Bharat Wire Ropes Limited (BHARATWIRE)
₹163.77 +0.80% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bharat Wire's revenue was ₹130 Cr (-8.2% year on year, -7.5% on the previous quarter), and net profit ₹12.2 Cr (-23.6% year on year); the operating margin was 19.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹130 | -8.2% | -7.5% |
| Operating profit | ₹25.5 | -14.9% | -14.9% |
| Net profit | ₹12.2 | -23.6% | -23.6% |
| EPS (₹) | 1.79 | -21.5% | -25.4% |
| Operating margin | 19.6% | — | — |
BHARATWIRE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 33.19% of the BHARATWIRE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.3%. That is lower than usual for this stock. Turnover was only ₹98 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 35.2% · 44.1% · 46.0% · 22.9% · 33.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bharat Wire Ropes Limited disclosed the voting results and scrutinizer report for its 40th Annual General Meeting held on September 25, 2026. All seven resolutions were passed with over 99.8% approval, including the adoption of FY26 financial statements and dividend declaration on 0.01% Compulsory Convertible Preference Shares (CCPS). Shareholders also approved the reappointment and remuneration of Whole-Time Director Sushil Sharda. Total valid votes polled stood at 4,55,52,248 (66.23% of outstanding shares).
- All 7 resolutions passed with over 99.8% of cast votes in favour
- Overall voter turnout was 66.23% across 4,55,52,248 polled votes out of 6,87,82,985 total shares
- Approval granted for final dividend on 0.01% Compulsory Convertible Preference Shares (CCPS)
- Re-appointment and remuneration of Whole-Time Director Sushil Sharda approved by 99.93% majority
Bharat Wire Ropes held its 40th Annual General Meeting on September 25, 2026, via Video Conferencing with 71 members attending. Key agenda items included adopting the FY2025-26 audited financial statements, declaring a final dividend on 0.01% Compulsory Convertible Preference Shares (CCPS), and approving the reappointment and remuneration of Whole-Time Director Sushil Sharda. Statutory and Secretarial Audit Reports were confirmed to have no qualifications or adverse remarks. The final voting and scrutinizer results will be disclosed separately.
- 40th AGM conducted via Video Conferencing on September 25, 2026
- 71 members attended the meeting through Video Conferencing
- Remote e-voting was open from September 21, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)
- Proposed final dividend declaration on 0.01% Compulsory Convertible Preference Shares (CCPS)
- No qualifications, observations, or adverse remarks reported by Statutory and Secretarial Auditors
Bharat Wire Ropes Limited has issued a communication regarding the dispatch of notices and Annual Report links for FY 2025-26 to shareholders whose email addresses are not registered. The company's 40th Annual General Meeting (AGM) will be held on Friday, September 25, 2026, at 12:30 PM IST via video conferencing. The cut-off date to determine eligibility for e-voting is Friday, September 18, 2026. Remote e-voting will run from September 21, 2026, to September 24, 2026.
- 40th AGM scheduled for Friday, September 25, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date to determine e-voting eligibility fixed as Friday, September 18, 2026
- Remote e-voting window opens on September 21, 2026 (9:00 AM IST) and closes on September 24, 2026 (5:00 PM IST)
- Specimen letter dispatched to shareholders with unregistered emails pursuant to Regulation 36(1)(b)
Bharat Wire Ropes Limited has scheduled a virtual interaction with a group of investors and analysts on Tuesday, September 8, 2026, at 4:00 PM IST. The discussion will focus on publicly available information regarding the company and the wire rope industry. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the meeting.
- Meeting Date: Tuesday, September 8, 2026 at 4:00 PM IST
- Mode of Interaction: Virtual group meet from Mumbai
- Content: Clarification of public domain information with no UPSI to be shared
Bharat Wire Ropes released its Q1 FY27 investor presentation reporting an 8.0% YoY decline in revenue from operations to ₹130.4 Cr (INR 1,304 Mn). Operating performance was weighed down by supply chain disruptions from the Middle East conflict and rising power and fuel costs, leading to a 15.3% YoY drop in EBITDA to ₹25.5 Cr (margin down 168 bps to 19.56%). Net profit fell 21.8% YoY to ₹12.2 Cr compared to ₹15.6 Cr in Q1 FY26, with sales volumes declining to 8,619 MT from 9,261 MT a year ago.
