NSE:RAJRATAN Research Reports - SOIC x StockScans

Rajratan Global Wire Ltd is a specialised manufacturer of tyre bead wire - the high-tensile steel ring inside every tyre that locks it to the wheel rim and stops it from deforming under load - a component so safety-critical that car makers rank it among the top quarter of vehicle safety criteria. Founded in 1989 by the Chordia family in Indore and originally producing wire for pre-stressed concrete, the company pivoted decisively in 1995 to bead wire, later absorbing German technology through a joint venture with Gustav Wolf Group before the promoters bought out the partner in 2004 and set their sights on global markets. Everything the company has done since - expanding into Thailand, building a greenfield plant in Chennai, and now edging into wire ropes - runs on a single recurring philosophy management calls “frugal engineering”: achieving more with less to sustain one of the lowest manufacturing cost structures in the global bead wire industry.

Business segments

Three engines built on the same steel-drawing backbone - a global bead-wire franchise that supplies virtually every major tyre maker, a smaller black-wire business feeding construction and engineering customers, and an emerging wire-rope adjacency under construction - each step adding more value to the same high-carbon steel rod.

1. Tyre bead wire: the safety ring inside every tyre

Rajratan is the largest bead-wire maker in India, the only one in Thailand, and among the top five outside China - an oligopolistic business where customers take two to three years to qualify a supplier and almost never leave once they do.

Safety-critical, not a commodity - bead wire accounts for only a small fraction of a tyre’s cost but its failure can cause catastrophic tyre detachment, so tyre makers treat it as a top-quartile safety item and are intensely reluctant to switch approved suppliers.
Two-to-three-year qualification moat - before a bead-wire maker can sell a single kilogram, it must survive years of testing, validation and process integration at the customer’s plant, which means new competitors cannot easily enter and incumbents enjoy high switching costs.
Eighty-five percent of revenue from five-year-plus relationships - the company’s customer stickiness is not theoretical; in FY26, 85% of its revenues came from customers it has served for at least five years, and some relationships that began with only a few months of supply are evolving into year-round engagements.
Pass-through pricing with a conversion margin - Rajratan earns revenue on a per-tonne basis under a model where raw-material costs are passed through to the customer and the company keeps a conversion margin for the drawing, coating and finishing work, insulating it from steel-price swings.
Frugal engineering keeps costs lowest - activity-based costing and a culture of extracting more from every rupee of capital spend have given the company one of the lowest manufacturing cost structures in the bead-wire industry, reinforced by rising procurement volumes that strengthen supplier partnerships.

2. High-carbon steel wire (black wire): the versatile workhorse

A secondary product line that draws the same high-carbon steel rod into wire for automotive springs, construction reinforcement and overhead power cables - smaller than bead wire but a platform for the company’s next adjacency.

Two grades, many uses - the company produces spring/rope-grade wire and rolling-quality wire, plus Aluminium Conductor Steel Reinforced (ACSR) wire for which it has developed patented products and won export approvals.
Made on shared infrastructure - black wire is produced at the Pithampur facility, which has a total capacity of 72,000 tonnes per annum of which 60,000 tonnes is dedicated to bead wire and the balance to black wire and other wires, so the fixed costs are largely shared.
Stepping stone to higher value - the company is deliberately advancing black-wire products toward more profitable forms, specifically wire ropes and steel cord for conveyor belts, turning what was once a filler product into a strategic bridge.

3. Wire ropes: the emerging third engine

A forward integration from black wire into twisted steel ropes for lifting and hoisting - under construction at Pithampur with European equipment and new technical talent.

Bought a European plant at a discount - rather than build from scratch, the company acquired a quality wire-rope manufacturing plant from Europe at a competitive cost and invested in R&D capabilities and technical talent with wire-rope expertise.
Initial capacity of 8,000 tonnes per annum - an investment of Rs.700 lakhs has been made at the Pithampur facility to manufacture wire ropes, with earlier filings indicating a larger planned investment of approximately Rs.5,000 lakhs for 10,000 tonnes per annum.
Serves construction, mining, marine and oil and gas - wire ropes are used wherever heavy loads need lifting, hoisting or supporting, opening a customer base far beyond the tyre industry that has been the company’s sole focus for three decades.

