%.
Alloy Wheel capacity is being expanded from 5.0 million to 6.2 million units for FY27 to meet high-margin demand.
Aluminium Knuckle capacity to more than double from 0.5 million to 1.1 million units in FY27.
Alloy Wheels and Aluminium Knuckles combined now contribute 37% of total revenue value.
👀 What to Watch
Watch for the timely commissioning of the 1.2 million unit Alloy Wheel expansion and the 0.6 million unit Knuckle expansion at the Bhuj plant. Investors should also monitor the recovery in export revenues, which the company noted began showing signs of normalization in June.
SSWL Q1 FY27 Results: Net Profit Jumps 47% YoY to ₹69.45 Cr on 27% Revenue Growth
Steel Strips Wheels Limited (SSWL) reported a strong performance for Q1 FY27, with consolidated revenue growing 27.2% YoY to ₹1,509.82 Cr. Net profit saw a significant surge of 47% YoY, reaching ₹69.45 Cr compared to ₹47.24 Cr in the same quarter last year. On a sequential basis, revenue grew by 2.4% while net profit increased by 13.6%, indicating improved operational efficiency and margin expansion. The EPS for the quarter stood at ₹4.42, up from ₹3.01 YoY.
Confidence: HIGH
What changedSSWL has delivered a strong YoY and QoQ earnings beat, showing resilience despite previous concerns regarding export slowdowns.
Why it mattersThe significant profit growth relative to revenue suggests a favorable shift in product mix toward high-margin alloy wheels and better cost management, which is vital for an auto ancillary player with historically thin margins.
Consolidated Revenue (Q1 FY27): ₹1,509.82 CrConsolidated Net Profit (Q1 FY27): ₹69.45 CrYoY Revenue Growth: 27.2%YoY Net Profit Growth: 47.0%Q1 Revenue vs TTM Revenue: 29.1%
📅 Short termThe stock is likely to react positively in the short term due to the strong double-digit growth in both top-line and bottom-line figures.
📈 Long termThe long-term outlook depends on the company's ability to capture the 'aluminization' trend in the domestic EV/SUV segments and successfully scale its export business.
⚠ Risk flags
- Global export market volatility
- Intense competition in the alloy wheel segment impacting pricing power
Key Highlights
Consolidated Revenue from operations increased 27.2% YoY to ₹1,509.82 Cr.
Consolidated Net Profit grew 47% YoY to ₹69.45 Cr from ₹47.24 Cr.
Earnings Per Share (EPS) improved to ₹4.42 from ₹3.01 in the year-ago period.
Total Expenses rose by 25.8% YoY to ₹1,417.38 Cr, slower than revenue growth.
Standalone Net Profit for the quarter was slightly higher at ₹71.51 Cr.
👀 What to Watch
Investors should monitor the utilization levels of the alloy wheel segment and the progress of the planned capacity expansion to 0.5 million units, which is critical for sustaining high-margin growth.
36.8% YoY Revenue Growth in June 2026; Exports Turn Value Positive
Steel Strips Wheels Limited (SSWL) reported a robust 36.84% YoY increase in net turnover for June 2026, reaching ₹479.87 Cr. Growth was broad-based, led by the 2&3 Wheeler segment (+74% value) and Trucks (+54% value), significantly outpacing the company's long-term expected growth rate of 12%. A critical inflection point was reached in Exports, which turned value-positive (+7% YoY) despite a 39% volume decline, indicating a strategic shift toward higher-margin premium configurations.
Confidence: HIGH
What changedSSWL has moved from a period of subdued export performance to positive value growth and is seeing accelerated adoption in the EV-linked 2&3 wheeler segment.
Why it mattersThe high growth in value relative to volume across segments (Trucks, Alloys, 2&3 Wheelers) suggests a successful shift toward higher-margin products, which is critical for a company with historically tight 9.9% operating margins.
Net Turnover (June 2026): ₹479.87 CrYoY Net Turnover Growth: 36.84%June Revenue vs TTM Revenue: ~9.26%2&3 Wheeler Value Growth: 74%Export Volume Growth: -39%
📅 Short termThe stock may react positively to the strong monthly sales data, which significantly exceeds the company's 12% growth guidance.
📈 Long termThe continued shift toward Alloy wheels and EV components supports a structural margin improvement story, though global logistics remain a constraint for export volumes.
⚠ Risk flags
- Significant decline in export volumes (-39%)
- Intense competition impacting pricing power
- Sensitivity to global logistics constraints
Key Highlights
Net turnover reached ₹479.87 Cr in June 2026, up from ₹350.67 Cr in June 2025.
2 & 3 Wheeler segment (EV-linked) recorded phenomenal 74% value growth and 40% volume growth.
Truck segment value grew 54% YoY, supported by a 39% increase in volumes.
Alloy segment sustained premiumization with 35% value growth against 21% volume growth.
Exports achieved 7% value growth despite a 39% volume drop, signaling improved realizations.
