Bansal Wire Industries Q3 FY26 earnings call
In brief
Bansal Wire Q3 FY26: record 121,000-tonne sales (+32% YoY), ₹1,029 cr revenue, EBITDA ₹87 cr; commits to 25% ROCE by FY27 end.
- Management's tone
- Confident
- What was said
- Leaned positive
- Guidance
- Guidance held
- Analyst pushback
- Medium
- Stock, next session
- −3.86% (Nifty 50 −1.38%)
- Record quarterly sales volume of 121,000 metric tons, up 32% YoY and 6% QoQ, with December hitting an all-time-high 45,000-tonne month after Oct-Nov labor disruption.
- Q3 revenue grew 11% YoY to ~₹1,029 cr; EBITDA up 19% YoY to ₹87 cr at 8.4% margin; net profit ₹43 cr, up 4% YoY, with growth held back by capitalised interest/depreciation.
- Launched IHT wires with 9,000-tonne capacity, stabilised within first month, already at ~20% utilisation; Phase 2 expansion to 15,000 tonnes lined up in 2-3 quarters.
- Generated ~₹240 cr of free cash from operations in 9M FY26 (vs ~₹250 cr full-year target); FY27 free cash target of ₹350 cr remains intact.
- Specialty wire now ~5% of volume but is targeted to contribute 15-20% of EBITDA going forward; steel cord commercial sales pushed to Q2-Q3 FY27 after a fire in the specialty shed.
An AI read of the company's transcript · the filing
The numbers
The quarter, Q3 FY26
| This quarter | A year ago | Last quarter | Margin | |
|---|---|---|---|---|
| Revenue | ₹1,029 cr | +11.3% | −2.5% | |
| EBITDA (excl. other income) | ₹83.6 cr | +16.0% | +8.8% | 8.1% (7.8% a year ago) |
| Net profit | ₹43.3 cr | +3.8% | +12.9% | 4.2% (4.5% a year ago) |
| EPS (₹) | ₹2.76 | +3.8% | +12.2% |
From the company's filed results for the quarter ended 31 Dec 2025 (consolidated), not from the call. EBITDA here excludes other income, so it can differ from the figure management quotes.
What moved the numbers, as management explained it
- Volume drove the quarter: 121,000 MT (+32% YoY, +6% QoQ) on the back of the 6.18 lakh-tonne capacity base and strong demand from cable, auto and general engineering.
- October-November were hit by labour shortages linked to early Diwali and the Bihar election, but December recovered to an all-time-high 45,000 tonnes.
- EBITDA per ton held at ~₹7,000-7,100/kg; management clarified the in-year dip they had feared did not occur and product mix (not price cuts) explains the blended number.
- Interest and capex were capitalised in earlier quarters, lifting depreciation and interest this quarter and suppressing PAT growth (~4% YoY) versus cash profit growth of 15-20%. (accounting)
- One-off exceptional loss of ₹1.5 cr booked in Q3 for inventory destroyed in a fire at the specialty wire shed; no further material charge expected in Q4. (one-off)
The numbers management led with
- Q3 sales volume: 121,000 metric tons; +32% YoY, +6% QoQ (highest ever quarterly volume)
- Highest-ever monthly sales: 45,000 tons in December 2025
- Installed capacity: ~618,000-620,000 metric tons currently; expanding to 770,000 tons (6.2 to 7.7 lakh tons)
- IHT wire capacity: 9,000 tons added in Q3; expanding to 15,000 tons (IHT+OHT combined) in 2-3 quarters
- B2C share in low-carbon wire: 5% in Q2 FY26 → 7% in Q3 FY26; target 12-15% in FY27
- Market share: 6-7% currently; claim of being largest by capacity in India; target 10% in 2-3 years
Guidance
Guidance on this call
| What | For | What management said |
|---|---|---|
| ROCE | FY27 | On track to achieving 25% ROCE by the end of next year. |
| Free cash flow FY27 | FY27 | FY27 free cash flow target of ₹350 crores intact. |
| FY26 volume growth | FY26 | FY26 volume growth revised to 35-40%; already >35% in 9M. |
