RAJRATAN GLOBAL WIRE LTD

Manufactures steel bead wire and similar tyre reinforcement wires from plants in India and Thailand, selling primarily to tyre makers. In FY26, the business shipped 133,000+ tons of wire, up 18% year-on-year, generating Rs 1,156.5 crore in revenue and Rs 70.11 crore in net profit on a 12.6% EBITDA margin. Installed capacity stands at 1,92,000 tons per annum across India and Thailand, with the Chennai plant doubling from 30,000 to 60,000 tpa by Q2 FY27 through INR25 crore of capex. India market share has recovered to 42-43%, the highest on record, after slipping to 35-37% earlier; exports to North America and Europe are scaling up. A new steel cord (conveyor belt reinforcement) project at Pithampur begins trials in Q2 FY27, with INR70 crore capex earmarked and peak revenue potential of INR150 crore at roughly 20% EBITDA margins once full utilisation is reached in about two years. Raw materials — mainly steel wire rod — are the largest cost, accounting for 60.9% of FY26 revenue, which is why a sudden INR10,000/ton steel price spike in Q4 FY26 compressed margins by ~4-4.5% until price hikes could be passed on to customers.