Steel Strips Wheels Ltd
Steel Strips Wheels Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Volume growth expected to be modest at 2-3% for the current year due to export challenges, down from an anticipated 5-6% at the start (Page 7). Management anticipates a steady volume growth of about 2-3% for the full year FY '26, down from an earlier expected 5-6%, mainly due to export uncertainties and U.S.
From Steel Strips Wheels Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Volume growth expected to be modest at 2-3% for the current year due to export challenges, down from an anticipated 5-6% at the start (Page 7).
- Domestic market shows positive trends with growth in two-wheelers, passenger vehicles (8-10%), and tractors (8-10%) (Page 10). Commercial vehicles (CV) expected to be flat to +2% (Page 10).
- Export growth under pressure due to US tariffs; around INR50 crores quarterly U.S. revenues lost leading to margin impact (Page 14).
- European export share rising from 32% to 52%, expected to provide some growth offset (Page 9). New programs with European OEMs underway (Page 9).
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Profitability & Margins
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Capital Expenditure Plans
- Planned total capex for FY '26 is around INR250 crores, with INR115 crores already spent in H1 FY '26.
- Major focus on knuckle plant expansion from 0.3 million to 0.5 million capacity, costing approximately INR130 crores.
- Additional knuckle capacity of 0.5 million under discussion, expected operational by Sept/Oct 2026.
- Alloy wheel capacity to expand from 4.2 million to 5 million; overall capacity aimed to reach 5 million wheels.
- INR88-90 crores capex for adding 1 million flow formed wheels within the 5 million capacity to enhance capability (not capacity).
- INR30 crores planned for paint shop facility upgrades to meet new tinted wheel demand.
- Future capitalizations expected around INR300-350 crores by March 2026.
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Top-ranked in Auto Components
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- The knuckle segment had a revenue of approximately INR33 crores in H1 FY '26.
- For H2 FY '26, an additional INR38 crores to INR40 crores revenue from knuckles is anticipated.
- Total revenue for knuckles in FY '26 is expected around INR75 crores to INR80 crores.
- Four programs are currently running for knuckles; two more programs are yet to start.
- For next financial year, the knuckle capacity (0.5 million units) is expected to be fully sold out, generating around INR100 crores to INR115 crores revenue.
- Capacity addition discussions ongoing with customers to add another INR15 crores to INR20 crores revenue starting from Sept/Oct 2026 over 4-5 months.
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Steel Strips Wheels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹1.3K Cr, net profit ₹49 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Steel Str. Wheel's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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Frequently Asked Questions
What were Steel Strips Wheels Ltd Q2 FY26 results?
Volume growth expected to be modest at 2-3% for the current year due to export challenges, down from an anticipated 5-6% at the start (Page 7). Management anticipates a steady volume growth of about 2-3% for the full year FY '26, down from an earlier expected 5-6%, mainly due to export uncertainties and U.S.
What is Steel Strips Wheels Ltd share price analysis?
Steel Strips Wheels Ltd currently shows a neutral. The stock trades at a P/E of 22.5 with a market cap of ₹5,032 Cr. Investors should review the full earnings analysis for detailed insights.
Is Steel Strips Wheels Ltd planning capital expenditure?
Planned total capex for FY '26 is around INR250 crores, with INR115 crores already spent in H1 FY '26.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.