NSE: RAMRAT · BSE: 522281
RAM RATNA WIRES LIMITED
Manufactures winding wires and strips and copper tubes and pipes, selling primarily to large original equipment manufacturers (OEMs). In FY26, winding wires and strips accounted for 77.7% of segment revenue at Rs 3,986.6 cr, while copper tubes and pipes made up 22.3% at Rs 1,146.7 cr. The business runs 5 plants in India, exports to 8 countries, and supplies 70-75% of its products to large OEMs. A new copper tubes facility at Bhiwadi commenced in June 2025, and an additional 3,600 MTPA capacity at Silvassa is targeted for March 2027 with Rs 86 crore of approved capex. The company is also entering the continuously transposed conductor (CTC) segment, with production expected in Q2 2026. Raw materials dominate the cost stack at 93.1% of revenue, reflecting copper-heavy inputs, while workforce numbers stood at 2,042 and exports contributed 7.39% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Winding wires and strips (78%), Copper tubes and pipes (22%). Copper-intensive manufacturing with cyclical raw material exposure, in a capital expenditure expansion phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,289 | 2,650 | 2,983 | 3,677 | 5,177 |
| EBITDA (ex other income) | 109 | 109 | 119 | 156 | 260 |
| margin % | 4.8 | 4.1 | 4.0 | 4.3 | 5.0 |
| Owners' profit | 52 | 45 | 52 | 63 | 107 |
| EPS, as reported (₹) | 23.72 | 10.20 | 11.88 | 14.29 | 11.48 |
| ROE % · ROCE % | 19.2 · 23.7 | 14.4 · 21.8 | 12.6 · 20.7 | 14.4 · 21.6 | 18.6 · 26.6 |
| Debt / equity (x) | 0.96 | 0.82 | 0.53 | 0.61 | 1.12 |
| Cash from operations | 151 | 65 | 138 | 227 | (93) |
| Capex | (19) | (25) | (116) | (243) | (171) |
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 | 940 | 889 | 957 | 982 | 2,146 | 1,278 | 1,753 | 1,853 |
| Profit before tax | 22 | 24 | 30 | 22 | 54 | 44 | 59 | 48 |
| Net profit | 17 | 18 | 19 | 16 | 38 | 32 | 39 | 35 |
| EPS (₹) | 3.82 | 3.74 | 3.60 | 3.31 | 7.88 | 3.35 | 4.18 | 3.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Winding wires and strips | 1,392 | 22.4 |
| Copper tubes and pipes | 1,284 | 20.6 |
| Other | 50 | 0.8 |
| Enamelled wires and strips | 3,421 | 55.0 |
| Others | 72 | 1.2 |
| Total, before eliminations | 6,220 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.6 | 22.4 | 31 of 52 | 41% |
| P/B | 8.8 | 3.3 | 43 of 49 | 13% |
| ROCE | 17.4 | 12.4 | 23 of 55 | 59% |
| ROE | 18.6 | 12.4 | 16 of 50 | 69% |
| Debt / Equity | 1.1 | 0.3 | 47 of 50 | 6% |
| EBITDA margin | 5.0 | 12.6 | 44 of 51 | 14% |
| Revenue growth | 88.6 | 20.7 | 5 of 46 | 91% |
| Profit growth | 120.8 | 37.7 | 13 of 45 | 73% |
| Market cap | 5123 | 591 | 10 of 56 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on Oct 29 to consider Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · Newspaper ad on SEBI special window for dematerialising physical shares | compliance | minimal | — | — |
| 8 Oct 2026 · Routine SEBI compliance filing for Q2 FY27 dematerialization certificate | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 29 Aug 2026 · Ram Ratna Wires gets GST show cause notice for INR 29.23 Crore demand | regulatory legal | high | — | — |
| 27 Aug 2026 · Plant visit scheduled with institutional investors on Sep 2-3 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Newspaper notice for SEBI physical shares demat window | compliance | minimal | — | — |
| 4 Aug 2026 · 34th AGM held on Aug 4, 2026 - all 7 resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
| 1 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 31 Jul 2026 · Ram Ratna Wires Q1 FY27 investor presentation: revenue up 89%, PAT up 121% | investor communications | medium | — | — |
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.