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Ram Ratna Wires Q2 FY27 results: net profit down 5.4% to ₹35.70 crore, revenue down 8.6%
Ram Ratna Wires Limited reported consolidated revenue of ₹1,962 crore and net profit of ₹35.70 crore for Q2 FY27. Revenue was lower than Q2 FY26 but higher than Q1 FY27, while EBITDA margin was unchanged from the year-ago quarter at 4.6% and declined from the previous quarter.
Key points
- Consolidated Q2 FY27 revenue was ₹1,962 crore, down 8.6% from ₹2,146 crore in Q2 FY26 and up 5.9% from ₹1,853 crore in Q1 FY27.
- EBITDA was ₹89.52 crore, down 9.0% year on year and 0.1% sequentially; EBITDA margin was 4.6%, unchanged from Q2 FY26 and down 0.2 percentage points from Q1 FY27.
- Net profit was ₹35.70 crore, down 5.4% from ₹37.73 crore in Q2 FY26 and up 1.5% from ₹35.16 crore in Q1 FY27; basic EPS was ₹3.75.
- Total expenses fell 8.7% year on year to ₹1,916 crore, with lower cost of materials, employee cost, finance costs, depreciation and other expenses; there was no exceptional item.
- The stock fell 7.6% on the reaction day and was down 5.5% from its pre-results close by the next day's close, compared with a 2.1% fall for the industry median on the reaction day.
How did Ram Ratna Wires perform in Q2 FY27?
Ram Ratna Wires reported consolidated revenue of ₹1,962 crore for Q2 FY27, down 8.6% from ₹2,146 crore in Q2 FY26 and up 5.9% from ₹1,853 crore in Q1 FY27. EBITDA was ₹89.52 crore, down 9.0% year on year and 0.1% sequentially, while the EBITDA margin was 4.6% against 4.6% in Q2 FY26 and 4.8% in Q1 FY27.
Consolidated net profit was ₹35.70 crore, compared with ₹37.73 crore in Q2 FY26 and ₹35.16 crore in Q1 FY27. Basic EPS was ₹3.75, down from ₹7.88 in Q2 FY26 and ₹3.77 in Q1 FY27. On the standalone basis, revenue was ₹1,934.47 crore and profit was ₹28.88 crore.
For the first half of FY27, consolidated revenue was ₹3,815.23 crore, total income was ₹3,825.07 crore, profit before tax was ₹101.2 crore and net profit was ₹70.87 crore. Basic EPS for the first half was ₹7.53. The filing also stated that the quarter and half-year results were unaudited and had been reviewed by the audit committee.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,962 | 1,853 | 2,146 | −8.6% | +5.9% |
| Other income | 7.49 | 2.34 | 7.77 | −3.6% | +220.1% |
| Total expenses | 1,916 | 1,808 | 2,099 | −8.7% | +6.0% |
| EBITDA | 89.52 | 89.58 | 98.38 | −9.0% | −0.1% |
| EBITDA margin | 4.6% | 4.8% | 4.6% | +0.0 pp | −0.2 pp |
| Profit before tax | 53.69 | 47.51 | 54.20 | −0.9% | +13.0% |
| Tax | 15.83 | 10.93 | 15.43 | +2.6% | +44.8% |
| Net profit | 35.70 | 35.16 | 37.73 | −5.4% | +1.5% |
| EPS (₹) | 3.75 | 3.77 | 7.88 | −52.4% | −0.5% |
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 Ram Ratna Wires' costs and profit?
Total expenses declined 8.7% year on year to ₹1,916 crore from ₹2,099 crore in Q2 FY26. Cost of materials fell 2.4% to ₹1,874 crore, employee cost fell 33.9% to ₹29.75 crore, finance costs fell 14.8% to ₹29.87 crore, depreciation fell 20.3% to ₹13.46 crore and other expenses fell 36.2% to ₹45.95 crore.
