The story
Strong revenue growth, with profit held back by exports.
FY26 revenue reached ₹5,183 Cr, up 17% year on year, with Q4 delivering ₹1,474.6 Cr (+19.5%). Reported profit, however, declined 3.7% to ₹202 Cr on a cyclical export slump — exports fell 19% for the year and 38% in Q4 on global destocking and US tariff uncertainty.
Beneath the headline, the business improved meaningfully. EBITDA per wheel and the alloy-plus-knuckle mix both kept rising through the year — the structural signal the profit decline obscured. Alloy wheels grew to ₹1,866 Cr, aluminium knuckles scaled to ₹69 Cr from inception, and EBITDA per wheel climbed from ₹254 to ₹256 with a Q4 exit run-rate of ₹282.
Q4 & FY26 results
| Metric | FY26A | Change |
|---|---|---|
| Revenue | ₹5,183 Cr | +17% YoY |
| EBITDA | ₹511 Cr | 9.9% margin |
| PAT | ₹202 Cr | −3.7% YoY |
| EPS | ₹12.9 | — |
| Q4 revenue | ₹1,475 Cr | +19.5% |
| Alloy revenue | ₹1,866 Cr | +31% YoY |
| Exports | ₹454 Cr | −19% YoY |
| EBITDA per wheel | ₹256 | Q4 exit ₹282 |
The export drag. Exports fell from ₹561 Cr to ₹454 Cr over FY26 and dropped 38% in Q4. Because export wheels carry richer margins, that single line accounts for essentially the entire year-on-year profit delta. Domestic volumes stayed strong across commercial vehicles and tractors.
EBITDA per wheel kept improving. Despite losing high-margin export mix, EBITDA per wheel rose to ₹256 for the year and exited Q4 at ₹282. Mix improvement and firmer realisations offset the export shortfall on a per-unit basis.
Front Wave view: SSWL leaves FY26 running well ahead of its full-year pace on both volume and per-wheel margin. The annual optics look soft; the run-rate into FY27 does not.
Why we own it
A market-leading wheel franchise, diversifying into aluminium.
The market still prices SSWL as a cyclical steel-wheel supplier. It is quietly becoming something better — a producer with pricing power on its core product, a foothold in structural aluminium beyond wheels, and a capital base about to stop growing.