| EBITDA growth (absolute) | — | Confident of 20-25% absolute EBITDA growth year-on-year. |
| EBITDA per ton | FY27-FY28 | EBITDA per ton target of ₹8,000-9,000 over the next 1-2 years. |
| B2C share of low carbon | FY27 | B2C share of low carbon to reach 12-15% in FY27 vs 7% in Q3 FY26. |
| Total capacity | FY27-FY28 | Capacity to scale from 6.2 lakh tons to 7.7 lakh tons via 60,000 t at Dadri and 90,000 t at Sanand. |
| Specialty capacity (Specialty wire) | Q1-Q2 FY27 | Specialty capacity to expand to 35,000 tons in the next 2-3 quarters. |
| Dadri brownfield capex | Q4 FY26 | 60,000-tonne brownfield capacity at Dadri to commission in next 3-4 days. |
| Sanand greenfield capex | FY27 | 90,000-tonne capex at Sanand targeted by end of FY27. |
| IHT capacity utilisation (Specialty wire (IHT)) | FY26 | IHT capacity utilisation revised target of 40% by end of FY26 (already at ~20% in month one). |
| Group capacity utilisation | next 2-3 quarters | Target 90% capacity utilisation on the current 6.2 lakh-tonne base within 2-3 quarters, then expand further. |
| Market share | next 2-3 years | Target ~10% market share in 2-3 years from ~6-7% currently. |
What changed since the Fri 19 Sept 2025 call
| What | On the Fri 19 Sept 2025 call | On this call |
|---|---|---|
| ROCE target (new) | Not stated as a target; focus was on cash flows and shareholder returns. | On track to achieve 25% ROCE by end of next year (FY27). |
| FY26 volume growth guidance (raised) | Stated target was 20-25% growth pace. | Revised to 35-40% growth for FY26, already achieved >35% in 9M. |
| Free cash flow target FY27 (new) | Free cash generation focus without a stated rupee target. | FY27 free cash flow target ₹350 cr (intact), ₹240 cr already in 9M FY26. |
| Specialty wire portfolio (raised) | Launched speciality wire (tyre bead, hose wire, steel cord) to reduce import dependency. | IHT/OHT (9,000 t) launched and stabilised in first month; steel cord commercial sales pushed to Q2-Q3 FY27; specialty is ~5% of volume, 15-20% of EBITDA target. |
| Capacity expansion roadmap (restated) | Total capacity 6 lakh tons post-Dadri; expand beyond Dadri into western India. | Current capacity 6.18-6.20 lakh tons; 60,000 t brownfield at Dadri commissioning in Q4 FY26; 90,000 t at Sanand by end of FY27, taking total to ~7.7 lakh tons. |
| EBITDA dip fear (restated) | Management had warned of a slight dip in EBITDA owing to a product mix change. | EBITDA dip did not materialise; margin held at 8.4% in Q3 despite volume growth. |
| Market share (restated) | #2 in India with 7-8% market share, aspired to become #1. | Now claims to be the largest player in India by capacity at 6-7% market share; targeting 10% in 2-3 years. |
Guided on earlier calls, and what was filed
| What | For | Guided | Filed |
|---|---|---|---|
| EBITDA growth | FY26 | 10% (on the Q1 FY26 call) | 14.4%, above the figure guided |
| FY26 EBITDA growth | FY26 | at least 20% (on the Q2 FY26 call) | 14.4%, below the range |
| Long-term revenue/EBITDA growth | FY26 | 20–25% (on the Q2 FY26 call) | 18.6%, below the range |
Filed figures are summed from the company's own quarterly results for the whole period (EBITDA excludes other income); where one sits against what was guided is arithmetic, not a judgement.
The business
By business
Specialty wire (IHT, OHT, steel cord, bead/hose wire)
Launched IHT/OHT (9,000 t capacity, stable in first month, 20% utilisation); steel cord target delayed ~1 month by a fire in the specialty shed, commercial sales now eyed Q2-Q3 FY27. Capacity 29,000 t → 35,000 t in 2-3 quarters.