Manufacturing infrastructure

Three plants in two countries - a 72,000-tonne mother plant in central India, a 60,000-tonne greenfield plant near Chennai port, and a 60,000-tonne sole-supplier plant in Thailand - together giving the company 1,92,000 tonnes of installed capacity and the ability to serve customers across continents from whichever base offers the best logistics cost.

Chennai: built to unlock South India and exports - commissioned in FY24 as the largest capacity addition in company history, the plant sits 45-50 km from a seaport and within a 300-km radius of ten tyre factories that account for roughly 65% of India’s tyre production; it reached operational break-even and turned profitable within 12 months.
Thailand: the only local bead-wire supplier - the Ratchaburi plant is the sole bead-wire manufacturing facility in the country, commanding 30-35% of the domestic market, sourcing roughly 85% of its raw material from recycled steel, and achieving 91% capacity utilisation in the second quarter of FY26.
Zero Liquid Discharge at both new plants - the Chennai facility treats approximately 1.7 lakh litres of wastewater per day and reuses it entirely, while the Thailand plant also operates a ZLD system, reflecting a deliberate environmental design choice from the ground up.

Technology and R&D

A dedicated in-house R&D centre with electron-microscope capability, a proprietary digital factory platform, and Total Productive Maintenance practices recognised with a Japanese excellence award - all aimed at making bead wire that customers never reject.

Product acceptance rate of 99.82% - out of 1,20,763 tonnes of bead wire produced in FY26, nearly all of it passed customer inspection, a direct result of closed-loop inspection technology and real-time machine data loggers.
In-house tyre shop validates performance - the Rajratan Excellence Centre at Pithampur includes an advanced tyre shop where bead wire can be tested under simulated operating conditions, and a Scanning Electron Microscope examines surface morphology at the elemental level - some of this equipment is among the first of its kind in India for bead-wire evaluation.
ConnectFacts digital operating system - eight integrated applications form a proprietary shop-floor platform that captures real-time data from machine loggers, integrates closed-loop inspection, and has made processes nearly paperless.
TPM Excellence Award from Japan - the company has embedded Total Productive Maintenance across operations, doubled Mean Time Between Failures, cut customer complaints by 20%, and raised the average number of worker-led Kaizens from 0.1 to 0.7 per person per month.

Go-to-market and global footprint

A B2B model selling directly to tyre manufacturers as an approved supplier, with non-India revenues now at 55% of the total - up from 39% five years ago - driven by a China-plus-one sourcing shift and a deliberate move from a pure value focus to a volume-value strategy.

Approved in one plant, eligible for all - many global tyre makers operate factories across India, Southeast Asia, Europe and the Americas; once Rajratan qualifies as a supplier at one location, the approval opens doors across the customer’s entire manufacturing footprint.
Sells to over 20 countries - export destinations include the Czech Republic, Italy, the United States, South Korea, the UAE, Bangladesh and multiple Southeast Asian nations, with the Chennai and Thailand plants’ proximity to ports cutting logistics time and cost.
US subsidiary and global marketing team - a wholly owned subsidiary established in FY 23-24 has already generated a sales breakthrough with a prominent multinational customer, while the senior marketing team is being reshaped from an all-Indian profile to a global one with recruits in Asia, Europe and the Americas.
Stocks inventory for customers at no extra cost - the company holds a sizeable portion of finished inventory on behalf of customers, including in Thailand where it stocks goods without billing, absorbing the carrying cost to strengthen the customer relationship.

Group structure and partners

A family-promoted listed parent with two operating subsidiaries - one in Thailand that contributes roughly a third of consolidated profit, and a young US marketing arm - plus a small captive-power investment.

