Bansal Wire Industries Limited — Q3 FY26
Bansal Wire delivered a strong Q3 with record sales volume of 1,21,000 tons (+32% YoY) and highest-ever monthly sales of 45,000 tons in December.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
82%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Status of GST notice of ~206 cr and financial impact
Asked by Kunal Sharma, Vertors Research and Advisers
Management says sorted but admits small demand remains; no exact figure given.
no specific amount of remaining demandvague timeline
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Question
can we please throw some light on the GST related issues which we faced a couple of months back so notice was somewhere around 206 cr so what's the status on that regard and how does that impact on our finances
Pranav (management)
actually we have already intimated the stock exchange now Everything has been sorted out and there is no demand right now and a little bit demand little bit demand is there and we have already filed appeal to the higher authority
Answered
High priority
Details on IHT product approval, volume, and quantum
Asked by Kunal Sharma, Vertors Research and Advisers
Provided specific capacity utilization percentages and timeline.
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Question
during the quarter we got an approval from the customer for IHC right so will you just elaborate more on this particular thing on the volume side and how would be the quantum and what are we supposed to close by end of FY26 with regards to IHT and OST
Pranav (management)
We started this product in Q3. We've already received some customer approvals and this month we are looking at maybe a 20% capacity utilization. Our revised target for this year is to reach about 40% capacity utilization.
Answered
High priority
Why EBITDA growth not reflecting in PAT despite 20% growth
Asked by Kunal Sharma, Vertors Research and Advisers
Explained PAT lag due to capitalization of interest and higher depreciation.
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Question
the run rate is remain same over the last many quarters despite of showing 20% growth in the EBITDA. So why it's not reflecting into our PAT and what do you see like the gradual recovery in the PAT?
Pranav (management)
In the last quarter we have capitalized all interest cost we have capitalized all investments. Therefore you see a jump in depreciation as well as interest. Although our cash profit has increased by 15-20%. But PAT level does not reflect that because of higher depreciation.
Evasive
Medium priority
EBITDA growth guidance closer to 25% given stable per-ton EBITDA
Asked by Vinit, Invest
Acknowledged potential but declined to update guidance, citing labor issues.
blamed external factorsrefused to revise guidance
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Question
looking at the current run rate and EBITDA per ton being broadly stable now for the last 2-3 quarters at 7-7.1 rupees a kg, don't you think our EBITDA growth if we include other income should grow at more closer to 25% than 20%?
Pranav (management)
That was in fact our target for Q3 but Q3 has not although we have shown good results in Q3 but it could still have been better because of October November we lost some volumes because of labor shortages. I would like to stick with my guidance.
Answered
High priority
Cash flow outlook for FY27 and drivers
Asked by Vinit, Invest
Provided specific OCF target of 350 cr for FY27 and explained drivers.
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Question
how should we think about FY27 from a cash flow perspective post this? And if we assuming a similar sort of a run rate in terms of OCF what should drive this?
Pranav (management)
For the next year our target was 350 crores. I think that is still intact. Looking at what we did in this year we should be able to achieve that easily as well. This will come from a lot of discounting and other provisions.
Answered
High priority
Update on steel cord approvals and timelines
Asked by Vinit, Invest
Provided specific timeline (Q2-Q3 next year) and reason for delay.
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Question
if you can give some updates where are we on the approval side with customers on the steel cord business, lab trials, field trials, how long will it take, what should be the timelines there we should consider?
Pranav (management)
We are behind by a month because of some approvals that we've now received from the insurance companies to start production. But other than that I see no major change there. Q2 Q3 is our target still for starting supplies of steel cord.
Answered
Medium priority
Update on consolidation of related party entities Balaji Wires and Bansal High Tensile
Asked by Adit Pal, MSA Capital Partners
Clarified financial consolidation done; operational shift to Dadri ongoing with timeline.
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Question
wanted to quickly get an update on the consolidation of our related party entities that is Balaji Wires and Bansal High Tensile. If you can help us know where we are because last couple of calls we had mentioned that we are planning to consolidate it and it will happen maybe in the next 18 to 24 months.
Pranav (management)
There are two parts to this consolidation. First on financials that has been consolidated last year. The only thing that is left right now is that there is still some production happening in those two entities in the older plants. But that is only being done for Bansal.
Partial answer
Medium priority
Asset turnover comparison between low carbon and high carbon categories
Asked by HA, Dalal and Brocha
Gave qualitative comparison and rough multiple but no precise figures.
no exact numbersballpark only
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Question
could you just give a gist on the asset turnover of the each of the categories the low carbon and high carbon?
Pranav (management)
I do not have numbers of asset turn of each category right now but yes low carbon even though it is a lower EBITDA per ton business the asset turns are generally better. Low carbon asset turnover would be about two to two and a half times of our general high carbon portfolio.
Answered
Low priority
Plans for older facilities after capacity moves to Dadri
Asked by Parts (Paras), Anandrati
Clearly stated plan to shut down older facilities after transition.
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Question
once the entire capacity moves to Dadri at the end of the day what is your plans to do at these older facilities? any idea?
Pranav (management)
These are two very unviable and very old facilities. Right now we are only running it just to service the market because we don't want to lose our customers. As and when we are able to shift our capacities, I think this will just shut down.
Answered
Medium priority
Expected losses from fire and insurance claim status
Asked by Parts (Paras), Anandrati
Provided specific loss amount and confirmed no further material impact.
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Question
I just wanted to get your idea on what is the expected losses you expect post your claims and everything because that will have some overhang on the stock.
Pranav (management)
We have already posted an exceptional loss of 1.5 cr that was due to the inventory loss in the fire which we've estimated. Everything else was insured. We do not expect anything material to happen in Q4 as well.
Answered
High priority
Capacity breakdown by product and roadmap for FY27-28
Asked by Parts (Paras), Anandrati
Provided current capacity mix and future expectations with percentages.
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Question
what is the current capacity between high carbon low carbon stainless and specialty and how the road map is panned out in say FY27 and 28?
Pranav (management)
Right now out of our capacity of 6 lakh 20,000 tons I would say about 55-60% is low carbon, 20% would be stainless steel and the rest will be high carbon. Going forward also we are looking at similar numbers.
Answered
Medium priority
Status of Sanand facility and backward integration plan
Asked by Kunal Sharma, Vertors Research and Advisers
Clarified land usage and current status of Sanand facility.
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Question
wanted to know your thought on the Sanand facility. So we now dropped the backward integration plan. So and still we have 40 acre of free space over there. So what is the status on that particular thing?
Pranav (management)
Beadwire we've already started and this was planned for the Dadri facility not in the Sanand plant. In Sanand it is more low carbon and stainless steel. 50% of the land was for backward integration, 50% for wire. We are utilizing that 50% as of now.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth 35% so far this year | 35% | 11% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.