👀 What to Watch
Investors should monitor the upcoming Q1 FY27 quarterly results to see if these strong monthly volume trends translate into margin expansion, especially given the export value turnaround.
SSWL Reports Record FY26 Revenue of ₹5,183 Cr; Targets 15-20% PAT Growth in FY27
Steel Strips Wheels Limited (SSWL) achieved its highest-ever annual revenue of ₹5,183 crores in FY26, marking a 17% YoY growth. Despite a slight dip in PAT to ₹202 crores due to higher depreciation, the company reported record quarterly EBITDA of ₹152.52 crores in Q4. Management has provided a strong outlook for FY27, targeting 15-20% PAT growth and an increase in EBITDA per wheel to ₹300, supported by nearly 100% capacity utilization and a ₹500 crore Capex plan for aluminum products.
Key Highlights
Record annual revenue of ₹5,183 crores and highest-ever quarterly EBITDA of ₹152.52 crores in Q4 FY26.
Alloy wheel segment grew 30% in value, now contributing 36% of the total revenue mix.
Investing ₹500 crores in Bhuj facility to expand aluminum wheel capacity to 6.2 million and knuckles to 1.1 million units.
Targeting 95-100% plant utilization in FY27 to drive operating leverage and margin expansion.
Management expects EBITDA per wheel to rise to ₹300 from the current ₹262 as export markets recover and premiumization continues.
👀 What to Watch
Investors should monitor the timely commissioning of the Bhuj expansion projects between October and January, as these are critical for achieving the guided 15-20% PAT growth. The shift toward high-margin aluminum wheels and knuckles provides a structural tailwind for long-term valuation rerating.
SSWL Reports Record FY26 Revenue of ₹5,183 Cr; Alloy Wheel Volumes Surge 19%
Steel Strips Wheels Limited (SSWL) delivered a strong performance in FY26, achieving its highest-ever annual revenue of ₹5,183 crore, a 17% YoY increase. While annual PAT saw a marginal decline of 3.7% to ₹202 crore due to margin pressures, Q4FY26 showed a recovery with PAT rising 4.5% YoY to ₹64 crore. The company is successfully pivoting toward high-margin segments, with alloy wheels now contributing 36% of total revenue and the new aluminium knuckles business generating ₹68.6 crore. Management has maintained a stable debt position of ₹826 crore despite significant capital expenditure for capacity expansion.
Key Highlights
Highest ever yearly net revenue of ₹5,183 Cr (+17% YoY) and EBITDA of ₹511 Cr (+5% YoY).
Alloy wheel volumes grew by 19% YoY to 39.47 lakh units, reflecting a shift toward premium product mix.
New Aluminium Knuckles segment contributed ₹68.6 Cr in revenue with capacity set to double to 1.1 million units by FY27.
Tractor wheel volumes reached a record 21.06 lakh units, marking a 23% YoY growth.
Company declared a 150% dividend for FY26, maintaining a consistent payout history.
👀 What to Watch
Investors should focus on the company's transition to high-margin alloy wheels and aluminium knuckles, which are expected to drive future profitability. The stock remains a key beneficiary of the automotive premiumization trend and increasing export opportunities.
SSWL May 2026 Sales Grow 18.43% YoY to ₹485.98 Cr Driven by Aluminum and EV Segments
Steel Strips Wheels Limited (SSWL) reported a strong 18.43% YoY growth in net turnover for May 2026, reaching ₹485.98 Crores. While overall volume growth was modest at 4%, the company demonstrated significant premiumization with value growth far outstripping volume, particularly in the Aluminum (+30% value) and 2 & 3-wheeler (+50% value) segments. The 2 & 3-wheeler segment benefited heavily from EV adoption, though macro headwinds led to a 59% volume decline in exports and a 9% dip in passenger car volumes due to inventory corrections.
Key Highlights
Net turnover increased by 18.43% YoY to ₹485.98 Crores compared to ₹410.35 Crores in May 2025.
Aluminum wheel segment revenue expanded by 30% YoY, signaling a shift toward high-margin products.
The 2 & 3-wheeler segment saw a massive 50% value growth and 30% volume growth, driven by EV platform partnerships.
Tractor segment performed well with 21% value growth and 11% volume growth on the back of strong rural cash flows.
Export volumes faced a sharp 59% decline due to global shipping constraints and route disruptions.
👀 What to Watch
Investors should focus on the company's successful transition toward high-margin aluminum wheels and EV-specific products which are driving realization despite volume pressure in exports. Monitor the recovery of the export segment and stabilization of passenger car inventory in the coming months.
SSWL Reports Record FY26 Revenue of ₹5,183 Cr; Recommends ₹1.50 Final Dividend
Steel Strips Wheels Limited (SSWL) delivered a strong performance for FY26, achieving its highest-ever annual revenue of ₹5,183 crore, a 17% YoY increase. The company reported a full-year PAT of ₹202.09 crore and an EBITDA of ₹522.96 crore. Growth was driven by robust volumes in the Tractor (23%) and Alloy Wheels (19%) segments. In light of these results, the Board has recommended a final dividend of ₹1.50 per equity share (150% of face value).
