Steel Strips Wheels Ltd(SSWL)

NSE: SSWLBSE: 513262

₹ 534.9+13.88%refreshed 26 Oct, 03:59 pm ISTMarket cap: ₹ 8,412 crWebsite: www.sswlindia.comUpdated: 24 Oct 2026

About

Steel Strips Wheels Ltd (SSWL) is an Indian manufacturer of steel and alloy wheels for passenger cars, commercial vehicles, tractors, and two-wheelers, and is expanding into aluminium knuckles. The company reported record FY26 revenue of ₹5,183 Cr (+17% YoY), making it one of India's largest wheel makers, with a 52% domestic market share in CV steel wheels as of Q3 FY26. In September 2026, gross turnover reached ₹728.78 Cr, up 46.90% YoY.^[1][2][3]

Revenue mix by product

Steel wheels: 63% of revenue (₹953.8 Cr) in Q1 FY27.^[4]
Alloy wheels: 35% of revenue (₹532.9 Cr) in Q1 FY27, up from 36% in FY26 and 32% in FY25.^[4][1]
Aluminium knuckles: ₹23 Cr in Q1 FY27; ₹68.5 Cr for full FY26 (~1% of FY26 revenue).^[4][1]

Key operating numbers

EBITDA per wheel: ₹314 in Q1 FY27, up from ₹262 in Q1 FY26 and ₹260 in Q3 FY26.^[4][2]
Steel wheel sales volume: 53 lakh units in Q1 FY27. Total FY26 volumes: 199.52 lakh units (+4% YoY).^[4][1]
Alloy wheel volumes: record 39.47 lakh units in FY26 (+19% YoY); LCV/HCV volumes: record 31.86 lakh units (+23% YoY); tractor volumes: record 21.06 lakh units (+11% YoY).^[1]
Aluminium knuckle volume: 0.80 lakh units in Q1 FY27; ~2.5 lakh units in full FY26.^[4][1]
CV domestic steel wheel market share: 52% as of Q3 FY26.^[2]

Manufacturing capacity and utilisation

Alloy wheel capacity: 5 Mn units as of FY26; utilisation at 96% in Q1 FY27, up from 82% in FY26.^[4][1]
Steel wheel capacity: ~24 Mn units; utilisation at 82% in Q1 FY27, up from 76% in FY26.^[4][1]
Aluminium knuckle capacity at Mehsana: 5 lakh units/year as of FY26 end; running at 100% utilisation in Q1 FY27.^[4][1]
All business units running at more than 95% utilisation in Q1 FY27, a situation management described as unprecedented in 30 - 40 years.^[4]

Customers and exports

Aluminium knuckle business serves 2 leading OEMs as of FY26; customer base to expand as capacity scales.^[1]
Export revenue: ₹127 Cr in Q1 FY27 (down from ₹160 Cr in Q1 FY26); ₹454 Cr in FY26 (down from ₹561 Cr in FY25).^[4][1]
Europe accounted for 58%+ of export revenue in 9M FY26, up from 32% in FY25; US share fell from 64% in FY25 to 44% in H1 FY26.^[2][5]
June 2026 exports showed a 7% YoY increase - first YoY export growth in ~2 years - after US tariffs settled at 10%.^[4]

Expansion and capex

Bhuj (AMW Auto Components Ltd, acquired via NCLT): ₹420 Cr capex for 1.2 Mn alloy wheel + 0.6 Mn knuckle capacity; trial production targeted Q4 FY27; will lift total alloy capacity to ~6.2 Mn.^[2][1][4]
Bhuj plant is predominantly export-focused (especially aftermarket alloy wheels) with technical support from Chinese partner Arays; some OEM capacity also included.^[4]
New ₹150 Cr brownfield steel wheel line for agricultural and passenger car segments: +2 Mn capacity (24 Mn to ~26 Mn total); commercialisation targeted Q4 FY27.^[4]
Total FY27 capex guided at ~₹600 Cr: ₹420 Cr Bhuj, ₹150 Cr new steel wheel line, ₹80 Cr maintenance and other brownfield.^[4]
Knuckle revenue guided at ₹110 - 130 Cr for FY27, approximately doubling from FY26.^[4]

Steel wheel market shift

Passenger car steel wheel segment now growing following GST cuts in India; industry capacity sold out after ~15 - 20 years of stagnation, per management commentary in Q1 FY27.^[4]
Steel wheel market expected to grow at 4% p.a. and alloy wheel market at 12% p.a. over the next 5 years, per Q4 FY26 call.^[1]

Recent developments

September 2026: gross turnover ₹728.78 Cr, up 46.90% YoY; volume +27% YoY.^[3]
Rahul Kumar appointed CFO effective 12 November 2025, replacing prior CFO who resigned in September 2025.^[6]
Deputy MD Mohan Joshi resigned effective 3 June 2026.^[6]
Tata Steel Ltd's nominee director ceased to be a director of SSWL effective 18 March 2026, following his resignation from TSL.^[6]

Market Cap

₹8,412 Cr

High / Low

₹470 / 169

Stock P/E

34.8

Price / Book

4.1

Book Value

₹115

EPS

₹12.1

No. of Shares

15.72 Cr

ROCE

14.7%

ROE

11.1%

OPM

7.3%

Debt / Equity

0.46

Sales

₹5,183 Cr

Net Profit

₹190 Cr

Promoter holding

61.2%

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