Buy Steel Strips Wheels; target of Rs 260: ICICI Direct

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ICICI Direct's research report on Steel Strips Wheels

Steel Strips Wheels Ltd. (SSWL), is a Chandigarh based company involved in designing and manufacturing of automotive wheels - both steel and alloy wheels. It currently has four plants in India with total production capacity of ~2.3 crore wheels per annum (including ~0.3 crore wheels per annum for alloy wheels).

Outlook

We assign BUY rating to SSWL amid powertrain agnostic product profile (no EV risk), healthy volume growth visibility, increasing share of exports & alloy wheel in overall sales mix, consequent rise in margins & return rations. We value SSWL at Rs 260 i.e. 13x P/E on FY25E EPS of Rs 20.

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Steel Strips Wheels - 26 -06 - 2023 - icici