India's largest steel-wheel maker, expanding into alloy wheels and aluminium knuckles for auto OEMs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,930 | +60.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | +3.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 117 | +225.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 14.81 | −1.7 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.76 | −4.6 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 32.77 | +15.4 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | at least 15% | Q4 FY25 | Promise deadline passed and was achieved in FY26. | Achieved |
| FY26 Export Revenue | INR 1,000 crores | Q4 FY25 | Promise deadline passed and was missed in FY26. | Missed |
| FY27 Export Revenue | in the range of INR 600 crores | Q4 FY26 | Q1 FY27 exports were Rs. 127 crores. The annualized run-rate (Rs. 508 cr) is below the target. While management noted a recovery in June, the current performance puts the target at risk. | At Risk |
3 of Steel Strips Wheels Limited's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹218.96 on 24 Oct 2025 → ₹532.25. High ₹532.25 (26 Oct 2026), low ₹170.43 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Steel Strips Wheels Limited designs and manufactures automotive wheels - steel wheels, alloy wheels and, more recently, aluminium knuckles - supplying original equipment manufacturers across the passenger vehicle, medium & heavy commercial vehicle, tractor/off-the-road, and two/three-wheeler segments. It runs five wheel-manufacturing plants across Punjab, Tamil Nadu, Jharkhand and Gujarat, backed by a captive hot-rolling steel mill at Saraikela, Jharkhand, that feeds its steel-wheel plants. Beyond India, it exports wheels to OEMs across North America, Europe, Latin America and Asia, and holds long-standing strategic alliances with Tata Steel Limited and Nippon Steel Corporation (Japan), both of which hold minority equity stakes in the company.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 6 judged targets kept · 9 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | at least 15% | Q4 FY25 | Promise deadline passed and was achieved in FY26. | Achieved |
| FY26 Export Revenue | INR 1,000 crores | Q4 FY25 | Promise deadline passed and was missed in FY26. | Missed |
| FY27 Export Revenue | in the range of INR 600 crores | Q4 FY26 | Q1 FY27 exports were Rs. 127 crores. The annualized run-rate (Rs. 508 cr) is below the target. While management noted a recovery in June, the current performance puts the target at risk. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Steel Strips Wheels Limited Q1 FY27
Steel Strips Wheels Limited reported a strong Q1 FY27, with Revenue from Operations increasing by 27.2% YoY to ₹1,509.8 crores. Profit After Tax saw a significant jump of 43.3% YoY to ₹71.5 crores, supported by a 40 bps expansion in EBITDA margin to 10.7%. The company is focused on capacity expansion, particularly in Alloy Wheels, with a target of ~6.2 million units for FY27.
Read the full callSteel Str. Wheel Q4 FY26
Steel Strips Wheels Ltd. delivered its strongest financial performance in Q4 and full-year FY26, achieving record revenues and EBITDA driven by robust domestic demand and a premium product mix. The company outlined ambitious growth targets for FY27, including 15-20% PAT growth and an improved EBITDA per wheel, supported by significant capacity expansions in aluminum products. Despite a temporary setback from manpower issues in early FY27, management confirmed resolution and a positive outlook for export recovery and high asset utilization.
Read the full callSteel Str. Wheel Q3 FY26
Steel Strips Wheels Ltd. reported robust Q3 FY26 results, with revenue growing 23% YoY to Rs. 1,321 crores, primarily driven by strong domestic demand and premiumization efforts. While EBITDA percentage growth lagged due to raw material costs, EBITDA per wheel improved. The company is strategically expanding capacity in the aluminum segment and diversifying exports to Europe, aiming for significant revenue growth in FY27 despite ongoing US tariff challenges.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2022 to Mar 2026).
