Ram Ratna Wires is fundamentally a manufacturer of the electromagnetic heart of motors and transformers - the super-enamelled copper winding wire - and has spent three decades evolving from a modest electrical trading shop into a supplier of “total winding solutions” for India’s biggest industrial and automotive names. It grew by repeatedly spotting where India was dependent on imports - first in EV-grade winding wire, then in copper tubes where roughly 70% of demand was met from abroad, and later in fabricated components for wind turbines - and building domestic capacity to replace those imports, a recurring approach of backward integration that explains its expansion from wire into tubes, motors, and structural fabrication. The company is part of the Mumbai-based RR Global group, promoted by the Kabra family with over five decades in the enamelled copper winding wire industry, and now spans three generations of management. # Business segments Three engines at different stages - a winding-wire core that supplies the electromagnetic backbone of India’s industrial and automotive economy, a copper-tube platform scaling to capture import-substitution demand, and a pair of forward-integrated bets in motors and renewable-energy fabrication - each built with the capabilities of the one before. ## 1. Enamelled Wires & Strips: the electromagnetic core of the business **The company is India’s only manufacturer offering the widest range of enamelled wires - from 16-micron strands thinner than human hair to 5 mm strips - and supplies the winding heart of everything from wrist watches to Vande Bharat trains.** - **Unmatched range in one place** - the portfolio spans enamelled copper and aluminium wires, paper-insulated strips, submersible winding wires, Litz wires, self-bonding wires, and fibreglass-insulated variants, covering every major insulation type and conductor shape a motor or transformer designer could need. This breadth means a single OEM can source all its winding requirements from one supplier rather than stitching together multiple vendors. - **The import substitute for EV and railway motors** - the company developed corona-resistant winding wire in-house, becoming the sole approved supplier for Indian Railways, because inverter-driven motors wound with ordinary wire are prone to premature burning and only corona-resistant wire can prevent it. It also supplies EV-grade winding wire to customers like Ola Electric and Hero Magnetti Marelli, who had been importing these wires before RRWL began domestic production. - **Certified into the world’s toughest supply chains** - the company holds IATF 16949:2016 automotive quality certification, UL approval from the American certifying lab, and RDSO approval for Indian Railways, and it consistently achieves top ratings in assessment audits conducted by multinational companies, with results displayed on their global websites through which purchase enquiries flow in. - **No single customer calls the shots** - roughly 70-75% of output goes to large OEMs including Schneider Electric, Siemens, Nidec, and Cummins, with the balance sold through a dealer network, and no single external customer accounts for 10% or more of revenue, so the order book is genuinely diversified. ## 2. Copper Tubes & Pipes: the import-substitution scale-up **The company is building what it describes as one of India’s largest copper tube manufacturing footprints, targeting roughly 30% of domestic demand in a market where the majority of tubes were historically imported.** - **The only Indian plant with Cast & Roll technology** - the copper tube business, originally built through Global Copper Private Limited and merged into RRWL in 2025, was the sole manufacturer in India using advanced Cast & Roll technology and the only producer of Level Wound Coil, a format preferred by HVAC and refrigeration OEMs. The fully automated line uses 100% online Eddy Current Testing and Spectro analysis with equipment from leading American and German technology providers. - **A new mega-plant doubles the bet** - the Bhiwadi, Rajasthan facility, built on a 39,680 square metre plot taken on a 99-year lease from RIICO, commenced commercial production in June 2025 with a designed capacity of 24,000 MTPA, taking total planned capacity to 36,000 MTPA when combined with an additional 12,000 MTPA through GCPL. The plant qualified for Rajasthan’s investment promotion scheme, entitling it to a turnover-linked incentive and electricity duty exemption. - **Supplying the brands that define the cooling industry** - the tube business counts Daikin, Johnson Control Hitachi, LG, and Panasonic among its customers, with products approved by all leading HVAC brands and distributed through a network spanning over 200 cities across India. - **A natural hedge against metal-price swings** - copper tube manufacturing provides protection against copper LME and USD volatility, which enables the long-term partnerships with appliance OEMs that depend on stable pricing for their own production planning. ## 3. BLDC Motors & Fans: forward integration into the finished product **Through a 50:50 joint venture, the company moved from supplying winding wire to making the complete brushless DC motor - the energy-efficient heart of modern ceiling fans and air conditioners.** - **From wire supplier to motor maker** - Epavo Electricals, incorporated in 2020 and now jointly controlled with EPACK Durable Limited, manufactures BLDC ceiling-fan motors that consume 27-28 watts versus 75-85 watts for traditional induction motors, along with motors for air-conditioner indoor and outdoor units, industrial HVAC, and electric-vehicle hubs. The joint venture is registered under the Government of India’s PLI scheme for White Goods, which ties its output to a national policy push for energy-efficient appliances. - **Validated by a major OEM, scaling with a partner** - Epavo’s BLDC motor has been validated by Voltas Ltd, and the venture has taken possession of 20,000 square metres of industrial land in Bhiwadi on a 99-year RIICO lease for capacity expansion. The ownership was restructured to 50:50 in 2024, with EPACK Durable infusing additional equity to fund the manufacturing scale-up, so the venture now shares both the capital burden and the industrial expertise of a partner that understands the appliance market. ## 4. Fabricated Components & Assemblies: a structural bet on wind energy **The company acquired a controlling stake in a specialised fabricator serving wind-turbine OEMs, extending its reach from the copper coil inside the generator to the steel platform the technician stands on.** - **Inside the wind tower** - Tefabo Products, in which RRWL holds a 64% stake, manufactures tower internals, section platforms, staircases, metal enclosures, and welded sub-assemblies, holding an estimated 30-40% market share in key product segments and serving almost all major wind energy OEMs in India, with strong contracts with Siemens and GRI. It also makes power resistors for railways, metro systems, and construction equipment, giving it a second, unrelated demand driver. - **Bought, not built** - RRWL acquired the 60% initial stake in November 2024 for Rs. 30 Crores in cash, partly from related parties and partly from external shareholders, and subsequently increased its holding to 64%. The Bangalore facility spans roughly 55,000 square feet with a tower capacity of around 40 units per month, and a new Vadodara site is being added to reach a combined 70-80 towers per month. # Group structure and partners **The company sits within the RR Global group alongside RR Kabel, and has reshaped its subsidiary structure through a major merger and a joint-venture restructuring - consolidating copper tubes under its own roof while sharing control of the motors venture.** - Ram Ratna Wires is the listed parent, with its registered office in Mumbai and corporate office in Vadodara, and its shares trade on both the BSE and NSE. - Global Copper Private Limited, the copper-tube subsidiary in which RRWL held 60%, was merged into the parent company with NCLT approval in May 2025, making the Vadodara plant a direct unit of RRWL and unifying the product portfolio under a single listed entity. - Epavo Electricals was restructured from a 74%-owned subsidiary into a 50:50 joint venture with EPACK Durable Limited in September 2024, with equal board representation and shared control - no major board decision can pass without at least one RRWL-nominated director’s affirmative vote. - Tefabo Product Private Limited is a 64%-owned subsidiary, with the initial 60% stake acquired in November 2024 and an additional 4% stake acquired on July 01, 2025, with the remaining 36% held by an individual shareholder, Mr. Anup Balkrishna Vaidya. - A small 10% stake is held in R R Imperial Electricals Limited, a joint venture in Bangladesh that manufactures enamelled winding wires and strips, established in 2011. - The company employed 1,025 permanent staff as of March 2025 - 209 employees and 816 workers - and provides financial guarantees to support a channel financing arrangement for its dealer network.