Promoters hold 65.20% - the Chordia family, led by Chairman and Managing Director Sunil Chordia and CEO Yashovardhan Chordia, retains majority control of the listed Indian parent, which operates the Pithampur and Chennai plants.
Rajratan Thai Wire is wholly owned and operationally material - the Thailand subsidiary, incorporated in 2006, runs the 60,000-tonne Ratchaburi plant and accounted for around 31% of consolidated EBITDA in FY26.
US subsidiary for market access - Rajratan Wire USA Inc. was established in 2024 with an initial capital infusion of USD 50,000 to market finished goods and facilitate imports, and has already secured a sales breakthrough.
Captive renewable-energy stake - in November 2025 the company invested Rs.1.44 crores for a 9.43% stake in Lilac Ecoenergy Private Limited, securing captive power generation to meet regulatory requirements and support its net-zero ambitions.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	214	233	240	220	245	218	251	247	294	302	314	318
Growth YoY Revenue Growth YoY%	-4.5	16.4	9.2	8.0	14.5	-6.2	5.0	12.0	19.9	38.1	25.0	29.1
Expenses ExpensesCr	180	198	205	191	207	192	218	216	254	261	286	277
Operating Profit Operating ProfitCr	34	34	34	30	38	26	33	31	40	40	29	42
OPM OPM%	15.8	14.7	14.4	13.4	15.4	12.0	13.3	12.6	13.6	13.4	9.1	13.1
Other Income Other IncomeCr	1	0	1	1	0	0	1	1	1	1	3	3
Interest Expense Interest ExpenseCr	5	5	4	5	8	8	7	7	8	7	6	7
Depreciation DepreciationCr	4	5	5	5	6	6	6	7	7	7	8	8
PBT PBTCr	26	24	26	20	25	12	20	18	27	27	18	30
Tax TaxCr	6	5	6	5	6	3	5	4	6	6	2	7
PAT PATCr	19	20	20	15	19	9	15	14	21	21	15	23
Growth YoY PAT Growth YoY%	-16.4	-10.6	-0.1	22.6	-2.2	-52.7	-24.9	-11.3	7.9	122.2	1.5	69.8
NPM NPM%	9.1	8.5	8.4	6.9	7.8	4.3	6.0	5.5	7.0	6.9	4.9	7.2
EPS EPS₹	3.8	3.9	4.0	3.0	3.8	1.8	3.0	2.7	4.0	4.1	3.0	4.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

214

233

240

220

245

218

251

247

294

302

314

318

Growth YoY

Revenue Growth YoY%

-4.5

16.4

9.2

8.0

14.5

-6.2

5.0

12.0

19.9

38.1

25.0

29.1

Expenses

ExpensesCr

180

198

205

191

207

192

218

216

254

261

286

277

Operating Profit

Operating ProfitCr

OPM

OPM%

15.8

14.7

14.4

13.4

15.4

12.0

13.3

12.6

13.6

13.4

9.1

13.1

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-16.4

-10.6

-0.1

22.6

-2.2

-52.7

-24.9

-11.3

7.9

122.2

1.5

69.8

NPM

NPM%

9.1

8.5

8.4

6.9

7.8

4.3

6.0

5.5

7.0

6.9

4.9

7.2

EPS

EPS₹

3.8

3.9

4.0

3.0

3.8

1.8

3.0

2.7

4.0

4.1

3.0

4.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	214	233	240	220	245	218	251	247	294	302	314	318
Growth YoY Revenue Growth YoY%	-4.5	16.4	9.2	8.0	14.5	-6.2	5.0	12.0	19.9	38.1	25.0	29.1
Expenses ExpensesCr	180	198	205	191	207	192	218	216	254	261	286	277
Operating Profit Operating ProfitCr	34	34	34	30	38	26	33	31	40	40	29	42
OPM OPM%	15.8	14.7	14.4	13.4	15.4	12.0	13.3	12.6	13.6	13.4	9.1	13.1
Other Income Other IncomeCr	1	0	1	1	0	0	1	1	1	1	3	3
Interest Expense Interest ExpenseCr	5	5	4	5	8	8	7	7	8	7	6	7
Depreciation DepreciationCr	4	5	5	5	6	6	6	7	7	7	8	8
PBT PBTCr	26	24	26	20	25	12	20	18	27	27	18	30
Tax TaxCr	6	5	6	5	6	3	5	4	6	6	2	7
PAT PATCr	19	20	20	15	19	9	15	14	21	21	15	23
Growth YoY PAT Growth YoY%	-16.4	-10.6	-0.1	22.6	-2.2	-52.7	-24.9	-11.3	7.9	122.2	1.5	69.8
NPM NPM%	9.1	8.5	8.4	6.9	7.8	4.3	6.0	5.5	7.0	6.9	4.9	7.2
EPS EPS₹	3.8	3.9	4.0	3.0	3.8	1.8	3.0	2.7	4.0	4.1	3.0	4.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