Other income was ₹7.49 crore, down 3.6% from ₹7.77 crore in Q2 FY26, and there was no exceptional item in either period. Profit before tax fell 0.9% to ₹53.69 crore, while tax rose 2.6% to ₹15.83 crore. Net profit consequently fell 5.4% to ₹35.70 crore.
Against Q1 FY27, other income increased by ₹5.15 crore to ₹7.49 crore and finance costs fell by ₹1.78 crore to ₹29.87 crore. These movements were accompanied by an increase of ₹187.57 crore in cost of materials and an increase of ₹4.90 crore in tax, while the EBITDA margin fell 0.2 percentage points to 4.6%.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,874 | 1,919 | −45.51 | −2.4% |
| Employee cost | 29.75 | 45.01 | −15.26 | −33.9% |
| Finance costs | 29.87 | 35.06 | −5.19 | −14.8% |
| Depreciation | 13.46 | 16.88 | −3.42 | −20.3% |
| Other expenses | 45.95 | 72.05 | −26.10 | −36.2% |
| Total expenses | 1,916 | 2,099 | −183.68 | −8.7% |
| Other income | 7.49 | 7.77 | −0.28 | −3.6% |
| Tax | 15.83 | 15.43 | +0.40 | +2.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,366.64 crore against ₹1,993.51 crore at 31 March 2026, and total equity was ₹633.48 crore against ₹584.92 crore. Borrowings rose to ₹752.41 crore from ₹654.14 crore, while cash increased to ₹34.49 crore from ₹7.83 crore. Inventories were ₹643.73 crore against ₹486.09 crore, trade receivables ₹769.06 crore against ₹640.61 crore, and trade payables ₹860.0 crore against ₹641.23 crore.
For the first half of FY27, operating cash flow was ₹80.89 crore, compared with negative ₹182.71 crore in H1 FY26. Investing cash flow was negative ₹63.55 crore against negative ₹88.51 crore, while financing cash flow was positive ₹9.62 crore against positive ₹273.89 crore. Capital expenditure was ₹64.64 crore, compared with ₹87.17 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,367 | 1,994 |
| Total equity | 633.48 | 584.92 |
| Borrowings | 752.41 | 654.14 |
| Cash and equivalents | 34.49 | 7.83 |
| Inventories | 643.73 | 486.09 |
| Trade receivables | 769.06 | 640.61 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 80.89 | −182.71 |
| Cash from investing | −63.55 | −88.51 |
| Cash from financing | 9.62 | 273.89 |
| Capital expenditure | 64.64 | 87.17 |
Source: Company's results filing (XBRL).
How has Ram Ratna Wires done over the last 8 quarters?
Revenue in the reported quarterly trend peaked at ₹2,145.86 crore in Q2 FY26 and bottomed at ₹888.67 crore in Q3 FY25. It fell to ₹1,277.94 crore in Q3 FY26, then rose to ₹1,752.85 crore in Q4 FY26 and ₹1,853.28 crore in Q1 FY27 before reaching ₹1,961.95 crore in Q2 FY27.
Net profit peaked at ₹39.23 crore in Q4 FY26 and bottomed at ₹15.92 crore in Q1 FY26. Profit then moved to ₹35.16 crore in Q1 FY27 and ₹35.70 crore in Q2 FY27. The EBITDA margin reached 5.6% in Q3 FY26 and was 4.6% in Q2 FY27, compared with its low of 4.4% in the reported trend.
Which businesses drove the quarter?
Enamelled wires and strips remained the largest reported segment, with revenue of ₹1,461.46 crore and EBIT of ₹69.25 crore. Revenue fell 13.5% from ₹1,688.72 crore in Q2 FY26, while EBIT was lower than ₹71.1 crore in that quarter; the reported EBIT margin was 4.7%.
