1. Opening Hook
Just when the market decided steel is boring again, Bansal Wire walked in with its highest-ever volumes and said, “Hold my GI wire.” While everyone is debating recession probabilities on Twitter, this 87-year-old company is busy sweating out tonnes, approvals, and cash flows.
Q3FY26 wasn’t about fireworks; it was about grind. Volumes climbed, EBITDA smiled politely, and debt ratios quietly behaved themselves. Management sounded confident, bordering on smug, about specialty wires—because nothing excites a steel company more than de-commoditising.
The Dadri plant is humming, IHT wires are already selling (ahead of schedule, mind you), and Gujarat is next on the capex hit list.
Stick around—because behind the calm PPT slides, there’s ambition, execution pressure, and a lot of metal moving fast.
2. At a Glance
- Revenue ₹10,290 mn – Grew 11% YoY; QoQ dip politely blamed on calendar, not competence.
- EBITDA ₹870 mn – Up 19% YoY; operating leverage finally clocked in on time.
- PAT ₹433 mn – Up 3.8% YoY; depreciation said “not so fast.”
- Volumes +31.7% YoY – Steel wires clearly skipped leg day excuses.
- Net Debt/EBITDA 2.31x – Banks relaxed, rating agencies unclenched.
3. Management’s Key Commentary
“Our performance reflects steady execution across operations.”
(Translation:
Nothing flashy, just relentless grinding 😏)
“IHT Wire achieved commercial production ahead of schedule.”
(Translation: Specialty strategy is not just PowerPoint anymore.)
“We expect ~35% volume growth and ~20% EBITDA growth in FY26.”
(Translation: Targets are aggressive, confidence is louder.)
“Cash flow generation has improved meaningfully.”
(Translation: Working capital stopped misbehaving 😌)
“Focus remains on improving mix and ROCE.”
(Translation: Commodity steel is overrated.)
“Sanand expansion will strengthen Western India presence.”
(Translation: Capex never sleeps.)
4. Numbers Decoded
| Metric | Q3FY26 | YoY | Commentary |
|---|---|---|---|
| Revenue | ₹10,290 mn | +11.3% | Growth steady, not euphoric |
| EBITDA | ₹870 mn | +19.0% | Margins enjoying better mix |
| EBITDA Margin | ~8.5% | ↑ | Value-added products doing push-ups |
| PAT | ₹433 mn | +3.8% | Depreciation ate first |
| Volumes | 1,21,702 MT | +31.7% | Capacity sweating nicely |
Bottom line: Volume-led growth with margins tagging along—respectably.
5. Analyst Questions (Decoded)
- Q: Why QoQ revenue decline?
A: Fewer days, not fewer customers. - Q: Can specialty wires move margins meaningfully?
A:
