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1. At a Glance
Bharat Wire Ropes twists steel into rope, and the three months to June 2026 were unusually full of things that were not rope. Revenue for the quarter was ₹130.39 crore. Operating profit came to ₹25.53 crore and net profit to ₹12.23 crore. One of the company’s two plants spent about a week of the quarter switched off by a regulator.
Revenue fell 7.95% against the same quarter a year earlier, and net profit fell 21.65%. Operating profit of ₹25.53 crore compares with ₹30.11 crore in the June 2025 quarter. Earnings per share, the quarter’s profit divided across every share, was ₹1.78 against ₹2.28.
The larger movement sits one line up, in the balance sheet. Borrowings on 31 March 2026 stood at ₹74.89 crore, against ₹513.69 crore a year earlier. That is a shift of about ₹439 crore at a company whose annual revenue is ₹590.54 crore. Reserves went the other way, from ₹285.47 crore to ₹742.25 crore. CARE Ratings, a credit-rating agency, notes that preference shares of ₹382.6 crore were issued to lenders under the approved resolution plan. Those shares must compulsorily convert into ordinary equity later. CARE also notes that term debt was pre-paid from subsidy received under the same plan.
The Maharashtra Pollution Control Board issued a stoppage notice for the Chalisgaon unit on 9 June 2026. Manufacturing resumed there on 18 June 2026. Chalisgaon carries 66,000 tonnes a year of the company’s 72,000 tonnes of capacity.
2. Introduction
Bharat Wire Ropes was incorporated in 1986 and acquired by its current promoters in 2010. That leaves it with a 40-year age and a 16-year biography, the corporate equivalent of a mid-life career change. Murarilal Mittal is the key promoter and Managing Director. CARE Ratings, a credit-rating agency, reports that he has over four decades of corporate experience. His son, Mayank Mittal, is Joint Managing Director.
The years in between did not run in a straight line. Sales rose from ₹64.77 crore in the year to March 2017 to ₹164.9 crore the next year. The year to March 2019 brought sales of ₹240.4 crore. Profit across the first two of those years went from ₹2.44 crore to ₹0.25 crore. The third ended in a loss of ₹44.56 crore. Interest cost climbed from ₹2.54 crore to ₹72.63 crore over the same stretch. It peaked at ₹89.47 crore in the year to March 2020, a finance charge the size of a mid-sized business. Losses carried on into the year to March 2021, at ₹16.79 crore. The year to March 2022 turned positive at ₹13.67 crore, and the year to March 2024 brought ₹96.34 crore.
A resolution plan sits under all of it. Per CARE’s report, lenders were issued compulsorily convertible preference shares of ₹382.6 crore, with no contractual buyback clause on the company. These are shares the company must later turn into ordinary equity. Lenders were also issued 10% equity shares in place of their right to recompense. CARE states that this indicates no major payable towards resolution-plan dues. Pledged shares amount to 51.0% of the promoters’ holding, lodged as security with lenders.
Recent months have been busy in the paperwork sense. The statutory auditor, CNK & Associates, resigned with effect from 9 February 2026 over a fee dispute, the limited review completed. Whole-Time Director Venkateswararao Laxmanamurty Kandikuppa resigned with effect from 31 March 2026, citing personal reasons. On 7 August 2026 the board approved the June quarter results and re-appointed Sushil Sharda as Whole-Time Director. His term starts on 19 May 2027, an admirable amount of forward planning for a document that also had to fit in a quarterly result. The re-appointment runs for five years.
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3. Business Model: WTF Do They Even Do?
Bharat Wire Ropes twists steel into rope. That is the whole proposition, and it covers more ground than it sounds. Wire ropes run from 6 mm to 100 mm, in constructions with names like 6 by 19 and 6 by 36. The catalogue reads like the seating chart for a very organised wedding.
The range runs four ways. Wire ropes go into general engineering, oil and offshore work, elevators and cranes. Strands cover stay wire, structural strands and earth wire, sold for electrification, haulage and steel fencing. Slings are the rigging hardware for lifting and hoisting, mechanically spliced, hand spliced or fitted with sockets. Steel wire runs from 0.3 mm to 5.5 mm, at strengths up to 2,360 N/mm². The company therefore makes something thinner than spaghetti and something a ship can be moored with, on one campus.
The applications list is where the business turns cinematic: ship mooring, suspension bridge ropes, trawl warps and elevator ropes. Dragline hoists, speed arresters, transmission towers and offshore cranes take the same output. A fishing boat and an ISRO facility are both holding on to rope