214

233

240

220

245

218

251

247

294

302

314

318

Growth YoY

Revenue Growth YoY%

-4.5

16.4

9.2

8.0

14.5

-6.2

5.0

12.0

19.9

38.1

25.0

29.1

Expenses

ExpensesCr

180

198

205

191

207

192

218

216

254

261

286

277

Operating Profit

Operating ProfitCr

OPM

OPM%

15.8

14.7

14.4

13.4

15.4

12.0

13.3

12.6

13.6

13.4

9.1

13.1

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-16.4

-10.6

-0.1

22.6

-2.2

-52.7

-24.9

-11.3

7.9

122.2

1.5

69.8

NPM

NPM%

9.1

8.5

8.4

6.9

7.8

4.3

6.0

5.5

7.0

6.9

4.9

7.2

EPS

EPS₹

3.8

3.9

4.0

3.0

3.8

1.8

3.0

2.7

4.0

4.1

3.0

4.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	283	283	345	493	480	547	893	895	890	935	1,157	1,228
Growth Revenue Growth%	3.4	0.2	21.6	43.0	-2.6	13.8	63.4	0.3	-0.6	5.0	23.7	27.7
Expenses ExpensesCr	241	242	311	440	412	454	711	733	763	808	1,017	1,078
Operating Profit Operating ProfitCr	42	41	33	52	68	92	182	162	128	127	140	151
OPM OPM%	14.8	14.5	9.7	10.6	14.2	16.9	20.3	18.1	14.3	13.6	12.1	12.3
Other Income Other IncomeCr	1	2	7	2	1	2	2	3	3	2	6	8
Interest Expense Interest ExpenseCr	15	11	9	11	13	13	15	17	20	28	28	29
Depreciation DepreciationCr	7	7	8	9	12	14	16	18	18	23	28	29
PBT PBTCr	21	25	23	34	44	66	153	130	94	77	89	101
Tax TaxCr	5	7	6	7	11	13	28	30	22	19	19	22
PAT PATCr	16	19	17	27	33	53	124	100	72	59	70	80
Growth PAT Growth%	848.4	16.1	-9.6	56.3	23.7	60.8	134.0	-19.5	-28.3	-18.1	19.3	39.5
NPM NPM%	5.8	6.7	5.0	5.4	6.9	9.7	13.9	11.2	8.1	6.3	6.1	6.5
EPS EPS₹	3.2	3.7	3.4	2.3	6.5	10.5	24.5	19.7	14.2	11.6	13.8	15.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

283

345

493

480

547

893

895

890

935

1,157

1,228

Growth

Revenue Growth%

3.4

0.2

21.6

43.0

-2.6

13.8

63.4

0.3

-0.6

5.0

23.7

27.7

Expenses

ExpensesCr

241

242

311

440

412

454

711

733

763

808

1,017

1,078

Operating Profit

Operating ProfitCr

182

162

128

127

140

151

OPM

OPM%

14.8

14.5

9.7

10.6

14.2

16.9

20.3

18.1

14.3

13.6

12.1

12.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

153

130

101

Tax

TaxCr

PAT

PATCr

124

100

Growth

PAT Growth%

848.4

16.1

-9.6

56.3

23.7

60.8

134.0

-19.5

-28.3

-18.1

19.3

39.5

NPM

NPM%

5.8

6.7

5.0

5.4

6.9

9.7

13.9

11.2

8.1

6.3

6.1

6.5

EPS

EPS₹

3.2

3.7

3.4

2.3

6.5

10.5

24.5

19.7

14.2

11.6

13.8

15.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	283	283	345	493	480	547	893	895	890	935	1,157	1,228
Growth Revenue Growth%	3.4	0.2	21.6	43.0	-2.6	13.8	63.4	0.3	-0.6	5.0	23.7	27.7
Expenses ExpensesCr	241	242	311	440	412	454	711	733	763	808	1,017	1,078
Operating Profit Operating ProfitCr	42	41	33	52	68	92	182	162	128	127	140	151
OPM OPM%	14.8	14.5	9.7	10.6	14.2	16.9	20.3	18.1	14.3	13.6	12.1	12.3
Other Income Other IncomeCr	1	2	7	2	1	2	2	3	3	2	6	8
Interest Expense Interest ExpenseCr	15	11	9	11	13	13	15	17	20	28	28	29
Depreciation DepreciationCr	7	7	8	9	12	14	16	18	18	23	28	29
PBT PBTCr	21	25	23	34	44	66	153	130	94	77	89	101
Tax TaxCr	5	7	6	7	11	13	28	30	22	19	19	22
PAT PATCr	16	19	17	27	33	53	124	100	72	59	70	80
Growth PAT Growth%	848.4	16.1	-9.6	56.3	23.7	60.8	134.0	-19.5	-28.3	-18.1	19.3	39.5
NPM NPM%	5.8	6.7	5.0	5.4	6.9	9.7	13.9	11.2	8.1	6.3	6.1	6.5
EPS EPS₹	3.2	3.7	3.4	2.3	6.5	10.5	24.5	19.7	14.2	11.6	13.8	15.7

