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Steel Strips Wheels — 44% upside on auto-ancillary triggers

Initiating coverage

28 Jun 2025·SSWL·Buy·Auto Ancillary

The thesis

Steel Strips Wheels is positioned for a structural re-rating as three triggers converge: the alloy-wheel mix shift, EV-platform supply wins, and the export ramp. Initiating Buy with 44% upside.

The mechanics

  • Alloy wheels carry structurally better margins than steel — mix does the heavy lifting
  • EV platforms are new-business wins, not cannibalisation
  • Exports diversify the order book away from domestic OEM cyclicality

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Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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