Sales Volume
133,000 tons
+18% YoY
Highest ever annual sales tonnage from three locations.
RAJRATANGLOBALWIRE
Other
15 May 2026
Rajratan Global Wire Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
India Market Share
42-43%
+5-8pp YoY
Recovered from 35-37% earlier, driven by Chennai ramp-up.
Chennai Capacity
60,000 tons
+100% YoY
Doubling capacity from 30,000 tons by Q2 FY27.
Steel Cord Revenue Potential
₹150 cr
New
Peak annual revenue from 10,000-ton steel cord facility in 2 years.
Management Guidance
Volume growth of 17-18% in FY27
Consolidated sales volume expected to reach ~155,000 tons, driven by India (Chennai ramp-up) and Thailand (10-14% growth).
growthEBITDA margin recovery to 13-14% in Q1 FY27
After passing on raw material price increases, margins expected to normalize from Q1 FY27 onwards.
marginsChennai capacity doubling to 60,000 tons by Q2 FY27
Balancing equipment installation to double capacity; FY27 sales from Chennai targeted at 35,000 tons.
expansionSteel cord facility trials in Q2 FY27, capitalization by Q3
₹70cr investment for 10,000-ton conveyor belt steel cord plant; peak revenue of ₹150cr expected in 2 years.
capexKey Risks
Raw material price volatility
Sudden steel price spikes (₹10,000/ton in Q4) compress margins if not passed on quickly; management expects normalization but risk remains.
high · management_commentaryGeopolitical disruptions and shipping delays
War in GCC and port congestion (Singapore, Colombo) increase lead times and working capital; no direct customer exposure but supply chain risk.
medium · analyst_questionPLI uncertainty
Company missed production targets for PLI scheme; approval pending and not included in projections. Potential benefit of ₹40-50cr over 5 years at risk.
medium · analyst_questionCompetitive pressure and excess capacity
Industry capacity exceeds demand; competitors may cut prices. Management relies on 30-year relationships and quality to maintain margins.
medium · analyst_questionNotable 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.