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

283

345

493

480

547

893

895

890

935

1,157

1,228

Growth

Revenue Growth%

3.4

0.2

21.6

43.0

-2.6

13.8

63.4

0.3

-0.6

5.0

23.7

27.7

Expenses

ExpensesCr

241

242

311

440

412

454

711

733

763

808

1,017

1,078

Operating Profit

Operating ProfitCr

182

162

128

127

140

151

OPM

OPM%

14.8

14.5

9.7

10.6

14.2

16.9

20.3

18.1

14.3

13.6

12.1

12.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

153

130

101

Tax

TaxCr

PAT

PATCr

124

100

Growth

PAT Growth%

848.4

16.1

-9.6

56.3

23.7

60.8

134.0

-19.5

-28.3

-18.1

19.3

39.5

NPM

NPM%

5.8

6.7

5.0

5.4

6.9

9.7

13.9

11.2

8.1

6.3

6.1

6.5

EPS

EPS₹

3.2

3.7

3.4

2.3

6.5

10.5

24.5

19.7

14.2

11.6

13.8

15.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	10	10	10	10	10	10	10
Reserves ReservesCr	63	92	111	138	163	216	331	429	482	549	640
Current Liabilities Current LiabilitiesCr	115	123	133	142	140	143	212	201	216	267	356
Non Current Liabilities Non Current LiabilitiesCr	22	17	13	48	65	70	64	99	118	134	153
Total Liabilities Total LiabilitiesCr	204	236	261	333	378	439	617	739	826	960	1,159
Current Assets Current AssetsCr	97	113	122	128	137	183	284	251	267	347	431
Non Current Assets Non Current AssetsCr	108	123	139	206	241	256	333	488	560	612	728
Total Assets Total AssetsCr	204	236	261	333	378	439	617	739	826	960	1,159

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

111

138

163

216

331

429

482

549

640

Current Liabilities

Current LiabilitiesCr

115

123

133

142

140

143

212

201

216

267

356

Non Current Liabilities

Non Current LiabilitiesCr

118

134

153

Total Liabilities

Total LiabilitiesCr

204

236

261

333

378

439

617

739

826

960

1,159

Current Assets

Current AssetsCr

113

122

128

137

183

284

251

267

347

431

Non Current Assets

Non Current AssetsCr

108

123

139

206

241

256

333

488

560

612

728

Total Assets

Total AssetsCr

204

236

261

333

378

439

617

739

826

960

1,159

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	4	10	10	10	10	10	10	10
Reserves ReservesCr	63	92	111	138	163	216	331	429	482	549	640
Current Liabilities Current LiabilitiesCr	115	123	133	142	140	143	212	201	216	267	356
Non Current Liabilities Non Current LiabilitiesCr	22	17	13	48	65	70	64	99	118	134	153
Total Liabilities Total LiabilitiesCr	204	236	261	333	378	439	617	739	826	960	1,159
Current Assets Current AssetsCr	97	113	122	128	137	183	284	251	267	347	431
Non Current Assets Non Current AssetsCr	108	123	139	206	241	256	333	488	560	612	728
Total Assets Total AssetsCr	204	236	261	333	378	439	617	739	826	960	1,159

