Steel Strips Wheels Ltd Q3 FY26 Concall Decoded: Revenue Pops, Margins Sulk, Exports Ghosted

1. Opening Hook

Global markets are shaky, exports are sulking, and raw material prices are doing their own IPO every quarter.
So naturally, Steel Strips Wheels Ltd decided Q3 FY26 was the perfect time to grow revenues and annoy margin purists.

Revenue jumped, volumes moved, and management sounded calm—a little too calm—while EBITDA margins quietly slipped out the back door. Exports, once the darling child, didn’t show up to the party. Domestic demand carried the show, but at a cost.

This concall wasn’t about fireworks. It was about resilience, diversification, and hoping aluminium products grow faster than steel headaches.

Read on. The numbers look fine at first glance—then you read the footnotes. Things get interesting. 😏

2. At a Glance

• Revenue up 23% YoY (Q3): Domestic demand said “I got this,” exports said “busy, call later.”
• EBITDA up 8%: Growth showed up, margins didn’t get the memo.
• EBITDA margin down 130 bps: Raw materials and export slowdown tag-teamed profitability.
• PAT down 5%: Accounting reality check after revenue euphoria.
• Volumes up 8%: More wheels rolled out, less money made per wheel.

3. Management’s Key Commentary

“Revenue growth during the period was largely supported by domestic demand.”
(Translation: India saved the quarter; overseas markets were on vacation.)

“Margin pressures were primarily attributable