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Steel Strips Wheels Q2 FY27 results: net profit ₹116.95 crore vs ₹35.52 crore, revenue up 60.8%
Steel Strips Wheels Limited reported consolidated Q2 FY27 revenue of ₹1,930 crore and a net profit of ₹116.95 crore for July–September 2026. EBITDA was ₹235.84 crore, with the margin at 12.2%, while basic EPS was ₹7.44.
Key points
- Consolidated Q2 FY27 revenue was ₹1,930 crore, up 60.8% from ₹1,201 crore in Q2 FY26.
- EBITDA rose to ₹235.84 crore from ₹111.48 crore, while the margin increased to 12.2% from 9.3%.
- Net profit was ₹116.95 crore, compared with ₹35.52 crore in the year-ago quarter, and basic EPS was ₹7.44.
- H1 FY27 revenue was ₹3,439.74 crore and net profit was ₹186.4 crore, up 44.1% and 125.2% from H1 FY26.
- The board approved an interim dividend of ₹1.50 per equity share and a proposed ₹1,400 crore greenfield manufacturing facility in Chhatrapati Sambhajinagar.
How did Steel Strips Wheels perform in Q2 FY27?
Steel Strips Wheels reported consolidated revenue of ₹1,930 crore in Q2 FY27, up 60.8% from ₹1,201 crore in Q2 FY26. EBITDA was ₹235.84 crore, compared with ₹111.48 crore, and the EBITDA margin rose to 12.2% from 9.3%, a 2.9 percentage-point increase. Profit before tax was ₹156.19 crore, against ₹48.15 crore.
The company reported a net profit of ₹116.95 crore in Q2 FY27, up from ₹35.52 crore in Q2 FY26, while basic EPS was ₹7.44 against ₹2.26. Against Q1 FY27, revenue increased 27.8% to ₹1,930 crore from ₹1,510 crore, EBITDA rose 44.7% to ₹235.84 crore from ₹162.95 crore, and the margin increased by 1.4 percentage points to 12.2%.
Net profit rose 68.4% from ₹69.45 crore in Q1 FY27, and basic EPS increased from ₹4.42 to ₹7.44. The filing also reported standalone revenue of ₹1,929.92 crore and standalone profit before tax of ₹38.53 crore for the quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,930 | 1,510 | 1,201 | +60.8% | +27.8% |
| Other income | 0.77 | 0.84 | 0.92 | −16.3% | −8.3% |
| Total expenses | 1,775 | 1,417 | 1,153 | +53.9% | +25.2% |
| EBITDA | 235.84 | 162.95 | 111.48 | +111.6% | +44.7% |
| EBITDA margin | 12.2% | 10.8% | 9.3% | +2.9 pp | +1.4 pp |
| Profit before tax | 156.19 | 93.28 | 48.15 | +224.4% | +67.4% |
| Tax | 39.39 | 24.03 | 12.56 | +213.6% | +63.9% |
| Net profit | 116.95 | 69.45 | 35.52 | +229.3% | +68.4% |
| EPS (₹) | 7.44 | 4.42 | 2.26 | +229.2% | +68.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Steel Strips Wheels' costs and profit?
Total expenses increased to ₹1,775 crore in Q2 FY27 from ₹1,153 crore in Q2 FY26, a rise of ₹621.17 crore or 53.9%. Cost of materials was ₹1,314 crore, up ₹548.67 crore or 71.7%, while employee cost rose ₹28.96 crore or 27.8% to ₹133.10 crore.
Other expenses increased by ₹57.50 crore or 27.2% to ₹268.58 crore, depreciation rose by ₹12.91 crore or 40.0% to ₹45.21 crore, and finance costs were higher by ₹3.27 crore or 10.2% at ₹35.22 crore. Other income was lower by ₹0.15 crore or 16.3% at ₹0.77 crore, and there was no exceptional item.
