NSE: RAJRATAN · BSE: 517522
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tyre reinforcement wire (bead wire and similar), Steel cord for conveyor belts. Auto-component manufacturing; cyclical exposure to steel prices and tyre demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 893 | 895 | 890 | 935 | 1,157 |
| EBITDA (ex other income) | 182 | 162 | 128 | 127 | 140 |
| margin % | 20.3 | 18.1 | 14.3 | 13.6 | 12.1 |
| Owners' profit | 0 | 100 | 0 | 59 | 70 |
| EPS, as reported (₹) | 24.49 | 19.72 | 14.15 | 11.58 | 13.81 |
| ROE % · ROCE % | 36.5 · 41.5 | 22.8 · 27.3 | 14.6 · 18.6 | 10.5 · 15.2 | 10.8 · 14.6 |
| Debt / equity (x) | 0.40 | 0.39 | 0.39 | 0.42 | 0.50 |
| Cash from operations | 119 | 159 | 106 | 57 | 75 |
| Capex | (87) | (166) | (120) | (59) | (106) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 245 | 218 | 251 | 247 | 541 | 302 | 314 | 318 |
| Profit before tax | 25 | 12 | 20 | 18 | 45 | 27 | 18 | 30 |
| Net profit | 19 | 9 | 15 | 14 | 34 | 21 | 15 | 23 |
| EPS (₹) | 3.75 | 1.83 | 2.99 | 2.66 | 6.71 | 4.08 | 3.04 | 4.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 25.3 | 50 of 119 | 59% |
| P/B | 3.1 | 3.2 | 57 of 117 | 52% |
| ROCE | 11.1 | 12.6 | 74 of 125 | 41% |
| ROE | 10.8 | 11.7 | 65 of 117 | 45% |
| Debt / Equity | 0.5 | 0.3 | 76 of 117 | 35% |
| EBITDA margin | 14.2 | 12.2 | 43 of 118 | 64% |
| Revenue growth | 29.1 | 20.2 | 32 of 113 | 72% |
| Profit growth | 69.8 | 24.4 | 30 of 115 | 75% |
| Market cap | 2041 | 1460 | 56 of 126 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · September 2026 results call: expansion and 15-20% volume growth target | investor communications | medium | — | — |
| 23 Oct 2026 · September quarter results published in three newspapers | compliance | minimal | — | — |
| 22 Oct 2026 · Conference call audio recording uploaded | investor communications | low | — | — |
| 22 Oct 2026 · Rajratan Global Wire Q2 FY27 Investor Presentation | investor communications | medium | — | — |
| 21 Oct 2026 · Q2 FY27 revenue rises 26%; H1 net profit rises 38% | results | medium | — | — |
| 16 Oct 2026 · Conference Call on 22 October 2026 to Discuss Q2 FY27 Results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board Meeting on 21 Oct 2026 to consider Q2 FY26 results | results | low | — | — |
| 15 Oct 2026 · Reg 74(5) certificate: demat confirmation for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from October 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 11 Sept 2026 · Management to hold one-on-one virtual meeting with Burman Capital on Sept 15 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.