IHT/OHT Phase 1 capacity 9,000 tons · IHT/OHT Phase 2 to 15,000 tons in 2-3 quarters · Specialty capacity 29,000 tons → 35,000 tons · Specialty ~5% of total volume, 15-20% of EBITDA (target)
Outlook: Steel cord commercial production targeted Q2-Q3 FY27; IHT/OHT to drive bulk of FY27 specialty growth; FY27 onward steel cord ramp to lift margins.
Low carbon wire
Largest category at 55-60% of capacity; B2C share rose from ~5% in Q2 to >7% in Q3, with EBITDA per ton improving; targeting 60-62% of mix going forward.
B2C share 7% in Q3 vs 5% in Q2 · Low carbon 55-60% of capacity currently
Outlook: B2C target 12-15% of low carbon next year; low carbon to grow to 60-62% of total capacity.
Stainless steel wire
About 20% of current capacity; expansion planned at the Sanand facility as part of the 90,000-tonne greenfield capex.
Stainless steel ~20% of capacity
Outlook: Capacity addition at Sanand in low carbon and stainless steel.
High carbon wire
~20-25% of current capacity; further capacity additions planned in phases at the Dadri facility within existing 60,000-tonne brownfield capex.
High carbon ~20-25% of capacity · IHT/OHT margin ~2x regular high carbon wire
Outlook: High carbon expansions at Dadri in phases; IHT/OHT within this vertical to be the main near-term margin lever.
Balance sheet, capex and funding
- Operating cash flow ₹233 cr for 9M FY26; ₹85 cr generated in Q3; ₹240 cr free cash from operations already in 9M vs ~₹250 cr full-year target.
- FY27 free cash flow target of ₹350 cr intact, expected to be aided by discounting, channel financing and inventory/receivable normalisation.
- Capex pipeline: 60,000-tonne brownfield expansion at Dadri commissioning in next 3-4 days (Q4 FY26); 90,000-tonne capex at Sanand targeted by end of FY27.
- Current capacity 6.18-6.20 lakh tonnes; planned additions of 60,000 t (Dadri) + 90,000 t (Sanand) take it to ~7.7 lakh tonnes.
- Specialty wire capacity 29,000 tonnes → 35,000 tonnes in next 2-3 quarters (steel cord + hose wire 20,000 t; IHT/OHT 15,000 t combined).
- Working capital: this year's strategy was to keep inventory and receivables flat while growing volume 35%; no discounting or channel financing measures yet active.
The industry, as management sees it
Steel wire market growing at 7-8% with strong demand from automotive (including EV), infrastructure, cable, and general engineering sectors. Company sees structural growth in infrastructure applications (bridges, beams, long concrete structures via LRPC wires) and accelerating automotive content per vehicle (IHT/OHT replacing regular steel in suspension).
Risks management named
- Capacity utilization at 78% lags the 90% target — every quarter of sub-scale utilization pressures margins
- Steel tire cord commercial sales slipped ~1 month after a fire at the specialty wire shed; insurer approvals received but stabilization will take 1-1.5 months
- Old Balaji Wires / Bansal High Carbons plants still doing job work for the listed entity — a 2-3 quarter drag until Dadri fully ramps
- EBITDA per ton has been stuck near ₹7/kg for several quarters despite 35% volume growth; PAT growth muted by capitalized interest/depreciation still flowing through
Q&A
Discussion was driven by specialty-wire ramp-up (IHT/OHT and steel cord approvals), capacity roadmap to 7.7 lakh tons, and cash-flow / ROCE trajectory. Pushback was moderate but well-distributed: Veritas Research asked pointedly on the GST demand and on the PAT-to-EBITDA gap (capitalised interest/depreciation explanation satisfied the analyst), Investec probed whether EBITDA per ton was being kept low to gain share (denied) and reaffirmed the ₹600 crores 2-year OCF plan, and Sundaram MF zeroed in on the EBITDA per ton trade-off in low-carbon vs specialty — management consistently pushed back against any pricing-discount narrative. The only mildly deflected exchanges were around raising the FY26 volume guidance band (CEO chose to 'stick with guidance' rather than raise it) and on the specialty asset-turn split, where exact numbers were not provided.
