1. At a Glance
Bansal Wire Industries is basically the Tinder for steel — connecting 5,000+ customers in 50+ countries with wires they never knew they needed. Second-largest by volume in India’s overall steel wire space, and absolute monarch in stainless steel wire, Bansal is the one you call when you need something stronger than a politician’s denial. FY25 saw ₹3,629 Cr in sales, 8% operating margins, and an 81% TTM profit growth — not bad for something you could technically trip over.
2. Introduction
You might think wires are boring — until you realise every building, car, and random pole outside your house is held together by miles of the stuff. Bansal Wire has quietly built an empire here, without the glitz of steel giants but with the sort of consistency your gym trainer wishes you had.
The company’s IPO in FY24 brought fresh equity and expansion dreams, and they’ve been cranking up production like a power loom on Red Bull. But with interest costs not exactly shy and cash flows doing a vanishing act thanks to capex, the question is — will this cable keep transmitting growth or start fraying under load?
3. Business Model (WTF Do They Even Do?)
If it’s metallic, thin, and can coil, Bansal probably makes it.
Key Products:
- Stainless Steel Wire (crown jewel, largest in India)
- High Carbon Steel Wire
- Low Carbon Steel Wire
- Speciality Wires for industrial and infrastructure use
Customer Base: 5,000+
buyers across automotive, infrastructure, power, and consumer goods — with 89.56% retention among top 300 clients. Translation: their customers aren’t shopping around much.
4. Financials Overview
Latest Quarter (Q1 FY26):
- Revenue: ₹939 Cr (+14.95% YoY)
- EBITDA: ₹72 Cr (~8% margin)
- PAT: ₹39 Cr (EPS ₹2.51)
TTM:
- Revenue: ₹3,629 Cr
- EBITDA: ₹280 Cr
- PAT: ₹154 Cr
- EPS: ₹9.82
Fresh P/E Calculation:
Price ₹367 / Annualised EPS (₹2.51 × 4 = ₹10.04) = 36.56
(Screener’s 37.4 is close, but we’re keeping it fresh.)
Comment: Double-digit volume and value growth, with margin creep upwards from 5% to 8% in 2 years. Not bad for a commodity-adjacent player.
5. Valuation
(a) P/E Method:
Peer median P/E ~ 25×. Applying 25–35× to FY26E EPS ₹11 → ₹275–₹385.
(b) EV/EBITDA Method:
Debt ₹608 Cr, negligible cash, EV = ₹5,746 + ₹608 = ₹6,354 Cr.
EV/EBITDA (TTM ₹280 Cr) = 22.7×.
If valued at 20–24× (peer band) → EV ₹5,600–₹6,720 Cr → Equity value ₹4,992–₹6,112 Cr → ₹319–₹391/share.
