Steel Strips Wheels Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 16 Aug 2026 | Auto Components | Market Cap: ₹5.0K Cr

Domestic alloy wheel segment expected to grow at ~11-12% in the current year (Page 7). PAT growth has been flat over the last 3-4 years primarily due to increased depreciation and finance costs from back-to-back capex (alloy wheel expansion, knuckles facility) (Page 16-17). - Depreciation increased from ~INR25 crores to about INR30 crores per quarter; annualized depreciation is now ~INR120 crores vs.

From Steel Strips Wheels Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹295

Market Cap

₹5.0K Cr

P/E Ratio

22.5

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Steel Strips Wheels Ltd — Quarterly revenue & net profit

Revenue Net Profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.3K Cr, net profit ₹49 Cr.

Full financials →

📊 Revenue & Sales Performance

→Domestic alloy wheel segment expected to grow at ~11-12% in the current year (Page 7).
→Export alloy wheel volumes anticipated to grow around 18-20%, with Europe showing strong inquiries and South America having healthy potential (Pages 7-8).
→Overall company volume growth expected to be around 9-10%, with value growth higher due to increased alloy and CV segments, plus export growth (Page 6).
→Alloy wheels penetration in PV segment projected to increase from 38-39% to around 48-50% over 2-3 years (Page 14).
→Aluminum knuckles expected to grow at 30-35% over 5 years due to low base and EV safety trends (Page 18).
→Capacity ramp-up to 1.5 million alloy wheels annually by early 2027; monthly production expected to reach 65,000-75,000 units by Q1 2027 (Page 20).
→EBITDA per wheel expected to improve with volume growth, contingent on market conditions (Page 9).

📈 Profitability & Margins

→PAT growth has been flat over the last 3-4 years primarily due to increased depreciation and finance costs from back-to-back capex (alloy wheel expansion, knuckles facility) (Page 16-17).
→Depreciation increased from ~INR25 crores to about INR30 crores per quarter; annualized depreciation is now ~INR120 crores vs. ~INR101 crores earlier (Page 17).
→Finance cost rose due to higher capex but is decreasing quarter-on-quarter (Page 17).
→Capex is stabilizing, so incremental revenue benefits should improve PAT going forward (Page 17).
→EBITDA per wheel held steady at ~INR261.7 in Q1 and is expected to improve with rising alloy and knuckle volumes (Page 9).
→Operating expenses were front-loaded in Q1 (repairs/maintenance); normalization will help future EBITDA margins (Page 16).
→Volume growth outlook: domestic alloy wheel growth ~11-12%, export volumes ~18-20%, overall volume growth ~9-10% anticipated (Page 6-7).
→Company targets 15% overall top-line growth if volumes sustain (Page 16).
→Increased utilization in knuckles and alloy wheels capacity expected to drive future earnings growth (Page 19-20).

See what Steel Strips Wheels Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Current FY capex is approximately INR 280-300 crores, focused on alloy wheels and knuckles expansion (Page 15).
→Expansion of AMW capacity: 0.5 million capacity shifted to Jamshedpur; added 0.35-0.4 million capacity in Dappar for tractor capability; remaining 0.5 million capacity usage plans to be clarified next quarter (Pages 13-15).
→New knuckle capacity of 1 million expected by March/April 2026, adding to existing 0.5 million capacity, with order book of ~900,000 units for FY '26-27 (Page 17).
→Long-term and short-term debt expected to be INR 850-900 crores by year-end to support capex; long-term around INR 450 crores at 7-7.5% cost (Page 20).
→Plans for a wholly owned subsidiary in the European Union to handle business awarded by OEMs and potentially facilitate manufacturing (Page 11).
→Focus on capacity optimization and expansion to meet demand and de-risking strategy in CV and PV segments (Pages 12-13).

💰 Fundraising & Capital Structure

→The company is undertaking capex of roughly INR 280-300 crores in the current financial year for alloy wheel and knuckles expansion.
→About 50% of this capex will be funded through debt.
→The net debt position is expected to be in the range of INR 850-900 crores by the year-end.
→No explicit mention of new equity fundraising was made in the provided transcript pages.
→The focus is on managing and optimizing existing debt with capex-related borrowings.

See what Steel Strips Wheels Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The company is actively discussing the order book and developments with both domestic and international market customers.
→Current annual manufacturing capacity is 1.5 million units, with plans to expand beyond based on demand.
→The pace of capacity utilization is ramping up, targeting 65,000 to 75,000 units per month by January-March 2027.
→For aluminum knuckles, current revenue outlook includes approximately 900,000 units for FY '26-'27.
→There are ongoing discussions regarding utilization of a 5 million smaller wheels capacity, presently underutilized but expected to be optimized.
→Recent allocation includes a nomination for close to INR 300 crores business from European OEMs.
→Export order targets: INR 600 crores planned for the current year, with a potential to reach INR 1,000 crores over the next 3-4 years.
→The company is optimistic about order growth in Europe and South America despite uncertainties like U.S. tariffs.

Key Metrics

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Frequently Asked Questions

What were Steel Strips Wheels Ltd Q1 FY26 results?

What is Steel Strips Wheels Ltd share price analysis?

Steel Strips Wheels Ltd currently shows a neutral. The stock trades at a P/E of 22.5 with a market cap of ₹5,032 Cr. Investors should review the full earnings analysis for detailed insights.

Is Steel Strips Wheels Ltd planning capital expenditure?

Current FY capex is approximately INR 280-300 crores, focused on alloy wheels and knuckles expansion (Page 15).

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.