Not answered directly
- Volume guidance raising beyond 35-40% in FY26 — CEO chose to hold guidance despite acknowledged Q4 upside
- Per-category asset turnover for low-carbon vs high-carbon — only directional ratios provided
Asked for a number, answered without one
- Asset turnover by product category: Management said they did not have segment asset-turnover numbers; indicated low-carbon asset turn is ~2-2.5x high carbon and at least 2x stainless steel.
- EBITDA per ton guidance for FY27 and FY28: Management said they don't see a significant change in product mix this year and specialty kicks in next year; qualitative target of '8, 8.5 or 9 over the next 1 or 2 years'.
- Sanand capex split (low carbon vs stainless): No specific split given; said 50% of the 40-acre Sanand land was for backward integration (now shelved) and 50% for wire, with low-carbon and stainless steel being expanded there.
Every question, with its answer
1. GST demand / regulatory
Kunal Sharma, Veritas Research & Advisors
Question. What is the status of the GST notice of around ₹206 crores raised a couple of months back, and how does it impact financials?
Answer, Ghanshyam Das Gujrati, Chief Financial Officer. We have already intimated the exchange. Everything has been sorted; no demand right now. Whatever little demand is there, we have filed an appeal to the higher authority. MD added that the original demand was 'unrealistic', reduced by 98-99%, and the remaining will also be squashed soon. CFO confirmed no material impact on financials.
Follow-up. So we are not going to see any impact on our financials for this?
Answer. Pranav Bansal: 'No, almost nothing.'
2. IHT/OHT specialty ramp-up
Kunal Sharma, Veritas Research & Advisors
Question. Can you elaborate on the IHT customer approval? What's the volume quantum, and where do you see IHT and OHT closing FY26?
Answer, Pranav Bansal, Managing Director & CEO. IHT used in suspension for 2W/4W including EV. Customer approvals received within the first month itself. Capacity utilization in January already at ~20%; revised FY26 target is 40% utilization. Capacity is being expanded from 9,000 to 15,000 tons (IHT+OHT combined, IHT is thicker, OHT is finer) over the next 2-3 quarters.
Follow-up. How does that benefit margins going forward?
Answer. Margin target already achieved on IHT/OHT — although absolute profitability is muted today by low utilization, the segment should reach target profitability by Q4. EBITDA per ton in IHT/OHT is 'almost double' the regular high-carbon wire.
3. Specialty wire product mix
Kunal Sharma, Veritas Research & Advisors
Question. Where does the specialty wire product mix stand today and what is the FY26 target?
Answer, Pranav Bansal, Managing Director & CEO. Specialty mix is now ~5% of total volume but should contribute 15-20% of EBITDA. Steel cord delayed by ~1 month due to a fire in the specialty wire shed (no material damage, insurer approvals received; stabilization will take 1-1.5 months, then approval cycle resumes, commercial sales in Q2-Q3 FY27). IHT/OHT doing better than expected. Bulk of next year's growth from IHT/OHT; FY27 is when steel cord numbers flow in.
4. PAT growth / capitalisation
Kunal Sharma, Veritas Research & Advisors
Question. PAT has been flat at ~₹42-43 crores for several quarters despite 20% EBITDA growth. Why isn't this flowing into PAT, and what's the recovery path?
Answer, Pranav Bansal, Managing Director & CEO. FY26 growth target was 30%, revised to 40%; already at 35%+. The earlier expected dip in EBITDA from product-mix change did not happen — EBITDA is now constant. All interest and capex-related depreciation were capitalized in the last quarter, depressing reported PAT, although cash profit grew 15-20%. Going forward, no more capitalization, so any EBITDA growth should reflect in PAT.
5. EBITDA per ton / volume guidance
Veenit, Investec
Question. With EBITDA per ton broadly stable at ₹7-7.1/kg for 2-3 quarters, shouldn't EBITDA growth (incl. other income) be closer to 25% than 20%, and volumes closer to the upper end of the 35-40% guidance?
