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Rajratan Global Wire Limited (RAJRATAN)

₹447.60 +0.34% last close, 16 Oct

📊 NSE: RAJRATAN 🏢 Steel - Medium / Small 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 21 Oct 2026 (board meeting)

Rajratan Global Wire Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Rajratan Global's revenue was ₹318 Cr (+28.9% year on year, +1.3% on the previous quarter), and net profit ₹23.0 Cr (+64.0% year on year); the operating margin was 13.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹318	+28.9%	+1.3%
Operating profit	₹41.7	+34.5%	+45.8%
Net profit	₹23.0	+64.0%	+48.8%
Operating margin	13.1%	—	—

Full quarterly financials → Results calendar →

RAJRATAN delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 62.92% of the RAJRATAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.44%. Delivery was unusually high while the price barely moved (+0.34%).

62.92%Delivery, 16 Oct

48.44%Own 20-session average

1.1×Volume vs its average

₹447.60NSE close · +0.34%

Delivery in the last 5 sessions: 56.9% · 44.6% · 34.3% · 57.5% · 62.9%

Delivery across the market →

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

Rajratan Global Wire Submits Demat Compliance Certificate for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 15 Oct 2026, 10:34 AM

Rajratan Global Wire Limited submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar MUFG Intime India Pvt. Ltd. (dated October 3, 2026), confirms that all securities received for dematerialisation during the quarter ended September 30, 2026, were processed within prescribed timelines. The received certificates were verified, mutilated, and cancelled, and depositories were registered as owners where applicable. This is a standard quarterly regulatory submission with no impact on business operations or financials.

Compliance confirmation under Regulation 74(5) of SEBI Regulations, 2018 submitted on 15th October, 2026
Covers dematerialisation activities for the quarter ended 30th September 2026
Certificate issued by Registrar MUFG Intime India Private Limited dated 03-10-2026
Verification, mutilation, and substitution completed within regulatory timelines

💡 No action required. Investors should track upcoming quarterly financial results for Q2 FY27 for operational updates.

Rajratan Global Wire Schedules 1x1 Investor Meeting with Burman Capital on Sep 15, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 05:59 PM

Rajratan Global Wire has informed the exchanges that management will participate in a 1x1 virtual investor meeting with Burman Capital on September 15, 2026. The discussions will be restricted to publicly available information, referencing the previously published Q1 FY27 investor presentation. No unpublished price-sensitive information will be shared during this interaction.

1x1 virtual interaction scheduled with Burman Capital
Meeting date scheduled for 15th September, 2026
Discussions to rely on the Q1 FY27 investor presentation already in the public domain
Intimation filed pursuant to Regulation 30 of SEBI LODR Regulations

💡 Track subsequent post-meet disclosures or investor presentations for qualitative commentary on Chennai greenfield plant ramp-up and export volumes.

Rajratan Global Wire Schedules 1-on-1 Investor Meeting with Everflow Partners on Aug 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 01:08 PM

Rajratan Global Wire Limited has scheduled a virtual one-on-one meeting with Everflow Partners on August 21, 2026. The discussions will be restricted to publicly available information and based on the already published Q1 FY27 investor presentation. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction.

Virtual 1-on-1 interaction scheduled with Everflow Partners on 21st August, 2026
Discussions will rely strictly on publicly available information and the Q1 FY27 presentation
No Unpublished Price Sensitive Information (UPSI) to be disclosed
Filing submitted pursuant to Regulation 30 of SEBI LODR Regulations

💡 Track subsequent post-meet disclosures or investor presentations on stock exchanges for any operational updates regarding the Chennai capacity ramp-up.

38th AGM: Shareholders Approve Re-appointment of Yashovardhan Chordia as CEO & Deputy MD

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Jul 2026, 05:52 PM

Shareholders at the 38th Annual General Meeting (AGM) have formally approved the re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director, effective from April 22, 2026. Mr. Chordia, the son of Chairman Sunil Chordia, has been instrumental in the turnaround of the Thailand business, which is a critical growth engine for the company. This re-appointment ensures leadership continuity as Rajratan targets a total bead wire capacity of 180,000-190,000 TPA. The company currently maintains a TTM revenue of Rs 1,157 Cr with a promoter holding of 65.2%.

