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.”