Tax expense increased by ₹26.83 crore or 213.6% to ₹39.39 crore. Despite the increase in expenses, EBITDA rose by ₹124.36 crore or 111.6%, and profit before tax increased by ₹108.04 crore or 224.4% to ₹156.19 crore. The company’s presentation attributed the margin improvement to a favourable product mix, higher export contribution and cost optimisation initiatives that produced operating leverage.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,314 | 764.93 | +548.67 | +71.7% |
| Employee cost | 133.10 | 104.14 | +28.96 | +27.8% |
| Finance costs | 35.22 | 31.95 | +3.27 | +10.2% |
| Depreciation | 45.21 | 32.30 | +12.91 | +40.0% |
| Other expenses | 268.58 | 211.08 | +57.50 | +27.2% |
| Total expenses | 1,775 | 1,153 | +621.17 | +53.9% |
| Other income | 0.77 | 0.92 | −0.15 | −16.3% |
| Tax | 39.39 | 12.56 | +26.83 | +213.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Steel Strips Wheels reported consolidated revenue of ₹3,439.74 crore, up 44.1% from ₹2,387.35 crore in H1 FY26. Total income rose 44.0% to ₹3,441.36 crore from ₹2,389.08 crore, while profit before tax increased 128.3% to ₹249.47 crore from ₹109.25 crore.
Net profit for H1 FY27 was ₹186.4 crore, up from ₹82.76 crore in H1 FY26, and basic EPS increased from ₹5.27 to ₹11.86. The company’s investor presentation separately showed standalone H1 FY27 revenue of ₹3,440 crore, EBITDA of ₹397 crore, EBITDA margin of 11.5% and profit after tax of ₹190 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,440 | 2,387 | +44.1% |
| Profit before tax | 249.47 | 109.25 | +128.3% |
| Net profit | 186.40 | 82.76 | +125.2% |
| EPS (₹) | 11.86 | 5.27 | +125.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,459.06 crore, up from ₹3,831.38 crore at 31 March 2026, while total equity was ₹1,984.63 crore compared with ₹1,804.81 crore. Borrowings increased to ₹911.12 crore from ₹825.90 crore, and cash and cash equivalents were ₹9.06 crore against ₹6.39 crore.
Inventories rose to ₹1,189.35 crore from ₹952.16 crore, trade receivables increased to ₹916.11 crore from ₹608.96 crore, and trade payables increased to ₹1,352.42 crore from ₹1,001.90 crore. For H1 FY27, operating cash flow was ₹121.58 crore, compared with ₹99.22 crore in H1 FY26, while investing cash flow was an outflow of ₹112.89 crore against ₹112.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,459 | 3,831 |
| Total equity | 1,985 | 1,805 |
| Borrowings | 911.12 | 825.90 |
| Cash and equivalents | 9.06 | 6.39 |
| Inventories | 1,189 | 952.16 |
| Trade receivables | 916.11 | 608.96 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 121.58 | 99.22 |
| Cash from investing | −112.89 | −112.17 |
| Cash from financing | 6.37 | 15.30 |
| Capital expenditure | 131.68 | 117.45 |
Source: Company's results filing (XBRL).
How has Steel Strips Wheels done over the last 8 quarters?
Revenue increased year on year in each of the last seven quarters. It reached ₹1,930 crore in Q2 FY27 from ₹1,074.68 crore in Q3 FY25, while net profit rose to ₹116.95 crore from ₹47.71 crore over the same period. EBITDA margin moved from 11.0% in Q3 FY25 to 12.2% in Q2 FY27.
The latest quarter was the highest for revenue, net profit and EBITDA margin in the eight-quarter series. Margin had fallen to 9.3% in Q2 FY26 before recovering to 9.6%, 10.2%, 10.8% and 12.2% over the following quarters. Net profit increased year on year in each of the last three quarters.
What else did the company announce?
The board approved an interim dividend of ₹1.50 per equity share of ₹1 face value, with 13 November 2026 as the record date. It also approved the appointment of Pranav Varn as Vice-President (Finance and Accounts), according to the same-day filing.
The board approved a proposal to set up a greenfield manufacturing facility in Chhatrapati Sambhajinagar, Maharashtra, subject to regulatory clearances, for alloy wheels, steel wheels for passenger vehicles and off-road vehicles, and a hot-stamping line. The company’s presentation put the estimated project outlay at ₹1,400 crore over 60 months.
The company also renewed the lease between Steel Strips Wheels and wholly owned subsidiary AMW Autocomponent Limited for up to five years from 26 November 2026, on the same terms and conditions as previously approved. The Board Meeting Intimation dated 5 October 2026 had scheduled the results and consideration of an interim dividend for 23 October 2026.
What did Steel Strips Wheels' management say?
