Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Ram Ratna Wires:
₹1,278 Cr Revenue. 72% PAT Growth.
The Copper Wire Nobody Talks About.
India’s second-largest winding wire maker just doubled down on capacity, launched a copper tube empire, and somehow still manages a 32.4x P/E despite growing at 37% annually. This is the unglamorous story of how motors, transformers, and AC compressors get their electrical DNA.
Market Cap₹2,871 Cr
CMP₹308
P/E Ratio32.4x
Div Yield0.41%
ROE14.9%
01 — At a Glance
When Copper Wires Become an Empire
- 52-Week High / Low₹393 / ₹247
- Q3 FY26 Revenue₹1,278 Cr
- Q3 FY26 PAT₹31.6 Cr
- TTM EPS₹9.42
- Annualised EPS (Q1-Q3 Avg × 4)₹8.73
- Book Value / Share₹54.3
- Price to Book5.66x
- ROCE (TTM)20.2%
- Net Debt/Equity0.34x
- Total Assets (Sep 2025)₹1,706 Cr
Flash Summary: Ram Ratna Wires just printed ₹1,278 crore in Q3 revenue — up 43.8% YoY. Q3 PAT jumped 72.5% to ₹31.6 crore. The P/E of 32.4x looks hot until you realize the company is growing net profits at 31.4% annually (TTM), has ₹24,000 MTPA of new copper tube capacity firing up from June 2025, and is literally becoming India’s answer to import substitution in HVAC. The stock is at ₹308, up just 0.41% in 3 months. The market has no idea what’s brewing here. Yet.
02 — Introduction
The Copper Merchant India Forgot Existed
Here’s a fun fact: whenever you switch on your ceiling fan, turn on your air conditioner, or fire up a washing machine, a copper wire made by Ram Ratna Wires is probably working behind the scenes. It’s like being the anonymously-great supporting actor who does all the heavy lifting while the hero gets the awards.
Ram Ratna Wires Limited (RRWL) has been manufacturing enamelled copper wires since 1992. It’s not sexy. There are no product launches, no fancy marketing campaigns, no brand ambassadors. The company just quietly became India’s second-largest winding wire manufacturer while simultaneously being the only one offering the widest range — from 18 microns (that’s thinner than a human hair) to 4.876 mm. It supplies 70–75% of its products directly to large OEMs like Honda, Taco Prestolite, and Nidec. The remaining goes through dealer networks across 200+ Indian cities.
But Q3 FY26 changed the narrative. The company’s revenue jumped 43.8% YoY to ₹1,278 crore. Net profit surged 72.5% to ₹31.6 crore. Why? Because they merged their Global Copper subsidiary (GCPL), added a massive 24,000 MTPA copper tube plant in Bhiwadi that started commercial production in June 2025, and suddenly this quiet copper merchant became a vertical integrator playing for stakes that matter. The Bhiwadi plant is particularly spicy — it’s an import substitution machine. India currently imports ~70% of its copper tubes. RRWL’s goal: change that.
CARE Ratings Note (Sep 2025): CARE A- Stable / CARE A2+ — bank facilities of ₹961.95 crore rated and reaffirmed. CARE specifically noted that the new copper tube plant’s successful operationalization and healthy capacity utilisation are the key monitorables. Translation: The credit committee is watching the Bhiwadi plant like a hawk. If it ramps up as planned, this company’s credit profile gets even shinier.
03 — Business Model: Copper, Tubes, and OEM Survival
They Convert Raw Copper Into ₹1,278 Crore of Annual Earnings. That’s It. That’s The Magic.
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