NSE: SSWL · BSE: 513262
STEEL STRIPS WHEELS LTD.
Manufactures steel and aluminium (alloy) wheels, plus aluminium knuckles, supplying Indian auto OEMs and overseas customers. The product mix spans wheels for trucks, tractors, passenger cars, two- and three-wheelers, with alloy wheels accounting for 35% of revenue and premium products (alloy, knuckles, truck and tractor wheels) at about 70% of revenue. In Q1 FY27, revenue was ₹1,509.8 cr (+27% YoY) on EBITDA per wheel of ₹314, against ₹262 in Q1 FY26, with PAT at ₹71.5 cr. The steel wheel business is sold out of capacity industry-wide and SSWL is expanding steel wheel capacity from 24 million to 26 million wheels, while a new Bhuj facility will add 1.2 million alloy wheels and 1.1 million aluminium knuckles, lifting total aluminium wheel capacity to about 6.2 million. Aluminium knuckles, currently running at 100% utilisation, are targeted to nearly double FY27 revenue to ₹110-130 cr from about ₹60 cr in FY26. Exports are recovering after US tariff normalisation, with a ₹600 cr FY27 target, and FY27 capex is set at ₹500-600 cr. Raw materials (steel, aluminium) are the largest cost at 66.8% of FY26 revenue, with employees at 8.3% and other opex at 16.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Alloy (aluminium) wheels (35%), Steel wheels — truck and commercial vehicle, Steel wheels — tractor and agri, Steel wheels — passenger car and 2/3 wheelers, Aluminium knuckles, Exports. Cyclical auto-component manufacturer with structural demand tailwinds in CV, tractor and steel wheels
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 4,041 | 4,357 | 4,429 | 5,183 |
| EBITDA (ex other income) | 443 | 937 | 484 | 510 |
| margin % | 11.0 | 21.5 | 10.9 | 9.8 |
| Owners' profit | 0 | 0 | 0 | 190 |
| EPS, as reported (₹) | 12.39 | 43.07 | 12.44 | 12.11 |
| ROE % · ROCE % | 17.1 · 23.9 | 46.8 · 42.8 | 12.0 · 18.6 | 10.5 · 17.1 |
| Debt / equity (x) | 0.56 | 0.73 | 0.51 | 0.46 |
| Cash from operations | 348 | 193 | 517 | 332 |
| Capex | (137) | (383) | (212) | (193) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,095 | 1,075 | 1,234 | 1,187 | 1,201 | 1,321 | 1,475 | 1,510 |
| Profit before tax | 62 | 65 | 78 | 61 | 48 | 62 | 83 | 93 |
| Net profit | 46 | 48 | 61 | 47 | 36 | 47 | 61 | 69 |
| EPS (₹) | 2.94 | 3.04 | 3.87 | 3.01 | 2.26 | 2.97 | 3.87 | 4.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.1 | 25.3 | 88 of 119 | 26% |
| P/B | 4.6 | 3.2 | 81 of 117 | 31% |
| ROCE | 11.5 | 12.6 | 70 of 125 | 44% |
| ROE | 10.5 | 11.7 | 66 of 117 | 44% |
| Debt / Equity | 0.5 | 0.3 | 72 of 117 | 39% |
| EBITDA margin | 10.8 | 12.2 | 71 of 118 | 40% |
| Revenue growth | 27.2 | 20.2 | 36 of 113 | 69% |
| Profit growth | 47.0 | 24.4 | 39 of 115 | 67% |
| Market cap | 8315 | 1460 | 30 of 126 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · SSWL shares audio recording of FY27 earnings call | investor communications | low | — | — |
| 26 Oct 2026 · Interim dividend of Rs 1.50 per share for FY 2026-27 | compliance | minimal | — | — |
| 26 Oct 2026 · Newspaper publication of September 2026 unaudited financial results | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 net profit doubles as margin improves; Rs 1,400 crore plant approved | investor communications | medium | — | — |
| 23 Oct 2026 · Lease with wholly owned subsidiary renewed for up to five years | strategic transactions | medium | — | — |
| 23 Oct 2026 · Sales surge and profit return; Rs 1,400 crore expansion approved | results | high | — | — |
| 23 Oct 2026 · Pranav Jain appointed to senior management; profit rebounds and dividend declared | management changes | low | — | — |
| 23 Oct 2026 · Six-month profit jump, Rs 0.50 dividend and Rs 1,400 crore expansion plan | results | high | — | — |
| 23 Oct 2026 · Board approves Rs 1.50 interim dividend per share | corporate actions | high | — | — |
| 23 Oct 2026 · Q2 revenue rises 61%, profit after tax rises 221% | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.