Regulatory Filing Details

Company Overview

Steel Strips Wheels Limited (SSWL) is a leader in designing and manufacturing automotive wheels in both steel and alloy categories. The company aspires to be the preferred global brand of wheel solution provider.

Strategic Partnerships

  • Tata Steel Limited holds a 6.9% stake in SSWL through a Strategic Alliance Agreement entered in January 2008, providing supply chain flexibility and new grade development support.
  • Nippon Steel Corporation (formerly Sumitomo Metal Industries) holds a 5.4% stake through a Strategic Alliance Agreement from December 2010, bringing international expertise in steel quality and technology.

Product Portfolio & Q1 FY27 Revenue Mix

  • Steel Wheels: ₹953.8 crores (63% of total revenue)
  • Alloy Wheels: ₹532.9 crores (35% of total revenue)
  • Aluminium Knuckles: ₹23.0 crores (2% of total revenue)

Domestic Market Share (as of presentation)

Passenger Vehicle Segment:

  • Maruti Suzuki: 36%
  • Hyundai: 25%
  • Mahindra: 56%
  • Honda: 96%
  • MG Motors: 100%
  • Kia: 30%

MHCV Segment:

  • Ashok Leyland: 64%
  • TATA Motors: 58%

Tractor & OTR Segment:

  • Mahindra: 56%
  • Sonalika: 48%
  • Escorts: 60%
  • JCB: 62%
  • New Holland: 31%

2-3 Wheeler Segment:

  • HMSI: 39%
  • Suzuki Scooters: 96%
  • Mahindra 3W: 81%

Q1 FY27 Financial Performance

| Particulars (₹ in Crs) | Q1 FY27 | Q1 FY26 | Y-o-Y Growth |

| Revenue from Operations | 1,509.8 | 1,186.8 | 27.2% |

| Gross Profit | 524.4 | 415.7 | 26.1% |

| Gross Profit Margin | 34.7% | 35.0% | -30 bps |

| EBITDA | 162.3 | 122.0 | 33.0% |

| EBITDA Margin | 10.7% | 10.3% | +40 bps |

| EBIT | 128.6 | 94.7 | 35.8% |

| EBIT Margin | 8.5% | 8.0% | +50 bps |

| Profit before Tax | 96.3 | 65.9 | 46.2% |

| PBT Margin | 6.4% | 5.6% | +80 bps |

| Profit After Tax | 71.5 | 49.9 | 43.3% |

| PAT Margin | 4.7% | 4.2% | +50 bps |

Key Cost Items (Q1 FY27):

  • Cost of Materials Consumed: ₹1,088.8 Cr
  • Employee Cost: ₹120.6 Cr
  • Other Expenses: ₹241.6 Cr
  • Finance Cost: ₹32.3 Cr
  • Depreciation: ₹36.6 Cr
  • Tax: ₹24.8 Cr

Growth Drivers & Strategy

  • Sales mix shift toward high margin accretive segments (Alloy Wheels & Exports)
  • Operations optimization through robotic automated processes
  • Diversification into aluminium product portfolio
  • Industry growth outlook: Steel Wheel market growing at 4% p.a., Alloy Wheel market at 12% p.a. over next 5 years
  • Net Capex of ₹196 Cr incurred in FY26 for capacity expansion focused on aluminium wheels and knuckles

Historical Financial Trends (FY22-FY26)

Profit & Loss (₹ in Crs):

| Year | Revenue | Gross Profit | EBITDA | PAT | EPS (₹) |

| FY26 | 5,189.6 | 1,784.3 | 511.1 | 202.1 | 12.86 |

| FY25 | 4,424.8 | 1,570.8 | 486.8 | 210.0 | 13.38 |

| FY24 | 4,357.8 | 1,521.0 | 465.2 | 219.9 | 14.04 |

| FY23 | 4,036.8 | 1,376.9 | 442.8 | 193.8 | 12.39 |

| FY22 | 3,556.8 | 1,372.8 | 452.8 | 205.5 | 13.16 |

Balance Sheet Position (FY26):

  • Total Assets: ₹3,816.7 Cr
  • Property Plant & Equipment: ₹1,821.9 Cr
  • CWIP: ₹141.7 Cr
  • Inventories: ₹952.5 Cr
  • Trade Receivables: ₹609.0 Cr
  • Total Equity: ₹1,734.8 Cr
  • Share Capital: ₹15.7 Cr
  • Borrowings (Non-current): ₹275.9 Cr
  • Borrowings (Current): ₹550.0 Cr
  • Trade Payables: ₹1,001.8 Cr

Cash Flow Snapshot (FY26)

  • Cash from Operating Activities: ₹331 Cr
  • Cash from Investing Activities: -₹184 Cr
  • Cash from Financing Activities: -₹144 Cr
  • Net change in Cash: ₹3 Cr