Answer, Pranav Bansal, Managing Director & CEO. Q3 could have been better but for October-November labour shortages. Q4 should see better volumes. 'I would like to stick with my guidance. I don't want to take a lot of pressure on the system. We do have scope to improve. We do have room to grow. But let's see how it goes.'
Not answered directly.
6. FY27 cash flow / working capital
Veenit, Investec
Question. Cash flow has been good in 9M FY26. How should we think about FY27? And is the ₹600 crore OCF over 2 years still on track?
Answer, Pranav Bansal, Managing Director & CEO. FY26 target was ₹250 crore free cash flow (no change in inventory/receivables/debt despite 35% growth) — already done ₹240 crores in 9M. FY27 target of ₹350 crores is intact, achievable from continued discounting unwind, channel financing and operational improvements in inventory and receivables. Confirmed ~₹600 crores OCF over 2 years remains doable.
7. Steel cord approval timeline
Veenit, Investec
Question. Where are we on the steel cord approval side — lab trials, field trials and timelines?
Answer, Pranav Bansal, Managing Director & CEO. Behind by ~1 month due to insurance approvals after the fire. Otherwise on track for field trials and lab approvals. Last lab approval expected in 10-15 days; field trials after plant restart (1-1.5 months). Q2-Q3 FY27 still the target for first steel-cord supplies. IHT already contributing.
8. Related-party consolidation
Adityapal, MSA Capital Partners
Question. Update on consolidation of related-party entities Balaji Wires and Bansal High Carbons?
Answer, Pranav Bansal, Managing Director & CEO. Financially, these were consolidated in Q3 last year. Production continues in their older plants only for Bansal Wire (not independent operations). Shift to Dadri will take another 2-3 quarters because Dadri ramp is slower than expected (Dadri ended year at ~60% utilization). No merger planned — these 2 entities will simply be shut down once production fully migrates to Dadri.
Follow-up. So only consolidation is yet to happen — the entity-wise merger?
Answer. Pranav Bansal: 'No. So there is no plan of any merger or anything like that for those 2 entities, those 2 entities have to just shut down.'
9. Asset turnover / ROCE by category
Het Shah, Dalal & Broacha
Question. Can you give the asset turnover of low-carbon, high-carbon and stainless steel categories?
Answer, Pranav Bansal, Managing Director & CEO. No precise numbers for each category. Low-carbon asset turnover is 'about 2x, 2.5x' the high-carbon portfolio and at least 2x stainless steel — that's why it's the higher-ROCE business despite lower EBITDA per ton.
Follow-up. Any ballpark number you could give?
Answer. Restated the 2-2.5x vs high-carbon and 2x vs stainless steel.
Partly answered.
10. Old facility wind-down
Parthiv Jhonsa, Anand Rathi
Question. Once older facilities stop doing job work for Bansal Wire, what are the plans for those old plants?
Answer, Pranav Bansal, Managing Director & CEO. Two unviable, very old facilities running only to service customers until Dadri is fully ready. 'We don't earn much from these 2 entities.' They will just shut down; plant and equipment already purchased by Bansal Wire; they currently operate on lease. No merger of the 2 entities planned.
11. Fire impact / insurance
Parthiv Jhonsa, Anand Rathi
Question. What's the expected loss from the specialty wire shed fire post insurance settlement — any Q4 overhang?
Answer, Pranav Bansal, Managing Director & CEO. Already posted an exceptional loss of ₹1.5 crores in Q3 for inventory. Everything else insured. 'We do not expect anything material to happen in Q4 as well.'
12. Capacity roadmap by category
Parthiv Jhonsa, Anand Rathi
Question. Can you give the current capacity split across high-carbon, low-carbon, stainless steel and specialty, and the FY27-FY28 roadmap (incl. the 90kt Gujarat/Sanand expansion)?
