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1. At a Glance
₹130.39 crore of revenue, ₹25.53 crore of operating profit, ₹12.23 crore of net profit, and one manufacturing plant that spent about a week of the quarter switched off by a regulator. For a company that makes rope out of steel, Q1 FY27 was unusually full of things that were not rope.
Revenue was down 7.95% year-on-year and net profit down 21.65%. Operating profit came in at ₹25.53 crore against ₹30.11 crore in the June 2025 quarter. EPS for the quarter was ₹1.78, against ₹2.28 a year earlier.
The bigger number sits one line up in the balance sheet, where it has been quietly rearranging the furniture. Borrowings at 31 March 2026 stood at ₹74.89 crore, against ₹513.69 crore a year earlier — a ₹439 crore move in a single year at a company whose entire annual revenue is ₹590.54 crore. Reserves went the other way, from ₹285.47 crore to ₹742.25 crore. CARE Ratings notes that compulsorily convertible preference shares of ₹382.6 crore were issued to lenders per the terms of the approved resolution plan, and that term debt was pre-paid from subsidy received under the same plan.
Meanwhile, on 9 June 2026, the Maharashtra Pollution Control Board issued a stoppage notice for the Chalisgaon unit. Manufacturing resumed on 18 June 2026. Chalisgaon carries 66,000 of the company’s 72,000 MTPA of capacity.
2. Introduction
Bharat Wire Ropes was incorporated in 1986 and acquired by its current promoters in 2010 — which makes it a company with a 40-year age and a 16-year biography, the corporate equivalent of a mid-life career change that stuck. Murarilal Mittal is the key promoter and Managing Director; per CARE’s report he has over four decades of corporate experience, and his son Mayank Mittal is Joint Managing Director.
The intervening years were not a straight line. Sales went from ₹64.77 crore in FY17 to ₹164.9 crore in FY18 to ₹240.4 crore in FY19, while the profit line went from ₹2.44 crore to ₹0.25 crore to a loss of ₹44.56 crore. Interest cost over that stretch climbed from ₹2.54 crore to ₹72.63 crore and peaked at ₹89.47 crore in FY20 — a period in which the finance charge was itself a mid-sized business. Losses continued through FY21 at ₹16.79 crore. FY22 turned positive at ₹13.67 crore, and FY24 delivered ₹96.34 crore.
A resolution plan sits under all of it. Per CARE’s report, lenders were issued CCPS of ₹382.6 crore with no contractual buyback clause on the company, and were issued 10% equity shares in lieu of their right to recompense, which the agency states indicates no major payable towards resolution-plan dues. The same plan is why 51.0% of promoter holding sits pledged — a pledge that exists because of a document rather than a margin call, which is a distinction the pledge percentage itself is far too small to explain.
Recent months have been busy in the paperwork sense. The statutory auditor CNK & Associates resigned effective 9 February 2026 over a fee dispute, with the limited review completed. Whole-Time Director Venkateswararao Laxmanamurty Kandikuppa resigned effective 31 March 2026, citing personal reasons. On 7 August 2026, the board approved Q1 FY27 results and re-appointed Sushil Sharda as Whole-Time Director for five years effective 19 May 2027 — a start date nine months into the future, which is an admirable amount of forward planning for a document that also had to fit in a quarterly result.
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3. Business Model: WTF Do They Even Do?
They twist steel into rope. That is the entire proposition, and it is much stranger than it sounds, because “rope” here spans wire ropes from 6 mm to 100 mm in constructions with names like 6×19, 6×36, 8×19 and 35×7 — a product catalogue that reads like the seating chart for a very organised wedding.
The range runs four ways. Wire ropes go into general engineering, structural work, oil and offshore, elevators, mining, road safety and cranes. Strands cover stay wire, structural strands and earth wire, for electrification, haulage, earthing and steel fencing. Slings — mechanically spliced, hand spliced, spelter sockets, swaged sockets — are rigging hardware for lifting and hoisting. And steel wire runs from 0.3 mm to 5.5 mm at strengths up to 2,360 N/mm², which is to say the company manufactures both something thinner than spaghetti and something you could moor a ship with, on the same campus.
The applications list is where the business stops being industrial and starts being cinematic: ship mooring, suspension bridge ropes, dragline drag and hoist, trawl warps, elevator ropes, speed arresters, transmission towers, offshore cranes. Somewhere out there a fishing boat and an ISRO facility are both holding on to the same company’s output.
Capacity is 72,000 MTPA across two Maharashtra plants — Atgaon at 6,000 MTPA and Chalisgaon at 66,000 MTPA — with over 1,000 people employed. Sales volume was 41,320 MT