- Revenue from operations fell 8.0% YoY and 7.8% QoQ to ₹130.4 Cr (INR 1,304 Mn)
- EBITDA contracted 15.3% YoY to ₹25.5 Cr with EBITDA margin dropping 168 bps YoY to 19.56%
- Net profit (PAT) declined 21.8% YoY to ₹12.2 Cr (EPS down 23.3% YoY to ₹1.38)
- Sales volumes declined to 8,619 MT compared to 9,261 MT in Q1 FY26 and 9,948 MT in Q4 FY26
- Captive solar capacity stands at 6.5 MW under consumption, with 1.86 MW under commissioning (8.36 MW total)
Bharat Wire Ropes Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report. The filing confirms wire and wire ropes generated 100% of turnover across 2 domestic manufacturing plants, with direct exports accounting for 1.37% of total sales. For CSR purposes, the company reported turnover of Rs. 590.54 Cr and net worth of Rs. 810.83 Cr. As a routine statutory compliance disclosure under SEBI LODR Regulation 34(2), the filing has no direct financial impact.
- Direct exports accounted for 1.37% of total turnover in FY 2025-26
- 100% of revenue derived from manufacturing of Wire, Wire Ropes, Strands, and Slings
- Operations span 2 manufacturing plants and 1 corporate office in India
- Total workforce includes 348 permanent employees and 1,280 workers (220 permanent, 1,060 contract)
- Permanent employee turnover rate reported at 35.40% for FY 2025-26
Bharat Wire Ropes Limited has announced September 18, 2026, as the cut-off/record date to determine shareholder eligibility for remote e-voting at its 40th Annual General Meeting (AGM). The remote e-voting period is scheduled to commence on September 21, 2026 (09:00 IST) and conclude on September 24, 2026 (17:00 IST). This is a routine regulatory intimation under SEBI LODR regulations and carries no direct operational or financial impact.
- Cut-off date for AGM remote e-voting set for September 18, 2026
- Remote e-voting window opens on September 21, 2026 at 09:00 IST
- Remote e-voting window closes on September 24, 2026 at 17:00 IST
- Filing pertains to convening the company's 40th Annual General Meeting
Bharat Wire Ropes Limited has notified the exchanges regarding the cut-off date and schedule for remote e-voting for its upcoming 40th Annual General Meeting. The cut-off date to determine member voting eligibility is set for Friday, September 18, 2026. Remote e-voting will commence on September 21, 2026 (09:00 IST) and conclude on September 24, 2026 (17:00 IST). This is a standard annual compliance disclosure with no direct financial impact.
- Cut-off/Record date for 40th AGM remote e-voting fixed as September 18, 2026
- Remote e-voting begins on Monday, September 21, 2026 at 09:00 hours IST
- Remote e-voting concludes on Thursday, September 24, 2026 at 17:00 hours IST
- Filing pertains to statutory compliances under Regulation 42 of SEBI LODR Regulations
Bharat Wire Ropes has issued the notice for its 40th Annual General Meeting (AGM) scheduled for September 25, 2026, via video conferencing. Ordinary business includes the adoption of FY26 financial statements and declaration of dividend on 0.01% CCPS. Key resolutions also cover the appointment of M/s. Borkar & Muzumdar as Statutory Auditors at a fee of Rs 20,00,000 per annum, and approval of Rs 89,04,000 annual remuneration for Whole-Time Director Mr. Sushil Sharda.
- 40th AGM to be held on Friday, September 25, 2026, at 12:30 PM IST via VC/OAVM.
- Remote e-voting period runs from September 21, 2026, to September 24, 2026, with cut-off date on September 18, 2026.
- Proposed appointment of Statutory Auditors M/s. Borkar & Muzumdar for 5 years at Rs 20,00,000 per annum plus taxes.
- Proposed remuneration of Rs 89,04,000 per annum for Whole-Time Director Mr. Sushil Sharda effective April 1, 2026.
Bharat Wire Ropes Limited has allotted 1,98,337 equity shares of Rs. 10 each to employees following the exercise of options under the BWRL ESOP Scheme 2022. This allotment increases the total number of equity shares from 6,85,84,648 to 6,87,82,985. The resulting equity dilution is approximately 0.29%, which is considered marginal for existing shareholders. The new shares will rank pari passu with existing equity shares, including for dividend entitlements.
- Allotment of 1,98,337 equity shares of face value Rs. 10 each
- Total paid-up equity capital increased to Rs. 68,78,29,850
- Equity share count increased from 6,85,84,648 to 6,87,82,985
- Dilution to the existing equity base is approximately 0.29%
Bharat Wire Ropes Limited has approved the re-appointment of Mr. Sushil Sharda as Whole-Time Director and Finance Head for a five-year term, effective from May 19, 2027, to May 18, 2032. Mr. Sharda, a Chartered Accountant with 31 years of experience, has been with the company since 2010 and oversees finance, legal, and compliance functions. This move ensures leadership continuity for the company, which currently generates TTM revenue of ₹597 Cr with a healthy operating margin of 26.0%. The re-appointment is subject to shareholder approval at the upcoming General Meeting.
