The road to Rs 1,000 crore: How Steelbird built one of India’s biggest helmet brands

Sixty-six-year-old Jagjivan Sharma still vividly recalls the horrific accident he met with in Delhi in his twenties. A cyclist abruptly veered in front of his scooter, compelling him to apply the brakes suddenly. The two-wheeler skidded, dragging Sharma for several metres across the road as he struggled to regain control. “My life was saved, thanks to the Steelbird helmet I was wearing at that time,” Sharma recalls. “I fell with the helmet, which saved me from any serious head injury, even though I had a shoulder dislocation which took time to heal.” More than 40 years later, Sharma says he has kept the same helmet through the years. “Even today, I have the same helmet which I use,” he says.

Sharma had a lucky escape. Not everyone on the road shares the same fortune. In 2025, India witnessed 5.13 lakh road accidents, with 21 deaths every hour, as per government data, cited by Road Transport and Highways Minister Nitin Gadkari in the Lok Sabha. Two-wheelers accounted for 44.5% of all road accident deaths in the country, highlighting their extreme vulnerability. According to the World Health Organisation (WHO), proper helmet use can reduce the likelihood of death in a crash by over six times and the risk of brain injury by up to 74%.

Helmet usage became compulsory in India in 1989—the same year 17-year-old Rajeev Kapur, now MD of Steelbird Hi-Tech India Limited, one of the country’s largest helmet brands, joined the family business. The mandate triggered a sharp rise in demand, he reminisces. “We used to make 3000 helmets at that time. But suddenly the demand spiked, and production went up to 11,000 helmets in the same factory. We then set up an additional factory, and another 11,000 helmets were manufactured, which took up the total count to 22,000 back then.”


Founded in 1964, Steelbird Hi-Tech India Limited ventured into an uncharted territory of the auto accessory business with the production of helmets, initiated by Subash Kapur, the father of Rajeev Kapur. Over the years, the company started manufacturing helmets across various segments—open face, full face, flip-up, flip-off, and the like. These Steelbird helmets replaced the heavy, hot, and uncomfortable options available in the market, offering a lightweight and comfortable alternative.

Currently, Steelbird holds a 33% share in India’s organised helmet industry, which sells nearly 30 million helmets annually. “Helmets are no longer just safety equipment—they are also fashion products. We now have around 35,000 SKUs, with different colours, graphics, visor options, and styles,” Kapur says.

Other key organised players include Studds, Vega, SMK, Axor, MT Helmets, LS2 and Royal Enfield helmets.

Buckle King
In 1994, the company entered into a technical collaboration with BIEFFE, a leading global helmet manufacturer at that time. Kapur recalls that they were amazed to see the quality of Steelbird’s helmets. “But then they looked at our buckles and asked for the price. We quoted a price that was three times higher than the prevailing rate, thinking that they wouldn’t place an order. Instead, they placed an order for one million pieces annually,” he says.

For Steelbird, the next challenge was to fulfil the order. Kapur soon realised that the company lacked the necessary infrastructure and manpower to produce that kind of volume. “So, we put up our own buckle plant and started exporting buckles in 2000. Sadly, BIEFFE founder Daniele Bizzarri passed away in the same year. We had to close the buckle factory at that time. For potential opportunities, I toured Europe for 45 days and visited each and every helmet manufacturer. No one had any trust in India’s quality standards in those days,” he recounts.

Finally, the breakthrough came. Italian motorcycle helmet manufacturer AGV placed an order for half a million pieces of buckles with Steelbird. At one point, the company was making buckles for almost the entire helmet industry. And Kapur was dubbed as the ‘Buckle King’ (refers to the major supplier of motorcycle helmet hardware components) of the world.

Opportunity from Adversity
In 2002, Steelbird signed agreements with Italian helmet manufacturers GP-1 and Nava to export 7.5 lakh helmets meeting European safety standards. “At that time, I had taken a loan of Rs 23 crore, and it took us two years to make our factory come on par and get trained on European standards. But the day we had to export the first helmet, disaster struck,” Kapur recalls, reflecting on the uncertainty and chaos that followed.

A massive fire broke out at the Steelbird factory in 2002. The company was underinsured, which added to their misery. “The insurance was based on the depreciated value of the assets rather than the reinstatement value. As a result, we suffered enormous financial losses. I went to the bank and took another loan of Rs 1.5 crore. We restarted work to meet our export obligations,” he says.