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

111

138

163

216

331

429

482

549

640

Current Liabilities

Current LiabilitiesCr

115

123

133

142

140

143

212

201

216

267

356

Non Current Liabilities

Non Current LiabilitiesCr

118

134

153

Total Liabilities

Total LiabilitiesCr

204

236

261

333

378

439

617

739

826

960

1,159

Current Assets

Current AssetsCr

113

122

128

137

183

284

251

267

347

431

Non Current Assets

Non Current AssetsCr

108

123

139

206

241

256

333

488

560

612

728

Total Assets

Total AssetsCr

204

236

261

333

378

439

617

739

826

960

1,159

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	34	32	39	48	51	39	119	159	107	57	75
Investing Cash Flow Investing Cash FlowCr	-8	-15	-18	-71	-45	-27	-93	-167	-97	-57	-113
Financing Cash Flow Financing Cash FlowCr	-28	-17	-18	22	-7	-10	-28	10	-10	8	50
Net Cash Flow Net Cash FlowCr	-3	0	3	-2	0	3	-2	2	0	8	11
Free Cash Flow Free Cash FlowCr	25	17	18	-24	6	12	32	-6	-13	-1	-30
CFO To PAT CFO To PAT%	207.6	167.7	225.4	177.9	155.5	72.9	95.8	159.0	148.5	96.4	106.3
CFO To EBITDA CFO To EBITDA%	80.6	77.4	115.6	90.7	75.5	42.0	65.6	98.3	83.5	44.6	53.2

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

119

159

107

Investing Cash Flow

Investing Cash FlowCr

-8

-15

-18

-71

-45

-27

-93

-167

-97

-57

-113

Financing Cash Flow

Financing Cash FlowCr

-28

-17

-18

-7

-10

-28

-10

Net Cash Flow

Net Cash FlowCr

-3

-2

Free Cash Flow

Free Cash FlowCr

-24

-6

-13

-1

-30

CFO To PAT

CFO To PAT%

207.6

167.7

225.4

177.9

155.5

72.9

95.8

159.0

148.5

96.4

106.3

CFO To EBITDA

CFO To EBITDA%

80.6

77.4

115.6

90.7

75.5

42.0

65.6

98.3

83.5

44.6

53.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	34	32	39	48	51	39	119	159	107	57	75
Investing Cash Flow Investing Cash FlowCr	-8	-15	-18	-71	-45	-27	-93	-167	-97	-57	-113
Financing Cash Flow Financing Cash FlowCr	-28	-17	-18	22	-7	-10	-28	10	-10	8	50
Net Cash Flow Net Cash FlowCr	-3	0	3	-2	0	3	-2	2	0	8	11
Free Cash Flow Free Cash FlowCr	25	17	18	-24	6	12	32	-6	-13	-1	-30
CFO To PAT CFO To PAT%	207.6	167.7	225.4	177.9	155.5	72.9	95.8	159.0	148.5	96.4	106.3
CFO To EBITDA CFO To EBITDA%	80.6	77.4	115.6	90.7	75.5	42.0	65.6	98.3	83.5	44.6	53.2

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

119

159

107

Investing Cash Flow

Investing Cash FlowCr

-8

-15

-18

-71

-45

-27

-93

-167

-97

-57

-113

Financing Cash Flow

Financing Cash FlowCr

-28

-17

-18

-7

-10

-28

-10

Net Cash Flow

Net Cash FlowCr

-3

-2

Free Cash Flow

Free Cash FlowCr

-24

-6

-13

-1

-30

CFO To PAT

CFO To PAT%

207.6

167.7

225.4

177.9

155.5

72.9

95.8

159.0

148.5

96.4

106.3

CFO To EBITDA

CFO To EBITDA%

80.6

77.4

115.6

90.7

75.5

42.0

65.6

98.3

83.5

44.6

53.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	87	267	227	289	191	797	2,635	3,775	2,950	1,489	1,679	2,312
Price To Earnings Price To Earnings	5.3	14.1	13.3	10.8	5.8	15.0	21.2	37.7	41.1	25.3	23.9	29.0
Price To Sales Price To Sales	0.3	0.9	0.7	0.6	0.4	1.5	3.0	4.2	3.3	1.6	1.4	1.9
Price To Book Price To Book	1.3	2.9	2.0	2.1	1.1	3.6	7.8	8.7	6.0	2.7	2.6	3.6
EV To EBITDA EV To EBITDA	4.0	8.6	9.3	7.9	4.8	10.1	15.2	24.3	24.5	13.4	14.1	17.0
Profitability Ratios Profitability Ratios
GPM GPM%	28.9	26.9	21.6	20.6	25.5	27.1	30.1	26.9	23.2	24.0	25.5	25.5
OPM OPM%	14.8	14.5	9.7	10.6	14.2	16.9	20.3	18.1	14.3	13.6	12.1	12.3
NPM NPM%	5.8	6.7	5.0	5.4	6.9	9.7	13.9	11.2	8.1	6.3	6.1	6.5
ROCE ROCE%	23.8	19.5	15.6	16.6	18.4	21.6	35.2	24.1	16.6	13.3	12.1	12.1
ROE ROE%	24.3	19.6	14.8	18.8	19.1	23.4	36.5	22.8	14.6	10.5	10.8	10.8
ROA ROA%	8.0	8.0	6.5	8.0	8.7	12.1	20.2	13.6	8.7	6.1	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