Answer, Pranav Bansal, Managing Director & CEO. Current 620kt split: low-carbon 55-60%, stainless 20%, high-carbon the rest. Going forward, low-carbon target 60-62%. Sanand is low-carbon + stainless; Dadri phases handle high-carbon. Specialty currently 29kt, expanding to 35kt in 2-3 quarters (still ~5% of installed capacity) — includes 20kt steel tire cord pilot and IHT/OHT moving to 15kt.
13. EBITDA per ton guidance
Parthiv Jhonsa, Anand Rathi
Question. EBITDA per ton guidance for FY27 and FY28? Q3 inched back to ~₹7,000.
Answer, Pranav Bansal, Managing Director & CEO. No significant product-mix change expected. Low-carbon share will rise a bit, but specialty will also contribute. Target to move EBITDA per ton to '8, 8.5 or 9 over the next 1 or 2 years'. Focus is on absolute EBITDA growth of 20-25% annually.
14. Sanand facility / land use
Kunal Sharma, Veritas Research & Advisors
Question. Sanand status — is the backward-integration plan dropped, and what's happening with the 40 acres of free space (bead wire, stainless)?
Answer, Pranav Bansal, Managing Director & CEO. Bead wire planned for Dadri, not Sanand. Sanand is low-carbon + stainless. 50% of land was for backward integration (now dropped) and 50% for wire. Started 90kt capex on the wire portion. Balance 50% to be decided in next 1-2 quarters — either monetize or use for further expansion.
15. Capacity utilization trajectory
Kunal Sharma, Veritas Research & Advisors
Question. Capacity utilization is at 78%; earlier guide was 80-85% over 2-3 years. Sticking with that?
Answer, Pranav Bansal, Managing Director & CEO. Target is 90% utilization — that's where the best investment returns are. Came out of a major capex cycle which depressed utilization; historically the company has always operated near 90%. Within the 6.2 lakh-ton base, 90% achievable in 2-3 quarters. Continues to expand every 6 months — 60kt lined up at Dadri.
Follow-up. By when targeting 90%? And the combined capacity will be 680kt across the portfolio?
Answer. 2-3 quarters on the existing base. Total planned capex: 60kt Dadri + 90kt Sanand, taking capacity from 6.2 to 7.7 lakh tons. Also discussed market share — at 6-7% currently; 'now the largest in India by capacity'.
16. Capacity expansion timeline
Deepak, Sundaram Mutual Fund
Question. Commercialization timeline for the 60kt Dadri expansion and the 90kt Sanand expansion?
Answer, Pranav Bansal, Managing Director & CEO. 60kt Dadri brownfield is very flexible — commissioning in another 3-4 days, can fast-track or delay based on utilization. 90kt Sanand timeline intact — end of next year (FY27). 'These are very modular things. So we keep on adjusting it.'
Follow-up. Is it fair to assume 60kt in Q4 and 90kt by Q3 next fiscal? And what is the split between stainless and low-carbon in Sanand?
Answer. Confirmed: 60kt in Q4, 90kt in Q3 or Q4 FY27. Sanand is primarily low-carbon + stainless. Low-carbon share moving from 55% to 60% is minor; in low-carbon itself, EBITDA per ton is improving as the B2C share rises (5% in Q2, 7% in Q3, target 12-15% in FY27). Absolute EBITDA target is 20-25% growth.
17. EBITDA per ton vs market share
Deepak, Sundaram Mutual Fund
Question. EBITDA per ton has trended down over 3-4 quarters. Was some of that due to pricing discounting to gain market share, and can prices revert?
Answer, Pranav Bansal, Managing Director & CEO. At the start of the year there was a thought process to price aggressively for market share, but in Q2-Q3 this did not happen — in fact, EBITDA per ton was increased in some product categories. Blended EBITDA change is purely product-mix, not margin compression. 'We do not expect a trade-off between volume and EBITDA per ton anytime soon.'
What was said
Topic by topic, in the order it was spoken
Q3 Operating Performance & Record Volume · Pranav Bansal (MD & CEO)
- Q3 described as 'strongest ever operating performance' on the back of robust demand across automotive, infrastructure and general engineering.
- October and November impacted by labour shortages (early Diwali, Bihar elections); December rebounded to a record 45,000 tons in monthly sales.
