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Revenue
₹1,029 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹87 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. Revenue grew 11% YoY to ₹1,029 crore, while EBITDA rose 19% to ₹87 crore with margins at 8.4%. PAT was flat at ₹43 crore due to higher depreciation from recent capex. Key drivers include robust demand across automotive, infrastructure, and general engineering, plus successful launch of IHT wires (9,000-ton capacity) with commercial sales already underway. Management guided for 35-40% volume growth for FY26 and expects EBITDA per ton to improve to ₹8-8.5/kg over 1-2 years as specialty wire ramps up. Free cash flow from operations reached ₹240 crore in 9M, exceeding full-year target. Risk: GST-related demand of ~₹206 crore, though management says 98-99% has been settled and the rest will be squashed.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve 35-40% volume growth for the full year, with Q4 likely to be better than Q3.
- As specialty wire (IHT, OT, steel cord) ramps up, EBITDA per ton is expected to increase from current ~₹7/kg to ₹8-8.5/kg in the next 1-2 years.
- Management targets ₹350 crore of free cash flow from operations in FY27, driven by discounting, channel financing, and operational improvements.
- 60,000-ton brownfield expansion at Dadri to be commissioned in Q4 FY26; 90,000-ton greenfield at Sanand by Q3/Q4 FY27.
Risks flagged
- A GST notice of ~₹206 crore was received; management claims 98-99% has been settled and the rest will be squashed, but residual risk remains.
- A fire in the specialty wire shed caused inventory loss of ₹1.5 crore and delayed steel cord approvals by about a month.
- Increasing low-carbon wire share (from 55% to 60%) could pressure blended EBITDA per ton, though management expects specialty wire to offset.
- The 90,000-ton Sanand greenfield project may face delays; management has flexibility but timelines could slip.
Key quotes
- We have successfully launched induction hardened and tempered (IHT) wires by adding 9,000 tons of high performance capacity. This product is primarily used in automotive suspension springs, allowing us to deepen our engagement with automotive OEMs while improving our long-term margin profile.
- We have generated almost 240 crores of free cash from operations which was almost a full year's target and with another quarter left I'm confident we would be able to achieve much better than expected on that front.
- Our target for this year was a growth of about 30% which we revised to maybe towards 40% within this year. I think we are already on track for that.
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