- **Precision Wires India Ltd is an Industry Leader in winding wires** - the insulated copper wire wound into coils inside every motor, transformer, and generator. Founded in 1989 by the Mehta family and built over three decades around this single product, the company has become the preferred supplier to major equipment manufacturers by following one consistent rule: never speculate on copper. It buys the metal only after receiving a customer’s order at a locked-in price, earning a processing fee rather than betting on commodity swings - a risk-averse approach that explains everything from its customer loyalty to its steady expansion. # Business segments A single engine - copper winding wire - sold to original equipment manufacturers across auto, power, and consumer durables, with a small dealer channel and a backward-integration push into making its own raw material. ## 1. Copper winding wire: the conductor inside every motor and transformer **The company earns a manufacturing margin on every kilogram of copper wire it sells, insulating itself from metal-price risk by buying raw material only against confirmed orders.** - **Back-to-back buying eliminates copper risk** - when a customer places an order, the company immediately purchases the equivalent copper wire rod at the same LME price basis, so the sale price is simply the copper cost plus a conversion margin; copper price swings belong to the customer, not the company. - **One product, many shapes and coatings** - the range spans round and rectangular enamelled wire, Continuously Transposed Conductor (CTC) for large power transformers, and paper-, mica- or Nomex-insulated conductors, all meeting international standards like IEC, NEMA and DIN. - **OEM relationships built over decades** - the company supplies original equipment manufacturers in auto-electricals, power equipment, consumer durables, and refrigeration, describing itself as the “preferred choice for demanding customers” in an industry where long-term trust matters more than price. - **A small dealer channel for the replacement market** - less than a tenth of sales go through depots and dealers to smaller consumers and the retail trade, the only part of the business not covered by back-to-back hedging. - **Export reach across 25 countries** - about 12% of net revenue came from international sales in FY25, serving customers in markets from the Middle East to Europe, with an executive director who previously developed Vedanta’s copper market in China leading overseas business development. ## 2. Backward integration: making its own copper rod and cathode **The company is building the capacity to turn scrap and cathodes into copper rod for its own factories, reducing dependence on a concentrated domestic supply base.** - **From wire back to rod** - commercial production of copper wire rod began at the Valvada plant in Valsad, Gujarat before the end of FY25, with BIS certification received in March 2026 and the entire output earmarked for captive consumption in its winding-wire plants. - **A cathode refinery under construction** - a Rs. 188 crore project at Village Zaroli, Gujarat will recycle copper waste and scrap and refine copper into cathodes of over 99.99% purity, with production expected from FY 2026-27 onward, feeding directly into the company’s own rod manufacturing. - **Why it matters: two domestic suppliers, one shut** - India’s principal copper cathode producers are Hindalco (Birla Copper) and Vedanta, whose Tuticorin smelter has remained closed for years; a third player, Kutch Copper (Adani), was only beginning production in FY 2025-26, so captive supply hedges against a tight domestic market. # Group structure and partners **A standalone, promoter-led company with no subsidiaries, no joint ventures, and no associates - the entire business sits inside one listed entity.** - The Mehta family promoters hold 58% of the shares, with the Chairman and Vice Chairman both founders actively involved in daily operations - one overseeing engineering and varnish, the other procurement and hedging. - Two non-promoter investors - Four Dimension Securities and Singularity Holdings - took a 3% stake via a preferential allotment in March 2023 at Rs. 73.41 per share. - The company has a single reportable business segment, four manufacturing plants (Silvassa and Palej), five offices including depots, and no international locations - everything is run from the Mumbai headquarters.