- 9M FY26 trajectory maintained consistent growth, reflecting depth of customer engagement and scalability of the operating platform.
- Expanded capacity of 6 lakh+ tons now enabling mix upgrade towards higher-value segments, not just volume.
Specialty Wire Launch — IHT, OHT and LRPC · Pranav Bansal (MD & CEO)
- Launched induction hardened and tempered (IHT) wires in Q3 with 9,000 tons of high-performance capacity, used in automotive suspension springs for 2W/4W including EV.
- Product stabilized within the first month of installation and commercial sales have already commenced — far ahead of the original 6-month approval-cycle assumption.
- Phase-2 expansion underway: IHT+OHT combined capacity moving from 9,000 to 15,000 tons, expected to come on stream in 2-3 quarters.
- LRPC wires at the Dadri facility (18,000 tons) seeing strong traction in infrastructure (bridges, beams, long concrete structures).
Cash Flow, ROCE and Capital Returns · Pranav Bansal (MD & CEO)
- Almost ₹240 crores of free cash from operations generated in 9M FY26 — already at the full-year target; Q4 expected to add further.
- ROCE improving every quarter; company is on track to hit 25% ROCE by end of next year (FY27).
- Strategy this year was explicitly focused on cash flow and return profile rather than incremental EBITDA per ton.
Q3 & 9M Financial Snapshot · Ghanshyam Das Gujrati (CFO)
- Q3 sales volume: 121,000 metric tons — highest ever, +32% YoY, +6% QoQ; 9M FY26 volume 340,000 tons vs 246,000 tons in 9M FY25 (+38% YoY).
- Q3 EBITDA: ₹87 crores (+19% YoY), 8.4% margin; Q3 PAT ₹43 crores (+4% YoY).
- 9M FY26: revenue ₹3,023 crores (+18% YoY), EBITDA ₹243 crores (+19% YoY), PAT ₹121 crores (+7% YoY).
- Operating cash flow of ₹233 crores in 9M and ₹85 crores in Q3; supported by installed capacity of ~618,000 metric tons and healthy demand from cable, automobile and general engineering.
In their words
we delivered our strongest ever operating performance, supported by robust demand across automotive, infrastructure and general engineering…achieving our highest ever monthly sale of 45,000 tons
we have generated almost INR240 crores of free cash from operations, which was almost a full year's target…our ROCE has also been consistently improving every quarter. And I believe we are on track to achieving 25% ROCE by the end of next year.
as far as capacity goes, I think we are now the largest in India…in the very near future in the next 2 to 3 years, I think we should be able to go to a 10% kind of a market share
To check next time
What management committed to on this call, or the dates they gave.
- Commissioning of 60,000-tonne brownfield expansion at Dadri (slated within 3-4 days of the call).
- IHT/OHT capacity utilisation progression toward 40% target by end of FY26 and Phase 2 ramp to 15,000 tonnes.
- Last lab approval for steel cord (expected in 10-15 days) and stabilisation of the steel cord shed after the fire (1-1.5 months).
- ROCE progression toward 25% target by end of FY27 and EBITDA-to-PAT conversion now that capitalisation is behind.
- Progress on the 90,000-tonne Sanand capex (target end of FY27) and call on the balance 50% Sanand land (monetise vs use).
- B2C share trajectory in low carbon toward 12-15% target for FY27 and blended EBITDA per ton movement toward ₹8,000-9,000.
Transcript
We have not transcribed this call's recording. Read the company's transcript (PDF).
The stock after the call
| After the call | Close | Stock | Nifty 50 |
|---|---|---|---|
| Next session Tue 20 Jan 2026 | ₹287.90 | −3.86% | −1.38% |
| 5 sessions Tue 27 Jan 2026 | ₹255.50 | −14.68% | −1.60% |
| 20 sessions Mon 16 Feb 2026 | ₹272.35 | −9.05% | +0.38% |
From the close of Mon 19 Jan 2026, ₹299.45: the close before the call day (the call's time is not on file). Adjusted daily closes; the move includes everything else that happened in those sessions.