- Re-appointment of Mr. Sushil Sharda as Whole-Time Director for a 5-year term starting May 19, 2027.
- Mr. Sharda brings 31 years of corporate experience, having been with the company since 2010.
- Oversees critical functions including Finance, Legal, and Compliance for a company with a ₹811 Cr net worth.
- The appointment ensures continuity in managing the company's ₹75 Cr debt and ongoing ₹61.67 Cr debottlenecking capex.
Bharat Wire Ropes reported a weak set of results for Q1 FY27, with revenue from operations declining 7.9% YoY to ₹130.39 Cr. Net profit saw a sharper contraction of 21.6% YoY, falling to ₹12.23 Cr from ₹15.61 Cr in the same period last year. The decline in profitability occurred despite a reduction in finance costs, which fell to ₹2.76 Cr from ₹3.80 Cr YoY. The board also approved the re-appointment of Sushil Sharda as Whole-Time Director for a five-year term starting May 2027.
- Revenue from operations fell to ₹130.39 Cr in Q1 FY27 compared to ₹141.65 Cr in Q1 FY26.
- Net profit for the quarter stood at ₹12.23 Cr, down from ₹15.61 Cr in the year-ago period.
- Finance costs decreased by 27.4% YoY to ₹2.76 Cr, reflecting improved debt management.
- Basic Earnings Per Share (EPS) for the quarter dropped to ₹1.78 from ₹2.28 YoY.
- Total expenses for the quarter were ₹114.20 Cr, representing 87.6% of revenue.
Bharat Wire Ropes Limited reported a weak set of results for Q1 FY27, with revenue from operations declining 7.95% YoY to ₹130.39 Cr. Net profit saw a sharper decline of 21.65% YoY, falling to ₹12.23 Cr from ₹15.61 Cr in the year-ago period. The company's profitability was impacted by lower top-line realizations, although finance costs saw a notable reduction to ₹2.76 Cr. Additionally, the board approved the re-appointment of Sushil Sharda as Whole-Time Director for a five-year term starting May 2027.
- Revenue from operations fell 7.95% YoY to ₹130.39 Cr compared to ₹141.65 Cr in Q1 FY26.
- Net profit declined 21.65% YoY to ₹12.23 Cr, down from ₹15.61 Cr in the same quarter last year.
- Finance costs reduced by 27.5% YoY to ₹2.76 Cr, indicating improved debt management.
- Basic Earnings Per Share (EPS) decreased to ₹1.78 from ₹2.28 YoY.
- Total expenses for the quarter stood at ₹114.20 Cr, representing 87.6% of revenue.
Bharat Wire Ropes Limited has submitted its quarterly compliance certificate under SEBI Regulation 74(5) for the period ending June 30, 2026. The company's Registrar and Transfer Agent, KFin Technologies Limited, confirmed that no requests for dematerialization or rematerialization of shares were received during this quarter. This is a standard procedural filing required for all listed companies to maintain accurate shareholding records. There is no impact on the company's financial performance or business operations.
- Reporting period covered from April 01, 2026, to June 30, 2026
- Total number of dematerialization requests received: 0
- Total number of rematerialization requests received: 0
- Compliance confirmed under SEBI Regulation 74(5)
CARE Ratings has reaffirmed Bharat Wire Ropes Limited's (BWRL) long-term rating at 'CARE BBB+; Stable' for ₹98 crore in bank facilities. The company reported a 5% YoY revenue decline to ₹591 crore in FY26, primarily due to geopolitical conflicts in the Middle East affecting 10-15% of its revenue. Despite a brief 8-day regulatory shutdown at its Chalisgaon plant in June 2026 due to environmental compliance issues, operations have fully resumed. The company maintains a very strong capital structure with an overall gearing of 0.09x and interest coverage of 7.65x.
- Long-term bank facilities rating reaffirmed at CARE BBB+; Stable for ₹98.00 crore.
- FY26 revenue stood at ₹591 crore, a 5% decline from ₹619 crore in FY25 due to West Asia conflicts.
- Chalisgaon plant (66,000 MTA capacity) was shut for 8 days from June 10 to June 18, 2026, following an MPCB notice.
- Overall gearing improved significantly to 0.09x as of March 31, 2026, compared to 0.18x in the previous year.
- Operating cycle remains elevated at 140 days in FY26, driven by high inventory requirements and extended shipping lead times.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment: Manufacturing of wire and wire ropes. Revenue grew at a CAGR of 33.04% over three years ending FY2023, reaching INR 589.06 Cr. In FY2024, revenue grew ~5% YoY to INR 622 Cr. However, FY2025 revenue remained flat at ~INR 620 Cr despite a 10% volume growth, primarily due to a correction in steel prices affecting realizations.
