RAJRATAN - Rajratan Global
📢 Recent Corporate Announcements
Rajratan Global Wire reported its highest-ever annual sales volume of over 133,000 tons, marking an 18% YoY growth. Although Q4 EBITDA margins were temporarily squeezed by a sudden INR 10,000 per ton spike in steel prices, management confirmed these costs have been passed on in the current quarter. The company is expanding its Chennai capacity to 60,000 tons by Q2 FY27 and expects to reach 155,000 tons in total sales for FY27. Market share in the tyre bead wire segment has recovered strongly to 42-43%.
- Achieved record annual sales volume of 133,000+ tons, up 18% year-on-year.
- Tyre sector market share recovered to 42-43% from previous lows of 35-37%.
- Chennai plant capacity doubling to 60,000 tons by Q2 FY27 with a planned INR 25 crore investment.
- Management targets 17-18% volume growth for FY27, aiming for 155,000 tons total sales.
- Consolidated EBITDA margins expected to stabilize around 13.5-14% following successful price pass-throughs.
Rajratan Global Wire reported a strong 25% YoY revenue growth to ₹314.29 crore in Q4 FY26, driven by record sales volumes of 36,484 MT. However, EBITDA margins contracted significantly by 420 bps to 9.1% due to a 20% surge in raw material costs and higher energy prices following geopolitical tensions. Despite these cost pressures, PAT grew marginally by 2% to ₹15.43 crore as the company prioritized market share expansion. Management expects a recovery in margins from Q1 FY27 as price hikes were implemented starting April 2026.
- Consolidated revenue grew 25% YoY to ₹31,429 Lakhs, crossing the ₹300 crore mark for the second successive quarter.
- Total sales volume reached a record 36,484 MT in Q4, representing a 19% increase compared to the previous year.
- EBITDA declined 14% YoY to ₹2,860 Lakhs as margins dropped from 13.3% to 9.1% due to unabsorbed input cost inflation.
- Full-year FY26 PAT increased by 19% to ₹7,011 Lakhs, supported by an 18% growth in total annual volumes to 1,33,615 MT.
- Chennai plant Phase 1 is operating at peak utilization, with enhanced capacity commissioning expected in Q1 FY27.
Rajratan Global Wire reported a robust FY26 with consolidated revenue growing 23.6% YoY to ₹1,15,650 Lakhs and net profit rising 19.2% to ₹7,011 Lakhs. A standout performer was the USA segment, where revenue skyrocketed from ₹2,293 Lakhs to ₹11,772 Lakhs. The company maintained its dividend streak by recommending ₹2 per share. While standalone Q4 margins faced some pressure, the overall consolidated performance remains strong with an improved EPS of ₹13.81.
- Consolidated FY26 Revenue reached ₹1,15,650 Lakhs, a 23.6% increase over FY25.
- Annual Consolidated Net Profit grew to ₹7,011 Lakhs from ₹5,880 Lakhs in the previous year.
- USA market revenue grew by over 400% YoY, contributing ₹11,772 Lakhs to the top line.
- Board recommended a final dividend of ₹2 per equity share for the financial year 2025-26.
- Consolidated EPS improved to ₹13.81 for FY26 compared to ₹11.58 in FY25.
Rajratan Global Wire reported a strong 23.6% YoY growth in consolidated revenue for FY26, reaching ₹1,15,650 Lakhs. While annual net profit grew by 19.2% to ₹7,011 Lakhs, the Q4 profit growth was muted at 1.5% YoY and declined sequentially due to higher operating expenses. A significant highlight is the massive expansion in the USA market, where revenue jumped from ₹2,293 Lakhs to ₹11,772 Lakhs. The board has recommended a final dividend of ₹2 per share for the financial year.
- Consolidated FY26 Revenue grew 23.6% YoY to ₹1,15,650 Lakhs compared to ₹93,525 Lakhs in FY25.
- Full-year Consolidated Net Profit increased 19.2% to ₹7,011 Lakhs from ₹5,880 Lakhs.
- USA segment revenue saw a massive multi-fold increase to ₹11,772 Lakhs from ₹2,293 Lakhs in the previous year.
- Board recommended a final dividend of ₹2 per equity share (100% of face value).
- Consolidated EPS improved to ₹13.81 for FY26 compared to ₹11.58 in FY25.
Rajratan Global Wire Limited has scheduled its earnings conference call to discuss financial results for the quarter and full year ended March 31, 2026. The call is set for Wednesday, April 22, 2026, at 4:00 PM IST and is being organized by 360 One. Top management, including the Chairman & Managing Director and the CEO, will be present to address investor queries. This call is a key event for understanding the company's performance in the bead wire industry across its Indian and Thailand operations.
- Conference call scheduled for April 22, 2026, at 16:00 Hrs IST to discuss Q4FY26 and FY26 results.
- Management representation includes CMD Sunil Chordia, CEO Yashovardhan Chordia, and CFOs from both India and Thailand.
- Universal dial-in numbers for the call are +91 22 6280 1222 and +91 22 7115 8123.
- The event is coordinated by 360 One Capital Market Research.
Rajratan Global Wire Limited has filed its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The company's registrar, MUFG Intime India Private Limited, confirmed that all share certificates received for dematerialization were processed within prescribed timelines. The physical certificates were mutilated and cancelled after due verification, and the depository's name was substituted in the register of members. This is a standard regulatory filing confirming the integrity of the company's shareholding records.
- Compliance certificate issued for the quarter ended March 31, 2026.
- Registrar MUFG Intime India confirmed timely processing of dematerialization requests.
- Physical security certificates were mutilated and cancelled as per SEBI guidelines.
- Confirmation that dematerialized shares are listed on the stock exchanges where earlier securities are listed.
Rajratan Global Wire Limited has officially notified the exchanges regarding the closure of its trading window starting April 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the financial quarter ending March 31, 2026. The restriction applies to all designated persons, including promoters and directors, preventing them from trading in company shares. The window will remain closed until 48 hours after the official declaration of the quarterly financial results.
- Trading window closure effective from April 1, 2026, for the quarter ending March 31, 2026.
- Restriction applies to promoters, directors, KMP, and other designated employees.
- Window to reopen 48 hours after the announcement of the Q4 financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Rajratan Global Wire Limited has scheduled a physical group meeting with analysts and institutional investors on March 28, 2026. The interaction is part of the Kaptify Korporate Konnect Delhi Edition event. Management will utilize the existing Q3 FY26 investor presentation which is already in the public domain. The company has confirmed that no unpublished price sensitive information will be shared during this session, ensuring compliance with SEBI regulations.
- Physical group meeting scheduled for March 28, 2026, in Delhi.
- Interaction facilitated by investor relations firm Kaptify.
- Discussion will be based on the existing Q3 FY26 investor presentation.
- Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- No unpublished price sensitive information (UPSI) to be disclosed.
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.
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.