Bansal Wire Industries Ltd — Q4 FY26
Bansal Wire reported Q4 FY26 revenue of ₹1,136 crore (+21% YoY) and PAT of ₹40 crore (+21% YoY), with EBITDA margin at 7.0%.
neutral
medium
✓ 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.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Quantify headwinds and volume disruption for Q1 FY27.
Asked by Pariff Johnson, Anand Rati
Gave volume cut percentage but did not quantify headwinds or duration.
no quantification of headwindsdeferred to normalization
Read the exchange
Question
Is it possible to quantify what is the issue particularly from say gas... what can be the headwinds or what can be the volume disruption particularly for Q1 of this current financial year?
Pranov Bansil (Management)
Q1 we have started with lesser volumes. Last month our volumes were cut to an extent of 35%. However those are back we are now expecting about 80-85% kind of our volumes... other than automotive segment all other segments we still see a lack of demand.
Answered
High priority
Will higher steel prices support top line despite volume loss?
Asked by Pariff Johnson, Anand Rati
Directly answered that top line may be supported but earnings won't benefit.
Read the exchange
Question
Despite volumes are down... the prices would have been much better right because the steel prices have gone up substantially... will that actually support your top line despite you losing on the volumes?
Pranov Bansil (Management)
Yes, that could definitely support our top line but that would still not translate to real earnings. At the end of today our business is still driven by volumes and a bit per ton.
Partial answer
High priority
Quantum and customer for first trial order in steel cord.
Asked by Pariff Johnson, Anand Rati
Identified customer type but did not quantify order size or name customer.
no quantum givenno specific customer named
Read the exchange
Question
What can be the quantum and what can be the delta now that finally things have been looking up for you from the steel cord vertical and from which customer has been receiving these orders?
Pranov Bansil (Management)
The order we would be receiving would be from the top four companies in India. It will be our first trial order. Once we supply that order and if the customer finds everything intact then we can expect a regular order.
Partial answer
Medium priority
Share of low carbon, high carbon, specialty in top line and EBITDA.
Asked by Pariff Johnson, Anand Rati
Gave revenue mix but declined to provide EBITDA share by product.
no EBITDA share givenonly revenue mix provided
Read the exchange
Question
Is it possible to quantify what is the share of say low carbon, high carbon and specialty in top line as well as the EBITDA in percent terms?
Pranov Bansil (Management)
Overall our product mix has remained the same. 55ish% of low carbon, 25 high carbon and 20% stainless steel in general. This is the broad thought process.
Evasive
High priority
Can Bansal gain market share while competitors struggle with gas issues?
Asked by Pratik Singh, IIFL Capital
Did not answer whether they can gain market share; instead described demand weakness.
did not address market share gainfocused on demand weakness
Read the exchange
Question
Given it's a low margin industry and we are the market leaders here. I would assume this gas problem would be faced by a lot of your competitors... fair to assume that they would be in pretty much dire situation right now if demand is weak and we can expect to gain market share?
Pranov Bansil (Management)
Automotive sector has been doing well, there we are still able to grow. Every other sector we are seeing a very sluggish demand because of price increase in steel and the situation we are all going through.
Answered
High priority
Will EBITDA margins be lower to achieve 20% growth this year?
Asked by Pratik Singh, IIFL Capital
Directly stated no margin hit and EBITDA growth aligns with volume growth.
Read the exchange
Question
In the past when we had stated that to gain market share we would be taking a hit on our margins. Is that phase largely behind us or do you think to gain this 20% growth this year as well... EBITDA pattern would be likely lower?
Pranov Bansil (Management)
From this year there is no more negative impact on EBITDA which we foresee in terms of our regular operations. If we grow at 20% our EBITDA should also grow at 20%.
Evasive
High priority
Confidence in 20% volume growth guidance given current production cut.
Asked by Disha, Safia Capital
Did not give confidence level; conditional on normalization.
no commitmentdeferred to normalization
Read the exchange
Question
Currently we are operating at around 80-85% volume. So we see 20% production cut in April as well. Going forward how confident are we to maintain this 20% sort of guidance?
Pranov Bansil (Management)
Right now it is very difficult for me to give you a number because it is a very dynamic situation. But once it turns back to normal we should be able to grow at 20%.
Partial answer
Medium priority
Capacity utilization of IHTY segment in Q4 and EBITDA per ton.
Asked by Disha, Safia Capital
Gave utilization but did not quantify EBITDA per ton.
no EBITDA per ton givenonly qualitative outlook
Read the exchange
Question
This IHTY segment, this new segment that we added, what sort of capacity utilization are we at in Q4? And what sort of EBITDA per ton do we see in this one?
Pranov Bansil (Management)
In March alone we were at about 25% capacity utilization in IHTY, increasing by maybe 10-15% every month. Right now it is not contributing much but once we touch 50% capacity utilization it should turn into positive EBITDA.
Answered
Medium priority
Reason for sharp increase in payables and days outstanding.
Asked by Deepak, Sundaram Mutual Fund
Clearly explained the use of purchase invoice discounting as the reason.
Read the exchange
Question
This year we have seen a sharp spike in our payable both in absolute terms as well as increase in the number of days. Just wanted to understand have we structurally made any changes in the way we are sourcing?
Pranov Bansil (Management)
We are still buying from our main suppliers but we've also included a lot of discounting limits from this year which is where you are seeing the payable going high. This is part of the discounting facility.
Answered
High priority
Capacity expansion plans and capex for FY27.
Asked by Deepak, Sundaram Mutual Fund
Provided specific capacity targets and timeline for additions.
Read the exchange
Question
From 6.8 lakh we will be adding 1.2 lakh ton in Dadri itself. Would it be fair to assume in FY27 you'll be adding 1.2 in Dadri and 0.9 in Sanand?
Pranov Bansil (Management)
That 0.9 will come towards the end of 27. We will only be able to utilize that in 28. For this complete year we would still be adding some capacities here and there. From 6.8 lakh it should be at least 8 lakhs, with Sanand it might be 8.5 or 8.6.
Answered
Medium priority
Decision on selling remaining 50% land at Sanand.
Asked by Hit Sha, Dalal and Brocha Stock Broking
Clearly stated intention to sell and deferred backward integration.
Read the exchange
Question
We scrapped off our plan for backward integration. In the last con call you had said probably the decision to sell or to come up with another should be taken in the next quarter. Have we come up with any decision on that balance 50% land?
Pranov Bansil (Management)
The balance 50% land we would be trying to sell it off to get that cash in. We have deferred our backward integration project and for the next couple of years it does not fit in our strategic investment scheme.
Answered
High priority
Barriers to entry and competitive advantage in steel cord.
Asked by Pujan Sha, Molecule Ventures
Listed specific barriers: technology, people, exclusive tie-ups, approval process, cost advantage.
Read the exchange
Question
What gives us so much confidence that we could be the market share leader and we will be able to utilize our facility up and running at 100%?
Pranov Bansil (Management)
Technology is one. To get the right people is another. We have exclusive collaborations with suppliers. There is a long approval process. Also our capex per ton is very low, industry norm is at least 50% higher.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Steel cord EBITDA range 600-800 crores at full capacity | ₹800 cr | ₹80 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.