1. At a Glance
Bombay Wire Ropes Ltd — the ghost of India’s wire rope industry. No sales. No business operations. No future plans. But still proudly trading at 4x Book Value, because, well… why not? EPS: -₹2.45. Promoters: Still here. Operations: Checked out years ago.
2. Introduction with Hook
Ever met that one guy from your school WhatsApp group who’s technically in the group but hasn’t spoken in 10 years? Bombay Wire Ropes is that guy — a public company in name, but with the economic activity of a pet rock.
Founded in 1961, once a manufacturer of wire ropes and specialty steel, today it’s a ₹30 crore market cap curiosity… that hasn’t sold a damn thing in over a decade. But the stock? Up over 100% in 5 years. Yep, welcome to BSE’s version of a zombie thriller.
3. Business Model (WTF Do They Even Do?)
Current Strategy: Exist.
Technically a manufacturer of wire ropes. Realistically, a shell with dreams.
- No manufacturing.
- No revenue.
- No plans.
- But yes — Board Meetings, audited financials, and even the SEBI compliance certificate for share demat. Priorities.
“Basically, they do nothing, but they file it with flair.”
4. Financials Overview
| FY | Revenue | Operating Profit | Net Profit | EPS |
|---|---|---|---|---|
| FY23 | 0.00 | -0.42 Cr | -0.33 Cr | -0.62 |
| FY24 | 0.00 | -0.56 Cr | -0.31 Cr | -0.58 |
| FY25 | 0.00 | -0.67 Cr | -1.31 Cr | -2.45 |
| Q1 FY26 | 0.00 | -0.14 Cr | -2.12 Cr | -0.04 |
“Generating losses without operations — truly the startup dream before it was cool.”
5. Valuation
Let’s pretend we’re valuing a company with literally no income and negative ROE. Just for laughs.
- Book Value: ₹14.6
- CMP: ₹56.8 → P/B = 3.88x
- EPS (TTM): -₹2.22
Fair Value? Somewhere between ₹5 and “delisted.”
“If you’re paying 4x book for a company that sells zero, you’re the reason Harshad Mehta believed in dreams.”
6. What’s Cooking – News, Triggers, Drama
Latest “action”:
- Q1 FY26 Loss: ₹2.12 Cr.
- EPS: Negative again.
- Operations: Nope.
- Future Plans: Company is “evaluating alternative business opportunities.” (They’ve been evaluating since the UPA government.)
“More drama in their EPS than in Ekta Kapoor’s last 5 shows combined.”
7. Balance Sheet
| Item | FY25 (₹ Cr) |
|---|---|
| Equity | 0.53 |
| Reserves | 7.27 |
| Borrowings | 0.05 |
| Total Liabilities | 7.98 |
| Fixed Assets | 0.86 |
| Investments | 0.00 |
| Other Assets | 7.12 |
“Balance sheet tighter than your dad’s budget post-retirement — and just as productive.”
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | -₹0.33 | ₹0.26 | ₹0.00 | -₹0.07 |
| FY24 | -₹0.66 | ₹0.66 | ₹0.00 | ₹0.00 |
| FY25 | -₹1.31 | ₹8.07 | ₹0.00 | ₹6.76 |
“Net cash turned positive — not because of sales, but by selling God-knows-what.”
9. Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | -7.15% |
| ROE | -17.1% |
| Interest Coverage | N/A |
| P/E | N/A |
| D/E | 0.00 |
“ROE so negative, it’s practically reverse compounding.”
10. P&L Breakdown – Show Me the Money
Wait… what money?
| FY | Revenue | Expenses | Net Profit |
|---|---|---|---|
| FY23 | ₹0.00 | ₹0.42 | -₹0.33 |
| FY24 | ₹0.00 | ₹0.56 | -₹0.31 |
| FY25 | ₹0.00 | ₹0.67 | -₹1.31 |
“They’ve mastered the art of losing money without doing anything. Efficiency!”
11. Peer Comparison
| Company | Sales (₹ Cr) | PAT (₹ Cr) | ROE % | CMP/BV |
|---|---|---|---|---|
| Bombay Wire | 0.00 | -1.19 | -17.14% | 3.88 |
| APL Apollo | 20,885 | 801 | 19.38% | 10.28 |
| Jindal Saw | 20,828 | 1,473 | 13.7% | 1.26 |
| Ratnamani | 5,186 | 541 | 15.98% | 5.23 |
“It’s like comparing an abandoned scooter to a lineup of Ferraris.”
12. Miscellaneous – Shareholding, Promoters
| Holder | Jun ‘23 | Jun ‘25 |
|---|---|---|
| Promoters | 63.61% | 63.61% |
| DIIs | 10.41% | 9.98% |
| Public | 25.97% | 26.40% |
“Promoters still holding… probably forgot they owned it.”
Shareholder count jumped from ~1,600 to ~2,700 in 2 years.
Why? Because penny stock crowd loves a mystery.
13. EduInvesting Verdict™
Bombay Wire Ropes is a museum piece, not a business. It exists, files reports, and burns cash like incense. No ops, no sales, and yet it trades above book because — stock market logic.
This is not a turnaround story. This is a “please turn around and walk away” story.
A fine collectible if you’re into corporate archaeology. Otherwise, avoid catching falling wires.
Metadata:
Written by EduInvesting Team | July 25, 2025
Tags: Bombay Wire Ropes, Phantom Companies, EduInvesting Premium
