Steel Strips Wheels Limited submitted an investor presentation under SEBI Listing Regulations Regulation 30 in connection with their Q2 & H1 FY27 financial performance conference call scheduled for October 26, 2026.

Q2 FY27 Financial Performance (Standalone Basis)

  • Revenue from Operations: ₹1,929.9 crores, up 60.7% YoY from ₹1,200.6 crores in Q2 FY26
  • Revenue includes supplementary sales of approximately ₹140 crores from revisions to raw material-linked pricing in customer purchase orders
  • Gross Profit: ₹637.5 crores (33.0% margin) vs ₹426.7 crores (35.5% margin) in Q2 FY26
  • EBITDA: ₹234.8 crores (12.2% margin) vs ₹111.9 crores (9.3% margin) in Q2 FY26, representing 109.8% YoY growth
  • EBIT: ₹194.1 crores (10.1% margin) vs ₹84.5 crores (7.0% margin) in Q2 FY26, representing 129.7% YoY growth
  • Profit Before Tax: ₹158.9 crores (8.2% margin) vs ₹52.6 crores (4.4% margin) in Q2 FY26, representing 202.0% YoY growth
  • Profit After Tax: ₹118.8 crores (6.2% margin) vs ₹38.5 crores (3.2% margin) in Q2 FY26, representing 208.5% YoY growth
  • Employee Cost: ₹133.1 crores vs ₹104.1 crores in Q2 FY26
  • Other Expenses: ₹269.7 crores vs ₹210.6 crores in Q2 FY26
  • Finance Cost: ₹35.2 crores vs ₹32.0 crores in Q2 FY26
  • Tax: ₹38.6 crores vs ₹13.6 crores in Q2 FY26
  • Prior Period Adjustment/Deferred Tax: ₹1.5 crores vs ₹0.4 crores in Q2 FY26

H1 FY27 Financial Performance (Standalone Basis)

  • Revenue from Operations: ₹3,439.7 crores, up 44.1% YoY from ₹2,387.4 crores in H1 FY26
  • Revenue includes supplementary sales of approximately ₹183 crores from revisions to raw material-linked pricing in customer purchase orders
  • Gross Profit: ₹1,161.9 crores (33.8% margin) vs ₹842.4 crores (35.3% margin) in H1 FY26
  • EBITDA: ₹397.0 crores (11.5% margin) vs ₹234.0 crores (9.8% margin) in H1 FY26, representing 69.7% YoY growth
  • EBIT: ₹322.7 crores (9.4% margin) vs ₹179.2 crores (7.5% margin) in H1 FY26, representing 80.1% YoY growth
  • Profit Before Tax: ₹255.2 crores (7.4% margin) vs ₹118.5 crores (5.0% margin) in H1 FY26, representing 115.4% YoY growth
  • Profit After Tax: ₹190.3 crores (5.5% margin) vs ₹88.4 crores (3.7% margin) in H1 FY26, representing 115.3% YoY growth

Balance Sheet Position (Standalone as of September 2026)

  • Total Assets: ₹4,450.3 crores vs ₹3,816.7 crores in March 2026
  • Non-Current Assets: ₹2,118.3 crores (including Property Plant & Equipment: ₹1,877.6 crores, CWIP: ₹133.3 crores)
  • Current Assets: ₹2,332.0 crores (including Inventories: ₹1,189.7 crores, Trade Receivables: ₹914.0 crores)
  • Total Equity: ₹1,918.5 crores (Share Capital: ₹15.7 crores, Other Equity: ₹1,902.8 crores)
  • Non-Current Liabilities: ₹486.0 crores (including Borrowings: ₹294.7 crores)
  • Current Liabilities: ₹2,045.8 crores (including Borrowings: ₹616.5 crores, Trade Payables: ₹1,352.1 crores)

Cash Flow Snapshot (H1 FY27)

  • Net Profit Before Tax: ₹255 crores
  • Cash Generated from Operations: ₹175 crores
  • Net Cash from Operating Activities: ₹130 crores
  • Net Cash from Investing Activities: -₹122 crores
  • Net Cash from Financing Activities: ₹6 crores
  • Net Increase in Cash and Cash Equivalents: ₹15 crores
  • Cash & Cash Equivalents at period end: ₹21 crores

Strategic Developments

  • The board approved a proposal to set up a state-of-the-art greenfield manufacturing facility at Chhatrapati Sambhajinagar (Aurangabad), Maharashtra for manufacturing alloy wheels, steel wheels for passenger vehicles & OTR, and hot stamping line
  • Total Project Outlay: Approximately ₹1,400 crores to be spread over 60 months
  • Project subject to regulatory clearances
  • Net Capex of ₹128 crores incurred till H1 FY27 towards incremental capacity expansion, largely focused on aluminium wheels and aluminium knuckles

Business Segments (H1 FY27 Revenue Mix)

  • Steel Wheels: ₹1,927 crores (56% of revenue) including exports and scraps
  • Alloy Wheels: ₹1,439 crores (42% of revenue) including exports
  • Aluminium Knuckles: ₹74 crores (2% of revenue)

Market Share Position

  • Passenger Vehicle: Key customers include Maruti Suzuki (32% share), Hyundai (22%), Mahindra (56%), Honda (86%), MG Motors (100%), Kia (23%)
  • MHCV: Ashok Leyland (65%), TATA Motors (60%)
  • Tractor: Mahindra (56%), Sonalika (50%), Escorts (50%), JCB (65%)
  • 2-3 Wheeler: HMSI (26%), Suzuki Scooters (100%), Mahindra 3W (81%)

Strategic Partnerships

  • Tata Steel Limited holds 6.9% stake in SSWL through strategic alliance agreement since January 2008
  • Nippon Steel Corporation (formerly Sumitomo Metal Industries) holds 5.4% stake through strategic alliance agreement since December 2010

Dividend Declaration

  • Interim dividend of ₹1.50 per equity share declared for the current year

Historical Financial Performance

  • FY26 Revenue: ₹5,182.8 crores, PAT: ₹202.1 crores (3.9% margin), EPS: ₹12.86
  • FY25 Revenue: ₹4,429.0 crores, PAT: ₹210.0 crores (4.7% margin), EPS: ₹13.38
  • FY24 Revenue: ₹4,357.1 crores, PAT: ₹219.9 crores (5.0% margin), EPS: ₹14.04

Growth Drivers

  • Sales mix shift towards high margin accretive segments (alloy wheels & exports)
  • Operations optimization through robotic automated processes
  • Diversification into aluminium product portfolio
  • Industry growth: Steel wheel market expected to grow at 4% p.a., alloy wheel market at 12% p.a. over next 5 years