Copper tubes and pipes reported revenue of ₹473.01 crore, up 7.9% from ₹438.38 crore in Q2 FY26, and EBIT of ₹13.26 crore against ₹18.57 crore. Its reported EBIT margin was 2.8%. The Others segment reported revenue of ₹27.49 crore, down 37.8% from ₹44.17 crore, and EBIT of ₹4.02 crore against ₹5.26 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Enamelled wires and strips | 1,461 | −13.5% | 69.25 | 4.7% |
| Copper tubes and pipes | 473.01 | +7.9% | 13.26 | 2.8% |
| Others | 27.49 | −37.8% | 4.02 | 14.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the acquisition of 2,21,26,000 equity shares of Epavo Electricals Private Limited from Epack Durable Limited, representing 50% of its paid-up equity share capital. The acquisition was priced at ₹6.78 per share and was to be paid in cash, with the filing stating that it would raise Ram Ratna Wires’ shareholding in Epavo from 50% to 100% and make it a wholly owned subsidiary on completion. The company expected completion by 30 November 2026.
The board also approved investment of up to ₹50 crore to acquire land in Rajasthan for future expansion and business purposes. CARE Ratings separately revised its outlook on Ram Ratna Wires’ long-term bank facilities from Stable to Positive, with the rating CARE A-; Positive and short-term facilities rated CARE A2+.
How did Ram Ratna Wires shares react?
After the filing appeared after market hours, the stock was down 2.2% after 5 minutes, 3.5% after 15 minutes and 6.9% after 30 minutes. It closed 7.6% below its previous close on the reaction day. By the next day's close, the stock was down 5.5% from its pre-results close, against a 0.7% fall for the industry's median move.
On the reaction day, the Other Electrical Equipment industry median fell 2.1%, while Ram Ratna Wires fell 7.6%, a difference of 5.6 percentage points. The Nifty Microcap 250 fell 2.5% on the reaction day and 1.1% by the next day's close. Earlier reaction-day moves were negative on 31 July 2026, 26 May 2026, 12 November 2025, 7 August 2025 and 29 May 2025.
| After the filing | Stock | Other Electrical Equipment median |
|---|---|---|
| 5 minutes | −2.2% | |
| 15 minutes | −3.5% | |
| 30 minutes | −6.9% | |
| Reaction day | −7.6% | −2.1% |
| Next day | −5.5% | −0.7% |
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 |
|---|---|
| 31 July 2026 | −4.3% |
| 26 May 2026 | −2.3% |
| 6 February 2026 | +10.6% |
| 12 November 2025 | −3.2% |
| 7 August 2025 | −0.7% |
| 29 May 2025 | −1.5% |
| 29 January 2025 | +6.0% |
| 28 October 2024 | +3.0% |
Source: MarketPing price-reaction measurement.
How did other Other Electrical Equipment companies do?
Eighteen Other Electrical Equipment companies were compared for this quarter as of 4 November 2026. Their median revenue growth was 44.5%. Seventeen peers grew faster than Ram Ratna Wires and one peer grew slower than the company. Eleven of the 16 peers for which profit data was available reported higher profit.
| Ram Ratna Wires revenue growth (YoY) | −8.6% |
|---|---|
| Median of 18 other Other Electrical Equipment companies | +44.5% |
| Companies with slower revenue growth than Ram Ratna Wires | 1 of 18 |
| Companies with faster revenue growth than Ram Ratna Wires | 17 of 18 |
| Companies whose net profit rose | 11 of 16 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ram Ratna Wires' revenue in Q2 FY27?
Revenue from operations was ₹1,962 crore, down 8.6% from ₹2,146 crore in Q2 FY26 (consolidated).
Did Ram Ratna Wires make a profit in Q2 FY27?
Yes. Net profit was ₹35.70 crore, against a net profit of ₹37.73 crore in Q2 FY26.
What was Ram Ratna Wires' EPS in Q2 FY27?
Basic earnings per share were ₹3.75, against ₹7.88 in Q2 FY26.
How did Ram Ratna Wires shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.6% from the previous close; the median Other Electrical Equipment stock moved −2.1%.
When did Ram Ratna Wires announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Meeting Scheduled To Be Held On October 29, 2026 (BSE, 21 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 29, 2026 (BSE, 29 October 2026) · PDF
- Result For The Quarter Ended September 30, 2026 (BSE, 29 October 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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