Steel Strips Wheels Limited Earnings Summary — Q4 FY2026

• Revenue reached a significant quarterly high of ₹1,475 Crores, representing strong 19.5% YoY growth.
• Net profit recovered to ₹61 Crores, matching the previous year's high after several quarters of volatility.
• Operating margins have stabilized at 10%, though they remain below the 11-13% historical range.
• The alloy wheel segment and export contributions are becoming central drivers of the company's value proposition.
• Working capital management is slightly deteriorating, with Debtor Days expanding to 43 days by year-end.
• Borrowings have remained stagnant at ₹828 Crores, showing disciplined debt management despite ongoing capital expenditure.
• Raw material costs (Expenses) grew by 20.5% YoY, slightly outpacing revenue growth and pressuring gross spreads.

Management is prioritizing a strategic pivot toward alloy wheels and export markets to capture higher-margin business. They aim to maintain 'preferred supplier' status with major OEMs while managing the high debt-servicing costs associated with recent plant expansions.

Improving

After a year of profit stagnation and margin compression, the Q4 results show a powerful volume-driven recovery in both top-line and bottom-line figures.

The outlook remains optimistic as SSWL scales past the ₹5,000 Cr annual revenue mark, supported by high capacity utilization in the alloy wheel segment and a recovery in export demand across the Passenger Vehicle and Commercial Vehicle segments.