Steel Strips Wheels Ltd
Steel Strips Wheels Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Tractor segment: Anticipated continued growth with significant potential for expanded market share (Page 3). The company anticipates record EBITDA accretion in the next financial year driven by alloy wheels, exports, and aluminum knuckles segments.
From Steel Strips Wheels Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Tractor segment: Anticipated continued growth with significant potential for expanded market share (Page 3).
- Export revenue: Projected to reach INR550-600 crores for FY '25 with improving geopolitical conditions driving demand increase, especially from Q4 (Page 3, 14).
- Alloy wheels: Expected 5-6% industry volume growth for FY '25; company aims to outpace this with 7-8% growth and expand capacity to 5-10 million wheels over next 5 years (Pages 6, 10).
- Aluminum knuckles: Nascent but high-potential segment targeting INR1,000 crores market size over next 3-4 years with 0.45 million units phase 1 capacity expanding to 1 million units; revenue forecast INR14-15 crores in FY '24, INR80 crores in FY '26, and INR105-115 crores in FY '27 (Pages 5, 8, 20, 21).
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Profitability & Margins
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Capital Expenditure Plans
- Capex guidance of INR150-160 crores planned for FY '25-'26 and '26-'27, funded entirely from internal accruals, no new borrowings expected.
- Investments include expansion in alloy wheels capacity from 5 million to 10 million units over 5 years.
- Knuckles capacity expansion from 0.5 million to 2.5 million units targeted with a 2 million plant capex expected soon (execution 9-11 months).
- Jamshedpur plant expansion to increase steel wheel capacity from ~150,000 to 200,000 units/month, adding ~100 bps margin.
- Tractor capacity moving from 70,000 to 100,000 units/month underway.
- Capex related to aluminum knuckles, first phase (~0.45 million units) with ROCE >20%, breakeven ~55-60% utilization.
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Top-ranked in Auto Components
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Current export order book is around INR175 crores to INR180 crores.
- For Q4, expected export orders of INR155 crores to INR160 crores are considered doable.
- Knuckle business: 7 RFQs are under discussion involving electric and ICE platforms, with steel to aluminum knuckle migration underway.
- Mass production of knuckles started in November; expected revenue INR14-15 crores in the current year, INR80 crores in FY '25-'26, and INR105-115 crores in FY '26-'27 at 65% utilization.
- Capex guidance for knuckle plant of INR200 crores expected by February, with execution taking 11-12 months.
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Steel Strips Wheels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹1.3K Cr, net profit ₹49 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Steel Str. Wheel's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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Frequently Asked Questions
What were Steel Strips Wheels Ltd Q3 FY25 results?
Tractor segment: Anticipated continued growth with significant potential for expanded market share (Page 3). The company anticipates record EBITDA accretion in the next financial year driven by alloy wheels, exports, and aluminum knuckles segments.
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?
Capex guidance of INR150-160 crores planned for FY '25-'26 and '26-'27, funded entirely from internal accruals, no new borrowings expected.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.