SSWL Q2 Net Profit Jumps 229% to ₹117 Cr; Board Approves ₹1,400 Cr Aurangabad Plant

Key numbers

Net Profit Qtr	₹116.95 Cr+229.3% YoY
Operating Revenue	₹1,929.9 Cr+60.8% YoY
Market Cap	₹7,371.8 CrAuto Components
Day RSI	70.8Momentum

Key highlights

• Quarterly revenue rose 60.8% YoY to ₹1,930 crore, supported by premiumization and volume growth
• Net profit soared to ₹116.95 crore, up from ₹35.5 crore in the corresponding quarter last year
• EBITDA per wheel improved significantly to ₹404, compared to ₹242 in the same period a year ago
• The Board approved a ₹1,400 crore greenfield facility in Chhatrapati Sambhajinagar (Aurangabad) for alloy and steel wheels
• Export revenue for Q2 reached ₹187 crore, a 69% YoY increase, with a full-year target raised to over ₹600 crore

Record Revenue and Segment Premiumization

Steel Strips Wheels (SSWL) achieved record-breaking top-line growth in the quarter ended September 30, 2026, with revenue climbing to ₹1,930 crore. This 61% YoY surge was primarily propelled by the alloy wheel segment, which reached near-full capacity utilization. Alloy wheels now account for approximately 45% of the total revenue mix.

The company benefitted from price revisions secured from customers to offset non-raw material input costs and reported a significant rise in EBITDA per wheel, which hit ₹404. This performance reflects a strategic shift toward high-value products and continued cost optimization across all manufacturing facilities.

Market Share Gains and Operational Highlights

• Commercial vehicle segment recorded the highest growth across all categories in Q2.
• Tractor segment market share improved from 43% to 45% during the quarter.
• Alloy wheel volumes reached 12 lakh units in Q2 and 23 lakh units for the first half of the fiscal year.
• Secured lightweight alloy wheel approvals from global OEMs including MAN, Scania, and Daimler.
• Successfully expanded market share in Europe, Latin America, and Asia through focused diversification.
• Export revenue grew 69% YoY in Q2, recovering strongly after a soft first quarter.

The ₹1,400 Crore Aurangabad Greenfield Expansion

On October 23, 2026, SSWL’s board approved the setting up of a state-of-the-art greenfield manufacturing facility at Chhatrapati Sambhajinagar, Maharashtra. The project, estimated at ₹1,400 crore, will be executed over the next 60 months and will manufacture alloy wheels and steel wheels for passenger cars and off-the-road applications. A critical component of this facility is a hot stamping line for body structural parts, a move aimed at enhancing the company's lightweighting technology moat.

Management expects this facility to be 25% more productive than existing plants, funded through a combination of debt, internal accruals, and potential strategic investments.

Strategic Moat as the Lowest-Cost Global Producer

SSWL emphasized its position as the lowest-cost producer of alloy and steel wheels globally, excluding China. The management is leveraging this cost leadership alongside high automation and artificial intelligence to drive productivity and operational excellence. The company remains on track to commission its Bhuj expansion, adding 1.2 million alloy wheels and 0.6 million knuckles by the end of 2026.

This capacity expansion is well-timed as alloy wheel penetration in India continues to rise, alongside strong demand from the electric vehicle segment. Management aims to hit export revenues between ₹1,500 crore and ₹2,000 crore within the next three years.

Management Optimism on Record Results

I am pleased to share that the second quarter of financial year 27 was the strongest quarter in the company's history with the highest ever quarterly revenue, EBITDA and PAT.

What to watch next

• Record date for interim dividend of ₹1.50 per share is October 30, 2026
• Trial runs at the Bhuj plant expansion for alloy wheels scheduled for October 2026
• Commissioning of the Bhuj plant expansion expected by December 2026
• Commercial production of aluminium knuckles to commence in Q4 FY27

“Our new facilities in Sambhaji Nagar are going to be very, very efficient, are going to be much more profitable than Mehsana or Bhuj.”

“Next year, we see a big increase in exports mainly from OEM exports of car steel wheels, car aluminium wheels, and truck wheels from the Europe.”

Steel Strips Wheels · financial snapshot

Share price	₹468.75
Market capitalisation	₹7,371.80 Cr
Revenue (annual)	₹5,182.80 Cr
Net profit (annual)	₹190.22 Cr
Revenue (latest quarter)	₹1,929.92 Cr+27.82% vs previous quarter
Net profit (latest quarter)	₹116.95 Cr+68.39% vs previous quarter
P/E (TTM)	25.09×Sector 30.59×
Promoter holding	61.21%+0.07% QoQ
FII holding	8.37%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.