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Vineet Saxena

24th Jun 2025 · SEBI-Registered Analyst

SSWL
Steel Strips Wheels Ltd Accelerating 🚗💥

🔹 Market Leadership • 80% share in EV 2-wheeler wheels • 37–38% share in alloy wheels (up from 24% in just 3 years) 🔹 Shifting to Premium • Moving from steel wheels (~9% margin) to alloy wheels (~14% margin) • Alloy wheels are lighter, stylish, and boost fuel efficiency 🔹 Global Ambitions • Global alloy wheel demand: 35 crore units • SSWL targets 1 crore units by 2030 • Export revenue to double from ₹560 Cr (FY25) to ₹1000 Cr (FY27) 🔹 Rising Profitability • EBITDA per alloy wheel: ₹268 in Q4 FY25 • Targeting ₹300+ by FY27 🔹 Financial Strength • FY25 revenue: ₹4429 Cr | EBITDA margin: 10.9% • Net profit margin to improve from 4.4% to 6.8% by FY28 • Debt-to-equity set to fall from 0.5 to 0.2 🔹 Strategic Edge • Aluminum knuckle business ramping up (₹200 Cr potential) • Strong partnerships: Tata Steel & Nippon Steel • Promoter holding: 61.2% SSWL is rolling toward global leadership in high-margin, future-ready auto components. 🌐🔧

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