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Bharat Wire Ropes Q2 FY27 results: net profit down 21.2% to ₹17.44 crore, revenue up 10.0%
Bharat Wire Ropes Limited reported standalone revenue of ₹181.01 crore in Q2 FY27, up 10.0% from ₹164.59 crore a year earlier and 38.8% from ₹130.39 crore in Q1 FY27. Profit moved in the opposite direction to revenue: net profit was ₹17.44 crore against ₹22.14 crore in the year-ago quarter, and EBITDA margin was 18.5% versus 23.4%.
Key points
- Revenue was ₹181.01 crore in Q2 FY27, up ₹16.42 crore from ₹164.59 crore in Q2 FY26.
- EBITDA was ₹33.46 crore, down ₹4.98 crore from ₹38.44 crore a year earlier, with margin at 18.5% against 23.4%.
- Net profit was ₹17.44 crore, down ₹4.70 crore from ₹22.14 crore, and EPS was ₹2.54 against ₹3.23.
- Against Q1 FY27, revenue rose ₹50.62 crore and net profit rose ₹5.21 crore, while EBITDA margin was 1.1 percentage points lower.
- H1 FY27 revenue was ₹311.4 crore, up 1.7% from ₹306.24 crore, while net profit was ₹29.67 crore, down 21.4% from ₹37.74 crore.
How did Bharat Wire Ropes perform in Q2 FY27?
Bharat Wire Ropes reported standalone revenue of ₹181.01 crore for Q2 FY27, the July–September 2026 quarter, against ₹164.59 crore in Q2 FY26, a rise of ₹16.42 crore or 10.0%. Against Q1 FY27, revenue was higher by ₹50.62 crore or 38.8%. Total income was ₹181.17 crore, against ₹164.78 crore a year earlier. All figures in the filing are standalone and unaudited.
EBITDA for the quarter was ₹33.46 crore, lower than ₹38.44 crore in Q2 FY26 and ₹25.53 crore in Q1 FY27. The EBITDA margin was 18.5%, against 23.4% a year earlier and 19.6% in the previous quarter. Profit before tax was ₹24.13 crore, against ₹29.92 crore in Q2 FY26, while net profit was ₹17.44 crore, down ₹4.70 crore from ₹22.14 crore.
Basic EPS was ₹2.54 for the quarter, against ₹3.23 in Q2 FY26 and ₹1.79 in Q1 FY27. The net profit margin was 9.6%, against 13.5% in the year-ago quarter, and was 0.2 percentage points higher than the 9.4% recorded in Q1 FY27. The auditor conducted a limited review of the results and reported no material misstatement.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 181.01 | 130.39 | 164.59 | +10.0% | +38.8% |
| Other income | 0.16 | 0.33 | 0.19 | −15.8% | −51.5% |
| Total expenses | 157.04 | 114.20 | 134.86 | +16.4% | +37.5% |
| EBITDA | 33.46 | 25.53 | 38.44 | −13.0% | +31.1% |
| EBITDA margin | 18.5% | 19.6% | 23.4% | −4.9 pp | −1.1 pp |
| Profit before tax | 24.13 | 16.52 | 29.92 | −19.4% | +46.1% |
| Tax | 6.68 | 4.29 | 7.78 | −14.1% | +55.7% |
| Net profit | 17.44 | 12.23 | 22.14 | −21.2% | +42.6% |
| EPS (₹) | 2.54 | 1.79 | 3.23 | −21.4% | +41.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Bharat Wire Ropes' costs and profit?
Total expenses for Q2 FY27 were ₹157.04 crore, up ₹22.18 crore or 16.4% from ₹134.86 crore in Q2 FY26, rising faster than revenue. Cost of materials consumed was ₹96.03 crore, higher by ₹12.38 crore or 14.8% than ₹83.65 crore a year earlier. Employee benefit expense was ₹19.89 crore against ₹18.75 crore, and other expenses were ₹23.80 crore against ₹21.55 crore.
