RAJRATAN - Rajratan Global
📢 Recent Corporate Announcements
Rajratan Global Wire Limited has scheduled a one-on-one virtual interaction with a Mutual Fund on March 12, 2026. The management will engage in discussions based on the company's Q3 FY26 investor presentation, which is already available in the public domain. The company has confirmed that no unpublished price sensitive information (UPSI) will be shared during the meeting. This interaction is part of the company's routine investor relations activities to maintain transparency with institutional investors.
- One-on-one virtual meeting with a Mutual Fund scheduled for March 12, 2026.
- Discussions will be strictly based on publicly available information and the Q3 FY26 presentation.
- Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- No Unpublished Price Sensitive Information (UPSI) will be disclosed during the interaction.
Rajratan Global Wire Limited has scheduled its participation in the 'Investec India Promoter & Founder Conference 2026' on March 10, 2026. The company's management is set to interact with several institutional investors during this event. The discussions will be restricted to publicly available information, ensuring no unpublished price sensitive information is disclosed. Such meetings are standard practice for maintaining transparency and engagement with the institutional investment community.
- Participation in Investec India Promoter & Founder Conference 2026 scheduled for March 10, 2026.
- Management to engage in one-on-one or group interactions with institutional investors.
- Compliance confirmed with SEBI Regulation 30 regarding disclosure of information.
- Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared.
Rajratan Global Wire Limited has scheduled a one-on-one virtual meeting with a Portfolio Management Service (PMS) on February 26, 2026. The interaction will focus on the company's performance and strategy using the already public Q3 FY26 investor presentation. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this session. Such meetings are standard practice for maintaining transparency with institutional stakeholders.
- One-on-one virtual meeting scheduled for February 26, 2026.
- Interaction is specifically with a Portfolio Management Service (PMS) entity.
- Discussions will be based on the Q3 FY26 investor presentation already in the public domain.
- Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Rajratan Global Wire Limited has announced the re-appointment of Mr. Yashovardhan Chordia as the Chief Executive Officer and Deputy Managing Director. The Board of Directors approved the appointment on January 23, 2026, following the recommendation of the Nomination and Remuneration Committee. This move ensures leadership continuity for the company, although it remains subject to the final approval of the shareholders. The company confirmed that the appointee is not debarred from holding office by SEBI or any other regulatory authority.
- Re-appointment of Yashovardhan Chordia as CEO and Deputy Managing Director
- Board approval granted on January 23, 2026, based on NRC recommendation
- The appointment is subject to the forthcoming approval of the company's shareholders
- Confirmation provided that the appointee is not debarred by SEBI or any other authority
Rajratan Global Wire reported a strong Q3 FY26 performance with consolidated revenue crossing ₹300 crore for the first time, growing 38% YoY. Net profit witnessed a massive jump of 122% YoY to ₹20.69 crore, driven by record sales volumes of 35,610 MT. The company successfully transitioned to a volume-value strategy, helping it regain market share despite competitive pressures. Operations in Thailand and India both showed robust growth, with the Chennai plant reaching 70% capacity utilization.
- Consolidated Revenue grew 38% YoY to ₹301.53 crore, surpassing the ₹300 crore mark for the first time.
- Profit After Tax (PAT) surged 122% YoY to ₹20.69 crore, while EBITDA rose 54% to ₹40.39 crore.
- Total sales volume reached a record 35,610 MT, with India contributing 21,835 MT and Thailand 13,775 MT.
- EBITDA margins improved to 13.4% from 12.02% in the previous year's corresponding quarter.
- Chennai plant utilization has reached 70%, with further improvements expected in the coming quarters.
Rajratan Global Wire has approved the re-appointment of Mr. Yashovardhan Chordia as CEO and Deputy Managing Director for a three-year term effective April 21, 2026. Mr. Chordia is credited with doubling revenues and trebling market share in the Thailand operations within five years of his tenure. As the son of Chairman Sunil Chordia, his re-appointment ensures leadership continuity as the company targets expansion into European and US markets. The decision follows a recommendation from the Nomination and Remuneration Committee and is subject to shareholder approval.
- Re-appointed as CEO and Deputy Managing Director for a 3-year term from April 2026 to April 2029.
- Previously led the Thailand business to treble market share and double revenues in 5 years.
- Strategic focus remains on expanding global presence, particularly in Europe and the US.
- Mr. Chordia is the son of the current Chairman and Managing Director, Mr. Sunil Chordia.
Rajratan Global Wire reported a strong performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 38% YoY to ₹301.53 crore. The consolidated net profit saw a significant jump of 122% YoY, reaching ₹20.69 crore compared to ₹9.31 crore in the same quarter last year. On a sequential (QoQ) basis, performance remained relatively stable with revenue increasing slightly from ₹294.17 crore and profit marginally up from ₹20.55 crore. The company's Greenfield project for a wire rope plant at Pithampur is currently under development.
- Consolidated Revenue from Operations grew 38.1% YoY to ₹30,153 lakhs.
- Consolidated Net Profit increased by 122.2% YoY to ₹2,069 lakhs from ₹931 lakhs.
- Consolidated EPS for the quarter rose to ₹4.08 from ₹1.83 in the previous year's corresponding quarter.