Shareholders approved the re-appointment at the 38th AGM held on July 30, 2026.
The appointment is effective from April 22, 2026, ensuring management stability.
Mr. Chordia is the son of Mr. Sunil Chordia, Chairman & MD, aligning with the 65.2% promoter stake.
Leadership is focused on the ramp-up of the 60,000 MTPA Chennai greenfield plant and global exports.

💡 Monitor the execution of the Chennai plant expansion and the company's ability to maintain its 12.1% OPM while scaling towards its Rs 2,000 Cr revenue target.

Rajratan Global Wire Shareholders Approve Rs 2 Dividend and CEO Re-appointment at 38th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 04:13 PM

Rajratan Global Wire Limited concluded its 38th Annual General Meeting on July 24, 2026, with all five resolutions passed by shareholders. Key approvals include a dividend of Rs 2 per equity share for FY 2025-26 and the re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director. The voting results showed high consensus, with the dividend resolution receiving 100% votes in favor. The record date for the meeting was July 17, 2026, with 62,985 shareholders on record.

Dividend of Rs 2 per equity share approved for the financial year 2025-26.
Total of 5 resolutions passed, including the re-appointment of the CEO and Deputy Managing Director.
Resolution for adoption of financial statements passed with 99.54% votes in favor.
Record date for the meeting was July 17, 2026, with 62,985 total shareholders on record.
Public institutions cast 169,718 votes against the adoption of financial statements, representing 4.05% of their polled votes.

💡 Investors should monitor the dividend payout timeline, which typically occurs within 30 days of the AGM approval.

Rs 2 Dividend and CEO Re-appointment Approved at Rajratan Global Wire AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 28 Jul 2026, 04:12 PM

Rajratan Global Wire Limited has announced the successful passage of all five resolutions at its 38th Annual General Meeting held on July 24, 2026. Shareholders approved a dividend of Rs 2 per equity share, which represents a payout of approximately 14.5% against the TTM EPS of Rs 13.83. Key management continuity was secured with the re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director. Voting participation was high, with 100% of promoter and institutional shares being polled.

Dividend of Rs 2 per equity share approved for the financial year 2025-26
Re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director confirmed via special resolution
Total of 5 resolutions passed with over 99.5% majority in all cases
Record date for the meeting was July 17, 2026, with 62,985 shareholders on record
100% of institutional votes (4,190,124 shares) were polled for the key management re-appointment

💡 Investors should note the dividend payment timeline and continue to monitor the ramp-up of the Chennai greenfield plant (30,000 TPA Phase I) as the primary growth driver.

70% PAT Growth in Q1 FY27; Chennai Plant Reaches Profitability and Plans Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 07:36 PM

Rajratan Global Wire reported a strong Q1 FY27 with consolidated revenue rising 29% YoY to ₹318.35 cr and PAT surging 70% to ₹22.96 cr. Total sales volumes grew 16% YoY to 33,300 MT, supported by a 16% volume increase in both India and Thailand operations. A significant milestone was the Chennai greenfield facility crossing the break-even point and contributing positively to profits. The company is now focused on doubling Chennai's capacity to 60,000 TPA and diversifying into steel cords for conveyor belts.

Consolidated PAT increased 70% YoY to ₹22.96 cr in Q1 FY27 compared to ₹13.52 cr in Q1 FY26.
Total sales volume reached 33,300 MT, representing a 16% growth over the previous year's 28,634 MT.
EBITDA margins expanded by 55 bps YoY to 13.10%, driven by higher capacity utilization and manufacturing efficiencies.
Chennai facility capacity is slated to increase from 30,000 TPA to 60,000 TPA following its successful break-even.
India operations contributed 61% of total revenue, while Thailand operations accounted for 35% in Q1 FY27.

💡 Investors should monitor the execution timeline for the Chennai Phase 2 expansion and the commercialization of the new steel cord project in Pithampur. The ability to maintain margins despite a 3-month lag in passing on raw material costs remains a key operational metric to watch.

₹2 Dividend Approved at Rajratan Global Wire 38th AGM; CEO Re-appointed

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Jul 2026, 04:06 PM

Rajratan Global Wire concluded its 38th Annual General Meeting on July 24, 2026, where shareholders approved a dividend of ₹2 per equity share. Key management continuity was ensured with the re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director. The meeting formally adopted the FY25 financial results, which showed a revenue of ₹934.47 Cr and a net profit of ₹58.29 Cr. The proceedings were completed in 25 minutes with no adverse remarks from auditors.