Depreciation and amortisation was ₹6.66 crore, up ₹0.80 crore from ₹5.86 crore, while finance costs were unchanged at ₹2.84 crore. Other income was ₹0.16 crore, down ₹0.03 crore from ₹0.19 crore. There was no exceptional item in either the quarter or the year-ago quarter.
Income tax expense was ₹6.68 crore, lower by ₹1.10 crore than the ₹7.78 crore recorded in Q2 FY26. Profit before exceptional items and tax was ₹24.13 crore, against ₹29.92 crore a year earlier. Against Q1 FY27, cost of materials rose ₹21.62 crore, employee costs ₹2.18 crore and other expenses ₹2.37 crore, while tax was higher by ₹2.39 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 96.03 | 83.65 | +12.38 | +14.8% |
| Employee cost | 19.89 | 18.75 | +1.14 | +6.1% |
| Finance costs | 2.84 | 2.84 | 0 | +0.0% |
| Depreciation | 6.66 | 5.86 | +0.80 | +13.7% |
| Other expenses | 23.80 | 21.55 | +2.25 | +10.4% |
| Total expenses | 157.04 | 134.86 | +22.18 | +16.4% |
| Other income | 0.16 | 0.19 | −0.03 | −15.8% |
| Tax | 6.68 | 7.78 | −1.10 | −14.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, Bharat Wire Ropes reported revenue of ₹311.4 crore, up 1.7% from ₹306.24 crore in H1 FY26. Total income was ₹311.89 crore against ₹306.58 crore a year earlier, and profit before tax was ₹40.65 crore, down from ₹50.61 crore.
Net profit for H1 FY27 was ₹29.67 crore, down ₹8.07 crore or 21.4% from ₹37.74 crore in H1 FY26, and EPS was ₹4.32 against ₹5.51. The half-year figures are standalone and unaudited, and the results were reviewed by the audit committee and approved by the board on 2 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 311.40 | 306.24 | +1.7% |
| Profit before tax | 40.65 | 50.61 | −19.7% |
| Net profit | 29.67 | 37.74 | −21.4% |
| EPS (₹) | 4.32 | 5.51 | −21.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹1,028.92 crore as on 30 September 2026, against ₹989.92 crore as on 31 March 2026. Total equity was ₹842.74 crore against ₹810.83 crore, and borrowings were ₹69.1 crore against ₹74.3 crore. Cash and cash equivalents were ₹0.04 crore against ₹0.05 crore.
Inventories were ₹129.1 crore as on 30 September 2026, against ₹117.13 crore at the previous balance sheet date. Trade receivables were ₹120.57 crore against ₹97.33 crore, and trade payables were ₹10.49 crore against ₹10.14 crore.
Net cash from operating activities in H1 FY27 was ₹36.27 crore, against ₹55.79 crore in H1 FY26. Investing cash flow was negative ₹27.55 crore against negative ₹24.52 crore, and financing cash flow was negative ₹8.73 crore against negative ₹34.28 crore. Capital expenditure was ₹5.98 crore compared with ₹9.75 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,029 | 989.92 |
| Total equity | 842.74 | 810.83 |
| Borrowings | 69.10 | 74.30 |
| Cash and equivalents | 0.04 | 0.05 |
| Inventories | 129.10 | 117.13 |
| Trade receivables | 120.57 | 97.33 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 36.27 | 55.79 |
| Cash from investing | −27.55 | −24.52 |
| Cash from financing | −8.73 | −34.28 |
| Capital expenditure | 5.98 | 9.75 |
Source: Company's results filing (XBRL).
How has Bharat Wire Ropes done over the last 8 quarters?
Revenue over the last eight quarters peaked at ₹181.01 crore in Q2 FY27 and bottomed at ₹130.39 crore in Q1 FY27. Revenue had fallen in three consecutive quarters from ₹171.83 crore in Q4 FY25 to ₹141.48 crore in Q4 FY26 before rising in Q1 FY27 and Q2 FY27.
