Steel Strips Wheels Limited achieved its highest ever monthly net turnover of ₹480.03 crore in January 2026, marking a robust yearly growth of 17.32%. The company also recorded its highest ever monthly units sold during the month, demonstrating strong momentum across key business segments with aluminum and tractor divisions leading the growth trajectory.

Record January 2026 Performance

The company's exceptional performance was driven by significant growth across multiple segments, with net turnover reaching ₹480.03 crore compared to ₹409.16 crore in January 2025. Gross turnover stood at ₹556.19 crore, reflecting an 11.14% year-over-year increase.

Segment-Wise Performance Analysis

The aluminum segment achieved its highest ever monthly sales with 25% growth by value and 19% growth by volume year-over-year. The tractor segment also recorded its highest ever monthly sales, posting 25% growth by value and 26% growth by volume. The 2 & 3 wheeler segment demonstrated exceptional performance with 55% value growth and 49% volume growth.

Strong Q3 FY26 Foundation

The record January performance builds upon the company's impressive Q3 FY26 results, which showcased significant revenue growth despite challenging export market conditions. The quarterly results highlighted the strength of the company's market positioning with sustained domestic demand momentum.

Commercial Vehicle and Premium Segments Drive Growth

The truck segment achieved its highest ever domestic monthly sales in the commercial vehicle category, recording 20% growth both by value and volume. The aluminum segment's exceptional performance reinforces its position as a key growth driver, benefiting from the company's successful premiumization strategy where alloy wheels contribute approximately 37% to total revenue while representing 20% in volume terms.

Capacity Expansion Progress

The company continues its Rs 420 crores CAPEX investment in Bhuj, utilizing the acquired AMW facility infrastructure. This strategic expansion will significantly enhance capacity across aluminum wheels and knuckles segments, with commercial production targeted for December 2026.

The record January performance reinforces the company's strong market position and growth momentum, with management maintaining confidence in achieving the Rs 6,000 crores revenue target for FY27 from existing assets.

Steel Strips Wheels Limited demonstrated robust revenue growth in the nine months ended FY26, achieving ₹3,708.20 crores compared to ₹3,195.10 crores in the corresponding period of the previous year, marking a 16% year-on-year increase. The company's quarterly performance was even more impressive, with Q3 FY26 revenues reaching ₹1,320.80 crores, up 23% from ₹1,074.70 crores in Q3 FY25.

Financial Performance Overview

The company's financial metrics for 9M FY26 reflect mixed results despite strong revenue growth:

Quarterly performance showed similar trends with Q3 FY26 EBITDA at ₹127.80 crores versus ₹118.30 crores in Q3 FY25, though margins compressed to 9.70% from 11.00%.

Product Portfolio and Revenue Mix

Steel Strips Wheels operates across three main product categories with distinct revenue contributions in 9M FY26:

The company's steel wheels segment serves robust applications suitable for off-road and heavy-duty use, while alloy wheels cater to premium passenger vehicles with enhanced aesthetics and performance characteristics. The aluminium knuckles segment, though smaller, represents a strategic diversification contributing to weight reduction and improved fuel efficiency in vehicles.

Operational Capacity and Utilization

The company maintains significant manufacturing capacity across its product lines. Steel wheel capacity stands at 210 lakh units for FY26E with utilization rates of 75% in 9M FY26. Alloy wheel capacity reached 50 lakh units with 64% utilization during the same period. The company plans phased addition of 5 lakh steel wheel capacity by FY26.

Export Performance and Market Challenges

Exports faced significant headwinds during the reporting period, with a 31% decline in Q3 FY26 and 11% decrease on a nine-month basis. The company generated ₹103 crores from alloy wheel exports, representing 1.89 lakh units in 9M FY26. Management attributed margin pressures to the export slowdown amid global uncertainties and increased raw material prices, as exports typically contribute higher margins to the business.

Strategic Developments

Steel Strips Wheels completed the acquisition of AMW Autocomponent Limited at Bhuj, Gujarat in 2024, adding 7 million steel wheel capacity. The company invested approximately ₹150 crores in FY26 towards incremental capacity building for aluminium wheels and aluminium knuckles. The aluminium knuckles segment shows promising growth trajectory with capacity scaling from 3.5 lakh units in Q3 FY26 to projected 11 lakh units by FY27E.

Financial Health Indicators

The company maintains a consistent dividend policy, declaring 125% dividend for FY25, continuing its track record of regular shareholder returns. Long-term debt management and return ratios demonstrate stable financial health, though specific current period metrics were not detailed in the available data. The company's diversified product portfolio and capacity expansion initiatives position it for sustained growth despite near-term margin pressures from raw material costs and export market volatility.