Steel Strips Wheels Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Steel Strips Wheels Ltd-$ filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Steel Strips Wheels reported Q4 FY26 revenue of INR 1,475 crores, up about 20% YoY, and full-year FY26 revenue of INR 5,183 crores, up 17% YoY. EBITDA with other income for the quarter was INR 152.52 crores and for the full year was INR 523 crores, both described as the highest ever, while full-year profit after tax was INR 202 crores, lower than the prior year due to higher depreciation. Management attributed quarterly momentum to alloy wheel, tractor and commercial vehicle growth supported by improved domestic demand following GST cuts, while exports declined 19% due to US tariffs.
Numbers mentioned
Revenue: INR 1,475 crores (Q4 FY26)
p. 3
“Coming to the current quarterly performance, the company reported a revenue of INR 1,475 crores as compared to a revenue of INR 1,234 crores in the corresponding period last year, reflecting a growth of about 20% YoY.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
EBITDA with other income: INR 152.52 crores (Q4 FY26)
p. 3
“EBITDA with other income for the quarter stood at INR 152.52 crores, which again is the highest ever done in a single quarter.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
Revenue: INR 5,183 crores (FY26)
p. 3
“For the full year, the revenue stood at INR 5,183 crores as against a revenue of INR 4,429 crores in the previous year.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
EBITDA with other income: INR 523 crores (FY26)
p. 3
“EBITDA with other income for the whole year stood at INR 523 crores.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
Profit after tax: INR 202 crores (FY26)
p. 3
“The profit after tax stood at INR 202 crores, which is slightly less than last year, mainly because of the higher depreciation we have accounted for this year, that is about INR 28 crores.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
EBITDA per wheel: INR 262 (FY26)
p. 4
“EBITDA per unit was flat at INR 262 for the whole year, and it was same as the year before, mainly because we saw a drop of about INR 108 crores in export revenue, which would have contributed about INR 15 crores in EBITDA.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
EBITDA per wheel: INR 282 (Q4 FY26)
p. 9
“Q4 was, I think, INR 282.”
Dheeraj Garg, page 9 of the filed PDF · View the filing
Alloy wheel segment growth: about 30% (FY26)
p. 4
“It grew about 30% in value.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
Tractor segment growth: beyond around 19% (FY26)
p. 4
“It grew beyond around 19%, I believe.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
Commercial vehicle segment growth: about 10% (FY26)
p. 5
“This segment grew about 10%.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Export decline: 19% (FY26)
p. 5
“On the export front, our exports declined by 19%.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Sales loss due to manpower shortage: INR 80 crores (Q4 FY26)
p. 5
“But again, I can say that in this quarter, although we're talking about the previous year, but in this quarter, we've lost close to about INR 80 crores of sales because of lack of manpower.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Exports: INR 454 crores (FY26)
p. 15
“Last financial year we did about INR 454 crores of exports.”
Aditya Dixit, page 15 of the filed PDF · View the filing
End user mix - Car and MUV: 54% (FY26)
p. 22
“Car and MUV, including the alloy and steel, is 54%.”
Pranav Jain, page 22 of the filed PDF · View the filing
End user mix - Truck: 28% (FY26)
p. 22
“28% is the truck number, and 13% is the tractor.”
Pranav Jain, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
PAT growth — 15-20% · FY27
stated conditionally by Dheeraj Garg
p. 3
“we expect a PAT growth of about 15-20% this year.”
Dheeraj Garg, page 3 of the filed PDF · View the filing
EBITDA per wheel — close to INR 300 · FY27
stated as an aspiration by Dheeraj Garg
p. 4
“But going forward, we are projecting EBITDA per wheel of close to INR 300.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
Asset utilization — 95% · FY27
stated as an aspiration by Dheeraj Garg
p. 5
“This year, we're looking to utilize 95%.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Aluminum wheel capacity — 6.2 million
stated firmly by Dheeraj Garg
p. 5
“We will be at about 6.2 million in aluminum wheels.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Capex — INR 500 crores
stated firmly by Dheeraj Garg
p. 4
“This will entail a Capex of about INR 500 crores.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
Exports — INR 600 crores · FY27
stated as an aspiration by Aditya Dixit
p. 6
“Given these two key aspects, we believe that the exports should be in the range of INR 600 crores in this financial year.”
Aditya Dixit, page 6 of the filed PDF · View the filing
EBITDA — INR 650-750 crores · FY27-FY28
stated conditionally by Dheeraj Garg
p. 16
“That's the range I can give you from INR 650-750 is the range possible going forward.”
Dheeraj Garg, page 16 of the filed PDF · View the filing
Debt increase — INR 200 crores · FY27
stated conditionally by Dheeraj Garg
p. 16
“But yes, for your modeling, you please assume INR 200 crore increase in debt.”
Dheeraj Garg, page 16 of the filed PDF · View the filing
Bhuj facility utilization — 70% · FY28
stated as an aspiration by Dheeraj Garg
p. 12
“But yes, the year after that, FY28, we expect about 70% or higher utilization in these assets.”
Dheeraj Garg, page 12 of the filed PDF · View the filing
Aluminum knuckle/wheel capacity utilization — 80% · FY28
stated as an aspiration by Dheeraj Garg
p. 18
“We are very, very confident of achieving this 80% utilization, because we see the programs that are going to be starting next financial year or in this financial year, and we need capacity for that.”