Management said new facilities should exceed 80% utilisation in FY28. It identified trade-deal timing, freight volatility, Strait of Hormuz disruption, slower commercial-vehicle or tractor volumes, clearances, funding and ramp-up execution as risks. On supplementary invoicing, Managing Director Dheeraj Garg said, “This INR183 crores supplementary invoicing is only based on raw material price changes, which is a pass-through.”
On the Sambhajinagar project, Garg said, “The total project outlay is estimated at about INR1,400 crores, and it's going to be spread over the next 60 months.” The project was expected to generate more than 24% ROCE, above the company’s 24% H1 ROCE, and management also said Steel Strips Wheels was the lowest-cost producer of aluminium and steel wheels in the world, barring China.
How did Steel Strips Wheels shares react?
Earlier reaction-day moves were mixed: the stock rose 5.4% on 15 July 2026 and fell 3.2% on 29 May 2026. It fell 1.9% on 22 January 2026, 1.8% on 12 November 2025, 5.1% on 1 August 2025, 1.8% on 15 May 2025, 3.7% on 17 January 2025 and 1.0% on 29 October 2024.
| After the filing | Stock | Auto Components & Equipments median |
|---|---|---|
| 5 minutes | +7.0% | |
| 15 minutes | +8.2% | |
| 30 minutes | +15.9% | |
| Reaction day | +20.4% | −2.1% |
| Next day | +38.2% | −1.3% |
| 5 days | +26.8% | −1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | +5.4% |
| 29 May 2026 | −3.2% |
| 22 January 2026 | −1.9% |
| 12 November 2025 | −1.8% |
| 1 August 2025 | −5.1% |
| 15 May 2025 | −1.8% |
| 17 January 2025 | −3.7% |
| 29 October 2024 | −1.0% |
Source: MarketPing price-reaction measurement.
How did other Auto Components & Equipments companies do?
Among 46 Auto Components & Equipments companies compared for the quarter, the median revenue growth was 33.6%. Steel Strips Wheels’ revenue growth of 60.8% was higher than 43 peers and lower than three peers, based on peers with growth both slower and faster than the company.
Of the 47 peers for which profit was compared, 37 reported higher profit. The peer comparison was available as of 4 November 2026 and covered companies that had filed results for the quarter.
| Steel Strips Wheels revenue growth (YoY) | +60.8% |
|---|---|
| Median of 46 other Auto Components & Equipments companies | +33.6% |
| Companies with slower revenue growth than Steel Strips Wheels | 43 of 46 |
| Companies with faster revenue growth than Steel Strips Wheels | 3 of 46 |
| Companies whose net profit rose | 37 of 47 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Steel Strips Wheels' revenue in Q2 FY27?
Revenue from operations was ₹1,930 crore, up 60.8% from ₹1,201 crore in Q2 FY26 (consolidated).
Did Steel Strips Wheels make a profit in Q2 FY27?
Yes. Net profit was ₹116.95 crore, against a net profit of ₹35.52 crore in Q2 FY26.
What was Steel Strips Wheels' EPS in Q2 FY27?
Basic earnings per share were ₹7.44, against ₹2.26 in Q2 FY26.
How did Steel Strips Wheels shares react to the Q2 FY27 results?
On the reaction day the stock moved +20.4% from the previous close; the median Auto Components & Equipments stock moved −2.1%.
When did Steel Strips Wheels announce its Q2 FY27 results?
On 23 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Un-Audited Standalone And Consolidated Financial Results For The Quarter And Six Months Ended September 30, 2026; And Consider The Declaration Of Interim Dividend, If Any, For The Financial Year 2026-27. (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 23 October, 2026 (BSE, 23 October 2026) · PDF
- Results For The Quarter And Half Year Ended 30.09.2026 (BSE, 23 October 2026) · PDF
- Board Fixes Record Date As 30.10.2026 For Ascertaining The Eligibility Of Shareholders For Payment Of Interim Dividend (BSE, 23 October 2026) · PDF
- Board Approves The Proposal For Setting Up Of Greenfield Manufacturing Facility At Chhatrapati Sambhajinagar, Maharashtra, Leading To Capacity Addition Of Alloy Wheels & Steel Wheels, And Launch Of New Product I.E. Hot Stamping Line. (BSE, 23 October 2026) · PDF
- The earnings call (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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