SSWL’s Q2 operating margin trails the sector median
The consolidated margin was 0.20 percentage points below the peer median, while other income of Rs 0.93 cr had little bearing on pre-tax profit.
Filed 23 Oct 2026, 11:58 IST · Steel Strips Wheels Ltd (SSWL)
Key takeaways
- SSWL reported consolidated net profit of Rs 116.95 cr, with an operating margin of 12.22%.
- Operating margin was 0.06 percentage points below the 12.28% median for 40 Consumer Discretionary peers that have reported.
- Other income of Rs 0.93 cr was immaterial against profit before tax of Rs 156.34 cr, so reported profit was not driven by non-operating income.
Price around the results
Operating margin is close to the peer midpoint
SSWL's consolidated operating margin was 12.22%, only 0.06 percentage points below the 12.28% median among 40 Consumer Discretionary peers that have reported. That places the company near the middle of the sector rather than at either extreme.
Profit quality was not lifted by other income
Other income contributed Rs 0.93 cr against profit before tax of Rs 156.34 cr, making it immaterial to the quarter's reported profit. Interest of Rs 35.22 cr and depreciation of Rs 45.21 cr remained the main deductions between operating profit of Rs 235.84 cr and pre-tax profit.
No sequential or year-on-year read-through yet
The quarter was filed on 23 October 2026, with consolidated revenue of Rs 1,929.92 cr and net profit of Rs 116.95 cr. There is no quarter-on-quarter, year-on-year or post-results market history in this release to establish momentum or a typical stock reaction.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,930 cr |
| Other income | ₹1 cr |
| Expenses | ₹1,694 cr |
| Operating profit | ₹236 cr |
| Operating margin (%) | 12.22% |
| Interest | ₹35 cr |
| Depreciation | ₹45 cr |
| Profit before tax | ₹156 cr |
| Tax | ₹39 cr |
| Net profit | ₹117 cr |
| EPS (₹) | ₹7.44 |
Operating margin of 12.22% compares with a Consumer Discretionary sector median of 12.28% across 40 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +14.77% | +14.10% |
Volume on the results session was 16.50× its 20-day average.
What to watch
- Whether operating margin holds at or above 12.22% in the next reported quarter.
- Whether interest remains around the Rs 35.22 cr level relative to operating profit.
- Whether other income remains immaterial relative to the Rs 156.34 cr profit before tax.