267

227

289

191

797

2,635

3,775

2,950

1,489

1,679

2,312

Price To Earnings

5.3

14.1

13.3

10.8

5.8

15.0

21.2

37.7

41.1

25.3

23.9

29.0

Price To Sales

0.3

0.9

0.7

0.6

0.4

1.5

3.0

4.2

3.3

1.6

1.4

1.9

Price To Book

1.3

2.9

2.0

2.1

1.1

3.6

7.8

8.7

6.0

2.7

2.6

3.6

EV To EBITDA

4.0

8.6

9.3

7.9

4.8

10.1

15.2

24.3

24.5

13.4

14.1

17.0

Profitability Ratios

GPM

GPM%

28.9

26.9

21.6

20.6

25.5

27.1

30.1

26.9

23.2

24.0

25.5

OPM

OPM%

14.8

14.5

9.7

10.6

14.2

16.9

20.3

18.1

14.3

13.6

12.1

12.3

NPM

NPM%

5.8

6.7

5.0

5.4

6.9

9.7

13.9

11.2

8.1

6.3

6.1

6.5

ROCE

ROCE%

23.8

19.5

15.6

16.6

18.4

21.6

35.2

24.1

16.6

13.3

12.1

ROE

ROE%

24.3

19.6

14.8

18.8

19.1

23.4

36.5

22.8

14.6

10.5

10.8

ROA

ROA%

8.0

6.5

8.0

8.7

12.1

20.2

13.6

8.7

6.1

6.0

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	87	267	227	289	191	797	2,635	3,775	2,950	1,489	1,679	2,312
Price To Earnings Price To Earnings	5.3	14.1	13.3	10.8	5.8	15.0	21.2	37.7	41.1	25.3	23.9	29.0
Price To Sales Price To Sales	0.3	0.9	0.7	0.6	0.4	1.5	3.0	4.2	3.3	1.6	1.4	1.9
Price To Book Price To Book	1.3	2.9	2.0	2.1	1.1	3.6	7.8	8.7	6.0	2.7	2.6	3.6
EV To EBITDA EV To EBITDA	4.0	8.6	9.3	7.9	4.8	10.1	15.2	24.3	24.5	13.4	14.1	17.0
Profitability Ratios Profitability Ratios
GPM GPM%	28.9	26.9	21.6	20.6	25.5	27.1	30.1	26.9	23.2	24.0	25.5	25.5
OPM OPM%	14.8	14.5	9.7	10.6	14.2	16.9	20.3	18.1	14.3	13.6	12.1	12.3
NPM NPM%	5.8	6.7	5.0	5.4	6.9	9.7	13.9	11.2	8.1	6.3	6.1	6.5
ROCE ROCE%	23.8	19.5	15.6	16.6	18.4	21.6	35.2	24.1	16.6	13.3	12.1	12.1
ROE ROE%	24.3	19.6	14.8	18.8	19.1	23.4	36.5	22.8	14.6	10.5	10.8	10.8
ROA ROA%	8.0	8.0	6.5	8.0	8.7	12.1	20.2	13.6	8.7	6.1	6.0	6.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

