steel strips wheels has announced the resignation of Mohan Joshi from the post of Deputy Managing Director (Executive Director). The resignation is effective from the close of business hours on June 3, 2026, as the executive steps down to attend to personal health and family commitments.

Joshi has also resigned from his membership on key board committees, including the Audit Committee, Corporate Social Responsibility & Sustainability Committee, Risk Management Committee, and Finance Committee. In his resignation letter addressed to the Board of Directors, he confirmed that there are no other material reasons for his departure aside from the stated personal reasons.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Joshi expressed gratitude to Sh. Dheeraj Garg, Managing Director, and the leadership team for the trust placed in him during his tenure.

Key Details of Resignation

Steel Strips Wheels reported a net turnover of ₹485.98 crore for May 2026, registering an 18.43% year-on-year growth from ₹410.35 crore in the same period last year. Gross turnover reached ₹560.03 crore, up 11.84% from ₹500.76 crore in May 2025. The company attributed the top-line trajectory to domestic demand dynamics and a shift towards premium product lines.

The performance highlights a divergence between value and volume growth, with overall value increasing by 18% while volume grew by 4%. This variance indicates a transition toward higher-margin products, particularly in the aluminum wheels vertical, which saw a 30% revenue expansion. The 2 & 3 wheelers segment emerged as a key growth driver, posting a 50% increase in value and a 30% rise in volume, supported by the adoption of Electric Vehicles.

Sectoral Trends & Operational Performance

The Tractor segment demonstrated resilience with a 21% growth in value and 17% in volume, reflecting positive rural cash flows. Conversely, the Passenger Car segment faced inventory corrections, resulting in a 10% decline in value and a 9% drop in volume. Exports were impacted by global shipping constraints, falling by 21% in value and 59% in volume.

The following table summarizes segment-wise year-on-year performance for May 2026:

Operational Outlook

The company stated that the structural shift towards premium products like aluminum wheels positions it to maximize realization trends. Management remains focused on optimizing product-mix margins and utilizing capacity efficiently to navigate market conditions.