Steel Strips Wheels Limited — Investor Meet, 22-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Steel Strips Wheels Ltd delivered record Q4 revenues of INR1,233 Cr, up 15.5% YoY, with EBITDA rising 21% to INR134.5 Cr. PAT was INR61.7 Cr, slightly affected by tax factors. Exports grew 22% to INR157 Cr, led by the US and Europe. FY25 revenue remained flat at INR4,429 Cr; EBITDA improved 4.6% with margins at 11%. Debt was cut by INR193 Cr amid capacity expansion.

Management sees strong growth in alloy wheels (+10% volume), stable tractor demand, and CV recovery. Knuckles utilization hit 70%, with expansion plans underway. Export turnover targets INR1,000 Cr+ next year, aided by tariff benefits and market share gains. Margins per wheel and EBITDA per wheel are improving, targeting INR300+ by FY27. Capex of INR600 Cr over two years will focus on alloys and knuckles, funded by accruals with net debt at INR828 Cr.

Outlook remains positive with expected double-digit volume and revenue growth across exports, alloys, CVs, tractors, and EV two-wheeler wheels, supported by market share gains, quality differentiation, and potential European capacity additions.