Steel Strips Wheels Limited reported a 36.84% year-on-year increase in net turnover to ₹479.87 Cr for June 2026, compared to ₹350.67 Cr in the same period last year. The company achieved a gross turnover of ₹554.10 Cr, a 29.98% increase from the ₹426.31 Cr recorded in June 2025. This performance highlights a significant recovery in export values and robust demand across the commercial and agricultural vehicle sectors.

Segment-wise Performance

The Truck segment emerged as a primary growth driver, posting a 54% increase in value and a 39% rise in volume year-on-year, reflecting robust freight demand and a firming commercial vehicle replacement cycle. The Tractor segment demonstrated resilience with 34% value growth and 27% volume growth, supported by healthy rural cash flows and sustained farm mechanization demand.

The 2 & 3 Wheelers segment recorded the highest value growth at 74%, with volumes increasing by 40%, indicating a sharp pivot toward higher-margin products linked to Electric Vehicle adoption. The Alloy Wheels segment showed steady premiumization with 35% value growth and 21% volume growth, while Passenger Cars maintained a stable trajectory with 9% value growth and 11% volume growth.

Exports delivered a notable inflection, registering a 7% positive growth by value year-on-year despite a 39% decline in volume due to international logistics constraints. This marks the first meaningful value-side recovery in exports for the company in a long time, driven by strategic pricing and a shift toward premium configurations.

Segment-wise Sales Performance (June 2026)

The following table summarizes the year-on-year growth across all key segments for June 2026:

Steel Strips Wheels has received a Show Cause Notice from the Office of the Principal Commissioner of Customs, Custom House, Mundra Port, alleging violations of Section 65 of the Customs Act, 1962. The customs department has accused the company of unlawfully availing Duty Drawback and RoDTEP Scrips for exported goods between November 9, 2023, and July 8, 2025. The notice demands a response within 30 days.

The authority has alleged that the company availed Duty Drawback claims worth ₹1,37,80,184 and RoDTEP Scrips worth ₹32,38,451. Additionally, an amount of ₹13,13,752 in RoDTEP scrips remains unutilized by the company to date. The customs department has proposed penalties under Section 113, Section 114(iii), 114AA, and 117 of the Customs Act, 1962, though the specific penalty amount has not been quantified in the notice.

Financial Implications

Steel Strips Wheels disclosed that it has already deposited the Duty Drawback amount of ₹1,37,80,184 and the RoDTEP amount of ₹32,38,451 along with applicable interest prior to the issuance of the Show Cause Notice. The company stated that as of now, it does not expect any financial liability arising from the matter.

Company Response

The company is currently evaluating the Show Cause Notice and plans to submit a detailed reply to the authority within the prescribed 30-day timeline. Management stated that while the principal amounts and interest have been paid to avoid litigation, the exact financial implications cannot be determined until the completion of the proceedings. The company affirmed that there shall be no impact on its operational or other activities at this stage.