- Standalone revenue stood at ₹18,490 lakhs, contributing roughly 61% to the consolidated top line.
- Greenfield Wire rope plant at Pithampur is under development with ₹1.07 crore employee benefits capitalized for the nine-month period.
Rajratan Global Wire Limited has responded to a clarification sought by the National Stock Exchange regarding its financial results for the quarter ended September 30, 2025. The exchange had noted the absence of segment-wise reporting in the company's October 30, 2025, filing. The company clarified that it operates exclusively in a single business segment, which is 'Tyre Bead Wire'. As per accounting standards, separate segment disclosures are not applicable when a company operates in only one primary business line.
- NSE sought clarification on January 12, 2026, regarding missing segment details in Q2 FY26 results.
- Company confirms it operates in a single business segment: 'Tyre Bead Wire'.
- The clarification addresses compliance with Regulation 33 of SEBI (LODR) Regulations, 2015.
- No changes were made to the financial figures previously reported on October 30, 2025.
Rajratan Global Wire Limited has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The certificate, issued by Registrar MUFG Intime India Pvt. Ltd., confirms that share certificates received for dematerialization were processed within the prescribed timelines. It further verifies that the securities have been listed on the stock exchanges and the physical certificates were mutilated and cancelled. This is a standard regulatory filing ensuring the integrity of the company's shareholding records.
- Confirmation of compliance with SEBI Regulation 74(5) for the quarter ended December 31, 2025.
- Registrar MUFG Intime India verified that dematerialization requests were accepted or rejected as per norms.
- Securities comprised in the certificates are listed on the BSE and NSE where earlier securities were listed.
- Physical security certificates were mutilated and cancelled after verification by the depository participant.
Rajratan Global Wire Limited has received shareholder approval to amend its Memorandum and Articles of Association (MOA/AOA) to enter the energy sector. The company is now authorized to generate, develop, and distribute conventional and non-conventional energy, including solar, wind, and hybrid sources. This strategic move is primarily aimed at captive generation and consumption to power its manufacturing operations, which could lead to significant long-term energy cost savings. The resolution was passed with more than the requisite majority on January 2, 2026.
- Insertion of Clause 46 in MOA allows the company to develop solar, wind, and hybrid energy sources.
- New AOA Clause 157 specifically enables captive generation and consumption for the company's own use.
- Authorization includes the ability to establish R&D centers for energy innovation and provide consultancy services.
- The amendment allows for the setup of power plants both in India and abroad.
- Shareholder approval was finalized via e-voting on January 2, 2026, with a significant majority.
Rajratan Global Wire Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the official declaration of the company's financial results. This is a standard regulatory procedure followed by listed companies before quarterly earnings releases.
- Trading window closure effective from January 1, 2026
- Closure pertains to the financial results for the quarter ending December 31, 2025
- Applies to all designated persons including promoters, directors, and key managerial personnel
- Window to reopen 48 hours after the announcement of financial results
Rajratan Global Wire Limited has scheduled a plant visit for institutional investors and analysts on December 19, 2025, at its Pithampur facility. Organized by Kaptify Consulting, the event will include a site tour followed by an interaction with the company management. The company has clarified that all discussions will be based on publicly available information, specifically the Q2 FY26 investor presentation. No unpublished price-sensitive information (UPSI) is expected to be shared during the meeting.
- Plant visit and management interaction scheduled for December 19, 2025, at Pithampur.
- Event organized by Kaptify Consulting Group for analysts and institutional investors.
- Discussions will be limited to the Q2 FY26 investor presentation already in the public domain.
- Compliance disclosure filed under Regulation 30 of SEBI (LODR) Regulations, 2015.
Rajratan Global Wire Limited has submitted its monthly update regarding the re-lodgement of transfer requests for physical shares for the period ending November 30, 2025. The report indicates that the company received zero requests during the month. As a result, no requests were processed, approved, or rejected during this period. This filing is a routine regulatory compliance matter following SEBI guidelines and has no impact on the company's financial or operational performance.
- Zero requests received for re-lodgement of physical share transfers in November 2025
- Zero requests were processed, approved, or rejected during the reporting period
- Average time taken for proceeding with requests was zero days due to lack of activity
- Compliance filing submitted as per SEBI Circular SEBI/HO/MIRSD-POD/P/CIR/2025/97
Rajratan Global Wire has issued a postal ballot notice to seek shareholder approval for altering its Memorandum and Articles of Association. The company intends to include power generation from conventional and non-conventional sources, such as solar and wind, in its business objects. This move is specifically designed for captive generation and consumption, which is expected to reduce long-term energy costs and improve operational efficiency. The e-voting process for these special resolutions will run from December 4, 2025, to January 2, 2026.
- Proposed amendment to the Memorandum of Association to include solar, wind, and hybrid power generation.
- The power generated is strictly intended for captive consumption by the company's own units.
- The company plans to establish research, development, and consultancy services in the energy sector.
- E-voting period is scheduled for 30 days, concluding on January 2, 2026.
- Results of the postal ballot are expected to be announced on or before January 6, 2026.
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.
Credit & Counterparty Risk
Receivables are managed at 72 days; the company deals with large, reputed tyre OEMs, which typically limits bad debt risk.