Approved a dividend of ₹2 per equity share for the financial year 2024-25
Re-appointed Mr. Yashovardhan Chordia as CEO & Deputy Managing Director
Adopted FY25 Audited Financial Statements featuring ₹934.47 Cr revenue and ₹58.29 Cr PAT
The AGM was conducted via video conferencing and concluded within 25 minutes
Confirmed no qualifications or adverse remarks in the Statutory and Secretarial Auditor reports

💡 Investors should monitor the official voting results for any significant dissent and track the dividend credit timeline. Focus remains on the ramp-up of the Chennai plant and Thailand expansion mentioned in the company's growth strategy.

70% YoY PAT Growth: Rajratan Global Wire Q1 FY27 Revenue Reaches ₹318.35 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 11:55 AM

Rajratan Global Wire reported a strong Q1 FY27 with consolidated revenue growing 29.1% YoY to ₹318.35 Cr. Net profit surged 69.8% YoY to ₹22.96 Cr, significantly outperforming the ₹13.52 Cr reported in the same quarter last year. Profitability also improved sequentially, with PAT up 48.8% from ₹15.43 Cr in Q4 FY26. The Thailand subsidiary remains a major contributor, generating ₹110.67 Cr in revenue for the quarter.

Consolidated Net Profit surged 69.8% YoY to ₹22.96 Cr from ₹13.52 Cr.
Consolidated Revenue from operations grew 29.1% YoY to ₹318.35 Cr.
Thailand subsidiary contributed ₹110.67 Cr to revenue with a net profit of ₹5.46 Cr.
Consolidated EPS for the quarter rose to ₹4.52, up from ₹3.04 in the preceding quarter.
Operating margins improved to approximately 13.4% compared to the TTM average of 12.1%.

💡 Investors should monitor the capacity utilization of the Chennai greenfield plant and the sustainability of export volumes from Thailand, which are critical for maintaining this growth momentum.

Rajratan Global Wire Submits Quarterly Compliance Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jul 2026, 04:50 PM

Rajratan Global Wire Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that securities received for dematerialization during the quarter ended June 30, 2026, were processed correctly. This includes the cancellation of physical certificates and the updating of the register of members. This is a standard administrative filing with no impact on business operations or financials.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed all dematerialization requests were processed
Physical security certificates were mutilated and cancelled as per SEBI guidelines
The name of the depositories has been substituted in the register of members within prescribed timelines

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance updates.

Rajratan Global receives ₹3.27 Cr as final tranche of ₹22.92 Cr MP Govt subsidy

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 14 Jul 2026, 04:03 PM

Rajratan Global Wire Limited has received ₹3.27 Crores from the MP Industrial Development Corporation. This payment represents the final tranche of a total ₹22.92 Crore Investment Promotion Assistance (IPA) package sanctioned under the Madhya Pradesh Nivesh Protsahayan Yojana, 2014. The incentive was spread over a 7-year eligibility period with an annual payout of ₹3.27 Crores. While the amount is small relative to TTM revenue (0.28%), it provides a direct boost to liquidity and net profit for the period.

Received final tranche of ₹3.27 Crores under the MP Investment Promotion Assistance Scheme
Total sanctioned assistance amount stands at ₹22.92 Crores
Eligibility period for the assistance spanned 7 years
Annual sanctioned amount fixed at ₹3.27 Crores per year
Current receipt represents approximately 4.6% of TTM PAT (₹71 Cr)

💡 Investors should note the completion of this incentive cycle; future cash flows will rely more on operational ramp-ups at the Chennai and Thailand plants rather than these specific state subsidies.

July 17, 2026 set as Record Date for Dividend and Annual General Meeting

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 10 Jul 2026, 05:06 PM

Rajratan Global Wire Limited has fixed July 17, 2026, as the record date for determining shareholder eligibility for its dividend and participation in the Annual General Meeting. The company currently operates with a TTM revenue of ₹1,157 cr and a TTM PAT of ₹71 cr. This announcement is a procedural step following the conclusion of the financial year. Investors should note the company is currently focused on ramping up its Chennai greenfield plant to reach a total target capacity of 180,000-190,000 TPA.

