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Steel Strips Wheels Limited (SSWL) reported highest ever monthly net turnover of ~₹593 crores

ICICIdirect Research 02 Sep 2026 DISCLAIMER

News: In a regulatory filing, Steel Strips Wheels Limited (SSWL) reported highest ever monthly net turnover of ~₹593 crores in August 2026, up from ₹ 386 crores in Aug’25, marking a growth of ~54% on YoY basis. Segment-wise analysis reveals healthy performance across segments with passenger car steel sales growing by 14% in volume and 21% in value, while the two and three-wheeler segments grew by 31% in volume and by 61% YoY in value. Tractor sales grew by 12% in volume & 16% in value, while passenger car alloy segment saw growth of 30% in volume and 73% in value. Truck sales witnessed a growth of 41% in volume while growing 53% in value, while overall exports witnessed also saw a growth of 7% in volume and 63% in value.

View: August 2026 stands as SSWL'S strongest month on record. A key operational observation is the positive variance between value growth (+54%) and volume growth (+24%) which demonstrates a systematic transition toward high realization products and benefits from high metal prices. The alloy wheel vertical was a key highlight growing 73% YoY in value, reflecting accelerating premiumisation and OEM mix shift toward alloy wheels. Export turnover grew 63% YoY by value while seeing a 7% YoY volume growth after challenging export environment, reflecting a continuing shift in the export mix toward Value added wheels (Aluminium and larger-size steel wheels) - driving higher realisation per wheel exported. SSWL, strategic positioning as a preferred supplier of specialized wheels for new-age EV 2W platforms has unlocked substantial volume additions. Overall, we have a positive view on SSWL amid powertrain agnostic product profile (no EV risk), healthy volume growth visibility, increasing share of exports & alloy wheel in overall sales mix, consequent rise in margins & return ratios. The stock reacted positively and was up ~17% in trade yesterday.

Impact: Neutral

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