Financials
Net profit, year on year: +225% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,075 | 1,234 | 1,187 | 1,201 | 1,321 | 1,475 | 1,510 | 1,930 |
| Expenses | 957 | 1,100 | 1,065 | 1,089 | 1,193 | 1,325 | 1,347 | 1,694 |
| Operating profit | 118 | 134 | 122 | 111 | 127 | 150 | 163 | 236 |
| Operating margin | 11.0% | 11.0% | 10.0% | 9.0% | 10.0% | 10.0% | 11.0% | 12.0% |
| Other income | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Interest | 26 | 29 | 29 | 32 | 32 | 31 | 32 | 35 |
| Depreciation | 27 | 28 | 32 | 32 | 35 | 37 | 38 | 45 |
| Profit before tax | 64 | 78 | 61 | 48 | 62 | 83 | 93 | 156 |
| Tax rate | 26.0% | 22.0% | 23.0% | 26.0% | 24.0% | 27.0% | 26.0% | 25.0% |
| Net profit | 48 | 61 | 47 | 36 | 47 | 61 | 69 | 117 |
| EPS (₹ per share) | 3.04 | 3.87 | 3.01 | 2.26 | 2.97 | 3.87 | 4.42 | 7.44 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 4,040 | 4,357 | 4,429 | 5,184 |
| Expenses | 3,598 | 3,894 | 3,945 | 4,672 |
| Operating profit | 442 | 464 | 484 | 510 |
| Other income | 13 | 487 | 3 | 3 |
| Interest | 84 | 103 | 116 | 124 |
| Depreciation | 80 | 103 | 112 | 136 |
| Profit before tax | 292 | 744 | 259 | 254 |
| Net profit | 194 | 674 | 196 | 191 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 1,119 | 1,427 | 1,610 | 1,619 | 1,789 | 1,969 |
| Borrowings | 639 | 1,048 | 828 | 903 | 828 | 914 |
| Other liabilities | 1,008 | 802 | 946 | 858 | 1,198 | 1,561 |
| Total liabilities | 2,781 | 3,293 | 3,399 | 3,396 | 3,831 | 4,459 |
| Fixed assets | 1,349 | 1,628 | 1,782 | 1,564 | 1,971 | 2,023 |
| Capital work in progress | 163 | 363 | 288 | 389 | 154 | 133 |
| Investments | 4 | 4 | 10 | 16 | 10 | 11 |
| Other assets | 1,265 | 1,298 | 1,318 | 1,427 | 1,695 | 2,292 |
| Total assets | 2,781 | 3,293 | 3,399 | 3,396 | 3,831 | 4,459 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 169 | 406 | 348 | 193 | 517 | 332 |
| Cash from investing | -37 | -154 | -128 | -365 | -196 | -186 |
| Cash from financing | -171 | -248 | -234 | 171 | -354 | -144 |
| Net cash flow | -39 | 5 | -14 | -1 | -33 | 1 |
| Free cash flow | 120 | 241 | 212 | -188 | 326 | 143 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 54 | 40 | 32 | 37 | 40 | 43 |
| Inventory days | 165 | 108 | 101 | 90 | 95 | 102 |
| Days payable | 137 | 110 | 95 | 77 | 96 | 108 |
| Cash conversion cycle | 82 | 38 | 37 | 49 | 39 | 38 |
| Working capital days | -20 | -6 | -7 | -14 | -9 | 0 |
| Return on capital employed | 9.0% | — | 21.0% | 17.0% | 15.0% | 15.0% |
| Dividend payout | 6.0% | 6.0% | 8.0% | 2.0% | 10.0% | 12.0% |
To justify its price of ₹532, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹200 — downside of 62%.
Ownership
Promoters hold 61.21% as of Sept 2026; institutions cut 2.01 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Steel Strips Wheels Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 29.51% | unchanged | |
| 8.42% | unchanged | |
| 7.27% | unchanged | |
| 6.91% | unchanged | |
| 5.40% | unchanged | |
| 3.85% | unchanged | |
| 3.67% | +0.11 pp | |
| 3.19% | unchanged | |
| 2.45% | unchanged | |
| 1.94% | unchanged | |
| 1.53% | unchanged | |
| 0.54% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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