I think the main kicker would be margins as they have taken price hikes in existing steel wheel business. Also, key negative in the commentary was lower than expected growth outlook in alloy penetration in the like of Hyundai. Uno Minda has shown good growth in alloy wheels mainly due their presence in Maruti where premium mix has increased substantially but Hyundai already had high mix of premium (FY24 over FY23 mix)
Stock is fairly valued and I think the optionality comes from knuckle business and higher mix of alloy in export. However, high debt level along with aggressive capex remains a risk in medium term.