Steel Strips Wheels FY26: Record Revenue, Softer Margins, and a Clear Shift Toward Aluminium

Standalone revenue from operations in FY26 was Rs 5,182.8 crore, up 17.0% from Rs 4,429.0 crore in FY25.

FY26 standalone EBITDA was Rs 511.1 crore (9.9% margin) versus Rs 486.8 crore (11.0% margin) in FY25, while PAT was Rs 202.1 crore (3.9% margin) versus Rs 210.0 crore (4.7% margin).

FY26 revenues were shown as Steel Wheels Rs 3,248.4 crore (about 63%), Alloy Wheels Rs 1,865.8 crore (about 36%) and Aluminium Knuckles Rs 68.6 crore (about 1%).

The presentation states Mehsana alloy wheel capacity increased to 5 million per annum in FY26 and indicates an expected about 1.2 million capacity addition to ramp total capacity to about 6.2 million for FY27, with FY27E capacity shown as 62 lakh units.

The presentation shows aluminium knuckles capacity at 5.0 lakh units in FY26 with a planned ramp to 11.0 lakh units in FY27E; FY26 sales were about 2.5 lakh units generating about Rs 68.5 crore revenue.

Export revenue is shown at Rs 454 crore in FY26 versus Rs 561 crore in FY25, and Rs 92 crore in Q4FY26 versus Rs 157 crore in Q4FY25.