 "Steelbird Hi-Tech eyes 30% revenue growth this year on high domestic demand")
World's largest helmet maker Steelbird Hi-Tech India is eyeing over 30 per cent revenue growth this fiscal owing to the increased domestic demand for branded helmet and potential mandatory helmet usage regulations, the company's Managing Director Rajeev Kapur has said.
Kapur also said Steelbird has plans to launch 36 new helmet models for the premium segment at the Motor Show (EICMA) in Milan this year besides launching a super high-end model.
"At present only 30 per cent of riders wear helmets and only 10 per cent pillion riders do so. The helmet demand in the country is expected to grow manifold. Currently, 50 million helmets are being produced in the country -- 45 million branded and five million fake... These (fake) manufacturers are going to be out of business and that demand is going to come to us (branded companies)," Kapur told PTI.
He said the company sold eight million helmets in FY24 and is expecting to sell 10 million this fiscal and 15-million by March 2026.
"Last year, we saw a (revenue) growth of 27 per cent and this year we are targeting to grow over 30 per cent at Rs 1,000 crore," Kapur said.
Steelbird Hi-Tech had reportedly delivered a topline of Rs 711 crore in FY24.
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Steelbird recently announced a Rs 105 crore investment at its Baddi plant to increase the capacity to 50,000 units per day and a new manufacturing facility in South India to boost helmet production.
Steelbird has five manufacturing facilities -- four at Baddi and one in Noida.
Noting that the company's focus remains on the domestic market because of the demand potential, Kapur said the company is targeting Rs 100 crore revenue from the export market in the next two years, but added that it will not cross 10 per cent of the overall topline.
He said the Baddi plant is expected to start producing 50,000 helmets per day from September, while the South India plant, which is likely to come up at Hosur in Tamil Nadu at an investment of Rs 250 crore with an initial capacity of 20,000 helmets per day, will be up and running by FY27.
"We are going to launch 36 helmet models in the premium segment. So, we are developing a lot of products," he said.
According to Kapur, the company may see some 1,000 outlets in the next few years from 220 such exclusive facilities as part of its network expansion plans.