Net profit reached its highest level of ₹22.14 crore in Q2 FY26 and its lowest of ₹12.23 crore in Q1 FY27, with the latest quarter at ₹17.44 crore. The EBITDA margin peaked at 23.4% in Q2 FY26 and bottomed at 17.9% in Q3 FY25, and stood at 18.5% in Q2 FY27, below the 19.6% recorded in the previous quarter and the 20.9% in Q4 FY26.
What else did the company announce?
The company filed the unaudited standalone financial results for the quarter and half year ended 30 September 2026 with the National Stock Exchange and BSE on 2 November 2026, following a board meeting held on the same day. The filing included the limited review report of the statutory auditor, Borkar & Muzumdar, and the statement of assets and liabilities and cash flow statement for the half year.
The company operates in a single segment, manufacturing of wire and wire ropes. The filing also notes that comparative figures for the previous periods have been regrouped, rearranged or recast to make them comparable with the current period. The same-day filing set did not include a dividend, a fund raise or an appointment.
How did Bharat Wire Ropes shares react?
The results were filed after market hours on 2 November 2026. From the price when the filing appeared, the stock was up 0.2% after 5 minutes, down 0.3% after 15 minutes and down 1.1% after 30 minutes. On the reaction day, it closed 1.3% below the previous close of ₹159.29.
By the next day's close, the stock was down 5.4% from its pre-results close, against a median move of 2.2% for the industry's other stocks, a relative move of negative 7.6 percentage points. The industry median on the reaction day was 0.1% higher.
Earlier results-day reactions were mixed: the stock fell 4.0% on 7 August 2026 and 3.6% on 16 May 2026, rose 5.7% on 2 February 2026, was up 0.9% on 12 November 2025, fell 3.1% on 11 August 2025, fell 4.6% on 19 May 2025, rose 0.4% on 3 February 2025 and rose 2.2% on 28 October 2024.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | −0.3% | |
| 30 minutes | −1.1% | |
| Reaction day | −1.3% | +0.1% |
| Next day | −5.4% | +2.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2026 | −4.0% |
| 16 May 2026 | −3.6% |
| 2 February 2026 | +5.7% |
| 12 November 2025 | +0.9% |
| 11 August 2025 | −3.1% |
| 19 May 2025 | −4.6% |
| 3 February 2025 | +0.4% |
| 28 October 2024 | +2.2% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Twenty-five Iron & Steel Products companies have filed for this quarter, and their median revenue growth was 23.9%, above Bharat Wire Ropes' 10.0%. Eighteen of those peers grew revenue faster than Bharat Wire Ropes and seven grew more slowly.
Of the 30 peers whose profit was compared, 20 reported higher profit. The peer figures are as on 4 November 2026, and no consolidated basis figures for Bharat Wire Ropes were given in the filing.
| Bharat Wire Ropes revenue growth (YoY) | +10.0% |
|---|---|
| Median of 25 other Iron & Steel Products companies | +23.9% |
| Companies with slower revenue growth than Bharat Wire Ropes | 7 of 25 |
| Companies with faster revenue growth than Bharat Wire Ropes | 18 of 25 |
| Companies whose net profit rose | 20 of 30 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Bharat Wire Ropes' revenue in Q2 FY27?
Revenue from operations was ₹181.01 crore, up 10.0% from ₹164.59 crore in Q2 FY26 (standalone).
Did Bharat Wire Ropes make a profit in Q2 FY27?
Yes. Net profit was ₹17.44 crore, against a net profit of ₹22.14 crore in Q2 FY26.
What was Bharat Wire Ropes' EPS in Q2 FY27?
Basic earnings per share were ₹2.54, against ₹3.23 in Q2 FY26.
How did Bharat Wire Ropes shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.3% from the previous close; the median Iron & Steel Products stock moved +0.1%.
When did Bharat Wire Ropes announce its Q2 FY27 results?
On 2 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 2 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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