Steel Strips Wheels Limited has announced the resignation of its Non-Executive Nominee Director, marking a significant change in its board composition. The resignation comes as a direct consequence of the director's departure from the nominating company, Tata Steel Limited.

Director Resignation Details

Sanjay Surajprakash Sahni (DIN: 08263029), who served as Non-Executive Nominee Director on the board of Steel Strips Wheels Limited, tendered his resignation effective from the close of business hours on March 18, 2026. The resignation was communicated through a formal letter dated March 18, 2026.

Reason for Resignation

The resignation stems from Sahni's departure from Tata Steel Limited, which had originally nominated him to the Steel Strips Wheels board as an equity investor representative. In his resignation letter, Sahni confirmed that his departure from Tata Steel was the sole reason for his resignation from the Steel Strips Wheels board, stating there were no other material reasons for the decision.

Regulatory Compliance and Documentation

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors considered and accepted the resignation through a Circular Resolution passed on March 18, 2026.

The disclosure package included comprehensive documentation:

• Detailed regulatory compliance information as per SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
• Formal resignation letter from Sanjay Surajprakash Sahni
• Confirmation letter from Tata Steel Limited withdrawing the nomination

Tata Steel's Confirmation

Tata Steel Limited formally confirmed the withdrawal of Sahni's nomination through a letter signed by Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer. The letter, referenced as SEC/2119/2025-26, explicitly stated that the withdrawal was consequent upon Sahni's resignation from Tata Steel.

Corporate Governance Impact

The resignation represents a routine corporate governance matter arising from personnel changes at the nominating company. Steel Strips Wheels Limited has maintained transparency by providing complete documentation and ensuring compliance with all regulatory requirements for board composition changes.

Steel Strips Wheels Limited has reported robust financial performance for February 2026, continuing its strong growth momentum following a record-breaking January. The company achieved a net turnover of ₹476.41 Cr in February 2026, compared to ₹407.74 Cr in the same period last year, marking a significant 16.84% year-on-year increase.

Financial Performance Overview

The company's overall financial metrics demonstrated solid growth across key parameters. Gross turnover reached ₹549.25 Cr in February 2026, up from ₹500.62 Cr in the corresponding period of the previous year, reflecting a steady growth rate of 9.70%.

Segment-Wise Performance Analysis

The company's performance was driven by exceptional growth in specific segments, with the 2&3 wheeler category leading the charge. This segment recorded an extraordinary 108% growth in volume year-on-year, effectively doubling its output and significantly contributing to domestic revenue generation.

The tractor segment maintained its position as a key growth pillar, posting robust performance with a 35% increase in both volume and value. The aluminum segment, representing the company's premium wheel solutions, grew by 16% in value as the market continues its transition toward higher-margin products.

Market Dynamics and Strategic Positioning

While the export market faced significant volume challenges with a 53% decline, Steel Strips Wheels successfully offset this through aggressive domestic market expansion and strategic focus on high-value segments. The company's ability to generate 17% value growth on just a 5% volume increase demonstrates improved product realizations and a superior product mix strategy.

The commercial vehicles segment showed positive momentum with 10% growth in domestic sales value, while the passenger car steel segment experienced a decline of 14% in value and 16% in volume. The aluminum segment's performance, with 16% value growth on 10% volume increase, highlights the company's successful positioning in the premium wheel solutions market.

Operational Excellence

The February 2026 results underscore Steel Strips Wheels' operational efficiency and market adaptability. The company has demonstrated its ability to navigate challenging export conditions while capitalizing on domestic market opportunities, particularly in the rapidly growing 2&3 wheeler and tractor segments.