Key Highlights
Achieved highest-ever annual revenue of ₹5,183 crore, marking a 17% YoY growth.
Recommended a final dividend of ₹1.50 per equity share for the financial year 2025-26.
Q4 FY26 revenue grew 19.5% YoY to ₹1,475 crore with a PAT of ₹64.45 crore.
Significant volume growth recorded in Tractor Wheels (23%) and Alloy Wheels (19%) segments.
Full-year EBITDA stood at ₹522.96 crore, up 4.5% compared to the previous fiscal year.
👀 What to Watch
Investors should take note of the record-breaking revenue and the company's ability to maintain dividend payouts. The strong volume growth in high-margin segments like Alloy Wheels suggests improving product mix and operational efficiency.
SSWL Reports Record FY26 Revenue of ₹5,183 Cr; Recommends 150% Final Dividend
Steel Strips Wheels Limited (SSWL) achieved its highest-ever annual revenue of ₹5,183 crore in FY26, representing a 17% YoY growth. The company's Q4 FY26 performance was also robust, with revenue increasing 19.5% YoY to ₹1,475 crore and EBITDA rising 10.5% to ₹152.52 crore. Volume growth was strong across key segments, led by Tractor Wheels at 23% and Alloy Wheels at 19%. The Board has recommended a final dividend of ₹1.50 per share, reflecting a 150% payout on the face value.
Key Highlights
Highest ever annual revenue of ₹5,183 crore, up 17% YoY for FY26.
Q4 FY26 revenue grew 19.5% YoY to ₹1,475 crore with EBITDA rising 10.5% to ₹152.52 crore.
Strong volume growth in Tractor Wheels (23%), Alloy Wheels (19%), and Truck Wheels (11%).
Board recommended a final dividend of ₹1.50 per equity share (150% of face value).
Full-year Consolidated PAT stood at ₹190.21 crore, while Q4 Standalone PAT was ₹64.45 crore.
👀 What to Watch
Investors should take note of the record revenue and strong volume growth in high-margin segments like Alloy Wheels. The healthy dividend payout and consistent top-line growth make it a positive outlook for long-term holders.
SSWL Reports 18% YOY Net Turnover Growth in April 2026; Alloy Segment Hits Record High
Steel Strips Wheels Limited (SSWL) started the new fiscal year with an 18% YOY increase in net turnover, reaching ₹500.85 crore in April 2026. The performance was bolstered by a 36% value growth in the 2 & 3 Wheeler segment and a 30% growth in the Tractor segment, both significantly outperforming industry averages. A key highlight is the Aluminium Alloy segment, which achieved its highest-ever monthly sales with a 22% value growth. While domestic segments showed strength, the company faced challenges in exports and passenger cars, which declined by 35% and 12% in value respectively.
Key Highlights
Net turnover increased by 18% YOY to ₹500.85 crore from ₹424.11 crore.
Aluminium Alloy segment achieved record monthly sales with 22% value growth and 15% volume growth.
2 & 3 Wheeler segment value surged by 36%, reflecting deep market share in electrification.
Tractor segment outperformed rural recovery with 30% value growth and 27% volume growth.
Exports faced geopolitical headwinds, resulting in a 35% decline in value and 12% in volume.
👀 What to Watch
Investors should focus on the company's successful pivot toward high-margin alloy wheels and its dominance in the recovering rural tractor market. The decline in exports is a concern but is currently being offset by strong domestic premiumization trends.
SSWL Hits Record Monthly Sales of ₹520.75 Cr in March 2026; Net Turnover Up 20% YoY
Steel Strips Wheels Limited (SSWL) achieved a historic milestone in March 2026 by crossing the ₹500 Cr monthly sales mark for the first time. Net turnover grew by 20.07% YoY to ₹520.75 Cr, while gross turnover reached ₹603.92 Cr. The growth was primarily driven by the Commercial Vehicle segment (74% volume growth) and the 2 & 3 Wheeler segment (82% volume growth). However, the company faced significant headwinds in the export market, which saw a 54% decline in volume.
Key Highlights
Achieved highest-ever monthly net turnover of ₹520.75 Cr, representing 20.07% YoY growth.
Commercial Vehicle (Truck) segment volume surged by 74% YoY, marking a dominant performance.
2 & 3 Wheeler segment recorded the highest volume growth at 82% YoY.
Tractor segment maintained robust growth with a 31% YoY increase in volume.
Export volumes declined sharply by 54% YoY, reflecting challenges in international markets.
👀 What to Watch
Investors should take note of the record-breaking domestic performance and the company's ability to scale in the CV and Tractor segments. While the export slump is a concern, the overall 20% volume growth suggests strong domestic tailwinds.
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.
👀 What to Watch
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.
👀 What to Watch
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.
👀 What to Watch
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
👀 What to Watch
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
👀 What to Watch
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.
👀 What to Watch
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.