Record date for Dividend and AGM eligibility is July 17, 2026
Company reported TTM revenue of ₹1,157 cr as of the latest financial context
TTM Net Profit stands at ₹71 cr with an Operating Profit Margin of 12.1%
Promoter holding remains stable at 65.2% as of March 2026

💡 Ensure shares are held in the demat account before the ex-dividend date (typically one business day prior to the record date) to qualify for the payout. Monitor the upcoming AGM for management commentary on the Chennai plant's Phase I utilization.

38th AGM Scheduled for July 24, 2026; Integrated Annual Report Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Jul 2026, 04:27 PM

Rajratan Global Wire Limited has announced its 38th Annual General Meeting (AGM) to be held on July 24, 2026, at 3:00 PM via video conferencing. The company has dispatched communications to shareholders whose email addresses are not registered, providing access to the Integrated Annual Report for FY 2025-26. This filing is a procedural requirement under SEBI Regulation 36(1)(b). The annual report will contain detailed disclosures on the company's performance for the fiscal year ending March 2026.

38th Annual General Meeting scheduled for July 24, 2026, at 03:00 P.M. IST
Integrated Annual Report for the Financial Year 2025-26 made available via web link and QR code
Communication sent to shareholders with unregistered email addresses per SEBI Regulation 36(1)(b)
AGM to be conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM)

💡 Investors should review the Integrated Annual Report for management's commentary on the Chennai plant ramp-up and the progress toward the 180,000-190,000 TPA capacity target.

Rajratan Global Wire to hold 38th AGM on July 24, 2026; E-voting starts July 20

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 03:31 PM

Rajratan Global Wire Limited has scheduled its 38th Annual General Meeting (AGM) for July 24, 2026, to be conducted via video conferencing. The company has set July 17, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Shareholders can cast their votes on 5 proposed resolutions between July 20 and July 23, 2026. This is a standard administrative procedure for the company, which currently has a TTM revenue of ₹1,157 Cr and a market capitalization of ₹2,365 Cr.

38th Annual General Meeting scheduled for July 24, 2026, at 3:00 PM via Video Conferencing
Cut-off date for determining e-voting eligibility is July 17, 2026
E-voting window open for 4 days from July 20 (9:00 AM) to July 23 (5:00 PM), 2026
Total of 5 resolutions to be presented for shareholder approval during the meeting

💡 Investors should review the specific resolutions in the upcoming AGM notice, particularly regarding dividend approvals or director re-appointments, and ensure their holdings are in the demat account by the July 17 cut-off to participate in voting.

38th AGM Scheduled for July 24, 2026; E-voting to Commence July 20

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 02:58 PM

Rajratan Global Wire Limited has announced its 38th Annual General Meeting (AGM) will be held on July 24, 2026, via video conferencing. The company has set July 17, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Shareholders can cast their votes on 5 proposed resolutions between July 20 and July 23, 2026. This is a standard regulatory procedure for listed companies to conduct annual business and governance approvals.

38th Annual General Meeting scheduled for July 24, 2026, at 3:00 PM
Cut-off date for e-voting entitlement is July 17, 2026
E-voting window open for 4 days from July 20 to July 23, 2026
Total of 5 resolutions to be placed before the members for approval
Results of the voting to be announced within 2 working days from the conclusion of the AGM

💡 Investors should monitor for the full AGM notice to review the specific details of the 5 resolutions, which typically include the adoption of financial statements and potential dividend approvals.

View All RAJRATAN Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 20% YoY to INR 294.17 Cr in Q2 FY26. Standalone India business saw a 21% volume growth, while the Thailand subsidiary recorded a 4.6% volume growth in the same period. For FY25, total revenue grew 5% to INR 935 Cr.

Geographic Revenue Split

Approximately 63.3% of sales volume is generated from India (20,816 MT) and 36.7% from Thailand (12,071 MT) as of Q2 FY26. Exports to Sri Lanka, Vietnam, Finland, Sweden, and Indonesia contribute 20% of total revenue.

Profitability Margins

Gross margins fluctuate between 38-42%. Net Profit Margin (PAT) stood at 6.99% in Q2 FY26, a decline of 78 basis points YoY from 7.77%. Operating margins declined from 14.55% in FY24 to 13.58% in FY25 due to delayed stabilization of the Chennai plant.

EBITDA Margin

EBITDA margin was 13.60% in Q2 FY26, down 184 basis points YoY from 15.44%. Core EBITDA for Q2 FY26 was INR 40.02 Cr, representing a 5.6% YoY increase but a significant 29.3% QoQ recovery from Q1 FY26.