Dheeraj Garg, page 18 of the filed PDF · View the filing
Steel wheel margin profile — another 10% · FY27-FY28
stated as an aspiration by Dheeraj Garg
p. 8
“I think the margin profile from INR 300 should be higher, maybe another 10% on a conservative estimate in 2027, 2028.”
Dheeraj Garg, page 8 of the filed PDF · View the filing
EV scooter segment growth — close to 40% · FY27
stated as an aspiration by Dheeraj Garg
p. 11
“I could be terribly wrong here, but it could be more than that growth for the whole year in the EV segment.”
Dheeraj Garg, page 11 of the filed PDF · View the filing
Turnover — INR 6,500 crores · FY27
stated conditionally by Dheeraj Garg
p. 16
“More or less, and the turnover will be close to INR 6,500 crores versus INR 5,143 this year.”
Dheeraj Garg, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said EBITDA per wheel is expected near INR 300 this year with further margin improvement expected in FY27/28 as new premium aluminum and knuckle capacity ramps up.
Answered by Dheeraj Garg
Asked by Devarsh Shah: What is the PV/CV mix and how will margins trend for FY27 and FY28?
p. 8
“As I said in my speech, we're looking at a margin of INR 300 rupees this year, close to INR 300 rupees, which compared against INR 272 that we've just finished is almost a 10% increase in the EBITDA per wheel.”
Dheeraj Garg, page 8 of the filed PDF · View the filing
Management confirmed Q4 EBITDA per wheel at INR 282 and said the company is the dominant supplier of EV scooter wheels with strong growth expected.
Answered by Dheeraj Garg
Asked by Aman Kothari: What was the EBITDA per wheel for Q4 and how is the EV two/three-wheeler segment trending?
p. 10
“But last month, in the month May, we had our highest sales in the EV segment.”
Dheeraj Garg, page 10 of the filed PDF · View the filing
Management said the facility is sold out for the current year but declined to quantify FY27 revenue pending OEM approvals, expecting meaningful utilization from FY28.
Answered by Dheeraj Garg
Asked by Nishita Shanklesha: When will the Bhuj facility ramp to full utilization and what revenue will it generate in FY27?
p. 12
“FY 2027, as I said, I cannot comment on the value of revenue.”
Dheeraj Garg, page 12 of the filed PDF · View the filing
Management guided to an approximate INR 200 crore increase in debt for modeling purposes, subject to review later in the year.
Answered by Dheeraj Garg
Asked by Saket Kapoor: How will the debt profile evolve given the capex plans?
p. 16
“So, next year, as I mentioned in my speech that we are investing about INR 500 crores in the Capex expansion, plus there will be some brownfield expansion that usually happens, about INR 50 crores.”
Dheeraj Garg, page 16 of the filed PDF · View the filing
Management expressed confidence in reaching 80% utilization and potentially near 100% given demand from OEMs and exports.
Answered by Dheeraj Garg
Asked by Ajit Sethi: What utilization is expected for the new 1.2 million unit aluminum wheel and knuckle capacity in FY28?
p. 18
“We are very, very confident of achieving this 80% utilization, because we see the programs that are going to be starting next financial year or in this financial year, and we need capacity for that.”
Dheeraj Garg, page 18 of the filed PDF · View the filing
Management said raw material costs are fully passed through to OEMs, now with no lag, though the company bears higher working capital needs.
Answered by Dheeraj Garg
Asked by Pawan Kothari: How much of the rise in aluminum costs is passed on to customers?
p. 20
“Our raw material costs are a pass through. Whether it rains or shines, the situation remains the same for us.”
Dheeraj Garg, page 20 of the filed PDF · View the filing
Management gave the breakdown across car/MUV, truck, tractor, OTR and other segments.
Answered by Pranav Jain
Asked by Dev Mehta: What is the end-user revenue mix in the steel wheel segment?
p. 22
“There is 2-3-wheeler. It's around 2%. Car and MUV, including the alloy and steel, is 54%. OTR is a small number, 1%. 28% is the truck number, and 13% is the tractor.”
Pranav Jain, page 22 of the filed PDF · View the filing
Risks flagged
Manpower/labor shortages affecting production and sales
p. 5
“Manpower is the biggest issue in our business at the moment.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
US tariffs impacting export competitiveness
p. 4
“The first thing was the exports took a big hit when America slapped tariffs all across the world.”
Dheeraj Garg, page 4 of the filed PDF · View the filing
Rising energy and raw material costs
p. 5
“So, what are the challenges we are facing at this moment? I think right now the energy costs, the availability of manpower, I'm sure everyone knows about this, but they have been tremendous since the war started.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
OEM production disruptions due to other vendors' supply issues
p. 5
“I think the market is still resilient in spite of the fact that some OEMs are suffering loss of production.”
Dheeraj Garg, page 5 of the filed PDF · View the filing
Rising aluminum prices creating cost pressure
p. 17
“But still given the rising cost of aluminum, the aluminum prices have almost gone up by, let's say, 20% at the moment.”
Dheeraj Garg, page 17 of the filed PDF · View the filing
Uncertainty over customer approvals for new capacity
p. 6
“We should see some revenue coming out. I cannot quantify the revenue because we still have to execute the projects in these timelines and hope for approvals on time.”
Dheeraj Garg, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.