Any current/future new fundraising through debt or equity?

No explicit mention of any new fundraising through equity or fresh debt was made during the call. The company is focused on deleveraging and has reduced long-term debt from 374 Cr (222 Cr remaining) in FY23 with scheduled repayment of 60 Cr next year. CAPEX guidance is around 150 Cr for FY24, funded from internal accruals and cash flows, not via new borrowing. Debt to equity is at a manageable 0.52x, with emphasis on maintaining this leverage and improving ROCE. No plans stated for raising fresh equity; management prioritizes organic growth and utilizing cash flow for CAPEX and debt reduction.

Any current/future capex/capital investment/strategic investment?

FY '24 CAPEX guidance is around ₹150 crores, including alloy wheel factory expansion and other business developments. Additional ₹150 crores CAPEX planned for AMW (Alloy and Motor Wheel) business, expected to materialize within the current financial year. Total CAPEX including AMW could reach around ₹300 crores. Aggressive CAPEX on alloy wheel capacity buildup to meet rapidly growing demand and exports, targeting capacity expansion from 3 million to about 5 million wheels over 12-18 months. Focus on expanding export markets with alloy wheel exports expected to grow from negligible to ₹

Future growth expectations in sales/revenue/volumes?

Steel Strips Wheels Limited expects overall volume growth of 12% to 15% in FY '24, supported by domestic and export markets. Revenue guidance for FY '24 is projected between ₹4,500 crores to ₹4,600 crores based on the same raw material price basis as the previous year. Export volume growth is anticipated to be a key driver, with potential surprises favoring higher growth. Export volumes recorded a 48% increase in April 2023. Domestic market growth is steady, particularly in the commercial vehicle segment contributing high single-digit growth. Passenger vehicle segment growth is expecte

Future growth expectations in earnings/operating earnings/profits/EPS?

FY '24 volume growth guidance: 12% to 15%, driven by exports and alloy wheels expansion. EBITDA per wheel expected to maintain around Rs. 250 to Rs. 265, indicating stable operating margins. EBITDA growth projected roughly in line with volume growth at 12% to 15%, with EBITDA estimated around Rs. 500-520 crores. Export revenues anticipated to increase significantly, contributing to margin improvement and higher earnings. Alloy wheel capacity expansion (from 3 million to up to 5 million in 12-18 months) expected to boost earnings potential. PLI (Production Linked Incentive) schemes ex

Current/ Expected Orderbook/ Pending Orders?

For the next financial year, the topline guidance is around INR 4,500 to 4,600 crores with volume growth of 12% to 15%. The order book visibility is fairly strong for the next 12 to 18 months with expected low single to low double-digit volume growth. Export orders are showing promise with recovery from damage in the previous financial year; positive developments are expected from the export side. Close to 28 RFQs on the export side are being worked upon, expected to contribute from Q3 or Q4 of FY '23-'24. On the domestic front, market share gains are being targeted with some potential

Steel Str. WheelQ4 FY23Auto Components

Steel Str. Wheel Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹525.8P/E: 37.0Market Cap: ₹8.3K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Steel Strips Wheels Limited expects overall volume growth of 12% to 15% in FY '24, supported by domestic and export markets.
Revenue guidance for FY '24 is projected between ₹4,500 crores to ₹4,600 crores based on the same raw material price basis as the previous year.
Export volume growth is anticipated to be a key driver, with potential surprises favoring higher growth. Export volumes recorded a 48% increase in April 2023.
Domestic market growth is steady, particularly in the commercial vehicle segment contributing high single-digit growth.
Passenger vehicle segment growth is expected at 8% to 10%, lower than the prior year’s 20% growth.
Alloy wheels are a significant growth driver, contributing high single-digit volume growth despite a high base.
The company aims to maintain or improve EBITDA per wheel, supporting margin stability alongside volume growth.

Margin guidance

Category 3

FY '24 volume growth guidance: 12% to 15%, driven by exports and alloy wheels expansion.
EBITDA per wheel expected to maintain around Rs. 250 to Rs. 265, indicating stable operating margins.
EBITDA growth projected roughly in line with volume growth at 12% to 15%, with EBITDA estimated around Rs. 500-520 crores.
Export revenues anticipated to increase significantly, contributing to margin improvement and higher earnings.
Alloy wheel capacity expansion (from 3 million to up to 5 million in 12-18 months) expected to boost earnings potential.
PLI (Production Linked Incentive) schemes expected to add incremental EBITDA accretion of ~8% by FY '24-'25.
EBIT margins projected to improve gradually with scale, aided by enhanced export mix and product mix optimization.
Free cash flow of Rs. 350-400 crores annually indicates strong cash generation supporting growth investments.

See what Steel Str. Wheel management said on margin guidance — free account, 30 seconds.

Fundraise plans

No explicit mention of any new fundraising through equity or fresh debt was made during the call.
The company is focused on deleveraging and has reduced long-term debt from 374 Cr (222 Cr remaining) in FY23 with scheduled repayment of 60 Cr next year.
CAPEX guidance is around 150 Cr for FY24, funded from internal accruals and cash flows, not via new borrowing.
Debt to equity is at a manageable 0.52x, with emphasis on maintaining this leverage and improving ROCE.
No plans stated for raising fresh equity; management prioritizes organic growth and utilizing cash flow for CAPEX and debt reduction.
The company will continue to work collaboratively with stakeholders for common sustenance, without indicating capital raising events.

Order book

Yes

For the next financial year, the topline guidance is around INR 4,500 to 4,600 crores with volume growth of 12% to 15%.
The order book visibility is fairly strong for the next 12 to 18 months with expected low single to low double-digit volume growth.
Export orders are showing promise with recovery from damage in the previous financial year; positive developments are expected from the export side.
Close to 28 RFQs on the export side are being worked upon, expected to contribute from Q3 or Q4 of FY '23-'24.
On the domestic front, market share gains are being targeted with some potential new large clients (including Maruti) anticipated in FY '24.
Capacity expansion underway to support increased order volumes in alloy wheels segment, from 3 million to about 5 million units over next 12 to 18 months.

See what Steel Str. Wheel management said on order book — free account, 30 seconds.

Capex plans

Yes

FY '24 CAPEX guidance is around ₹150 crores, including alloy wheel factory expansion and other business developments.
Additional ₹150 crores CAPEX planned for AMW (Alloy and Motor Wheel) business, expected to materialize within the current financial year.
Total CAPEX including AMW could reach around ₹300 crores.
Aggressive CAPEX on alloy wheel capacity buildup to meet rapidly growing demand and exports, targeting capacity expansion from 3 million to about 5 million wheels over 12-18 months.
Focus on expanding export markets with alloy wheel exports expected to grow from negligible to ₹80-100 crores, potentially doubling or 2.5x in coming years.
Strategic JV with an Israel company for controllers business is in definitive agreement stage, with revenue recognition expected from development activities next financial year.

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Steel Str. Wheel Q4 FY23 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

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What Steel Str. Wheel's management said in earlier quarters

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