Capital Expenditure

The group is executing a large greenfield capex in Chennai with a total planned capacity of 60,000 MTPA. Maintenance capex for de-bottlenecking in Thailand and Indore is estimated at INR 20-25 Cr annually.

Credit Rating & Borrowing

Long-term rating is CRISIL A+ with the outlook recently revised from Stable to Negative due to weakened interest coverage and higher debt. Short-term rating is reaffirmed at CRISIL A1. Interest coverage ratio moderated to 4.56x in FY25.

⚙️ Operational Drivers

Raw Materials

Steel, copper, and zinc are the primary raw materials, collectively accounting for 60% of the total cost of manufacturing.

Import Sources

Not specifically disclosed in the documents, though the company operates manufacturing units in India (Madhya Pradesh, Tamil Nadu) and Thailand.

Capacity Expansion

Current total capacity includes 60,000 TPA in Pithampur (India), 60,000 TPA in Thailand (recently expanded from 40,000 TPA), and 30,000 TPA in Chennai (Phase I). Total bead wire capacity is expanding toward a target of 180,000-190,000 TPA within three years.

Raw Material Costs

Raw material costs represent 60% of revenue. The company faces a 3-month lag in passing on price increases to customers, making margins susceptible to short-term volatility in steel and base metal prices.

Manufacturing Efficiency

Industry breakeven requires 60-65% capacity utilization; Rajratan maintains higher utilization than peers, some of whom are operating at only 15% capacity.

Logistics & Distribution

The Chennai plant was strategically located to reduce logistics costs for exports and to better serve South Indian tyre manufacturers.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by the ramp-up of the Chennai greenfield plant (60,000 MTPA total), increasing wallet share with existing global tyre OEMs, and expanding exports from both India and Thailand. The company aims for a top line of INR 2,000 Cr within three years by reaching 180,000-190,000 MT in sales volume.

Products & Services

Tyre Bead Wire (TBW) used in all types of pneumatic tyres and High Carbon Steel Wire used in bed mattresses and other industrial applications.

Brand Portfolio

Rajratan

New Products/Services

Expansion into wire rope balancing equipment at the Indore location and specialized bead wire for premium multinational tyre brands.

Market Expansion

Targeting increased exports from the Chennai port to global markets, aiming for 1,000 tons per month of exports from India and 1,200 tons from Thailand.

Market Share & Ranking

Leading manufacturer of TBW in India with a sizeable market share and the sole manufacturer of TBW in Thailand.

🌍 External Factors

Industry Trends

The industry is characterized by high entry barriers due to a 2-3 year product approval phase and high capital intensity. Current trends show a shift toward consolidated players as smaller, unviable competitors (operating at <15% utilization) exit the market.

Competitive Landscape

Key Indian peers include Tata Steel, Bansal, and Aarti. Rajratan maintains a competitive edge through its sole-supplier status in Thailand and its new capacity in Chennai.

Competitive Moat

The moat is sustained by the 'safety-critical' nature of bead wire, which requires rigorous, multi-year testing by tyre OEMs before a supplier is approved, creating high switching costs and a significant time barrier for new entrants.

Macro Economic Sensitivity

Highly sensitive to the cyclicality of the automotive industry and global GDP growth, as tyre demand is directly linked to vehicle production and replacement cycles.

Consumer Behavior

Increased demand for vehicle safety and high-performance tyres is driving the need for consistent, high-quality bead wire from established players.

Geopolitical Risks

Geopolitical conflicts have disrupted supply chains and impacted demand in the Thailand unit due to its export dependency.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to international safety standards for automotive components and trade/tariff restrictions on steel and wire products across India and SE Asia.

Taxation Policy Impact

The company expects a reduction in income tax liability in the near term due to claiming full depreciation on the new Chennai plant operations.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the stabilization and ramp-up of the Chennai plant; any time or cost overruns could impact the debt-to-EBITDA ratio, which CRISIL monitors at a 1.75x threshold.

Geographic Concentration Risk

Significant concentration in India and Thailand, with Thailand's performance being highly sensitive to global export demand.

Third Party Dependencies

High dependency on steel suppliers, as raw materials constitute 60% of manufacturing costs.

Technology Obsolescence Risk

Low risk of obsolescence for bead wire, but manufacturing efficiency and fixed-cost absorption are critical for maintaining the 13-15% EBITDA margin target.