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

Initiating coverage

28 Jun 2025·SSWL·Buy·Auto AncillaryFront Wave desk · Mumbai

Since we called it

₹374 at close

Called ₹216 · 28 Jun 2025

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

Subscribers only

The rest of this note is for subscribers.

What follows is the argument in full, the numbers behind it, and where we think we could be wrong. ₹10,000 a quarter, or a year for the price of three.

See the plans →Already a subscriber? Sign in

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.

More from the desk

Archive →