Steel Strips Wheels filed its annual report for FY26, reporting standalone total income of ₹5,19,467.31 lakhs, up 16.93% from ₹4,44,243.74 lakhs in FY25, alongside a proposed final dividend of ₹1.50 per equity share.

Financial performance

The company's standalone and consolidated results for FY26 reflect revenue growth driven by higher wheel rim and aluminum steering knuckle volumes, though profitability declined modestly due to higher depreciation and finance costs.

On a standalone basis, EBITDA rose 4.54% to ₹52,295.60 lakhs, while profit before tax declined 3.92% and profit after tax fell 3.75%. Wheel rim sales reached 196.96 lakh units, up 3.17%, and aluminum steering knuckle sales grew to 257,147 units from 46,952 units in FY25.

On a consolidated basis, total income rose 17.01% to ₹5,18,596.67 lakhs, EBITDA grew 5.31%, and profit after tax declined 2.60% to ₹19,021.80 lakhs.

Dividend and capital expenditure

The Board recommended a final dividend of ₹1.50 per equity share (face value ₹1, payout rate 150%) for FY26, up from ₹1.25 per share in FY25. The total cash outflow for the dividend, if approved at the AGM, will be ₹2,358.98 lakhs, representing a payout of 11.67% of standalone net profit.

Standalone capital expenditure for FY26 stood at ₹20,820.97 lakhs, compared to ₹21,225.88 lakhs in FY25, covering capacity expansion for knuckles and alloy wheels at the Mehsana, Gujarat facility.

Key business developments

During FY26, the Board approved two new manufacturing units at Bhuj, Gujarat:

• A new alloy wheel manufacturing unit expected to expand capacity by 1.2 million units per annum
• A new aluminum steering knuckle manufacturing unit expected to expand capacity by 0.6 million units per annum

The company also entered into a Tripartite Agreement with Liuzhou Arays Technology Co. Limited and Hainan Jihoo Import & Export Co. Ltd. for supply, installation, and commissioning of machinery and transfer of technical know-how for the Bhuj alloy wheel facility.

Share capital and ESOP

During FY26, the Allotment Committee allotted 251,100 equity shares at an exercise price of ₹20 per share under the Employee Stock Option Scheme 2021 (ESOS 2021). As on March 31, 2026, the paid-up equity share capital stood at ₹15,71,80,425 (157,180,425 equity shares of face value ₹1 each). Post the financial year, a further 84,680 equity shares were allotted, taking the paid-up capital to ₹15,72,65,105.

AGM and governance

The 40th Annual General Meeting is scheduled for September 30, 2026 at the company's registered office in Mohali, Punjab. Key resolutions include adoption of financial statements, declaration of the final dividend, re-appointment of directors retiring by rotation, enhancement of borrowing limits from ₹2,000 crore to ₹3,500 crore, and creation of security on company assets.

Dheeraj Garg (Managing Director) and Sanjay Garg (Non-Executive Director) are proposed for re-appointment as directors retiring by rotation. Mohan Joshi resigned as Deputy Managing Director effective June 3, 2026. Rahul Kumar was appointed as Chief Financial Officer effective November 12, 2025.

Credit rating and foreign exchange

India Ratings and Research assigned and affirmed bank loan facilities totalling INR 16,165 million at IND AA-/Stable/IND A1+. Foreign exchange earned during FY26 was ₹50,873.51 lakhs against outgo of ₹72,302.35 lakhs.

CSR spending

The company spent ₹6,34,95,050 on CSR activities in FY26 against an obligation of ₹4,74,29,346.46, resulting in excess spending of ₹1,60,65,703.54 available for set-off in succeeding years.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE802C01033/d379e9d0-4ba4-4d37-ad7b-f0f8e27b4ead.pdf

Steel Strips Wheels Limited reported its highest-ever monthly net turnover of ₹592.92 crore for August 2026, a 54% YoY increase from ₹385.98 crore in the same period last year. The company also recorded a gross turnover of ₹687.51 crore, up 45% YoY from ₹475.06 crore in August 2025.

The results reflect improved capacity utilization and strengthened OEM relationships across manufacturing facilities. This marks the second consecutive month of record sales for the auto component manufacturer.

Segment Performance

Growth was broad-based across key verticals, with the aluminum products segment leading value expansion.

The truck segment saw a 53% value rise, supported by sustained commercial vehicle offtake. The two- and three-wheeler segment grew 61% by value, indicating strong demand traction. Passenger car steel and tractor segments posted more modest gains of 21% and 16% by value, respectively.

Export Growth

Exports contributed significantly to the top-line expansion, growing 63% YoY by value despite a modest 7% volume increase. This divergence suggests higher average selling prices or a shift toward higher-value export markets.

What the Numbers Show

The disparity between volume and value growth across segments highlights pricing power and mix shifts. In the aluminum products segment, value growth of 73% outpaced volume growth of 30%, suggesting successful ramp-up of higher-margin EV and passenger vehicle platforms. Similarly, exports saw value surge 63% against only 7% volume growth, indicating favorable realization rates abroad.