One stock is bucking the trend in a weak market with a 20% jump after its Q2 results

Shares of Steel Strips Wheels Ltd.

surged nearly 20%, surging to a fresh 52-week high of ₹467.70 on Friday, October 23, after the company reported a strong September quarter earnings performance. The stock is bucking the trend at a time when the Midcap and Smallcap indices have declined between 3% to 4%.

The company’s net profit more than tripled year-on-year to ₹117 crore in the second quarter of financial year 2026-27, compared with ₹35.5 crore in the corresponding period last year.

Revenue from operations rose 60.8% year-on-year to ₹1,930 crore, against ₹1,200.6 crore a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to ₹236 crore from ₹111.6 crore in the year-ago quarter. The EBITDA margin expanded to 12.2% from 9.3%, indicating an improvement in operating profitability.

Interim dividend declared

The company’s board declared an interim dividend of ₹1.50 per equity share of face value ₹1 each. November 21, 2026, has been fixed as the record date to determine shareholders eligible for the dividend.

The board also approved the establishment of a state-of-the-art greenfield manufacturing facility at Chhatrapati Sambhajinagar, Maharashtra, for manufacturing alloy wheels, steel wheels for passenger vehicles and tractor applications, subject to requisite approvals and clearances. The estimated project cost is ₹1,400 crore, with the facility planned to have an annual capacity of 60 million units.

Steel Strips Wheels also approved the renewal of its lease agreement with AMW Autocomponent Limited for a period of up to five years, starting November 26, 2026, on the same terms and conditions as previously approved.



Having surged as much as 20% to hit an intraday high of ₹453.1, shares of Steel Strips Wheels are trading 16% higher on Friday at ₹453.1. The stock has more than doubled in value this year, having gained 116% so far in 2026.