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Dolat Capital Report
Steel Strips Wheels Ltd. commands leadership with a~50% market share in the steel wheels and is gaining market share in alloy wheels as well by winning new business from players like Hyundai, MG and KIA.
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Steel Strips Wheels is expected to be a big beneficiary of the demand revival in the auto segment, especially in the exports and alloy wheel segment which are high-margin products.
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Moreover, a two-three years upcycle of passenger vehicles and commercial vehicle industry ensures future revenue visibility. The company is also working to get business for light weighting of casting products (especially for electric vehicles).
We expect earnings to grow at compound annual growth rate of 17% from FY22-25E led by-
strong demand in the passenger vehicle segment and shift in volume in sports utility vehicles,
medium and heavy commercial vehicle upcycle for the next two-three years,
rising share of exports,
increasing presence in the high margin alloy wheels (PV) segment,
de-leveraging balance sheet due to strong free-cash-flow generation and
improvement in return ratios leading to multiple re-rating.
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