Steel Strips Wheels Limited said its key domestic manufacturing operations are running at full or near-full capacity, supported by strong demand in aluminium wheels, tractor wheels and commercial vehicle wheels, while order visibility in the aluminium segment remains firm for the medium term.
The company stated that its aluminium wheel capacity of 5.0 million units per annum is operating close to full utilisation, with annualised output expected to reach the rated level by March 2026. Commercial vehicle and tractor wheel facilities are also fully utilised following recent brownfield expansion at the Jamshedpur plant.
“We are totally sold out in the CV segment. We are totally sold out in the tractor OTR segment. We are completely 100 percent running there,” said Dheeraj Garg, Managing Director of Steel Strips Wheels Limited.
Management said the company’s aluminium wheel order book is fully committed for the next two years, providing revenue visibility even before incremental capacity from the Bhuj expansion becomes operational.
“Our entire order book for aluminium is sold out for the next two years,” Garg said.
In aluminium knuckles, the company said existing capacity of 0.5 million units per annum is operating at near-full utilisation. The segment has generated approximately INR 540 million in revenue so far, with capacity expected to scale to 1.1 million units per annum following the planned expansion.
On the financial front, Steel Strips Wheels reported revenue of INR 13.21 billion in the third quarter of FY26, compared with INR 10.75 billion in the same period last year. EBITDA for the quarter stood at INR 1.28 billion, while revenue for the nine months ended December 2025 reached INR 37.08 billion.
Management reiterated that profitability is internally tracked on an absolute basis rather than percentage margins. EBITDA per wheel improved sequentially during the quarter, supported by higher utilisation and a richer product mix.
“In spite of exports of steel wheels not being there, we have reached around INR 260 per wheel,” Garg said.
The company expects further operating leverage benefits in the January–March quarter as fixed costs and conversion costs decline at higher utilisation levels. Management said incremental growth is being driven primarily by aluminium wheels, tractor wheels and commercial vehicle wheels, which carry higher value addition than passenger car steel wheels.
“The growth is coming from tractor, truck and aluminium wheels, which means higher EBITDA per wheel,” Garg said.