Geographic Revenue Split
Not disclosed in available documents, though the company accounts for export sales based on bills of lading, indicating a presence in international markets.
Profitability Margins
Operating profit margin expanded significantly by 842 bps to 23.57% in FY2023 from 15.15% in FY2022. Net profit for FY2025 was INR 72.25 Cr, a 24.7% decrease from INR 96.03 Cr in FY2024, reflecting margin compression from higher costs.
EBITDA Margin
Adjusted PBILDT margin stood at 15% in FY2025, a moderation of ~500 bps from approximately 20% in FY2024. This decline was driven by the inability to pass on higher freight costs to customers on pre-negotiated orders, reducing core profitability per unit sold.
Capital Expenditure
The company is undergoing debottlenecking capex. Capital Work in Progress (CWIP) stood at INR 61.67 Cr as of September 30, 2025, compared to INR 46.90 Cr as of March 31, 2025, representing a 31.5% increase in investment in plant infrastructure within six months.
Credit Rating & Borrowing
Long-term bank facilities of INR 156.32 Cr are rated CARE BBB+ (Stable), upgraded from CARE BBB. Short-term facilities of INR 25.00 Cr are rated CARE A3+. Interest coverage improved to 6.28x in FY2023 from 2.68x in FY2022, indicating a stronger ability to service debt.
Operational Drivers
Raw Materials
Steel is the primary raw material used for manufacturing wire ropes. While specific percentage of total cost is not explicitly stated, its price volatility is cited as a major constraint on margins.
Capacity Expansion
Current capacity is being enhanced through ongoing debottlenecking capex (INR 61.67 Cr in CWIP). Management expects this to aid performance in coming quarters through higher volume throughput.
Raw Material Costs
Raw material costs are susceptible to steel price volatility. In FY2025, a correction in steel prices led to flat revenue despite a 10% increase in volume sold, as the company had to lower average selling prices.
Manufacturing Efficiency
Volume growth of 10% YoY was achieved in FY2025, indicating improved capacity utilization and manufacturing throughput despite pricing headwinds.
Logistics & Distribution
Logistics costs are a significant factor; the inability to pass on higher freight costs in FY2025 led to a 5% margin compression. The company is expanding its distribution network to improve market reach.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be driven by a 10% volume increase, ongoing debottlenecking capex to increase throughput, and the expansion of the distribution network. The company is also focusing on high value-added products to sustain margins above 15%.
Products & Services
The company manufactures and sells wire and wire ropes used in various industrial applications.
Brand Portfolio
Bharat Wire Ropes.
New Products/Services
Focus on high value-added products is mentioned as a strategy to sustain margins, though specific new product names are not listed.
Market Expansion
The company is expanding its distribution network to increase domestic and potentially international market penetration.
External Factors
Industry Trends
The industry is seeing a shift toward high value-added wire products. Bharat Wire is positioning itself by expanding its distribution network and focusing on specialized products to maintain a 15%+ PBILDT margin.
Competitive Landscape
The company faces competition in the wire rope segment, constrained by working capital intensity and raw material volatility common to the industry.
Competitive Moat
The moat is built on an established track record since 1986, experienced promoters (Mittal family), and a healthy financial risk profile with low gearing (0.32x in FY2023). These factors provide a stable foundation for scaling operations.
Macro Economic Sensitivity
Highly sensitive to global steel prices and industrial demand. A downturn in steel prices directly limits revenue growth regardless of operational efficiency.
Consumer Behavior
Industrial demand for wire ropes is driven by infrastructure and manufacturing sectors; shifts in these sectors' capex cycles affect demand.
Geopolitical Risks
Uncertain global demand outlook and shipping disruptions (extended periods) impact the ability to move goods efficiently and manage inventory levels.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013 and Indian Accounting Standards (Ind AS). The company maintains internal financial controls over financial reporting as per Section 143(3)(i) of the Act.
Taxation Policy Impact
The company benefits from the Maharashtra government's PSI subsidy, which provides a refund of State GST, significantly supporting cash accruals.
Risk Analysis
Key Uncertainties
Raw material price volatility and foreign exchange fluctuations are primary risks. A significant uncertainty is the sizeable pledge of promoter shareholding, which limits financial flexibility.
Third Party Dependencies
Dependency on steel suppliers for raw materials and shipping lines for distribution. Shipping delays are a noted risk for inventory management.
Credit & Counterparty Risk
Trade receivables increased by INR 28.41 Cr in H1 FY2026, indicating a potential increase in credit exposure to customers.
