1. Opening Hook
Just when you thought the bead-wire business couldn’t surprise anyone, Rajratan decided to pull a “Diwali bonus” on the Street — a 20% revenue jump and record 32,000 tons of quarterly sales. Meanwhile, competitors are still figuring out why their machines gather more dust than approvals. As theBhagavad Gitareminds us, “Action alone is your duty, not the fruit thereof.” Rajratan clearly took this one literally — and delivered the fruit anyway.
Stick around — the fun beginsafterthe numbers. Trust me, it only gets juicier from here.
2. At a Glance
- Revenue up 20%– CMD says Chennai plant finally behaving like a plant, not a tourist attraction.
- EBITDA ₹40 crore– CFO claims “highest ever”, Street whispers “about time”.
- Thailand capacity at 91%– Running hotter than Chennai summers.
- India volumes jump 50% QoQ– Credit Chennai, luck, or logistics — pick any two.
- Exports ~20,000 tons for FY26– Apparently containers AND customers aligned for once.
- Net profit improving– Depreciation gods finally smiling thanks to Chennai tax shields.
3. Management’s Key Commentary (Quotes + Sarcasm)
Quote 1:“We have left behind the worst quarter and going forward you will see better performance.”(Translation: Bro, last quarter was trash. This one is therapy.)
Quote 2:“Our export target for FY27 is 40,000 tons.”(Translation: We’ve hired enough salespeople across continents; now let the containers roll.)
Quote 3:“Chennai volumes are picking up and the plant is now profitable.”(Translation: It took time, sweat and approvals, but the beast has finally woken up.)
Quote 4:“Premium customers in Europe buy 3,000–4,000 tons a month; we supply just 5–8% today.”(Translation: The headroom is so large we may need a ladder to see the ceiling.) 😏
Quote 5:“We have shifted focus away from Korea — competition there is brutal.”(Translation: Korea is basically a Chinese neighborhood – no point fighting Avengers with lathis.)
Quote 6:“China still dumps; we just got better at competing.”(Translation: They didn’t stop. We simply learned their tricks and added customer service.)
Quote 7:“Approval cycles with MNCs take
2–5 years.”(Translation: Welcome to tyre world — the patience exam nobody asked for.)
Quote 8:“Wire rope is a pilot; global market is huge.”(Translation: If this clicks, expect another Chennai-style saga but richer.)
Quote 9:“Competitors running at 15% utilization will make losses.”(Translation: RIP small players — survival of the fittest is real.)
4. Numbers Decoded
Metric | Value (Q2 FY26) | YoY Change | One-Line Analysis
---------------------------|-------------------|------------|-------------------------------
Revenue | +20% | Higher | Chennai + exports = life saver.
EBITDA | ₹40 crore | Strong | Highest ever; volumes did the heavy lifting.
Thailand Utilization | 91% | + big jump | Premium mix pushing realizations up.
India Volumes | 4,768 tons (Chn) | +92% QoQ | Chennai finally operational.
Exports (H1) | ~10,000 tons | Rising | Heading toward 20,000 for FY26.
Realization India | ₹88k–90k/ton | Softer RM | Prices down due to lower steel prices.
Realization Thailand | ₹80k–83k/ton | Big jump | Premium customers = premium cash.
Fixed Costs – Indore | ₹4.55 cr/month | Stable | Big base = good leverage.
Fixed Costs – Chennai | ₹2.33 cr/month | Rising | Will shrink per ton as volumes grow.Post-table summary:Margins look