267

227

289

191

797

2,635

3,775

2,950

1,489

1,679

2,312

Price To Earnings

5.3

14.1

13.3

10.8

5.8

15.0

21.2

37.7

41.1

25.3

23.9

29.0

Price To Sales

0.3

0.9

0.7

0.6

0.4

1.5

3.0

4.2

3.3

1.6

1.4

1.9

Price To Book

1.3

2.9

2.0

2.1

1.1

3.6

7.8

8.7

6.0

2.7

2.6

3.6

EV To EBITDA

4.0

8.6

9.3

7.9

4.8

10.1

15.2

24.3

24.5

13.4

14.1

17.0

Profitability Ratios

GPM

GPM%

28.9

26.9

21.6

20.6

25.5

27.1

30.1

26.9

23.2

24.0

25.5

OPM

OPM%

14.8

14.5

9.7

10.6

14.2

16.9

20.3

18.1

14.3

13.6

12.1

12.3

NPM

NPM%

5.8

6.7

5.0

5.4

6.9

9.7

13.9

11.2

8.1

6.3

6.1

6.5

ROCE

ROCE%

23.8

19.5

15.6

16.6

18.4

21.6

35.2

24.1

16.6

13.3

12.1

ROE

ROE%

24.3

19.6

14.8

18.8

19.1

23.4

36.5

22.8

14.6

10.5

10.8

ROA

ROA%

8.0

6.5

8.0

8.7

12.1

20.2

13.6

8.7

6.1

6.0

Operational Ratios

Solvency Ratios

Liquidity Ratios

	USHAMART	BANSALWIRE	RAJRATAN	BHARATWIRE	BEDMUTHA	DPWIRES	GEEKAYWIRE
Market CapitalizationMkt CapCr	14,785	4,908	2,312	1,111	363	302	298
Close PriceClose₹	485.15	62.70	455.30	161.53	112.57	194.74	28.52
IndustryIndustry	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires
Price To EarningsPE	29.14	34.64	29.02	16.02	21.69	16.12	3.13
Price To SalesPS	3.85	1.12	1.88	1.92	0.21	0.62	0.67
RevenueRevenueCr	3,837	4,389	1,228	579	1,698	485	444
Revenue Growth TTMRev Gr TTM%	8.5%	20.9%	27.7%	-7.7%	51.9%	-13.9%	-2.0%
PAT Growth TTMPAT Gr TTM%	25.9%	-7.8%	39.5%	-1.2%	51.3%	0.5%	-14.1%

Market CapitalizationMkt CapCr

14,785

4,908

2,312

1,111

363

302

298

Close PriceClose₹

485.15

62.70

455.30

161.53

112.57

194.74

28.52

IndustryIndustry

Steel Wires

Price To EarningsPE

29.14

34.64

29.02

16.02

21.69

16.12

3.13

Price To SalesPS

3.85

1.12

1.88

1.92

0.21

0.62

0.67

RevenueRevenueCr

3,837

4,389

1,228

579

1,698

485

444

Revenue Growth TTMRev Gr TTM%

8.5%

20.9%

27.7%

-7.7%

51.9%

-13.9%

-2.0%

PAT Growth TTMPAT Gr TTM%

25.9%

-7.8%

39.5%

-1.2%

51.3%

0.5%

-14.1%

	USHAMART	BANSALWIRE	RAJRATAN	BHARATWIRE	BEDMUTHA	DPWIRES	GEEKAYWIRE
Market CapitalizationMkt CapCr	14,785	4,908	2,312	1,111	363	302	298
Close PriceClose₹	485.15	62.70	455.30	161.53	112.57	194.74	28.52
IndustryIndustry	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires	Steel Wires
Price To EarningsPE	29.14	34.64	29.02	16.02	21.69	16.12	3.13
Price To SalesPS	3.85	1.12	1.88	1.92	0.21	0.62	0.67
RevenueRevenueCr	3,837	4,389	1,228	579	1,698	485	444
Revenue Growth TTMRev Gr TTM%	8.5%	20.9%	27.7%	-7.7%	51.9%	-13.9%	-2.0%
PAT Growth TTMPAT Gr TTM%	25.9%	-7.8%	39.5%	-1.2%	51.3%	0.5%	-14.1%

Market CapitalizationMkt CapCr

14,785

4,908

2,312

1,111

363

302

298

Close PriceClose₹

485.15

62.70

455.30

161.53

112.57

194.74

28.52

IndustryIndustry

Steel Wires

Price To EarningsPE

29.14

34.64

29.02

16.02

21.69

16.12

3.13

Price To SalesPS

3.85

1.12

1.88

1.92

0.21

0.62

0.67

RevenueRevenueCr

3,837

4,389

1,228

579

1,698

485

444

Revenue Growth TTMRev Gr TTM%

8.5%

20.9%

27.7%

-7.7%

51.9%

-13.9%

-2.0%

PAT Growth TTMPAT Gr TTM%

25.9%

-7.8%

39.5%

-1.2%

51.3%

0.5%

-14.1%

Rajratan Global Wire Ltd

Rajratan Global Wire Ltd

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison