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Revenue
₹314 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Rajratan Global Wire reported record sales tonnage of 133,000 tons in FY26, up 18% YoY, driven by strong demand across India, Thailand, and export markets. However, Q4 EBITDA margin contracted sharply by ~400bps due to a sudden ₹10,000/ton spike in steel prices that could not be passed on immediately. Management confirmed the price increase has been passed on in Q1 FY27, expecting margins to revert to 13-14%. The company is doubling Chennai capacity to 60,000 tons and investing ₹70cr in a steel cord facility for conveyor belts, targeting ₹150cr revenue in two years. Volume growth guidance for FY27 is 17-18%, reaching ~155,000 tons. Key risk: further raw material volatility or geopolitical disruptions could delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated sales volume expected to reach ~155,000 tons, driven by India (Chennai ramp-up) and Thailand (10-14% growth).
- After passing on raw material price increases, margins expected to normalize from Q1 FY27 onwards.
- Balancing equipment installation to double capacity; FY27 sales from Chennai targeted at 35,000 tons.
- ₹70cr investment for 10,000-ton conveyor belt steel cord plant; peak revenue of ₹150cr expected in 2 years.
Risks flagged
- Sudden steel price spikes (₹10,000/ton in Q4) compress margins if not passed on quickly; management expects normalization but risk remains.
- War in GCC and port congestion (Singapore, Colombo) increase lead times and working capital; no direct customer exposure but supply chain risk.
- Company missed production targets for PLI scheme; approval pending and not included in projections. Potential benefit of ₹40-50cr over 5 years at risk.
- Industry capacity exceeds demand; competitors may cut prices. Management relies on 30-year relationships and quality to maintain margins.
Key quotes
- We have been able to achieve the highest ever sales tonnage. Our sales on year-on-year basis have increased by 18%.
- We are projecting and we are talking in middle. We are not optimistic about 18-20% but we are also not pessimistic about 11-12%.
- We don't want to lose our market share. As long as the product is giving us some contribution, we want to continue with our high market share.
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