1. Opening Hook
In a world where everyone’s chasing AI and algorithms, Bansal Wire still bends steel—and profits—with bare industrial grit. Even heavy monsoons couldn’t rust their shine, as the company turned in record revenue and volume. The CEO’s mantra? “Cash flow positivity and 25% ROC”—because apparently, wire can also conduct discipline.
As theGuru Granth Sahibsays,“He who labors honestly eats the sweetest food.”Seems Bansal Wire’s menu is full of high-carbon flavor and low-carbon wisdom. Keep reading—because this isn’t just a wire story; it’s a masterclass in industrial reinvention.
2. At a Glance
- Revenue ₹1,055 Cr (+27% YoY):Wires pulled profits tighter than ever.
- EBITDA ₹81.6 Cr (+20% YoY):Margins may sweat, but steel won’t bend.
- PAT ₹38.3 Cr (-4% YoY):Depreciation hit harder than any market shock.
- Volumes 1.14 Lakh Tons (+10,000 Tons QoQ):The mills are humming louder.
- Exports 9% of revenue:India wires the world, literally.
- Cash Profit ₹56 Cr (+17% YoY):Because “cash is king,” and ROC is the throne.
- Capacity Utilization 74%:Efficiency meets muscle memory.
3. Management’s Key Commentary
“We delivered our highest ever revenue, volume, and EBITDA.”(Translation: Even the monsoon gods couldn’t stop the machines.)
“We target 25% ROC by 2027 and ₹600 Cr of positive cash flow in two years.”(Translation: Every rupee now has to justify its existence.)💰
“We received two sample approvals for steel cord from major tyre makers.”(Translation: Our wires may soon spin under your car tyres.)
“B2C segment contributed 5% of revenue this quarter.”(Translation: Now even farmers and fence owners know our brand.)
“Backward integration scrapped; focus back on core business.”(Translation: Why mine steel when we can mint profits?) 😏
“EBITDA per ton stable at ₹7,100 despite higher costs.”(Translation: Inflation who? We passed the wire, not the buck.)
“Dadri facility now stabilized with 50% higher sales vs Q1.”(Translation: The new plant finally stopped throwing tantrums.)
4. Numbers Decoded
| Metric | Q2FY26 | YoY Change | Sarcastic Note |
|---|---|---|---|
| Revenue | ₹1,055 Cr | +27% | Steel meets real demand, not hype. |
| EBITDA | ₹81.6 Cr | +20% | Margins bent, not broken. |
| PAT | ₹38.3 Cr | -4% | Depreciation – the silent killer. |
| Cash Profit | ₹56 Cr | +17% | Accounting may frown, cash smiles. |
| Volume | 1.14 Lakh Tons | +9% | Wires spun faster than market estimates. |
| AUM (Capacity) | 6.18 Lakh Tons | — | Flexing steel muscles at 74% utilization. |
| Free Cash Flow (H1) | ₹150 Cr | — | Proof that steel can be liquid too. |
Commentary:EBITDA/ton at ₹7,100 stayed resilient. CFO Ghanshyam Gujrati can finally exhale—costs rose, but wires held strong.
5. Analyst Questions
Q:What’s the update on steel cord approvals?A:Two tyre majors have okayed lab samples; field trials next.(Translation: The wires are ready to hit the road—literally.)
Q:Why drop backward integration?A:“It didn’t fit our 25% ROC dream.”(Translation: Fancy CAPEX is out; sanity is in.)
Q:When do double-digit margins arrive?A:“Within 3–4 years, post-speciality wire scale-up.”(Translation: Hope is a long-term asset.)
Q:Dadri’s utilization?A:“35% average, now at 45% and rising.”(Translation: Factory’s finally awake.)
Q:What about the fire incident?A:“Minor, ₹6 Cr inventory loss, production unaffected.”(Translation: Sparks flew, but wires survived.)🔥
6. Guidance & Outlook
Management now aims for30–40% volume growth in FY26, with20%+ EBITDA growth—a pivot from pure expansion to profitable
