Steel Strips Wheels Q2 FY25: Revenue ₹1,095 Cr

Company profile and what it makes

Steel Strips Wheels Ltd (SSWL) operates in the design, manufacture, and sale of automotive wheel rims and other auto components in India and international markets. The company has exposure across steel wheels and alloy wheel rims, with exports forming an important part of the business mix in several periods referenced in the data. The information also points to an expanding product footprint, including an aluminium knuckle segment that reported revenue linked to unit volumes. Because wheel makers are closely tied to OEM demand cycles, reported margins and per-wheel profitability metrics are often tracked alongside revenue and volumes. The latest data includes both financial results and valuation indicators, giving investors multiple lenses to assess performance.

Share price snapshots mentioned in the data

Multiple share price reference points are provided across different time stamps and contexts. One table lists a current share price of ₹232.10. Another line notes the stock moved up 3.34% from a previous close of ₹222.03, with a last traded price of ₹229.43. A separate Q&A-style snippet states the share price was ₹226.89 as on 28 Oct, 2025 at 09:28 AM IST. Since the inputs include different dates and market moments, these numbers should be read as snapshots rather than a single consolidated closing price.

Valuation indicators versus the broader market

The data highlights that SSWL’s price-to-earnings (P/E) ratio is 19.2x, which is below the Indian market level of 24x. It also states that earnings are forecast to grow at 23.73% per year. Alongside this, the stock is described as “trading at good value compared to peers and industry,” though no peer set or valuation band is provided in the text. Additional valuation and return ratios are listed as P/BV of 2.01, 1.81, and 1.60 across periods, with RoE shown at 11.0%, 12.0%, and 13.0%. The same dataset also carries a “BUY rating” reference, presented as a recommendation statement.

Q2 FY25 performance: revenue, EBITDA, and PAT

For the second quarter of FY25, SSWL reported revenue of ₹1,095 crore, described as in line with expectations. This represented a 3% year-on-year decline but a 7% quarter-on-quarter increase. EBITDA for the quarter stood at ₹119 crore, also described as in line, down 4% year-on-year but up 6% quarter-on-quarter. The EBITDA margin was reported at 10.9%, down 8 basis points year-on-year and up 13 basis points quarter-on-quarter. The narrative attributes the quarter’s performance to gross margin expansion that was partly offset by higher other expenses. Consolidated PAT for the period was ₹40.6 crore, down 12% year-on-year but up 13% quarter-on-quarter.

Profit trend signals across other reported periods

The inputs include several net profit figures that appear to refer to different quarters and reporting formats. One line states that net profit jumped 0.31% year-on-year to ₹60.85 crore in Q4 2025-2026, and that net profit rose 30.55% on a quarterly growth basis versus the prior three months. Elsewhere, a separate set of figures states net profit stood at ₹47.24 crore, down 22.12% quarter-on-quarter from ₹60.66 crore, while showing 15.76% year-on-year growth. Operating profit is also reported at ₹29.63 crore, down 2.82% quarter-on-quarter from ₹30.49 crore and down 8.75% year-on-year. PBDT is listed at ₹46.31 crore, up 2.96% quarter-on-quarter from ₹44.98 crore, while profit before tax is shown at ₹61.12 crore, down 21.67% quarter-on-quarter from ₹78.03 crore.

Margin profile: what the series suggests

A table in the input lists operating profit margin percentages as 10.96%, 10.50%, 10.28%, 11.02%, 10.89%, 10.95%, 10.87%, 10.24%, 9.28%, 9.65%, and 10.16% across unspecified periods. In addition, margin ratios are provided with multiple columns (period labels not stated), including core EBITDA margin, EBIT margin, pre-tax margin, PAT margin, and cash profit margin. The spread between EBITDA-level margins and PAT margins in the table indicates the impact of depreciation, interest, and taxes across periods. These margins matter for wheel makers because input costs like steel and aluminium can move rapidly, and expense lines such as spares, consumables, and maintenance can change with plant utilisation.

Exports, mix shift, and per-wheel profitability

The inputs contain several operational metrics and mix indicators. Export revenue is described as rising 30% year-on-year from ₹123 crore to ₹160 crore in one set of figures. Another management-style transcript indicates Q1 FY25 export revenue of ₹123 crore versus ₹154 crore in Q1 FY24, including ₹15 crore from alloy business for that quarter. The same transcript mentions a revenue mix of 29% from alloy wheel rim and 71% from steel wheel rim. Alloy wheel sales volume is stated to have increased 1% year-on-year to 7.25 lakh wheels, while steel wheel rim sale volume is described as flat year-on-year at 38.67 lakh wheels. EBITDA per wheel is reported at ₹256 per wheel for Q2 FY25 versus ₹251 in Q2 FY24 and ₹257 in Q1 FY25.

Revenue scale references and the annual base

For 2024, SSWL’s revenue is listed as 44.29 billion, up 1.65% from 43.57 billion in the previous year. Converting these figures into a consistent India-focused unit, this equates to ₹4,429 crore in 2024 versus ₹4,357 crore a year earlier. A separate line states the company experienced a 15% rise in revenue year-on-year and a 15% increase in gross profit, though the period is not specified in the text. The same section notes a minor EBITDA margin decrease due to rising raw material costs and higher spending on spare parts, consumables, and maintenance.

Debt references and balance sheet updates

Debt reduction is referenced with more than one reported figure. One line states total debt reduced to ₹926 crore, down from a higher level in Q4 FY24 (the exact prior number is unclear in the text). Another transcript states overall debt stood at ₹965 crore versus ₹1,047 crore in Q4 FY24, implying a reduction of about ₹82 crore during the past quarter. While these may refer to different consolidation scopes or dates, both point to a lower debt number versus the prior referenced period. For a manufacturing business, changes in debt levels can influence interest cost and, in turn, the gap between operating performance and net profit.

Key reported metrics at a glance

Margin ratios table (as reported)

Market impact and why investors track these line items

From the market data included, the stock’s short-term move is referenced as a 3.34% rise from a previous close of ₹222.03, with a last traded price of ₹229.43. On fundamentals, the key debate points in the text are revenue stability, the ability to protect margins amid raw material costs, and export performance variability. The per-wheel EBITDA metric is important because it captures both pricing and cost control in a single operational indicator. The P/E comparison (19.2x versus 24x for the Indian market) is positioned as supportive for valuation, while the forecast earnings growth figure of 23.73% per year frames expectations. At the same time, the presence of multiple profit figures across different periods suggests investors should map each number to the correct quarter and consolidation scope before drawing conclusions.

Conclusion

SSWL’s reported Q2 FY25 numbers show revenue of ₹1,095 crore, EBITDA of ₹119 crore, and a 10.9% EBITDA margin, alongside a PAT of ₹40.6 crore. The broader dataset also points to changing export performance, a stated FY25 export guidance band of ₹675-₹700 crore, and reported reductions in debt in some periods. Valuation markers such as a 19.2x P/E versus the Indian market’s 24x, and the stated 23.73% annual earnings growth forecast, set the context for how the market may be framing the stock. Going forward, investors will likely track updates on exports, per-wheel profitability, and how margins behave against raw material and operating cost pressures as future results are released.