The company hit another setback in 2005 when GP-1 and Nava, two of Steelbird’s major export customers, declared bankruptcy.

It was a huge shock to the company, and Kapur almost decided not to make helmets again, though he continued to manufacture components like chin straps, buckles, and visors—a business that had a turnover of Rs 6 crore during that time. “I started supplying components to helmet manufacturers worldwide and travelled across the world for tours and exhibitions. Within five years, we developed nearly 400 different helmet components for the global helmet industry. We scaled up to Rs 45 crore in revenues,” he says.

For Steelbird, the turning point came in 2012. Taurus Helmets, one of their biggest customers in Brazil, changed its CEO that year. “I understood that things would change now. Moreover, all European brands were shifting their manufacturing processes to China. Nearly 50% of our component turnover came from this customer, which now seemed difficult to achieve. So, in 2012, we went back to making helmets,” he avers.

Back then, the company used to produce 5,000 helmets per month and approximately 70,000 helmets annually. Kapur says Steelbird is on course to manufacture around 12 million helmets this year. By 2032, the company aims to produce 25 million helmets annually through capacity expansion, new manufacturing facilities, product innovation, and a stronger distribution network.

Steelbird’s range starts at around Rs 899 and goes up to Rs 15,000 for the premium range of helmets. “The industry’s average selling price (ASP) is also steadily increasing. A decade ago, our flagship helmet sold for under Rs 1,000. Over the last two years, our flagship product has been priced at around Rs 2,000,” Kapur rationalises.

Premium helmets contribute over 5% to Steelbird’s revenue, which the company aims to increase to 30% by 2032. “Next year, we expect to generate nearly Rs 200 crore in revenues from helmets priced above Rs 5,000,” he says.

In FY26, the company’s revenue increased to Rs 869 crore from Rs 789 crore in FY25, while EBITDA rose to Rs 135 crore from Rs 110 crore during this period (see chart). For FY 27, it is targeting Rs 1,000 crore in revenue, as per the company.

The company has six manufacturing plants in Baddi and three in Noida. The company is setting up another unit in Baddi to cater to the evolving customer demand. According to Kapur, helmet manufacturing today is nothing like what it once was. “We have smart helmets, air-ventilated helmets, helmets with air-duct technology for improved airflow, Bluetooth-enabled helmets, helmets with integrated lights, and many other advanced features. Innovation is continuous,” he explains.

Over the years, the company has faced many challenges, but Kapur believes Steelbird’s biggest competitive advantage has always been its people. “Without loyalty, experience, and people who have worked through all the teething problems, it becomes impossible to sustain innovation and such a business. Today we launch over 10 new helmet models every year, while most companies struggle to launch even one or two. The biggest difference is our people,” he says.

Interestingly, there is no retirement age at Steelbird, and the company reports negligible employee attrition, says Kapur. “We don’t ask anyone to leave as long as they can work with us. A business can grow sustainably only when every stakeholder grows with it.”

Road ahead
India has over 210 million registered two-wheelers with annual sales exceeding 21 million units. “This translates into a helmet market estimated at around 50 million units annually, making India one of the largest helmet markets globally by volume. While helmet adoption and road safety awareness have historically lagged developed markets, regulatory enforcement, consumer awareness, and premiumisation are steadily improving, creating long-term growth opportunities,” says Anurag Singh, Managing Director, Primus Partners.

While there is growth potential, Singh says the market is highly competitive, with the top five organised players accounting for more than 75% of the market.

Kapur says the road ahead will be far less bumpy if the government strictly enforces the Motor Vehicles Act and ensures that both riders on a motorcycle wear two certified helmets. “If India strictly enforces the law requiring certified helmets for every rider and pillion passenger, the market could expand by another 12 crore helmets. That alone would transform the industry. The industry will also grow because consumers are becoming more safety-conscious, just as they have become more health-conscious over the years.”

While the industry evolves towards premiumisation, Steelbird emphasises its commitment to safety and adoption. The company designs its helmets using high-impact materials that comply with prescribed safety standards. For Kapur, the business is ultimately guided by a primary objective. “Our mission is simple,” he says. “No one should die while wearing our helmet.”