STEEL STRIPS WHEELS LTD FUNDAMENTAL REPORT

Steel Strips Wheels Ltd (NSE: SSWL, BSE: 513262), Chandigarh, incorporated 1985, is one of India’s largest manufacturers of automotive wheels - steel wheel rims and, increasingly, alloy/aluminium wheels and aluminium knuckles - supplyingpassenger vehicles, commercial vehicles, tractors, OTR and two/three-wheelers, domestic and export. The investment storyis a mix transformation : a steady steel-wheel base funding a fast-growing aluminium franchise. Event 1 - three record months in a row. The company fi les a sales update on the fi rst of every month. Net turnover: July Rs571.05 Cr (+50.7% YoY), August Rs 592.92 Cr (+53.6%), September Rs 625.81 Cr (+52.4%) - each the highest month in itshistory. Together: Rs 1,789.78 Cr for Q2 FY27 against Rs 1,175.45 Cr a year ago (+52.3%) and roughly +20% over the recordQ1 (Rs 1,510 Cr consolidated). Aluminium grew 73% (Aug) and 82% (Sep) by value; exports 63% and 54%. Event 2 - the quality of that growth is the open question. Value is growing about twice as fast as volume (September: +52%value vs +22% volume; July: +51% vs +26%). Part of the gap is richer mix (aluminium, larger export wheels); part isaluminium and steel prices passed through to customers, which lifts revenue but not necessarily profi t. Q1 FY27 PAT was Rs69.45 Cr (+47% YoY) on a 10.8% operating margin. Q2 results (date not yet announced; trading window closed 01-Oct) willshow how much of the +52% reaches the bottom line. Event 3 - the promoter keeps buying, with nothing pledged.